How does the credit card transaction process work?
• Virtual Terminal- the system that enables your customer’s to “buy now” and enter credit card information on your website. The virtual terminal also maintains detailed reports of your transactions and customer information and notifies the customer when their transaction has been approved. • Payment Gateway (Authorize.Net) – a bridge between your company and the financial entities that handle processing and settlement • Merchant Bank Account – a business bank account that allows you to receive settlement of funds for credit card transactions • Acquiring Bank – the bank that holds your merchant account. If you sign up for the Authorize.Net payment gateway through a reseller or other sales organization, you may not have a direct relationship with your acquiring bank. • Credit Card Issuer – the financial institution or bank that issued the credit card to your customer • Credit Card Interchange System – system established by credit card associations that allows acquiring banks to submit re
