Master Card

  • Authorization
  • Card Network
  • Authentication
  • Batch file Process
  • Payment Settlement
  • The customer needs to provide the details of the card in order to initiate the payment. These details would be sent to the respective bank.
  • The bank network would send this information about the card to credit card network. The cards networks are American Express, Discover, MasterCard and Visa.
  • The bank of the business would receive the payment request from the card network. After this, they would check the details that have been offered like credit card number, money availability in the account, the address of the card holder and also the CVV number.
  • After the authorization process, the bank would hold particular money from the card holder account. This would be the money that should be paid for the purchase to the business.
  • The network that receives the batched details would forward it to the card network. This is done for clearance and the payment would be settled to the business. Once the payment details are retrieved, the transaction details would be reflected in the account of the card holder. The cardholder can get the statement and the bill can be paid.