The final step in the payment process is settlement. The merchant’s bank pays the merchant for the cardholder purchase and the cardholder’s bank bills the cardholder. This step in the process is usually complete within two days or less in North America and may vary in other countries.
The process includes:
- The issuer determines the acquirer via the payment brand network.
- The issuer sends payment to the acquirer.
- The acquirer pays the merchant for cardholder’s purchase.
- The issuer bills the cardholder.