Five Participants
As any credit card processing tutorial will teach you, there are five participants in every online credit card transaction.
Those participants are the merchant, merchant bank, consumer, card issuer and the processing company.
The transaction follows a chain of events from the merchant to the processing company in order for the transaction to be completed.
The consumer uses their card to make a purchase at the merchant. The transaction goes through it’s chain of events charging the card, taking the money, putting the money into the merchant’s bank and back to the merchant.
It’s a simple process, yet it takes an amazing amount of technical expertise to make it all happen.
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