The Current Processing of Payment Structures
Existing payment services in the financial sector ostensibly provide convenience and safety to people, but many brokers are involved in the process of actual payment to payment in addition to buyers and sellers. Fees are incurred in participating in these third-party financial intermediaries, which increases the cost borne by consumers. In the existing payment market, several parties, including consumers, PG, VAN, and credit card companies, participate according to their roles. There are 4 roles during the service.
1. Consumers purchase goods or services online/offline. 2. PG/VAN company encrypts payment information with card terminal and transmits it to acquirer. 3. The acquirer requests electronic approval from the card issuer. 4. The card issuer delivers a message about whether the card is available for payment to the merchant
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