Payment Processors: A New I've Been Mugged Topic

When consumers purchase a product or service with some form of plastic (e.g., credit cards, debit cards, prepaid cards) and their mobile device, usually several companies are involved in completing that transaction: getting the money to the retailer (online or brick-and-mortar). While many consumers may believe that only their bank is involved in processing the transaction, the reality is that more companies are often involved.

One type of company involved are payment processors, companies that process these financial transactions. Sometimes these payment processor companies experience data breaches where sensitive customer information is lost or stolen. With recent events in the banking industry, and the spread of prepaid debit cards, this new topic can help you more easily read about and understand what is happening within the banking and retail industries.

I have tagged this new topic retroactively to archived blog posts, so you read and understand the types of information available. See the new "Payment Processors" topic. I hope that you find it useful.