Credit card processors are primarily responsible for data transmission and security when you use your card in a store or online to make a purchase. There are two types of processors in the payment card system. Front-end processors route merchants' transactions to the cardholder's bank to obtain authorization; that is, they ensure that a customer has sufficient credit or available funds to make a purchase. Back-end processors are responsible for the settlement of a fund, which ends when the merchant receives a deposit for transactions.
Below we describe the main players in credit card processing and describe their main strengths.
• Bank of America Commercial Services: Bank of America's commercial services have the advantage of operating within the second largest bank in the US. UU. The service promises to accept all types of payments (credit cards, debit cards, electronic checks and gift cards), access to funds the next business day and mobile support.
• Citibank: Citigroup's consumer division processes transactions in more than 100 currencies. It offers end-to-end processing services, from pricing to transactions, reporting, customer service and billing.
• Wells Fargo: one of Big Four's U.S. banks, Wells Fargo offers next-day funding, encryption and tokenization technology, and support for PIN and signature transactions.
• Chase Paymentech: The Payment Processing Branch of JPMorgan Chase, the largest bank in the US. Authorizes and processes payments in more than 130 currencies. And like its peers, it offers analysis, fraud detection and security solutions.
• Barclays: Barclaycard payment solutions facilitate payments in person, over the phone, over the Internet and even by mail using desktop and laptop card machines.
• Vantiv: Vantiv has been successful thanks to its purchases, authorizations and catches almost without errors. In May 2015, it successfully completed 95% of these transactions, ahead of competitors such as Worldpay, PayPal and Braintree. The company also has a significant speed advantage because it often processes payment data in less than a second.
• First Data: First Data facilitates small business payments with its Clover product suite, which includes a Wi-Fi mini-reader and a mobile reader that connects to other devices to process payments on the road.
• Cielo: Cielo is the largest credit and debit card operator in Brazil and the largest payment systems company in Latin America. The company debuted on the Sao Paulo Stock Exchange in 2010.
• TSYS: Abbreviated for total system services, TSYS supports millions of buyers and sellers worldwide through four main branches: issuance services, service procurement, prepaid solutions and business solutions.
• Global Payments: Global Payments focuses on ensuring that companies accept all major forms of payments. For this purpose, your services include credit / debit / purchase cards, electronic check conversion, money transfer, verification and recovery services, gift / loyalty cards, check guarantee, ACH checks, financial EDI services and point equipment selling.
• Worldpay: the UK based company is one of the oldest online payment platforms. The company offers several payment services both online and in the store channels. As of August 2016, the company had 400,000 commercial customers. In 2015, it processed 13 billion transactions valued at more than $ 526 billion. Worldpay has increased its volume mainly due to the advantages of the first movements that have allowed him to build a scale. It also offers many different services on all channels, which diversifies your income streams.
• Moneris: Moneris is the largest processor and acquirer of credit and debit cards in Canada. It processes more than three billion transactions each year for more than 350,000 merchants, and the company employs more than 1,900 people in North America.
• Fiserv: American Banker and BAI ranked Fiserv third by revenue from technology providers to US banks in October 2015. Fiserv offers account processing, electronic payment processing, check processing, web banking and mobile banking services, and plus.
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