Payment Processing Meaning & Definition

The term used to describe the process and service that automates payment transactions between the shopper and merchant. It is usually a third-party service that is actually a system of computer processes that process, verify, and accept or decline credit card transactions on behalf of the merchant through secure Internet connections.

See Electronic Shopping Carts & Payment Processing in Webopedia’s Quick Reference Section.

Vangie Beal
Vangie Beal
Vangie Beal is a freelance business and technology writer covering Internet technologies and online business since the late '90s.

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