27 Oct What is a Payment Processor?

There is no official designation for a “Payment Processor” most merchants think of the company that makes their deposits and generates a monthly statement as a processor. The fact is there are 3 main categories of companies that arrange for businesses to process electronic payments. The main category is called an Acquirer they are the companies controlled in Canada by a bank that do most of the work, the largest being Chase Payment Tech, Elavon, Fiserve/Clover (formerly First Data), Global Payments, Moneris and Nuvei. There are also a couple of smaller Acquirers in Quebec and some More U.S. Acquirers branching into Canada like Worldpay. There are a large number of other companies that act as agents for the Acquirers with varying authority and responsibility.