Table of contents
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 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.
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.
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.