How is the bankcard industry structured?
[Back to Top] The bankcard industry has two sides: the card-issuing side, and the merchant processing (or “acquiring”) side. VPS is on the processing side, in which member banks, their registered agents and other registered third parties make it possible for merchants to accept credit cards. The various functions include sales, service, “front-end” processing (providing merchants with the means to authorize, capture and submit data), and “back-end” processing (which includes settlement of funds and bookkeeping).
