Curious about what happens during the credit card transaction process? PayLeap is here to breakdown the system– here’s what occurs between purchase and transaction.
1. A credit card transaction is submitted to PayLeap’s online payment gateway.
2. PayLeap sends the transaction over a secure connection to the credit card processor.
3. The processor passes the transaction to the Credit Card Interchange System.
4. The Credit Card Interchange System passes the transaction to your customer’s financial institution.
5. The customer’s financial institution accepts or rejects the transaction bases on available funds and passes the transaction results, and the funds (if any) back through the Credit Card Interchange System.
6. The Credit Card Interchange System informs the processor of the transaction results.
7. The credit card processor relays the transaction results to PayLeap.
8. PayLeap keeps the transaction outcomes and sends them to both the merchant and the customer.
PayLeap is committed to making your experience with an online payment gateway positive, and we’re excited to hear from you!
Tags: credit card payments, credit card processing, online credit card payments, online credit card processing, Online Payment Gateway, understading credit card processing
