Table of contents
Introduction
In this article, you will find a global presentation/description of the card payment with some key definitions.
Card payment is popular; the instant authorization or rejection makes it less risky for the merchant. In other words, the customer authorizes the merchant to withdraw money from them by card. This involves:
- the transmission of the card number
- a 3D Secure check
- the tokenization of the card details
- the money is transferred after going through the Card network (VISA, MasterCard)
The ecosystem
Issuer/Issuing bank
The financial institution that issues credit cards to consumers on behalf of the card network (Visa, Mastercard). The issuer acts as the "middle-man" for the consumer and the card network by contracting with the cardholders.
Acquirer/Acquiring/Collecting
SlimPay plays the role of the merchant's bank by opening a Payment account in the name of the merchant on which the transactions will be collected.
Card Alias
SlimPay replaces PAN data with a surrogate value known as an unique “card token” or “card alias”.
It is an alphanumeric value generated by SlimPay.
