Customer Transaction Process

How Credit Card Processing Works?

Credit Card Processing takes place in the following manner:

  • Step1: The customer completes their transaction by using a credit or debit card.
  • Step2: Credit Card information is captured by merchant.
  • Step3: MGI credits merchant account and submits transaction for settlement upon approval by card issuing bank.
  • Step4: Bank end processor debits the card issuer account as the acquirer; transaction is sent to issuer.
  • Step5: Merchant account is funded by acquirer.
  • Step6: Transaction is posted by the issuer to the customer’s account.
  • Step7: Customer receives statement and pays the issuing bank.

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