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What happens behind the scenes during a credit card transaction?
Payment processing is a secure way to handle credit and debit card transactions across all your sales channels, from the storefront to the street to the web.
A payment processor is a company, contracted by the merchant, to handle credit, debit and gift card transactions. The processor provides services to support authorization, capture, and other related processing services.
A cardholder swipes a card’s magnetic stripe, inserts its chip into a terminal, or uses its chip to exchange data with a card reader. The merchant submits the transaction to a payment processor.
The payment processor sends the information to a payment network to verify the card details with the issuing bank and relays the information it receives to the merchant.
The merchant batches and submits the transactions to the payment processor for settlement. The issuing bank bills the cardholder and pays the payment processor, and the payment processor pays the merchant.
Accepting PIN debit payments, which requires a customer enter their PIN (personal identification number) for identity verification instead of signing a receipt, reduces the risk of misuse of stolen cards.
Signature debit mirrors the payments process for credit card transactions, allowing customers to pay with a card that directly accesses funds in their preferred accounts.
Eliminate the need to store account numbers in your data environment and reduce the chances of a data breach.
From the moment a card is swiped, card data is encrypted, transmitted for processing and replaced with a token — rather than the card number — for the merchant to store. If stolen, tokens cannot be monetized by criminals unless they have access to the encryption key.
Tokenization gives merchants confidence that customers' payment information remains protected.
EMV is a collaboration between EuroPay, Mastercard® and Visa® and was implemented in Europe in the 1990s. The chip on EMV cards is a microprocessor that provides a unique code for each transaction, helping prevent card data from fraudulent reuse. Although more secure than a magnetic card stripe, EMV chips do not protect cardholder data once the payment method is validated or while the payment is processed.
Help guard against fraud in online transactions by adding opportunities for the customer to confirm their cardholder information prior to the payment authorization at check out.
Digital or cardless wallets enable customers to pay via smartphone at your store or online — quickly and conveniently — without having to access a physical credit or debit card. Growth of digital wallets use may be slow in the years ahead: McKinsey Consulting expects digital wallets at POS to be a small slice of the pie even by 2020, at which point online sales are still expected to dominate. In the interim, you may need to shift your business model to embrace the digital shopping experience fully. You need to think about how you want shopping to happen, as it's not just a matter of adding mobile payment options to your current infrastructure. For example, for a fast food chain to best facilitate customers' remote orders, it may need to adapt its restaurants' physical layout to provide quick pick-ups.