A transaction is a purchase that begins with a cardholder. The diagram below will help you understand the role of MasterCard and the merchant in this transaction process.
The transaction process is a series of purchases, beginning with the cardholder:
Card-Issuing Bank
Card-Issuing Bank – The cardholder's financial institution, also a licenced member of MasterCard.
Cardholder
Cardholder – A consumer who is solicited, screened, and approved by the issuer who establishes a line of credit for the consumer and issues the credit card.
Merchant
Merchant – Virtually any company that wants to accept cards for payment and that meets the qualification standards of MasterCard and an "acquirer".
Acquirer
Acquirer – A licenced member of MasterCard that screens and accepts merchants into its credit card program, processes transactions, and completes financial settlement to them.
MasterCard
MasterCard Worldwide – We licence our brand to member financial institutions that in turn provide services to consumers and merchants.
MERCHANT RULES