When the payment has been approved, the customer’s issuing bank will send the payment to the credit card network.The PSP then shares the outcome with the customer and the seller. Later, the decision is passed on to the payment service provider.The bank that issued the customer’s card will pass the approved or denied decision to the credit card network which in turn passes that information back to the acquiring bank.The bank then approves or denies the transaction.It then sends your customers transaction details to the bank that issued the customer’s card. The data is then sent to the credit card network.
#DEFINE CUSTOMER TRANSACTION PASSWORD#
This initiates the transaction, and the payment details will be sent to the acquiring bank. Transactional messages are email or push notifications that your audience implicitly opts-into, like a transaction receipt or a password reset request. The term consumer credit transaction means any transaction in which credit is offered or extended to an individual for personal, family, or household. Your customer makes a purchase and pays.that supports the transaction A business transaction can occur between two parties for mutual benefits or between a business entity and a customer, such as a store and a person purchasing an item from the store.
Here is a breakdown of how the process works: The transaction is recorded by authorized legitimate documents like an invoice, sale order, receipt, etc. A PSP works closely together with banks managing the process from start to finish.
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