: Paid by the merchant’s bank to the cardholder’s bank to cover processing costs and risk.
: Some providers offer a flat monthly fee for a set volume of transactions, starting as low as $25/month . ⚖️ Merchant Rules and Compliance
: Verifying the identity of the cardholder (e.g., through a chip, PIN, or tap).
: The technology partner handling the actual data flow between all parties.
: Essential "switchboards" like Visa , Mastercard , American Express , and Discover .
Payment processing happens in several distinct stages, often in a matter of seconds for authorization, with settlement following later.