Payment processor

Is a company or third party that handles and processes transactions from different channels (credit or debit cards) on behalf of a bank.

It can also authorize these transactions and make sure that the merchant is getting paid on time by facilitating the money transfer.

There are processors that also provide equipment for card acceptance, customer support, security solutions and so on.

It will also check the details received to see if the transactions are valid and approved using anti-fraud measures to assure that the purchase is made by the source it claims to be.