While this might sound complicated, we’re going to take a closer look at what gateways and processors are below. The transaction is recorded, and every person involved, including the merchant and the consumer, is notified via the payment gateway. When the payment is approved, the issuing bank lets the retailer know by communicating with the payment processor. (We’ll discuss security in detail later in this article.) In some cases, this is also the step where fraud is detected. At this point, the transaction is either approved or declined. Having been alerted of a transaction, the consumer’s bank confirms whether there are sufficient funds available for the purchase to take place. The payment processor uses that information to notify the card’s issuing bank of the transaction. The card data, including the cardholder name and account number, is passed through a payment gateway, which then sends the details to the merchant’s bank. To start with, a customer presents their card to a retailer either in person or online. Let’s take a look at the high-level steps required for payment processing and then dive deeper into its components.
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