How do card payments work?

Behind the Scenes of Card Transactions

Discover what happens after you pay with a card, from authorization to settlement.

Many of you have asked: how do card payments work? Understanding card transactions is essential as they are one of the most widely used payment methods. This video will guide you through the intricate process that takes place after you swipe, tap, or enter your card details. From authorization to settlement, each step involves multiple parties working together to ensure secure and efficient transactions.

Key Sections:

1. The Players in Card Payments

• Acquirers: Merchant banks that initiate the transaction.
• Issuers: Banks that provide the card and approve transactions.
• Card Schemes: Networks that facilitate the communication between acquirers and issuers.

2. The Transaction Process

• Authorization: The acquirer sends a request to the issuer to check validity and funds.
• Clearing: Transaction details are verified and sent through the card network.
• Settlement: Funds are transferred to the merchant’s account, and cardholders receive their statements.

3. Ensuring a Seamless Experience

• Security: Each step ensures the protection of data.
• Efficiency: The orchestrated flow guarantees quick and accurate fund transfers.
• Reliability: The system’s design ensures consistent and reliable transactions.

Master Digital Payment Regulations

In module 2 of the PaymentGenes Academy, where we delve into the complex world of digital payment regulations. This module is crafted to equip you with the foundational knowledge and skills necessary to navigate the regulatory landscape of digital payments.

As digital transactions become increasingly prevalent, understanding the regulatory framework is essential for ensuring compliance and fostering trust among stakeholders. Join us as we explore the intricacies of digital payment regulations and their implications for businesses and consumers alike.

Key Sections in Module 2:

1. Importance of Understanding Payment Regulations

• Compliance: Ensuring your business adheres to legal standards.
• Security: Protecting customer data and minimizing fraud.
• Trust: Building confidence among customers and partners.

2. Overview of Major Payment Regulations

• PSD2: Enhancing security and innovation in the EU.
• EMVCo Standards: Promoting secure, interoperable payment methods globally.
• 3D Secure: Adding an extra layer of authentication for online transactions.

3. Navigating Regulatory Challenges

• Implementation: Strategies for integrating compliance into your business operations.
• Updates: Staying current with evolving regulations.
• Best Practices: Effective measures for ongoing regulatory adherence.

Join us in Module 2 of the PaymentGenes Academy to thoroughly understand the intricate world of digital payment regulations. This module is tailored to provide you with essential knowledge and skills:

• Key compliance requirements and how to meet them.
• The role of security standards in protecting payment data.
• Best practices for maintaining regulatory adherence.

By completing this module, you'll not only gain comprehensive knowledge about the digital payments environment but also be well-equipped to navigate and comply with these crucial standards.