Traditional Credit Card Transaction (1)
How credit card transaction work ?
How it is being mapped into the Web ?
- (1) Before you can accept credit cards you need a merchant account from a financial institution (acquiring bank, merchant bank - determines what type of credit cards you can accept)
- (2) The issuing bank (client’s bank), represents a client in the transaction (offers a client credit in the form of the plastic card)
- (3) The processing network : for example Verifone credit card readers in stores and supermarkets