Write a short note on: Payment Processor. – InterviewSolution

1.	Write a short note on: Payment Processor.
Answer» Payment Processors are the link between payment gateway and the Card Associations such as Visa / Mastercard / Amex. They provide e‐payment processing services for merchants who accept online payments. Payment Processors provide the merchants with a simple, secure and cost effective mechanism for online payments. They provide multi method services with the help of different connectivity mechanisms. The task of the payment processor is to collect the card information from the payment gateway and forward it to the card association. Once the payment is authorized, they again collect the information from the card association and give it back to the payment gateway. ‘Paynet’ and ‘Paypal’ are the well known payment processors.

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