Call US 📞 9892124323 ✅ Kurla Call Girls In Kurla ( Mumbai ) secure service
What Entities Play a Part in the Transaction Approval Process?
1. What Entities Play a Part in the
Transaction Approval Process?
By: Allied Wallet
2. What Entities Play a Part in the Transaction
Approval Process?
A prominent global credit card processing company, Allied Wallet provides a range of financial
tools for consumers, including prepaid cards and an eWallet. In addition, Allied Wallet provides
merchants with the highest level of security for their credit card transactions, called Payment Card
Industry Compliance Level 1.
3. What Entities Play a Part in the Transaction
Approval Process?
Although a credit card payment is processed rapidly at the point of sale, there are actually many
parties and steps involved in the process. In addition to the cardholder authorizing a purchase with
their credit card, the merchant business also must have an agreement in place with a financial
institution before accepting credit card payments. The merchant’s acquiring bank deposits funds
from credit card sales into the business account.
4. What Entities Play a Part in the Transaction
Approval Process?
The funds sent to the merchant come from the buyer’s issuing bank—the financial institution that
issued the credit card to the customer. Another party in the transaction is the card association, a
credit card company that oversees the transaction, which is typically one of the four major
associations: Visa, MasterCard, American Express, or Discover. In addition, a payment processor,
such as Allied Wallet, is a third party that card associations hire to manage credit card transactions
on their behalf. With all of these parties working together, the transaction goes through three main
steps: authorization, settlement, and funding. A good credit card processing service ensures that
each part of the transaction occurs rapidly and securely.