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A buyer provides the business with their debit or credit card information—this may happen through a swiper in a brick-and-mortar store, by using a form by using an e-commerce webpage or even via mobile components, such as Square’s famous card readers. That information can be securely transmitted to the payment processor (via a payment gateway controlled by the repayment service provider) which then convey with the purchaser’s mortgage lender or card issuer to determine in cases where there are enough funds. If approved, the transaction is normally complete as well as the money changes from the card issuer’s bank to the acquiring loan provider of the service provider services hosting company.
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