About VISA.com - Information, Products and Services ReviewVISA.com is a premier and pioneer of payments technology system. Today VISA.com is a global leader in managing payment network that connects thousands of financial institutions, merchants and cardholders in dealing millions of payment transactions every day.
About VISA.comThe introduction of BankAmericard card in 1958 by Bank of America for consumer credit was a steeping stone to establish network for global payment system. Initially credit card was available to only Americans and soon it spread to other regions and countries. With separate business and separation of BankAmericard as VISA couple with introduction of VISANET as electronic authorization and clearing system helped transactions to complete in few seconds. That was just a beginning. Today VISA is well known brand, the banks , financial companies, and merchants all use VISA payment technology and VISA network. Read more information on About VISA.
How does Visa Transaction worksSo who is involved in a payment card transaction? The Merchant, the merchant's acquiring Bank. The customer and the customer's credit or debit card issuing bank. All of them agree to comply with PCI standard, the Payment Card Industry standard.
In order for merchant to accept credit or debit cards, the merchant signs the agreement with merchant's acquiring bank. This is to ensure merchant comply with the regulation and with the acquiring bank. Next customer holds the credit cards and has agreement with credit card issuing bank. Lastly, Credit card issuing bank comply with PCI standards and with payment transaction system with VISA, or MasterCard.
Just for the sake of an example, John decides to buy a 6 pack soda and a Pizza from a pizza shop, John uses his credit card to pay for the bill. Once credit card is swiped the transaction information is sent to Merchants bank, merchants bank will transmit money to Merchants account. The merchants acquiring bank will bill charges to customers card issuing bank, Customers card issuing bank will remit money to Merchants bank. Finally Customers bank will send credit statement to customer for bill payment. All this happens in few seconds. However there is very secure and robust technology behind payment processing and remittance system.
The Merchant, The Merchants acquiring bank, The customer and the customers card issuing bank
The goal of VISA is to make payment process easy to pay and easy to receive. Read more on payment transaction stake holders