Follow a simplified card-payment transaction from the customer and merchant through payment-processing infrastructure, the card network, the issuing institution, authorization, clearing, and settlement. Select any stage to see what normally happens there.
Simplified transaction path
Architecture varies. Real payment arrangements differ
by payment method, provider, region, merchant configuration, transaction
type, and processing relationship. This map is an educational model of
a common card-payment flow rather than a universal sequence for every
payment.
Authorization, clearing and settlement are different
| Stage | What it generally concerns |
|---|---|
| Authorization | Whether the transaction can be approved at the time the payment request is evaluated. |
| Clearing | The exchange and processing of transaction information between relevant participants. |
| Settlement | The financial settlement of obligations between participants, according to the applicable payment arrangement. |