Businesses that provide payment options through credit or debit cards to their customers need a payment processing service provider who would help them in crediting the money into their bank accounts. They collaborate between all parties involved to make the payment process efficient and seamless for the merchants and customers. Payment processing services are the ones who fulfil a number of steps required from authenticating to settling a transaction. They make sure merchants receive their money in their bank account from all transactions that don’t involve paper money. These transactions mainly include payment methods such as credit cards, debit cards, e-wallets, etc.

Provide for the processing of bank card authorisation requests. For example, it is the processing centre that checks the card number, cardholder name and security codes and decides whether or not the requested transaction should be carried out. The processing centre forwards the request from the POS terminal to the payment system database. There the data is reconciled. If the card is valid and there are enough funds on it, a positive answer is sent to the in-store terminal from the bank where the customer is being served.

A processing center is composed of multiple physical or virtual servers, which are connected through internal and external networks and communication equipment to store, transmit, and access digital information. Each server will be equipped with a processor, storage space, and memory, like a personal computer, but more powerful. The data center uses software to create server clusters and distribute workloads among them.

1. Processing centres must be used by banks, electronic payment systems, online payment services and other organisations whose activities are related to payments and non-cash transactions.
2. Financial institutions can choose not to set up their own processing centre, but instead use the services of companies that provide them with this service, such as FastTechDev.
3. All processing centres must comply with the requirements of the payment systems (Visa, MasterCard and others).
4. Now that the share of online payments and cashless transfers is increasing rapidly, there are more and more processing centres. Banks are setting up a network of such centres, which are overseen by a central centre.
5. Payment processing fees are made up of several components: bank fees, processing centre fees and interchange fees. As a rule, it depends on the type of business and turnover per month and is calculated individually.