The customer initiates every payment card transaction by providing their payment credentials either in-person (card-present) or remotely (card-not-present).
The linchpin in the credit card transaction lifecycle is often overlooked: the customer. Card associations set interchange rates, mediate disputes between issuers and acquirers, and work to promote safe, fast and efficient payments. Major card brands include American Express, Discover, Mastercard, UnionPay and Visa. Card brands act as governing bodies of payments processing. During a card payment transaction, acquirers pass transaction requests and authentication data between merchants and the card associations.Ĭard associations help connect customers, merchants, issuing banks, acquiring banks. Every business that accepts credit and debit card payments must establish either a merchant account or a sub-merchant account (where another company provides a merchant account on your behalf). No two payment transactions are exactly the same and each may travel a slightly different path, yet virtually every card payment transaction involves the following parties.Īcquirers-aka acquiring banks or merchant acquirers-are financial institutions that establish and manage merchant accounts. To understand the payment card lifecycle you’ll want to be familiar with all the key players. Who are the players in the credit card lifecycle? We’ll introduce the major players and the essential payment processing steps that allow business like yours to accept card-based payments. This quick introduction simplifies the credit card lifecycle for quick and easy reference. Yet each transaction also followed the same essential steps that make up the credit card processing lifecycle.
Those transactions were each unique in their own way. A clearer window into how credit cards, debit cards and other electronic payments are processed helps you manage your business operations more effectively.Ĭard-based payment transactions number in the hundreds of billions around the world each year. That’s great news: payments should be easy for consumers.īut there’s a lot is going on behind the scenes of a payment transaction when you own and manage a business. Modernize treasury and optimize the balance sheetĬonsolidate and automate for maximum efficiencyĮngage your customers across every channelĬonsumers experience the credit card lifecycle as a simple, straightforward process where purchases are processed and that the proper amounts are noted to their accounts. Increase revenue through smarter centralization, authorization and validation Simplify domestic and international payoutsĪccelerate real-time and other account-to-account payments Power payments on your marketplace or platform Modernize, launch and scale banking innovation Modernize customer deposits and increase satisfactionĭrive operational efficiency and customer satisfaction Optimize the onboarding experience across digital channels
Modernize asset finance for the digital age Grow Commercial Banking and Asset Financeĭeliver an exceptional customer experience.Build deeper relationships across digital and physical channels
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