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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