What is a chargeback?
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How do chargebacks work?
Chargebacks can be confusing, period. In fact, we spend a lot of time answering this very question. Simply put, a chargeback is initiated by a cardholder or issuing bank, and received by the acquiring bank who passes the information to the merchant. The card networks sit at the middle of the process, facilitating the movement of funds between the parties.
What is a payment gateway?
A merchant service that authorizes credit card or direct payments processing for merchants, typically provided through an e-commerce application service provider.
What is a processor?
An entity that is affiliated with a card network and provides authorization and/or clearing and settlement services on behalf of a merchant or an acquirer.
What is an acquiring bank?
The financial institution that initiates and maintains contractual agreements with merchants for accepting and processing credit card transactions.
What is an issuing bank?
The financial institution that issues payment cards and maintains the contract with cardholders to ensure repayment. Which means it is the bank where you have your business or personal bank card.
Thank you for reading!
Now you should have some grasp knowlegde about the basic merchant account questions.