MC and VISA are the networks. They allow communication between banks, and the entire operation is packaged up by payment processors like Stripe, Square or PayPal. So you have processors, the banks on either end (perhaps two separate ones), the network operator, and additionally any extra companies that might offer additional services for the transaction, like for fraud prevention or financing.
k0e3@lemmy.ca 2 months ago
I’m so confused; I thought MC and VISA were payment processors. So when I buy a game off Steam, I have two companies handling my money?
Bilaketari@reddthat.com 2 months ago
MC and VISA are the networks. They allow communication between banks, and the entire operation is packaged up by payment processors like Stripe, Square or PayPal. So you have processors, the banks on either end (perhaps two separate ones), the network operator, and additionally any extra companies that might offer additional services for the transaction, like for fraud prevention or financing.
k0e3@lemmy.ca 2 months ago
I see, thank you for the explanation. I’m ashamed to say I never knew how any of this worked. I just knew it magically got me the games I wanted.
vpunt@lemmy.zip 2 months ago
It’s processors all the way down.
shani66@ani.social 2 months ago
They are, for some reason people just like to call them something else.