What is a Third-Party Processor?
A Third-Party Processor is a company that provides a variety of bank/Merchant services including billing, reporting, customer service, authorization, and settlement services on behalf of the Acquiring Financial Institution. Examples of Third-Party Processors are NOVA Information Systems (NOVA), Paymentech, First Data Corporation (FDC), etc.
Electronic Merchant Systems Payment Processing Glossary :
Defining key payment processing and merchant services industry terms to help business owners make better decisions.