Payment Processing System
/ˈpeɪmənt ˈprəʊsɛsɪŋ ˈsɪstəm/
Definitions
- (n.) A technological platform or service facilitating the authorization, processing, and settlement of payment transactions between buyers and sellers.
The company upgraded its payment processing system to reduce transaction times and enhance security.
Forms
- payment processing system
- payment processing systems
Related terms
See also
Commentary
In drafting contracts, clearly specifying the roles and responsibilities related to the payment processing system is critical to allocate liability and ensure compliance with applicable financial regulations.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.