There are many tasks that are associated with paying for an e-commerce transaction. Some companies just set it and forget it, not knowing the process of the transaction. The more a merchant knows about how the transaction is processed and who is responsible for which tasks, the easier it is to reduce the risks associated with accepting payments online, correct any problems promptly, and keep risk reduced.
Card Issuer-this is the financial institution (bank, credit union, retail store, etc) that issues the cart to the cardholder. The issuer has a contract with the cardholder to manage purchases and repayment of purchases.
Card Acquirer (merchant bank)-this is the financial institution that the merchant is contracted with that accepts and processes the payment
Card Net Processor-contracted by the card issuer to provide authorization, clearing, or settlement services for merchants and members
Net Systems-a net system that provides supports all electronic transactions throughout the processing and facilitates payment
Cardholder-the user of the card who has been authorized by the card issuer and can make purchases with the card
Ecommerce merchant-any business that has the authorization to accept cards for the payment of merchandise or services
Merchant Service Stores-processes and transmits card number for the member’s merchant. It is referred to as a third party merchant. It provides the shopping cart, payment gateways, data storage, hosting, and more.
Some companies choose to get help e-commerce payment and use a payment processing company like Merchant Data Systems that handle all the basic payment processing needs in addition to handling things like a split shipment.
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