Explain about the credit card transaction end to end life cycle, dispute life cycle, parties involved in transaction processing. Explain settlement, batching process.

Question

Accepted Answer

Credit card transaction involves multiple parties and processes including authorization, settlement, and dispute resolution.

Credit card transaction starts with authorization where the cardholder swipes or enters their card details for payment.
The transaction is then processed by the acquiring bank and sent to the issuing bank for approval.
If approved, the transaction is settled where the funds are transferred from the issuing bank to the acquiring bank.
Batching process involves grouping multiple transactions together and submitting them for settlement at the end of the day.
Dispute life cycle involves the cardholder disputing a transaction, which is then investigated by the issuing bank and resolved through chargeback or reversal.
Parties involved in transaction processing include cardholder, merchant, acquiring bank, issuing bank, payment gateway, and card network.

Explain about the credit card transaction end to end life cycle, dispute life cycle, parties involved in transaction processing. Explain settlement, batching process.

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