What Are Payment Processors?
A payment processor is a financial institution distinct from a bank that processes data from credit card transactions. Providing pre-authorization, post-authorization, and refund services to businesses accepting credit cards. They are responsible for the distribution of funds between consumers and businesses. Sometimes also referred to as a Transaction Processor.
Electronic Merchant Systems Payment Processing Glossary :
Defining key payment processing and merchant services industry terms to help business owners make better decisions.