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Payment Processor

 

Payment Processor is a financial entity or service provider facilitating the electronic transfer of funds between customers and merchants during transactions. Operating as an intermediary in the payment ecosystem, payment processors handle the technical aspects of payment transactions, including authorization, capture, and settlement.

When a customer initiates a payment, the payment processor communicates with the acquiring bank, which in turn interacts with the issuing bank to authorize the transaction. Upon authorization, the payment processor ensures the secure transfer of funds from the customer’s account to the merchant’s account.

Payment processors support various payment methods, including payment cards, digital wallets, and bank transfers, contributing to the diversity and accessibility of electronic payment options. Merchants partner with payment processors to integrate secure and reliable payment processing capabilities into their business operations.

 

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