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What is Payment Processing?

Clearly Payments

At its core, it involves the authorization, capture, and settlement of transactions. This process is vital for businesses, as it enables them to accept payments through various methods, including credit and debit cards, electronic bank transfers ( EFT/ACH ), and digital wallets. This usually occurs within a few days.

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Understanding B2B Payments: Exploring Payment Methods and Key Terms

EBizCharge

Confirmation and Settlement: Once reconciliation is complete and both parties agree on the transaction details, the payment is considered settled. Acquirers are pivotal in acquiring authorization from the customer’s issuing bank, thus greenlighting the transaction.

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