In the process of making digital payments, there are quite a lot of instances (by the digital standards of our time). After the customer clicks the "pay now" button on their order page, the internal part of making the payment comes into play, in which the following players are involved:
- Merchant: An online company that works in any vertical to sell its products or services online is an online merchant or seller.
- Customer: also known as the cardholder, the customer is the person who comes to your online store and initiates the transaction.
- Issuing bank: the customer's bank that issues the cardholder's debit or credit card.
- Acquiring bank: this is the bank that hosts the account for processing the merchant's credit card. Payments are accepted and then the acquirer sends the merchant's transactions to the issuer.