cards and payments domain knowledge pdf

Cards and payments domain knowledge pdf

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Published: 14.04.2021

Welcome to Payment Methods 101: Your Overview of an Evolving Landscape

Credit Card Versus Debit Card.

The Players Involved in These Different Methods of Payment

Payment gateways safeguard the credit card details by encrypting sensitive information like credit card numbers, account holder details and so on. This information is passed safely between the customer and the merchant and vice versa.

Welcome to Payment Methods 101: Your Overview of an Evolving Landscape

Everyday people trade goods use services and need to make payments using cash as cash money is the major medium of exchange. Banks have developed various payment methods to facilitate the exchange of money that stimulates the growth of commerce, helps economic development and facilitates flexibility with lower transaction costs with security. Various payment systems exist today, ranging from cheque, wire transfer, cards to online transfer. In this article, we will discuss different types of payment methods that are available today with banking channels. As the commerce and economy expand, volume and variety of transactions expand where there is a need to exchange the money. Using cash for each of these transactions is neither feasible nor practically possible. There are concerns regarding the security and transportation of cash in cases where large amounts of money are involved.

Credit Card Versus Debit Card.

Additionally, abandonment surveys report that some of the top reasons for abandoning a shopping cart can be addressed in the quality of your gateway:. A payment gateway as a merchant service that processes credit card payments for ecommerce sites and traditional brick and mortar stores. Like any cash register, it needs to be both secure and convenient to use. Most payment gateways accomplish that in a few seconds with these steps:. The payment gateway also serves a few other functions including screening orders, calculating tax costs , and using geolocation for location-specific actions. A payment processor analyzes and transmits transaction data. That includes transmitting relevant information to an issuing bank, such as the credit card or debit card number that links to a bank account.

A payment system is any system used to settle financial transactions through the transfer of monetary value. This includes the institutions, instruments, people, rules, procedures, standards, and technologies that make its exchange possible. Payment systems are used in lieu of tendering cash in domestic and international transactions. This consists of a major service provided by banks and other financial institutions. Traditional payment systems include negotiable instruments such as drafts e. With the advent of computers and electronic communications, many alternative electronic payment systems have emerged. The term electronic payment refers to a payment made from one bank account to another using electronic methods and forgoing the direct intervention of bank employees.

For your information, I have shared the basics of this domain. Individual card brands establish compliance requirements that are used by service providers and have their own compliance programs. Most companies use member banks that connect and accept transactions from the card brands. Not all card brands use member banks, like American Express, these instead act as their own bank. Its usage started in the s in the US for selling the fuel to the automobile owners and became usable by the customers when Diners Club was launched in the early s. In credit cards, the customer credit card holder can avail of the facility of buying goods and services at a Point of Sale POS from merchant establishments provided such arrangements exist without making a prior payment.


The Players Involved in These Different Methods of Payment

Cash payments are simple. They are direct, physical transactions between consumers and merchants. When consumers choose different methods of payment — such as credit, debit, or gift cards — the process becomes more complicated. Below is a payment processing overview that outlines all the key players involved in a standard card-based transaction.

Payment system

Back-End ProcessorA data company often a third party contracted by an acquirer or the entity that processes payment transactions on behalf of a merchant to provide processing and communication services. As opposed to a front-end processor that has connections to the card associations and supplies the acquirer with authorization and settlement services, the back-end processor accepts the settlement information from the front-end processor and routes the payment from the bank that issued the card to the merchant to complete the transaction. BlockchainThis is a term used in the field of cryptocurrency transactions or the use of digital currencies exchanged for payments.


  • Maciela D. 18.04.2021 at 20:11

    Back-End ProcessorA data company (often a third party) contracted by an acquirer (or the entity that processes payment transactions on behalf.

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