A processing agreement is a contract between a merchant and a payment processor. The agreement details the responsibilities of both parties, including how funds will be handled and who will be liable for any losses.
What Can You Expect From Your Payment Processor?
There are several things that you can expect from your processor, including:
Security: Your payment processor should provide you with access to secure processing tools that protect your business from fraudulent transactions or chargebacks.
Support: Your payment processing company should offer responsive support whenever you need it. This includes 24/7 access to customer service representatives and online resources such as FAQs and knowledge bases.
Compliance: Your payment processor should make sure that your business is compliant with all applicable laws and regulations, such as PCI DSS compliance for ecommerce merchants accepting credit cards online.
Accounting transparency: A good payment processor offers full accounting transparency so that you can see all of your transactions in one place.
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