Processing a payment includes these transactions:
  1. the card is authorized to make the transaction by the issuing bank, and a hold is placed on the card for the amount of the purchase.
  2. the purchase is reconciled, and the payment is transferred to the merchant bank.
  3. the authorization is cancelled, and the hold on funds is removed from the card.
  4. the transaction is voided, and all transaction actions are reversed.
  5. the cardholder is issued a refund, and the payment amount is credited back the issuing bank.
  6. a sale combines the actions of an authorization and capture in a single transaction.