An Internet service that verifies that a customer has sufficient funds for a purchase and then releases funds from the customer's credit card account. Your bank chooses the credit card processor.
a corporation that manages the process of transferring authorized and captured credit card funds between different financial accounts. These corporations typically charge merchants a discount rate and a transaction fee for this service. These fees vary from processor to processor. Cardservice International is an example of such a processor.
A company that performs authorization and settlement of credit card payments, usually handling several types of credit and payment cards (such as Visa, MasterCard, and American Express). If merchants wish to sell their products to cardholders, they retain the services of one or more processors who handle the credit cards that the merchant wishes to accept. When a merchant retains the services of a credit card processor, it is issued a merchant ID.
A company that performs authorization and settlement of credit card payments, typically handling various types of credit and payment cards (e.g. Visa, MasterCard, American Express). Merchants which sell their products or service and accept credit cards traditionally use the services of one or more processors who handle the credit cards that the merchant wishes to accept. For merchants retaining the services of a credit card processor, a merchant ID is issued.
A third party vendor who processes the credit card information.
