![]() The card network then sends the settlement request to the consumer’s bank, which issued the card, for clearing. ![]() It is the consumer’s bank that determines whether the authorization request should be approved or denied and passes that decision back through the same process in reverse order.įor approved transactions, the acquirer submits a settlement request to the card network on behalf of the merchant. The card network receives the authorization request and routes it to the consumer’s bank, which issued the card, for approval. The acquirer then sends the authorization request to the card network associated with the card. ![]() The merchant passes the card information to the acquirer for authorization of the payment. What role do merchant processors, networks and bank processors play in the payment ecosystem? This is called a pull-payment, since the merchant is effectively pulling the payment out of the consumer’s account.Ĭard networks also create and govern the rules a merchant must follow to accept the network’s cards. Each of these methods transmits the consumer’s card information throughout a complex environment so the merchant can ultimately be funded for the payment. When a consumer pays a merchant for goods and/or services, either online or in-store, the payment is initiated via a swipe, dip, tap, scan or click. Learn more about debit card only payments by contacting us today or request a free demo by clicking the button below.What role do merchant acquirers/processors, networks and bank processors play in the payments ecosystem?Ī merchant is the acceptor of payments. BillingTree provides a real-time authorization for the payment.ĭebit card processing is the perfect way for your business to provide a popular payment option to consumers and protect your business from risk. With debit card payments, you reduce the risk of non-sufficient funds that can happen with paper or electronic checks. If your business is still in the stone age of cash and check, then you’re probably losing a lot of customers that prefer debit card payments. Your risk with debit only payments is much lower, which means you also lower the percentage of chargebacks and that hassle that comes with them.ĭebit cards are inherently more secure than credit cards and less likely than cash to be stolen.Ĭard methods are the preferred method among consumers. Why Consider Debit Card Only Payment Processing? Fewer Chargebacks Integrates with many of the leading technologies already used by the healthcare, financial services and accounts receivable management (ARM) industries.Debit Cards are one of the fastest payment methods preferred by consumers.The BillingTree technology platform filters out certain MIDs to make sure debit cards are the only payment method accepted.The same networks that process credit cards are used to process Debit Card Only, for speed and efficiency.Debit Card Only is ideal for industries and organizations that are not able to accept credit cards.In addition, a phone-based system can be used either through automated IVR or an agent-assisted process. With the BillingTree DCO processing solutions, you can accept payments via debit card through a secure web-based portal. What payment channels are available for Debit Card Only processing?
1 Comment
2/15/2023 11:09:41 pm
Thanks for sharing this wonderful information! So long, spreadsheets. Thanks to AI tech, ANNA scans your receipt, stores the details and assigns an expense category, without you having to type a thing.
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