F&A Academy PTP Payment Processing
Quiz by chris shocknesse
Feel free to use or edit a copy
includes Teacher and Student dashboards
Measure skillsfrom any curriculum
Tag the questions with any skills you have. Your dashboard will track each student's mastery of each skill.
- edit the questions
- save a copy for later
- start a class game
- automatically assign follow-up activities based on students’ scores
- assign as homework
- share a link with colleagues
- print as a bubble sheet
- Q1
What is payment processing?
It starts when a customer places an order and ends once they receive their package or service.
It is the series of digital communications between banks, processing networks, and POS systems that make it possible for your business to accept non-cash payments.
It is the process of receiving the order from the customer, fulfilling that order by providing the goods/services required and receiving payments from the customers for the goods/services provided.
60s - Q2
This step in the payment process is just to ensure that the transaction taking place isn’t fraudulent. This corresponds to
This step in the payment process is just to ensure that the transaction taking place isn’t fraudulent.
The information is received by a payment gateway and sent to a payment processor.
Your customer pays via one of your business’s accepted payment methods.
60s - Q3
The information is received by a payment gateway and sent to a payment processor. This corresponds to
The payment processor verifies the card’s security
Payment information is validated for approval
Your payment processor communicates authorized transactions
60s - Q4
Once the transaction has been approved and validated, it moves into the settlement and funding phaser. This corresponds to
Your business bank account is funded
Your payment processor communicates authorized transactions
Funds are debited from customer accounts
60s - Q5
The debited funds are transferred to your business bank account. This corresponds to
Payment is initiated via customer
Your business bank account is funded
Funds are debited from customer accounts
60s - Q6
It is a vendor that facilitates electronic payments by acting as the messenger between banks and merchants. This corresponds to
Journal Entry
Three way match
Payment processor
60s - Q7
It is the financial institution that maintains a merchant’s account in order to accept credit cards. This corresponds to
Journal Entry
The acquirer
Three way match
60s