Each card swipe or make a complex process, as payment data is generated and sent through a
complex network of private stakeholders, each of which costs to drive the transaction through :
The card network, which acts as a central point that facilitates transactions between users and
acquires entities, when building protocols as well as other parties involved in processing cards
are required to follow them. They also set a interchange Fee (paid to the creator), ensuring
compliance with the rules and conditions they set and resolving disputes with network members.
Acquire banks in providing traders with access to the system needed to receive card payments.
They provide access to payment terminals, processing and disbursement services, as well as
bank accounts where settled funds can be saved (Secure Online Wallet)
Issues of banks and processors - perhaps either deposit holders or extending credit related to
card accounts, as providing various levels of back-office support, the main goal is to increase
security when transferring payment data.
Terminal Payment and interface services - Services like this serve as a portal that connects e-
Commerce traders and users. Subsequently payments can get personal benefits by offering
additional services such as analysis and reporting of transaction results.
MSP (Merchant Service Payment) is an intermediary that sells payment processing services to
traders on behalf of acquires and processors.
Structure Online Transaction
Credit card processing takes place in three stages. Each involving all the users described above, let's
take a closer look at the payment card ecosystem through examples of purchases made by
customers.
AUTHOR: btcforchild
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