What is card payment processing?
Processing of different card types and, as a sequence, the acceptance of card payments is procured by credit card processors. They provide the merchant's site with software that enables clients to enter their card data and send it to all necessary institutions for successful payment execution.
Typically, this software has a user-friendly interface that allows store representatives to view and manage all transactions, fees, chargebacks, and other information on a single dashboard.
Card money transfers accepted by our system may be issued by several major networks:
It enables accepting direct payments from the following card types:
Enable payment acceptance in a few easy steps
The customer enters card details on a merchant’s website.
The merchant sends the payment data via payment gateway tot the acquiring institution.
The acquiring institution securely forwards the card data to the card network.
The card network requests payment authorization from the cardholder’s Issuing bank.
The Issuing bank sends the response (approwed or declined) back.
Why card payment processing is a must?
One can add as many alternative payment methods as possible, yet payments by card are the most universal and widely accustomed method for buyers from all around the globe.
Except for the fact that merchants are expected to accept payments by card, there are more reasons to process cards:
What % of buyers using card payments along with other methods.
© Statista 2021, updated in 2022