Why Do We Need an Acquirer for Payment Processing?
In today's fast-paced digital world, we've grown accustomed to the convenience of making payments with just a few clicks or taps. Whether you're shopping online, paying for a meal at a restaurant, or swiping your card at a retail store, the process seems seamless. But behind this seamless experience lies a complex system that involves multiple players, one of which is the payment processor or "acquirer." In this blog, we'll explore the crucial role that payment acquirers or best credit card payment companies play in the payment processing ecosystem and why they are essential. Payment Processing Basics Before delving into the role of payment acquirers, let's understand the basic payment processing ecosystem. When you make a payment, whether it's with a credit card, debit card, or other electronic payment methods, several entities are involved: 1. Cardholder : The consumer, who initiates the payment. 2. Merchant : The business or service ...