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Here are the inside details about what defines a payment solutions provider, how processing works, the credit card processing fees , risks, and more. TL;DR There are several parties involved in credit card processing. They include: the merchant, cardholder, cardassociations, acquiring bank, issuing bank, and payment processor.
Address Verification Service (AVS) A fraud prevention tool that checks the billing address provided by the cardholder against the address on file with the card issuer. Batch A group of transactions that are processed together at the end of a businessday.
In addition to online payments, if an organization wants to accept offline donations via credit cards, a merchant account is used alongside a hand-held credit card reader. A cardassociation is a group of banks that sets the terms for all credit card transactions.
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