Hi Waqar, Thanks for the detailed explanation. I am naive in the payment domain and learning. Could you please explain the things that you have mentioned during settlement and clearing - "Merchant close the batch at the end of the day" and also the interchange rate and the merchant discount rate".
Hi, to my knowledge, the card issuer's fee should not be included in this payment flow. The merchant should not assume this cost. That's the cost of the cardholder with their card issuer. Merchant cost is the acquirer fee (and probably the interchange fee passed by the acquirer). But never the card issuer's fee
How does the payment scheme not take any fees for the transaction? I'm little bit confused about that. Is it something special in UAE or it's in general? Thanks
This will be very difficult for Aquirer to connect with multiple issuers all around the world. Payment schemes provide common standards which help issuer and acquirer to connect.
?? Getting ready to go live with our new payment system. We do have online payments and merch for sale. Can you explain this? I have a feeling the whole process is more complex than I thought. Smh at all this scammers . I imagine if they put the effort into something positive they would do just fine.
