An electronic payment is any transaction made by a customer using non-cash payment methods, such as credit cards, debit cards, or gift cards.
An electronic payment involves several parties, including, for example, your credit card processor, the cardholder's issuing bank, your own bank, and the credit card company.
- The Vista system sends the customer's payment information (including credit card details) to a credit card processor.
- The credit card processor submits it to the relevant card network for authorisation.
- The card network either accepts or declines the transaction.
- If the payment is approved, the credit card processor holds the payment details pending initiation of settlement overnight, which can be either an automatic or manual process.