For more than a decade, Jeffrey L. Wilson has penned gadget- and video game-related nerd-copy for a variety of publications, including 1UP, 2D-X, The Cask, Laptop, LifeStyler, Parenting, Sync, Wise Bread, and WWE. He now brings his knowledge and skillset to PCMag as a Lead Analyst. When he isn't staring at a monitor (or two) and churning out web hosting, music, utilities, and video game copy, Jeffrey makes comic books, mentors, practices bass and Jeet Kune Do, and appears on the odd podcasts or convention panel. He also collects vinyl and greatly enjoys a craft brew.
Once the merchant has obtained a merchant account, whenever a customer purchases an item with a credit or debit card, the merchant submits the purchase transaction information to its acquiring bank, which will then submit it through the card association network to the card holder’s issuing bank. The issuing bank will approve or decline the charge and bill the card holder the amount due to the merchant.
Payment service providers partner with acquiring banks and their payment processors to offer merchants the capability to accept payments. Payment Service Providers often offer services in addition to processing transactions. These services include Payment Card Industry Data Security Standard (PCI) compliance, fraud protection and the ability to process different currencies and translate different languages.
 What is a Third Party Payment Processor? How are they different?
The request for authorization is first sent through the merchant’s acquiring bank and associated payment processor, to determine the card holder’s bank (issuing bank). When notified, the card holder’s issuing bank then determines whether the transaction with the merchant will either be approved or declined based on the card holder’s line of credit. If the issuing bank approves the transaction, it will place a hold (an “authorization”) on the necessary funds in the shopper’s account.
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