What Are Payment Processors?
Payment Processors are different elements in a chain of transactions that allow money to change hands between buyers and sellers. So how does a Payment Processor work? Payment Processors enable merchants to receive debit or credit card payments online by providing connections between the consumer’s bank and the merchant’s bank.
These processors take full responsibility for gauging the validity of a payment, for using anti-fraud measures to assure that a payment is valid, and for ensuring that a payment derives from the source it claims. Processors are held to standards and regulations organized by credit card associations.
PayPal, I would consider the most popular website that makes it easy for people to make purchases, sell items online and receive money . For instance lets say you wanted to sell your old camera on olx or any other website that sell 2nd hand articles. And if the buyer would like to make payment using their credit or debit card on PayPal, and then the monies would be in your PayPal account. Now if you are having a merchant PayPal account you’ll surely be linked to some bank of your choice and the money automatically gets transferred to your bank. When no bank is linked to your PayPal account you can ask PayPal to mail you a check.
There are many processors like PayPal are available. Two popular ones that I use are http://payza.com/ and