Enables payment/value exchange between key business parties

• Sets standards for payment processing, roles & responsibilities
• Facilitates authorization of payment
• Sets standards for risk mitigation and consumer protections
• Settles funds between key parties (merchant/acquirer & issuers)

Support multiple payment types:

• - Credit Cards
• - Debit Cards
• - Prepaid Cards

Typically banks or financial services organizations

• Within the association model, charter must exist
• Prepaid issuers are sometimes less traditional financial organizations

Offers consumers and business payment management and payment access accounts:

• - Demand deposit/shared draft (cash, check, debit, wire)
• - Credit (cash, line, card)
• - Investment (cash, check, debit access)

Provides cardholders:

• - Pricing/APR
• - Service
• - Offer elements such as rewards and benefits

Facilitates payment processing between merchants, processors (may in some cases also be the processor) and payments networks

Responsible for settling merchant payments

• Merchant risk assessment

Responsible for service, price and settlement

Typically processes multiple payment types:

• - Payment cards (credit, debit and prepaid)
• - PIN debit
• - Sometimes: ACH (eCheck)

Accepts payments for goods or services

Typically accepts multiple payment types:

• Cash
• Check
• Payment cards (credit, debit and prepaid)
• PIN debit
• Sometimes: ACH, wires, store credit

Responsible for:

• - Cardholder verification
• - Card security verification
• - Authorization protocol compliance