Credit Card Purchase Flow Diagram
The Credit Card Purchase For Business Inventors Visa Credit Card Purchase Flow Diagram Diagram 1: Credit Card Transaction Process (Visa) Steps: 1. The buyer makes the purchase and provides her card information 2. The merchants needs to get the authorization about the credit card information from the acquirer of the Merchant Because nowadays, the shop can accept different types of electronic payment; hence, the Merchants could need a PSP. A payment service provider ( PSP * in the diagram above ) offers merchants online services for accepting electronic payments by a variety of payment methods including credit card, credit debit, bank transfer, and real-time bank transfer based on online banking – as the intermediate between the merchant and the payment system. In other words, the PSP will forward the message between the Merchant and the Acquirer as seen in the process diagram. Although the PSP has certain role in the payment system, it doesn...