A payment processor is a financial company that handles credit and debit card transactions on behalf of a merchant. It acts as the intermediary between the merchant, the customer’s bank (issuing bank), and the merchant’s bank (acquiring bank). When a customer makes a purchase, the processor sends the transaction details through the card networks to get an authorization, and once approved, facilitates the transfer of funds. Stripe is the payment processor that powers the Charge for Stripe app.
Frequently Asked Questions (FAQs)
- Is Charge for Stripe a payment processor?
No, Charge for Stripe is an application that allows you to use your Stripe account to accept payments on your mobile device. Stripe is the actual payment processor that handles the transaction securely. - Why do I need a payment processor?
A payment processor is essential for any business that wants to accept card payments. They provide the secure infrastructure needed to communicate with banks and card networks, ensuring you get paid and that customer data is protected.
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