In this article, you will find a global presentation/ description of the card payment with some key definitions.
Card payment is popular, the instant author or rejection makes it less riskier for the merchant. In other words, customer authorized the merchant to take money from them by card:
- Card number to give
- 3-D Secure
- Tokenization of the card details
- Money is taken after going through the Card network (VISA, MasterCard...)
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.
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.