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What is a Payment Processing System and How Does It Work?

Stax

TL;DR A payment processing system is the underlying infrastructure for digital and electronic payments. It ensures the secure transfer of funds from a customer to a merchant via their preferred payment method. It authorizes or declines payments based on available funds and fraud checks.

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What is a Merchant Account and Does Your Business Need One?

EBizCharge

A merchant account is a business bank account that allows companies to accept payments, such as debit and credit card transactions, electronic funds transfers (EFTs), and Automated Clearing House (ACH) payments. Merchants should also have a good grasp of how payments are authorized within these accounts.

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What is Disbursement? How It Works, Examples & FAQs

Nanonets

These steps represent the core components of the disbursement process, which may vary in terms of specific procedures depending on the context, industry, and individual circumstances. Disbursement Voucher (DV) : A disbursement voucher (DV) is a document used to request and authorize a payment or disbursement.

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The Basics of Electronic EFTs: What is an Electric Funds Transfer?

EBizCharge

With the introduction of electronic funds transfers (EFTs), gone are the days of paper checks and manual money handling. EFTs revolutionize how money moves globally, quietly becoming the backbone of our financial infrastructure. What is an electronic funds transfer (EFT)?

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Deep Dive: How Payment Card Networks Win Merchants Over

PYMNTS

Network providers are very aware of those procedures, though, and have been actively seeking to claim larger shares of both the payment routing market and resultant revenues through associated fees. Customers must authorize their transactions by entering the four-digit PINs associated with the cards, ensuring thieves cannot use stolen cards.

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ACH Reversals vs. ACH Returns: What’s the Difference?

EBizCharge

ACH transfers refer to the electronic transfer of funds between banks through the ACH network. The most common transactions sent over ACH include electronic funds transfer (EFT), employee payroll direct deposits, and electronic bill payments. What is ACH?

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An Overview of Payment Regulation In The USA

Clearly Payments

Key Payment Regulations in The USA Electronic Fund Transfer Act (EFTA): Enacted in 1978, the EFTA establishes the rights, liabilities, and responsibilities of consumers and financial institutions engaged in electronic fund transfers (EFTs).