Who is the biggest payment processor?
|Processing company||Transaction volume (in billions of dollars)3|
How do third party payment processors work?
A third-party payment processor provides merchant accounts that enable businesses to accept card payments with minimal hassle. This means the merchant doesn’t need to go through the process of opening a proprietary merchant bank account to manage their transactions.
What is the difference between a payment processor and a payment gateway?
A payment gateway is a place on a merchant’s website where customers securely enter credit card information. A payment gateway also verifies that a customer’s card is legitimate. A payment processor transmits card data from a merchant’s point-of-sale system to card networks and banks involved in the transaction.