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Payment processors connect the merchants to a payment gateway, which sends transactions to the cardholders bank and credit card companies, such as Visa and Mastercard. In the processing flow, banks simply store merchants and cardholders funds and allow these funds to flow securely from one account to the other.

What is a payment processor? A payment processor is a company or service that facilitates electronic transactions?such as payments made with credit cards, debit cards, or digital wallets?between businesses and their customers.

Employer job listings often list Collaboration, Detail Oriented, Communication Skills, Problem Solving Skills, Reconciling, Accuracy, Compliance, Multi Tasking, MS Office, Outlook or Data Entry as requirements in Payment Processor job descriptions; however, candidates mention them far less frequently on their resumes.

This includes initiating payments, setting up approval processes, tracking and attributing sent and received funds, resolving payment failures and returns, reconciling transactions to bank statements, and booking payments to the general ledger.

The payment gateway encrypts the card details and performs fraud checks before sending the card data to the acquirer. The acquirer securely sends the information to the card schemes which carry out another layer of fraud checks, and the schemes transmit the payment data to the issuer for payment authorisation.

Work experience Documented and analyzed all expenses and maintained and managed relevant databases. Maintained cash logs, produced detailed reports, and processed all payments. Stayed up-to-date with current laws and regulations and scanned bank deposit checks.

A payment processor manages the credit card transaction process by acting as the mediator between the merchant and the financial institutions involved. A processor can authorize credit card transactions and works to ensure merchants get paid on time by facilitating the transfer of funds.