What are the Steps required to process a transaction?

To process a transaction, first, the customer initiates the payment by providing their payment information, such as credit card details. Next, the transaction is authorized by the payment processor, which verifies the funds and checks for any fraud alerts. Once approved, the transaction is captured, and the funds are transferred from the customer's account to the merchant's account. Finally, the transaction is settled, reflecting the completed payment in both parties' accounts, and a confirmation is sent to the customer.