There are two types of processors in the payment-card system. Front-end processors route transactions from merchants to the cardholder's bank to gain authorization; that is, they make sure a customer has enough available credit or funds to make a purchase. Back-end processors are responsible for a fund's settlement, which ends with the merchant receiving a deposit for transactions.
These are the leading credit card processing companies (JPM, BAC, C, WFC, VNTV, TSS, BCS, FDC, WPG)
Credit card processors are mostly responsible for data transmission and security when you use your card at a store or online to make a purchase.
Below, we've outlined the major players in credit card processing and described their major strengths.
- Bank of America
- Merchant Services
- Citibank:
- Wells Fargo:
- Chase Paymentech:
- Barclays:
- Vantiv:
- Vantiv has been successful thanks to its nearly error-free purchases, authorizations, and captures. 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, as it often processes payments data in less than a second.
- First Data:
- Cielo:
- TSYS:
- Global Payments:
- Worldpay:
- Moneris:
- Fiserv:
- Adyen:
- Heartland Payment Systems:
- Elavon:
More to Learn
These card processors handle so much volume and so many dollars every day, but they are still just one piece of the larger payments ecosystem, which includes issuers, merchants, and more.
To get your copy of this invaluable guide to the payments industry, choose one of these options:
The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the fast-moving world of the payments ecosystem
Eyewitness? Submit your stories now via social or:
Email: news@pulselive.co.ke