Payment processing is the act of completing a transaction between a merchant and a customer. This can be done either online or offline, but most payments these days are processed online.
The first step in payment processing is to gather the necessary information from the customer. This includes things like the amount of the purchase, the customer’s credit card number, and the billing address. Once all of this information has been collected, the payment can be processed.
The next step is to send the payment information to the credit card company or bank. This is done through a secure connection, and the information is then verified. Once the information has been verified, the bank will approve or decline the transaction.
If the transaction is approved, the funds will then be transferred from the customer’s account to the merchant’s account. This process can take a few days, but once the funds have been transferred, the payment is complete.
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