Payment Transaction Processing Overview

The steps for payment processing are the same whether or not you use Sonova Financial Services as your gateway processor. This information shows the process and describes each step.

See Terms and Definitions for help understanding a broad range of payment processing terminology.

Step 1
The Merchant’s Customer, or the automated recurring payment utility, submits information to Sonova Financial Services to make a payment. Sonova Financial Services securely manages communication and routing of data through the payment processing systems.

Step 2
Sonova Financial Services sends transaction information to the Merchant bank’s Processor (defined by the Merchant’s Merchant Account).

Step 3
The Processor sends transaction information to the Interchange (like Visa or MasterCard’s credit card network).

Step 4
The Interchange sends transaction information to the Issuing Bank (the bank that issued the credit card to the customer).

Step 5
The Issuing Bank approves or declines the transaction and sends the results back to the Interchange.

Step 6
The Interchange sends the results back to the Processor.

Step 7
The Processor sends the results back to Sonova Financial Services.

Step 8
Sonova Financial Services stores the results.

Step 9
Sonova Financial Services sends the results back to the initiating website and can email them to the Customer and Merchant.

Step 10
The Issuing Bank sends the transaction funds from the Customer’s bank account to the Interchange.

Step 11
The Interchange sends the funds to the Acquiring Bank who deposits the funds into the Merchant’s bank account.