Understanding the stages from authorization to settlement

[Ron Borruso]

What are the stages of Payment Processing Lifecycle? What are their importance?

 

[Jay Renee]

Offering refunds is an essential part of maintaining good customer relationships and ensuring satisfaction. It also helps protect the business from chargebacks.

 

[Alex Martucci]

One is Authorization. It helps verifying the payment method ensures that the transaction is legitimate before any funds are transferred.

 

[Jake Northfield]

The card network passes the request to the issuing bank. The issuing bank checks if the customer’s account has sufficient funds and if the payment details are valid.