<\/span><\/h2>\n1. What is the lifecycle of a card transaction?<\/h3>\n
A card transaction’s life cycle starts when the cardholder makes a purchase. Then it goes through authorisation, authentication, processing, clearing, and settlement before concluding with a fund transfer to the merchant.<\/p>\n
2. What fees are associated with credit card payments?<\/h3>\n
Interchange, assessment, processing, gateway, and chargeback costs are among the fees associated with credit card payments usually incurred by the merchant to complete transactions.<\/p>\n
3. What is the difference between chip cards and magnetic stripe cards?<\/h3>\n
Magnetic stripe cards contain static data, which makes them more susceptible to fraud and unauthorised access. On the other hand, chip cards use EMV technology to increase security by creating unique transaction codes.<\/p>\n
4. How are refunds processed in the online card payment lifecycle?<\/h3>\n
The merchant initiates a refund request using their payment gateway to process refunds in the online card payment lifecycle. After receiving this request, the acquiring bank credits the cardholder’s account, which usually takes 5 to 14 business days to reflect.<\/p>\n
5. What happens if my credit card payment is declined?<\/h3>\n
Insufficient money, expired cards, or inaccurate information are some of the reasons your credit card payment may be declined. Get clarity and possible help by getting in touch with your card issuer.<\/p>\n
6. How do chargebacks affect the lifecycle of an online card payment?<\/h3>\n
Chargebacks reverse transactions, which can cause financial losses for retailers and interfere with cash flow, impacting the online card payment lifecycle. When a cardholder disputes a charge, the issuer is prompted to look into it and may even provide the customer with a refund.<\/p>\n","protected":false},"excerpt":{"rendered":"
Ever wondered what happens you pay online using your debit or credit card? Here\u2019s a behind the scenes look at how an online payments system works.<\/p>\n","protected":false},"author":52,"featured_media":16495,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[26],"tags":[105,85],"class_list":{"0":"post-4582","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-payments","8":"tag-card-payments","9":"tag-credit-cards"},"_links":{"self":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/4582","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/users\/52"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/comments?post=4582"}],"version-history":[{"count":9,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/4582\/revisions"}],"predecessor-version":[{"id":21765,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/4582\/revisions\/21765"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media\/16495"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media?parent=4582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/categories?post=4582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/tags?post=4582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}