Manage Your Customer's Payment With Speed, Accuracy, Reliability and Savings, 2014 CreditScape, Western Region Credit Conference Seminar Slide Deck, sponsored by Credit Management Association. More information: www.creditmanagementassociation.org
The Visa System is comprised of Issuers and Acquirers. Each of these entities has important roles and responsibilities.
Issuers
Financial institution that issues the cards to buyers
Acquirers
Have the direct link into Visa that facilitates each transaction
Take transaction information from the supplier
Format transaction information
Process transaction information through VisaNet
Check with the Issuer that the card is good
Visa is an association that functions as the intermediary between Issuers and Acquirers. It provides three basic functions:
Branding, including advertising and promotions
Product development
The VisaNet system that processes the transactions
VisaNet is:
The fastest and largest payment processing system in the world.
Capable of processing 5,000 messages per second over 3,300 VisaNet Access Points (VAPs), four Visa Processing Centers and five Network Operation Centers worldwide.
One of the largest, most reliable and sophisticated global communications systems ever created. Only NASA and the IRS have systems larger than VisaNet!
The stand-in processor for all the other card brands, including MasterCard, Amex and Discover.
VisaNet processes $830 billion in annual transaction volume