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What is a “third-party payment processor”?

party payment processor
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What is a “third-party payment processor”?

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A Third Party Payment Processor is a vendor who charges credit cards on your behalf, and then transfers the funds to you through a variety of electronic payment methods. The two most familiar Third Party Payment Processors are PayPal and Google Checkout. Some other third party payment processors include WorldPay and 2checkout.com.

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A third-party processor such as PayPal lets you accept online payments without a merchant account of your own. Instead, they let you use their merchant account under their own terms of service, usually with very little setup required.

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