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No Money, No Problem: Payment Processing 101

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No Money, No Problem: Payment Processing 101. P. 5 > Acquirers Acquirers bridge the connection between the issuer, association and merchant. They initiate and maintain relationships with merchants that accept credit cards. When a cardholder seeks to pay for goods or services at a merchant's location or website, the acquirer authorizes the trans- action by checking with the issuer to ensure the card is valid and that there are sufficient funds available within the cardholder's credit limit to complete the transaction. The acquirer also settles proceeds of credit card transactions with its merchants. If you wish to start accepting credit cards as payment options for your business, an acquirer, such as Moneris, can facilitate that. Merchants The businesses that accept credit card payments for goods sold. Cardholders The customers looking to make a purchase with a credit card in his or her name. Set the Scene With over 76 million VISA and MasterCard cards in circulation in Canada, there is a good chance that businesses such as yours will be handling a lot of electronic transactions. And while the majority of the time, you will play a rather small role in the actual payment processing, it's important to understand what's going on behind the scenes to ensure a smooth and secure transaction. With over 76 million VISA and MasterCard cards in circulation in Canada, there is a good chance that businesses such as yours will be handling a lot of electronic transactions. Merchants Acquirers Cardholders

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