Explore the world of payment processors. These vendors play a crucial role in managing the logistics of accepting credit and debit card payments. Here's how they work:
Buyer provides card information:When a customer makes a purchase, they provide their card details-whether at a card reader in a physical store, on a payment page online, via mobile hardware, or through another payment method.
Payment infrastructure handles the request:The customer's card information is sent through a payment gateway to the payment processor. The processor then communicates with the bank network (for debit) or card network (such as Mastercard, Visa, or American Express) for authorization.
Money moves:If authorized, the payment processor informs the bank to send funds from the customer's account to the merchant's account.
These payment processors ensure secure transactions, verify authenticity, and safeguard sensitive financial information. If you're curious about specific companies, here are some top payment processors:
Some of the bank payment processors are: First Data, Heartland, Chase, Blue Pay, GlobalPayments, Mercury, TD, Sage