Consumer Banking and Payments Law: 1.4.3.1 Introduction
Merchants often rely on payment processors to handle their payments and give them access to particular payment systems. Payment processors take the relevant information that merchants obtain from consumers (that is, bank account and routing number or credit or debit card number) and submit it in the appropriate form through a financial institution in order to process credit or debit card payments, ACH payments, remotely created checks, or payment orders.