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Payment Processors

Cash may still be the chief form of currency U.S. consumers spend with, but cash use is declining, while electronic forms of payment are rising. Payment processors handle the latter by – as its title stipulates – processing purchases made electronically. You can think of a payment processor as the middleman, interpreting the data on behalf of the banks involved (the one paying for the product or service and the bank receiving the funds). WorldPay, Heartland, Moneris Solutions, TSYS, Vantiv, BluePay and Evalon are just a few of the payment processors out there, most of which support multiple transactions types.