Credit card payment processing is the procedure of handling credit card payments, and takes place in two stages, authorization and settlement. Authorization requires transaction approval for an order, and settlement involves the sale process, and monetary fund transfer from the bank to a merchant bank account. A payment processor is usually a third party company that processes credit card transactions for banks. There are two categories of payment processors, front-end, and back-end. A front-end processor connects with credit card companies, and provides authorization, and settlement with the bank and merchant account. A back-end processor accepts settlements from front-end processors, and moves monetary funds from the bank to the merchant account. These payment processes only take a few seconds to perform, and the payment processor will verify the bank details received by sending them to the credit card company, and/or bank, as a precaution to prevent fraud. When the payment processor obtains credit card verification, the data is sent through the payment gateway to the merchant, the merchant then finishes the transaction. When credit card verification is denied by the credit card company or bank, the payment processor provides the data to the merchant, the merchant then declines the transaction.
Akita SaaS Business Application Directory offers a selection of software from the leaders in payment processing. Akita integrates with your existing payment processing software providing you with a dynamic timeline of customer interactions, intelligent customer alerts, and a prioritized list of at-risk customers. Akita helps your business reduce customer churn, and increase customer retention, and sales so you can keep your customers happy.
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