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Any business, or individual, that receives payment based on product or service, which they offer.
===Payment processor===
The payment processing company imparts and transfers data a client's credit or debit card to both the issuing and acquiring bank. The processor likewise checks for security issues, ensuring that the client's card information is right and all data is entered correctly. Also, the same party deals with incorrect or accidental charges.
===Payment gateway===
A payment gateway is a key party, responsible for online transactions, passing card data from consumer to merchant, and a to a relevant bank through the card scheme. The process usually takes place at POS terminals in retail locations, or by means of online payment services for websites. A payment gateway imparts whether the charge has been processed by the cardholder's bank and moves it further for settlement.
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