What type of shopping cart / payment processor a business should implement? The answer is not quite so simple and in this article, and I’ve outlines the processes and technologies that go together to deliver a payment and affiliate solution and offer some choices.
A payment processor is the company which is appointed by the merchant to handle the transactions of credit card for merchant acquiring banks. This company is accountable for handling the routine transactions from the payment gateway to the debit/credit card company and coordinates the settlement payment of merchant funds. While the payment processing is the service and process that automates the payment transactions amid the merchant and shopper. It is generally a 3rd party service which is actually a system of various computer processes which generates, verifies, declines and accepts the credit card transactions on behalf of the merchant by means of internet connections. The processor companies are generally broken down into 2 types:
Using a payment processor can be highly beneficial for its convenience, efficiency and swift delivery; however there are other reasons why it is useful for companies.