What is a credit card processor?
A credit card processor is a company that processes credit card transactions. Credit card processors process the transactions sent to them from the credit card issuer, like a bank or credit union. They verify the transaction with the bank, approve the transaction, and deliver it to the merchant who initiated the transaction. In Delaware, credit card processors must follow the Credit Card Law, which was passed in 1997. This law regulates credit card activities, including setting standards for fraud protection, consumer protections, credit card fees, and disclosure of terms. The law also creates a dispute resolution process for consumers who have been wronged by a credit card transaction. Credit card processors play an important role in ensuring that people can buy things with their credit cards without running into fraud. They also help merchants accept credit cards and process payments quickly and efficiently. Credit card processors must follow the law and strictly adhere to the standards set by the Credit Card Law.
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