The processor defines effective features which allow traders to obtain payments as well as to store funds, dispense payments and many other operations. It is a platform that operates in the background to manage and maintain payment processing services of online vendors. Furthermore, it can also cooperate with other organizations that directly contact sellers and buyers in order to provide such services.
The processor acts as a link between the trader and the card-issuing institution. It is in charge of transactions’ approval, funds requests, and reports along with billing. The processor enables prompt and secure data transmission. Besides, the processor allows for conducting immediate transactions.
It is actually a bridge which interacts with the issuing bank and acts as a moderator between the customer and the financial organizations which perform payment activities. The processor authorizes transactions. And it conducts a safe money transfer from the client’s account to the trader’s.