How Payments Work

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Typically, neither merchants nor their customers need to gain in-depth knowledge of the bankcard system and its operational process. They rely entirely on banks and credit card processors to manage transactions and the payments lifecycle. But, why not to have a better understanding of how payments work and how transactions occur?

Knowledge in this field can help businesses identify the best processing solution to fit their needs, and developers can evaluate their capabilities in creating a payment solution on their own. That’s where our video guide comes in.

Initially, it seems that only a couple of seconds are needed once a cardholder makes a payment with a credit card until the transaction is completed. But in reality, the transaction path is quite complicated. Usually, at least six players have been involved with each payment operation: the cardholder, an issuing bank, the merchant, the merchant’s bank, a payment processor, and a card association. No purchase can be completed without all these players’ participation as they are all connected and in communication when a buyer initiates a purchase.

With our video, you’ll be guided through this process visually.

Once you are done watching this video, check out our other videos from this instructive series about payments and payment gateway features. You will learn in detail about Merchant Onboarding, Tokenization, Batch Processing, Recurring Payments, Payment Card Decline Recycling, and other features that every reliable payment platform should possess.

 

Summary
How Payments Work
Article Name
How Payments Work
Description
Wondering how payments work to identify the best processing solution to fit your business needs? Learn how payment transactions occur by watching our insightful video guide.
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Publisher Name
United Thinkers LLC
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How Payments Work обновлено: November 23, 2020 автором: Katherine Pensatori

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The choice of UniPay gateway is the choice of the reliable, time and industry tested payment solution, which can help your business to become more competitive and profitable.

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