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This tutorial explains the three stages of electronic payments in e-commerce: authorization, clearing, and settlement. Authorization involves the cardholder making a transaction and authenticating themselves, with additional criteria for EMV 3D Secure. A digital message is transmitted and checked at each stage from the merchant to the acquirer, card scheme, and issuing bank. Once funds are available, a message is sent back to the merchant approving the payment. Clearing is the process behind the scenes from when the acquirer sends a message to the card scheme. Settlement is the final stage where the payment is completed.