A payment processor is a company that organizes the process of receiving, processing and transferring payments between merchants and their customers. For processing payments, payment providers provide special software – a payment gateway.
The payment processor performs the following functions:
- Provides merchants with a payment gateway, thus providing the ability to accept payments;
- Provides a secure channel for transferring payment data;
- Guarantees protection against fraudsters;
- In the event of chargebacks, the payment provider will dispute them;
- Connects various payment solutions:
- Mass payments;
- ACH payments;
- Recurring payments;
- MO / TO payments.
- Provides technical support to its customers.
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