The most common and the most irritating error message when you accept credit card payments in your online business: “Transaction rejected by credit card company”.

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Issuer is an institution from which the consumer gets his credit card. Usually it’s simply a bank (hence the popular term issuing bank), but it might also be e.g. a credit union. Such bank is associated with credit card brands, like Visa, MasterCard or American Express.

The issuing bank is actually the institution, which grants you the credit. So they are the ones, who check your credit history, debts. And later they decide what your credit limit is.

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Refund – it’s the money (or its transfer) which a customer receives from a merchant after making a complaint. The whole process usually looks like this:

1. a merchant receives a complaint from a customer
2. after analyzing the complaint, the merchant decides whether to refund the whole transaction, just part of it or refuse to give back any money at all
3. if the merchant decides to refund, it makes a proper request-usually instructions are passed to the acquiring bank via PSP
4. the acquiring bank contacts the issuing bank, which pays the money to the customer

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