The process by which a business collects payment from a credit card transaction involves two steps, authorization and settlement, and three key players: customer, issuing bank and merchant.

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Toby Walters is a financial writer, investor, and lifelong learner. He has a passion for ...

A credit card authorization form allows a merchant to charge your credit card at a later date. You can use one to formally verify payments like monthly bills, hotel incidentals or charges on ...