How do I know what payment processor I have?

Please contact your merchant services provider, and/or your merchant acquiring (MA) bank to identify your payment processor and obtain specifications (in the form of a value added reseller (VAR) or tear sheet) required to configure your account for the identified payment processor.

Is payment processor the same as merchant account?

A payment processor will set up a merchant account that allows your business to accept credit cards. First, a payment processor takes the credit card information you entered and sends it to the credit card network, which checks with your customer’s bank to make sure they have the proper funds.

Who is the credit card processor?

Credit card processors, also called merchant service providers or acquiring service providers, administer a service so you can accept credit card payments at your business. Merchant providers offer software so you can view your transactions, fees, chargebacks, and more on a single dashboard.

What is a merchant card processor account?

A merchant account is a type of bank account that allows businesses to accept payments by debit or credit cards. So a merchant account is an agreement between a retailer, a merchant bank and payment processor for the settlement of credit card and/or debit card transactions.

Is Shopify a payment processor?

Shopify’s suite of services includes Shopify Payments, a built-in payment processor that allows businesses to accept credit cards and other payment methods online or in person. If you have a Shopify account, you automatically have access to Shopify Payments.

What is the difference between a payment gateway and processor?

In short, a payment processor is typically a company that facilitates transactions between a card holder’s bank and your merchant account. A payment gateway is an encrypted application that authorizes credit card or direct payments processing for e-commerce, online retailers, or any other card-not-present transactions.

Who are eCommerce merchants?

A merchant is a company or individual who sells a service or goods. An ecommerce merchant is someone who sells exclusively over the Internet. A merchant will sell the goods to the customer for a profit, and by law, will have a duty of care to the customer due to the knowledge of the products he has for sale.

Is credit card Processing Financial Services?

Credit card processing is a complex service involving multiple moving parts, emerging technologies, payment networks, regulatory bodies and financial institutions. Like any service involving that level of complexity, credit card processors often vary in quality.