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14/01/2011 -
When a credit card is swiped for a purchase, the transaction takes mere seconds. But there are many working parts that make the process run, according to Bank of American Merchant Services.Included in the credit card payment process are cardholders, merchants, acquirers, card associations and issuers. The relationship between the players involved is cyclical.
The cardholder looks to make purchases with the card; the merchant accepts the payment; the acquirer provides card processing services to the merchant; the card association, such as Visa and MasterCard, acts as a connection between the acquirer and issuer; and the issuer is the financial institution that gave the credit card to the cardholder.
In order for a transaction to be completed, four steps must occur. First the card must be authorized. Then the transaction is stored in a batch which the merchant sends later to the acquirer to receive payment. The transaction is then cleared and settled through the issuer paying the acquirer for the service. Once the acquirer is paid, the merchant receives payment.
The system is a confusing one, says the website AllBusiness, but it is a process that is happening more and more, as consumers are increasingly turning to plastic over paper when it comes to their wallets.
