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Amazon, which processes the payments, takes 3 to 5 percent.
WebSwap currently processes the payments for free, but it plans to start charging sellers a transaction fee of 5percentto9percentcent, a change that will probably take effect by the end of November, Mr. Gullett said.
Toward that end, users exchange invoices and payments in chats with business partners and the company processes the payments as a master vendor.
He said he did not know, for example, that Florida now charges its own fee for money order deposits after JPay processes the payments.
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Behind the scene, Square processes the payment.
The acquirer is the bank which processes the payment on the retailer's behalf.
The purchaser will then receive a push notification when the merchant processes the payment.
I enter my credit card information and a third party institution acting as the middleman, processes the payment.
YouTube will process the payments through Google Wallet, the system that Google's app store uses.
It could easily find a foreign bank to process the payments.
Mr. Banga says he believes he has a simple way to process the payments: via the MasterCard network.
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