From the course: Safeguarding Customer Credit Card Data: PCI Compliance
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Banks, payment processors, and card brands
From the course: Safeguarding Customer Credit Card Data: PCI Compliance
Banks, payment processors, and card brands
- [Instructor] There are other, less immediately visible players in the payment process, without which none of the flow would work at all. These include banks, both issuing and acquiring, payment processors, and the all important card brands. Issuers of financial institutions, most commonly banks, which provide consumers or organizations with cards that they can use for whatever they want. An individual or a business applies, gets approved, and then gets the card to use. The issuing banks typically make their money by charging the cardholder interest and annual fees, and they also typically charge the merchant a fee to handle the transaction. This is why you sometimes see merchants requiring a minimum spend to use a credit card to minimize the impact of a per transaction cost. Acquiring banks provide merchants with an account they can use to receive payments. They receive the payment from the issuing bank, who gets it from the consumer, and puts it in the merchant bank account…
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