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What is the payment system to third parties?

What is the payment system to third parties?

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Receipt of Payments on behalf of online from your customers without first setting up your own merchant account with a bank is called as third party payment processors. Thus, when we are making payments to other than our direct merchant account, then such payments system may be referred to "payment system to third parties".

Generally, small or medium business, or one that processes a low volume of transactions online every month, opts for third party system where setting up a merchant account may prove to be a rather expensive deal. Thus, reducing any setup fees , transaction fees, underwriting processes etc.

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