12 Apr 2022 By PAYCEC
Online transaction processing is a processing organization or a financial institution that manages transactions between the customer's bank (issuing bank) and the merchant's bank (acquiring bank). The responsibility of the processor is to verify and authorize payments that are received from payment gateways. It can be completed in seconds if the processor finds the card is valid and the account in checkout has sufficient funds to complete the transaction.
Payment processor facilitates electronic communications between acquiring banks, card associations, issuing banks to verify the validation of online card payments. The processors have to meet the transmission security standard and strong transaction-processing capabilities.
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