The majority of people don’t think about the intricacies of electronic payments, as most of them are not needed. But automated payment systems like any other system is prone to technical glitches, human error, and malicious outsider attacks.
Fremont, CA: There are five major parties to a typical electronic card transaction , the buyer, merchant, acquirer, issuer, and network or association, who play an essential part in the automated payment system.
Smooth execution of the credit card payment process is essential, so here is a step by step overview of a successful transaction.
The authorization process determines that the buyer has sufficient funds at hand before touching their credit limit to complete a transaction. As a result, this reduces the risk of merchant handing over goods for which a buyer is unable to pay. Hence authorization confirms that the customers have enough money or credit to purchase the requested service or product.
With the completion of authorization, the merchant gives the requested goods or services, and the customer has no role to play in the process any further. But the transaction is not yet finished, and the merchant electronically stores the payment information for every authorized sale throughout the business day. In the end, the batch is sent to the acquirer, and he keeps it temporarily in its own secure, electronic system. As the acquirers have many individual merchant clients, multiple batches are stored according to their own needs.
See Also: Top Payment and card Service Companies
Post getting the merchants batch in hand, the acquirer can now begin the clearing process. It is a fun part for the intermediaries as they finally get paid.
Also known as the final step in the transaction process, finance is the part where the merchant receives funding for the transaction.
Although the traditional electronic card transaction is authorized and the customer goes out of the picture in seconds, this four-step process might sometimes take many business days to complete. It can also take a month or even longer for the customers to be able to pay the issuing bank.
Top Payments and Card Solution Companies
Prime Payment Solution: Simple and Cost-Effective Merchant Payment Processing
Whistle Systems: Understanding What Moves the Needle
National Merchants Association: Payment Processing Done Right
Verituity: Delivering Faster, Safer, Verified Payouts
i-payout: An Omni-Channel Global Payout Solution
Vcita: Clearing the Path of Digitalization for Small Businesses
Total Pay LLC: Quick and Frictionless Payment Processing
nCourt: Intuitive Payment Model to Digitize the Public Sector
Versapay: Streamlining and Optimizing B2B Transactions
Franchise Payments Network: One-stop-shop for all Electronic Payment Needs in the Franchise Industry
New West Technologies: En Route to Seamless Transactions
Payzer: Comprehensive Payment Processing Platform
RentMoola: Rent’s Due, Now What? Disruptive Company Rises to the Challenge
Payway: Pioneering Innovations in the Subscriptions Economy
Total Pay Solutions: Quick and Frictionless Payment Processing
AffiniPay: Customized Payment Solutions for Unique Industry Needs
NewNet Communication Technologies: When Building Castles on Clouds Turns into a Reality
HintMD: Bringing Payment Innovation to the Aesthetics Industry
Payzer: The All-In-One Financial Tool
Electronic Merchant Systems: Progressive POS Solutions for SMB Merchants
PayFlex: Innovating Payment Processes for Financial and Health Wellness
vPromos: Optimizing Loyalty with Card-Linking
TRG: One‐Stop Shop for AIDC, POS, and Payment Processing Solutions
BBPOS: mPOS Solutions for Today's Needs and Tomorrow's Challenges
RentMoola: Facilitating Seamless Rental Payments and Rewards
Singular Payments: End-to-End Payment Processing
Motionsoft: Fully Managed Payment Processing for the Fitness Industry
NIC Inc. [NASDAQ:EGOV]: The Go-To Payment Expert for Government Agencies
Member Access Pacific (MAP): The Comprehensive Card Processing Program
Galileo Processing: Addressing Tomorrow’s Payments Challenges Today
Riverside Payments: Delivering Seamless Payment Enablement
NMI: Redefining Omni-channel Payment Processing
ECHO Health: Revolutionizing Payment Solutions for Healthcare Payers
RenovITe: Systems for 21st Century Payments Processing
Intelligent Contacts: Helping CIOs move the needle in 30 days
SnapCheck: Crossing the Digital Divide in Business Payments
Sekure Merchant Solutions: Secure and Optimized Payment Processing
BillingTree: Creating Omni-Channel Payment Experiences
Matica Technologies: The Card Issuance Pioneer
FCTI: Transforming ATMs into Banking Channels
Computop: Enabling Global Payments Processing
One, Inc.: Leader in Digital Engagement and Payment Solutions for the Insurance Industry
Digitzs: Making Payments Painless for Platforms
PEX: The "Bank in a Box" System
Connected.co: Merchant Services for High-Risk Businesses
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