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This text gives an overview of how electronic payments work in e-commerce. There are three stages: authorization, clearing, and settlement. Authorization involves the cardholder making a transaction and authenticating themselves. A digital message is transmitted between the merchant, acquirer, card scheme, and issuing bank to confirm funds availability. Clearing is the behind-the-scenes activities from when the acquirer sends a message to the card scheme. Settlement occurs when the payment is approved and funds are transferred to the merchant.
