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Credit card processing is how a credit card payment ... The last step is settlement, which is where the funds are moved to the merchant's account. This can take anywhere from 1–3 business ...
Durbin introduced the Credit Card Competition Act to require that at least one card processing network is available to merchants to route credit card transactions that’s neither Visa nor Mastercard.
This involves taking money from the customer’s bank account and transferring it to the merchant’s account to finalize the sale. There are two types of credit card payment processing systems.