What is a payment processor?

Payment processors perform a variety of bookkeeping duties for a financial institution, such as a bank, mortgage lending company, or another kind of financial merchant. They document and catalog all payments that come through their systems and oversee credit card transactions made by customers. In addition to overseeing all payments and financial transactions, payment processors may perform clerical duties, such as documenting customer payment plans, writing reports, pulling customer information, and providing customer service whenever account or payment questions arise.