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:
We need to have a payment processor in order to withdraw our earnings from the internet. That is why I have informed my readers about the importance of an online account. You need to have enough experience with online payment processors in order to make successful transactions using the internet. There are lots of payment processors processing payments for their users. They are having lots of merchants and doing great business with them.
People today shop or pays transactions online. They are using e-currency payment system to do their payments. For businessmen, this is advantageous. A businessman can accept payments for products and services rendered from their customers easy and fast. Choosing a partner in business is risky that’s why there are several things to consider.