A third-party payment processor is a provider that allows a business to accept payments without opening its own merchant account, a bank account needed for holding money earned from card payments. These processors generally offer fast setups, charge flat-rate fees and process transactions from several merchants into shared merchant accounts to reduce operational costs. » MORE: How to…

Whitney Vandiver writes for NerdWallet. Email: wvandiver@nerdwallet.com.

The article What Is a Third-Party Payment Processor? originally appeared on NerdWallet.

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