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Address Verification Service (AVS) A fraud prevention tool that checks the billing address provided by the cardholder against the address on file with the cardissuer. Authorization The process of verifying that a transaction can be approved and funds are available for the transaction.
It also ensures that data security best practices, particularly PCI DSS (Payment Card Industry Data Security Standards) requirements , are followed to the letter to prevent any breach or loss of sensitive customer data.
Contact us 10 Top Payment Methods for Small Businesses Credit and debit card payments Card payments (credit cards and debit cards) account for 50% of the total number of small business transactions and remain the primary way customers make purchases on-site and online.
The gateway performs this function by connecting to debit card/credit card networks such as Visa, Mastercard, Discover, or American Express. It also reaches out to the credit cardissuer, which is the issuing bank or financial institution that provided the card to your customers.
An issuer plays a crucial role as the entity responsible for granting payment cards and overseeing the financial transactions made using those cards. During transaction authorization, issuers evaluate fundavailability to ensure seamless payment progression.
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