Dollar for Portland
When customers use their cards to make a purchase, the process of checking that the customer has sufficient funds and authorizing the purchase is called authorization.
Next, the customer's bank verifies that the funds are available and places a hold on those funds.
The process of sending funds from the customer's account to the merchant bank is called settlement. A payment network handles the settlement.
Watch the video to learn about the three steps in the credit card processing cycle.
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