A typical transaction involves four parties:
- The merchant
- The acquirer
- The issuer
- The cardholder
The Journey of a Transaction
Source: usa.visa.com (10/2014)
A transaction is processed securely through a carefully orchestrated process. When a cardholder purchases a product or service from a merchant it is actually the acquirer that reimburses the merchant for the product or services. The issuer then reimburses the acquirer within 24 to 48 hours. Lastly, the issuer collects from the cardholder’s bank by withdrawing funds from the bank account or through billing if a credit card is used.