Payment Processor

A payment processor manages the technical processing of card and electronic payments between merchants, banks, and networks. It handles authorization, clearing, and settlement steps.

Processors connect to card networks and acquiring banks to move funds and manage chargebacks. Merchants often use processors alongside payment gateways. Many processors now offer BNPL options at checkout.

Related Terms

Payment Gateway

A payment gateway is a service that captures and routes payment information from a merchant to a pay...

Card-on-File

Card-on-file refers to storing a customer's card details with a merchant or payment provider for fut...

EMV

Europay, Mastercard, and Visa

EMV is the global standard for chip-based payment cards and terminals. It uses dynamic cryptographic...

Digital Wallet

A digital wallet is an electronic device, software program, or online service that stores payment in...

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