16 Вер Credit Card Payment Agreement Form
As soon as a customer pays for certain goods or services with their credit card, the merchant must send a request to the customer`s bank or credit card processor, also known as Acquirer, to verify the customer`s account and determine if there are sufficient means to complete the transaction. If the request is accepted, the merchant simply has to wait for the transaction to be completed, which is indicated by an authorization code. However, the merchant also has the option to place an authorization ban that will reduce the customer`s line of credit, block the money for the transaction, and ensure that they are paid for their goods or services. For credit cards, authorization receipts can take up to a month.