What goes on in the life of a transaction?
A credit card transaction consists of two parts: the authorization and the settlement.
The AUTHORIZATION is the permission of the card issuing bank to accept a credit card for a payment.
The SETTLEMENT is the clearance through the Visa and MasterCard settlement system of the credit card transactions accumulated by the merchant in the terminal or Host so that the merchant can be paid for them. Both Authorization and Settlement must happen before a merchant can be paid for a credit card transaction.
© Eagle Merchant Services is a Chicago merchant account provider located in the Chicago area offering the absolute lowest cost merchant services credit card machines.
The AUTHORIZATION is the permission of the card issuing bank to accept a credit card for a payment.
The SETTLEMENT is the clearance through the Visa and MasterCard settlement system of the credit card transactions accumulated by the merchant in the terminal or Host so that the merchant can be paid for them. Both Authorization and Settlement must happen before a merchant can be paid for a credit card transaction.
© Eagle Merchant Services is a Chicago merchant account provider located in the Chicago area offering the absolute lowest cost merchant services credit card machines.
posted by Ritas Ziupsnys at
1:18 PM
0 Comments:
Post a Comment
<< Home