How does Card processing work? With Marshall Greenwald, Founder of Ionia

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The AFT podcast: At the Forefront of Transactions | Previously known as Fundraising Radio.

Konstantin Dubovitskiy

351 episodes

5 days ago

The AFT podcast (At the Forefront of Transactions) - previously known as Fundraising Radio, is a continuation of our efforts to bring in-depth knowledge of the payments space. Do you know how credit cards work? How banks communicate transactions between each other? How the tap to pay works? How funds get disbursed by government agencies? You'll learn about topics in the payment space that you didn't even know existed. If you are in the fintech/payments space or just a curious mind - hop on!

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How does Card processing work? With Marshall Greenwald, Founder of Ionia

The AFT podcast: At the Forefront of Transactions | Previously known as Fundraising Radio.

38 minutes 4 seconds

8 months ago

How does Card processing work? With Marshall Greenwald, Founder of Ionia

Marshall Greenwald, the Founder of Ionia in this episode digs deep into the souls (backend) of card processing.

Marshall's LinkedIn for those who don't know how to use hyperlinks: https://www.linkedin.com/in/marshall-greenwald-9480351/

Ionia's website: https://www.ioniapay.com/

AFT's Substack: https://aftfinance.substack.com/

AFT's website: https://www.aft.finance/

Here are the questions we've covered during the interview:

- tell us the rough outline of how the current credit/debit card processing look like?
- how many parties are involved in this process? What does inter-party communication look like and who is in charge of facilitating this communication?
- how are the flows for debit and credit card processing different? Why?
- why is it so expensive to accept credit or debit card payments?
- do the higher time limits for chargebacks affect it or is it mostly related to the complexity of communications mentioned in the second question? Or does it have anything to do with the potential NSF issues?
- key solutions that you see for all the problems we've discussed?