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Credit Card Processing for Small Business: Everything You Need to Know

Stax

TL;DR Credit card payment processing encompasses the series of activities that enable your small business to accept credit card payments from customers and facilitate the transfers of relevant funds from the buyer’s bank account to your business account. You are likely better off opting for a third-party platform.

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The Anatomy of a Credit Card Transaction

Clearly Payments

Payment Processor Facilitates communication between acquiring and issuing banks. Card Network Card networks route transactions between banks (e.g., Visa, Mastercard). Issuing Bank Approves transactions and provides credit to cardholders. Final Confirmation 0.5

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Digital Payments: 12 Digital Payment Options to Consider Accepting in Your Business

Stax

They allow you to move with the device and accept payments wherever you need — both bank cards and mobile wallet payments. Digital wallet payments Digital wallets lets consumers make contactless payments, linked to their debit card or credit card information, without the need for a physical payment card.

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BIN Checker: Understanding Bank Identification Numbers

Payment Savvy

A BIN checker is a free tool that helps you retrieve information about a payment card based on the BIN number. Any valid BIN number contains key details about a card brand, its issuing bank, card type, and card level. You can find the bank’s contact details with a website and sometimes even a phone number.

Issuers 98
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How People Pay Around The World And What It Means For The Future Of Payments

CB Insights

Banks are happy to offer credit cards to their customers — they’re highly profitable, and consumers like their convenience, among other benefits. The credit card system involves a number of different parties that allow consumers to pay using a line of credit. The customer is responsible for repaying the issuing bank.

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This Week in Fintech: TFT Bi-Weekly News Roundup 16/07

The Fintech Times

Fintech PAYSTRAX has forged a new partnership and integration with UK payment solutions provider Cardstream to provide smooth card and online transactions for its customers. PAYSTRAX merchants can also integrate Cardstream’s payment gateway into their online platforms, websites or mobile apps.

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What Is Debit Card Processing & How Does It Work?

Payment Savvy

Online, they enter their debit card information (card number, expiration date, CVV code) directly on the merchant’s website or app. Once the card is swiped, tapped, or details entered, the merchant’s POS system or payment gateway captures the transaction details.