Key Players for Credit Card Transactions
- Acquiring Bank :-
Approves a merchant to accept credit card transactions by
assessing the merchant's underwriting qualifications and determining the risk of authorizing the merchant. This risk might be shared
with a Merchant Service Provider or an Independent Sales Organization. Because they worked only with the ISO or MSP to establish their
merchant account, a merchant may not even be aware of whom their
acquiring bank is.
A person who acquires a bank card, either credit or debit,
from a bank that issues cards is referred to as a cardholder.
- Credit Card Network :-
A third party in the credit card processing transaction that
relays the card payment request and response between the acquiring and issuing banks. It is a component of the Card Associations.
- Independent Sales Organization :-
A third-party organization that has a partnership with a card
association member to provide merchant services to businesses is known as an Independent Sales Organization (ISO).
- Issuing Bank :-
The financial institution that approved the cardholder or
consumer is known as the issuing bank. Receives a payment transaction request and either approves or declines it.
- Merchant :-
A merchant is a company that sells tangible things or provides
a service, such as a hospital that charges for medical services. As a means of payment, a merchant accepts debit and credit card
- Merchant Service Provider (MSP):-
A merchant service provider (MSP) is a division of an acquiring
bank that provides merchant processing services, for example, Bank of America. It could also be a third entity that works with an acquiring
bank as a partner. Before submitting underwriting documentation to the acquiring bank, an MSP performs the majority of the underwriting
for a new merchant.
Payment compliance is a topic that affects all merchants.
Unfortunately, there are numerous rules and regulations associated with processing and accepting payments. That makes it difficult to
comprehend what is required of your firm. Especially if you are new to the card payment industry's ins and outs.
If you wish to avoid paying fines for accepting credit cards,
you must follow the Payment Card Industry's security compliance rules. If you want to accept debit cards, you'll need to take into account
the Electronic Funds Transfer Act and Regulation.
To keep consumers safe while making credit card payments, the
Payment Card Industry has developed its own set of compliance regulations. To protect customers from data breaches and fraud, any retailer
who accepts credit cards must be PCI compliant. The extent to which you are responsible for PCI compliance is determined by many factors:
How many payments do you handle each year?
Whether you keep credit card data on your servers or rely on
your processor to do so, If your company's sensitive card data is physically housed on its premises. Choosing a Level 1 compliant payment
processor relieves your company of the majority of the PCI burden. This ensures that your customers' information is safe, and you can
relax knowing that you are in control.
PayCly is the UK's top dedicated merchant service provider
and a global pioneer in payments processing technology. We provide complete merchant account services. Our
Credit Card Processing Singapore solutions provide payment
acceptance solutions for in-store, internet, and mobile payments in the local area.
Casino Payment Gateway,
Forex Payment Gateway,
International Payment Gateway,
2D Payment Gateway,
Offshore Payment Gateway ,
Payment Gateway Singapore