Key Takeaways
- Credit card transactions rely on a multi-step process that extends beyond the checkout moment.
- Authorization, settlement, and funding occur through coordinated systems involving processors, networks, and banks.
- Payment gateways and processors play distinct roles in data formatting, routing, and risk screening.
- Issuing banks make approval decisions, while card networks facilitate communication between parties.
- Understanding transaction flow helps merchants resolve issues and adopt new payment features more effectively.
