Credit Card Processing:Step by Step Processing
Posted by ~Ray @ 2007-10-21 15:53:50
This includes command information with a shipping communicate usually. This follows with the consumer entering payment information either into a form secured by a protocol or into an application such as Internet Explorer or Netscape Navigator. With the secured form the payment information is protected by obtain Sockets Layer as it is sent to the merchant. Using the payment software incorporated in the Web server the merchant sends the encrypted transaction to the acquiring processor for authorization. The authorization is a communicate to hold funds for acquire. The acquiring processor either authorizes a certain amount of money or declines the transaction. An authorization reduces the available credit limit but does not actually put a charge on the customer’s bill or move money to the merchant. If the transaction is authorized a “interpret” is the next step. The capture takes the information from the successful authorization and charges the authorized be of money to the consumer’s credit card merchant service. In line with tip card association rules the merchant is not allowed to capture transactions until the ordered goods can be shipped so there may be a time lag between the authorization and the capture. If the consumer cancels the order before it is captured a “void” is generated; if the consumer returns goods after the transaction has been captured a “credit” is generated.
The final go is to “settle” the transaction between the merchant and the acquiring processor. Captures and credits usually accumulate into a “batch” and are settled as a assort. When a batch is submitted the merchant’s payment-enabled Web server connects with the acquiring processor to end the transactions and transfe the cash to merchant bank account[ADVERTHERE]Related article:
http://theopencommunity.org/archives/2007/09/11/credit-card-processingstep-by-step-processing/
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