Our system will evaluate the answer based on this AI-generated description.
The image illustrates a sequential process: "1. Payment by Card" initiated by the "Consumer" towards the "Merchant", followed by "2. Authorisation Requested" and "3. Authorisation Given", both occurring between the "Consumer's Issuing Bank" and "Credit Card Organisation". "4. Product Sent to Consumer" completed by "Merchant", "5. Payment of Transaction Fees" involving "Credit Card Organisation", leading to "6. Transfer Funds Minus Transaction Fees" from "Consumer's Issuing Bank" to "Merchant's Bank", and culminating at "7. Payment to Merchant".
Given the complexity of the image, the above description may not be entirely accurate.
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Note: Both the topic and the answer were created by one of our users.
The illustration depicts the payment process by card. Overall, there are 7 stages of payment,starting with the payment by a consumer who used the card and ending with the payment for merchant.
First of all, consumer pays by card to get a product. Subsequently, the merchant requests authorisation from a credit card organization. After that, the organization request authorisation from a consumer’s issuing bank for the payment. Once, it is
accepted by bank, the authorization is given back first to the credit card organization, then to the merchant. When merchant takes the transaction , the product is sent to the consumer.
After that, the seller sends payment of transaction fees to the credit card organization, which transfer funds minus transaction fees sends to the merchant’s bank where happens payment to merchant.
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