It has evolved over the years , and what effects they need to be mindful of.
The initial step in understanding what a payment processing company does is understanding the parties that are involved. Cardholder refers to the person who owns the credit card. It is used for purchases. Merchant is the entity who sold the product or service to the person who purchased it. The buyer is the bank that processes the transaction on the merchant’s behalf. Transactions are processed through the network of credit cards, or name. The company is the credit card issuer for the customer. can also be referred to the bank.
Understanding the entire transaction is the next stage. The customer will use his card on the merchant’s POS terminal. It transmits information to the acquirer. The acquirer sends the data to the issuing bank using the credit network for cards.
For additional information on the business of processing payments check out the accompanying video.