What is a Clearing?
Clearing is the process of exchanging transaction information between the acquiring bank and the issuing bank after a payment has been authorised, determining the final amounts to be settled.
Overview
Clearing is the process of exchanging transaction information between the acquiring bank and the issuing bank after a payment has been authorised, determining the final amounts to be settled.
How It Works in Practice
In a typical card transaction, clearing plays a key role in ensuring payments are processed accurately and securely. Understanding this concept helps businesses manage their payment operations more effectively.
PCI DSS Relevance
Under PCI DSS, all stages of payment processing must be secured. This includes the clearing stage, where cardholder data must be protected from unauthorised access.
Paytia's secure payment platform handles the full transaction lifecycle for phone payments, including clearing. All transactions are processed through PCI DSS Level 1 certified infrastructure.
Frequently Asked Questions
What is clearing in payment processing?
Clearing is the process of exchanging transaction information between the acquiring bank and the issuing bank after a payment has been authorised, determining the final amounts to be settled.
How long does clearing take?
The timing depends on the payment processor and card network. Most clearing processes complete within 1-3 business days for UK transactions.
Can I track clearing status?
Yes. Payment processors and platforms like Paytia provide real-time transaction status tracking through dashboards and API notifications.
Related Terms
See how Paytia handles clearing
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