What is a credit card processor?

A credit card processor is a type of financial institution that provides services to merchants that accept credit card payments. This includes providing a card reader to capture card information, encryption technology to protect transaction data, maintaining PCI compliance, and the payment networks that route card payments from the cardholder’s bank to the merchant’s bank. In Oregon, all credit card processors must be registered with the Oregon Department of Consumer and Business Services. Oregon requires credit card processors to have a signed license agreement, meet certain financial requirements, and inform customers of their rights under the state’s credit card law. Credit card processors also have to submit monthly reports to the department on their activities. Credit card processors must also ensure that any fees charged to merchants are reasonable and disclosed in advance. Finally, credit card processors must comply with the annual merchant audit conducted by the Oregon Department of Consumer and Business Services.

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What is a credit card processor?

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