What is Payment Processing?
What does 'Payment Processing' mean?
Payment Processing is defined as providing a Person with the ability to charge or debit accounts using any payment mechanism, including but not limited to Remotely Created Payment Orders, Remotely Created Checks, ACH Debits, or debit, credit, prepaid, or stored value cards, either directly or indirectly. Payment Processing entails, among other things: (a) reviewing and approving merchant applications for payment processing services; (b) providing the means for merchants to transmit sales transaction data to acquiring banks or other financial institutions; (c) clearing, settling, or distributing proceeds of sales transactions from acquiring banks or financial institutions to merchants; or (d) processing Charitable Contributions.
List of software with Payment Processing functionality
About the reviewer
Rajat Gupta is the founder of Spotsaas. Over the past two years, he has reviewed 2,000+ tools across CRM, HR, AI, and finance — applying hands-on product research and a background in commerce and the CFA program to evaluate software through a business and ROI lens. His goal: help teams make software decisions they won't regret.
Disclaimer: This research has been collated from a variety of authoritative sources. We welcome your feedback at [email protected].