how payment processing works
payment processing companies help facilitate commerce worldwide in return for a cut in addition to point of sale pos and online services many now offer options for extended payment plans loans and lines of credit merchants have a range of options available for payment processing they can use fintech company services such as paypal square or shopify they can also set up payment processing with a traditional bank that offers such services among major banks payment processing services are chase pos payment solutions u s bank pos solutions and bank of america merchant services most payment processors offer e commerce and mobile payment processing in addition to processing for in store transactions that s the amount that retailers and their customers paid in credit and debit card processing fees in 2022 according to the national retail federation 1