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Payments, E-commerce credit card trx, in-store purchase, Mobile payments -…
Payments
Customer enters payment details
POS system forwards details to payment processor
Payment Gateway
captures payment info and sends to payment processor
payment processor
sends info to credit card network
credit card network
contacts issuer bank
Issuer bank
verifies customer's details and sends approval to credit card network
Credit card network
sends auth response to payment processor
payment processor
receives auth response and sends confirmation or decline to payment gateway
Payment Gateway
sends auth response to merchant website
If successful, trx is confirmed
Merchant closes the full batch of trx prompting the payment processor to take the next steps
Payment processor sends a settlement request to the acquiring bank which includes details of all authorized trx
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Mobile payment provider securely transmit payment details to the payment gateway
E-wallets and digital wallet provider securely transmit payment details to the payment gateway
Alternate payment providers interface with payment gateway
BNPL providers manage instalment plan and communicate with payment gateway and payment processor to authorize transaction
E-commerce credit card trx
in-store purchase
Mobile payments - Apple pay/ Google pay
Digital wallets (Paypal)
Alt Payment Providers (Alipay/ Wepay)
BNPL
Payment Processor Fee + Merchant Discount Rate
Assessment Fee + Merchant Discount Rate
Interchange Fee + Merchant Discount Rate
Acquirer Fees + Merchant Discount Rate
Transaction Fee/ Monthly Fee
API
Encryption module
Tokenization service
Fraud detection service
Authorization Engine
Communication network
Routing network
Interchange systems
Security protocols
Authorization system
Fraud Prevention System
Settlement system
Risk management system