Payment Processor: Once the payment

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Here are the main players in the payment ecosystem: Payment Gateways: These are the first touchpoint in the online payment process, acting as a bridge between e-commerce stores and payment processors. Payment gateways like Stripe and PayPal securely transmit customers’ payment information to payment processors. They are essential for encrypting sensitive data and ensuring that personal and financial details are handled securely.



Payment Processor: Once the payment gateway forwards singapore business fax list transaction data, the payment processor comes into play. They are responsible for processing the transaction with the customer's bank (issuing bank) and the merchant's bank (acquirer bank). Examples include Square and WorldPay. They verify the transaction details, ensure funds are available, and ultimately approve or deny the transaction.



Merchant Account Providers: These entities offer merchant accounts that allow businesses to accept credit and debit card payments. Merchant accounts act as an intermediary fund holding account between transactions being approved and funds being settled into the business's bank account. Some payment processors offer merchant account services as part of their packages, simplifying the setup process.