The act of collecting online payments from clients for the items or services that a retailer sells is known as "merchant processing." A "payment processor" serves as a go-between for the business and the various investment firms taking part in the deal in most cases.
If a consumer uses a credit card, debit card, or another electronic form of payment to make a purchase, the payment provider gets in touch with the client's bank or card issuer to check that the payment is valid and there are enough money on hand to cover the purchase. Money is usually sent from the customer's account to the company account within a few trading days if the transaction is accepted.
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