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European Card Acquiring Forum. Authorization: The financial institution that issued the card or “issuer”, provides an authorization code verifying the credit card is valid and credit is available for the sale amount. A temp hold on funds or “soft charge” will automatically fall off the cardholder’s card after 4-5 business days if the merchant does not capture or settle the authorized transaction. The gateway then passes on credit card information to the acquiring bank, when a customer makes a purchase. The acquiring bank approves the transaction and credits the company’s merchant account. Some small merchants are unable to find an acquiring bank that is willing to set up a merchant account for them. This is often the case if the merchant doesn’t have a long trading history. In such cases, merchants may use a third-party biller instead of an account with an acquiring bank. This cuts down on red tape and allows a merchant to process payments immediately. A credit card processor offers merchants online services for accepting payment online including credit card, debit card, direct debit, bank transfer and real-time bank transfers.