ISSN: 1451-4117
E-ISSN: 1821-31977
Volume 8 article 181 pages: 139 - 146
Role of the Payment Processor can be explained only if it is considered as part of the whole, which is composed of many participants of the payment card based systems. The Payment Processor has an important role in the realization of the online financial transactions, from the transaction initiation, over processing, up to delivering the appropriate response to the device, from where transaction originated. This involves the processor into the all part of the transaction life cycle. Depending on the system, in which transaction is performed (SMS, DMS), role of the processor is extended to the offline transaction processing, through clearing and settlement processes, with other financial institutions. The role of the Payment Processor also depends on the type of device, where the transaction is initiated, on the transaction type (balance inquiry, cash withdrawal, purchase, etc.) and the whether the transactions is on-us or off-us.
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