In fact, there are several important steps involved in the process:
Let’s see how it works.
Step 1: The customer submits an order with card information.
Step 2: The card information with payment details are relayed to the gateway.
Step 3: The payment processor further relays the card information and charge details to the bank terminal.
Step 4: Based on the transaction status a unique response is generated and sent back to the processor from the bank terminal.
Step 5: If the transaction is successful, the bank credits the processor’s account.
Step 6: The processor in turn settles the amount to the merchant after deducting a pre-agreed commission.