What is a credit card processor?

A credit card processor is a type of payment processor that handles transactions made with credit cards. Credit card processors provide merchants with the ability to accept payments from customers using credit cards. Credit card processors work by connecting the merchant’s payment system with the credit card network, such as Visa or Mastercard. Once a customer has made a purchase, the processor sends the customer’s payment information to the credit card network, authorizes the transaction and sends the merchant the payment. In the United States, credit card processors are regulated by the Federal Trade Commission (FTC) and the Payment Card Industry (PCI) Security Standards Council. In Washington, the Department of Financial Institutions is responsible for administering and enforcing the Credit Card Consumer Protection Act (CCPA), which is a state law that sets certain standards and regulations for credit card processors. These rules help to ensure that the credit card processing activities of businesses in Washington are done in a safe and secure manner.

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What is a credit card processor?

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