#27unit 2e commerce payment system

Online credit card transaction

Card-based payment processing over networks.

3D Learning World

Interactive Visualizations

Topic Diagrams

Online credit card transaction flow

The five parties and six steps of an online card purchase.

1 purchase + card details (SSL/TLS)3 request auth4 verify account5 credit merchant account6 monthly statement (debit)Consumerplaces orderMerchantshopping cart + S…Clearinghouseauthenticates cardMerchant bank…Issuing bankverifies account

An online credit card transaction involves five parties and six steps: (1) the consumer places an order and sends card details over an SSL/TLS-secured session; (2) SSL/TLS protects the data in transit; (3) the merchant contacts a clearinghouse; (4) the clearinghouse contacts the issuing bank to verify the account; (5) the issuing bank credits the merchant's account at the merchant bank; (6) the consumer receives the debit in a monthly statement.

Explanation: An online credit card transaction involves five parties and six steps: (1) the consumer places an order and sends card details over an SSL/TLS-secured session; (2) SSL/TLS protects the data in transit; (3) the merchant contacts a clearinghouse; (4) the clearinghouse contacts the issuing bank to verify the account; (5) the issuing bank credits the merchant's account at the merchant bank; (6) the consumer receives the debit in a monthly statement.