Once the consumer clicks pay, they’re taken to a payment page. This then connects to the payment gateway, which creates a payment request and sends it to the acquirer.
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Clicking ‘pay’ is central to each sale, ultimately governing a business’s success. Yet many merchants are unaware of how money makes its way across the ether. Each online transaction involves a variety of parties working in unison to get the funds from the shopper to the merchant bank account quickly and securely.
Having a deeper understanding of these processes helps businesses refine their operations for a better customer experience and allows them to step in at the right part of the process if there’s an issue, reducing disruption and costs.
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The acquirer receives the payment request from the payment gateway, then submits the transaction to the issuer via the card network. The issuer approves the transaction and sends the acquirer the retail price.
The merchant is paid by the acquirer minus the cost of the transaction. This fee includes the card network’s scheme fees, the issuing bank’s interchange fees and the acquirer fees.
The consumer’s account is debited with a retail price. This retail price appears on the statement of the merchant.
The institutions on the top are involved in the payment process. Your bank, the technical gateway, the acquirer, the various payment systems, etc.
In traditional models, you would sign a contract with each party, perform direct integration with multiple payment methods and – as a result – handle multiple reporting formats, manage multiple payment terms in your accounting cycles, and reach multiple contacts when you have a problem.
With Worldline's full-service offering, we simplify your life by providing you with an all-in-one payment solution for all your needs – and one point of contact to help you grow your business.
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