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It ensures the secure transfer of funds from a customer to a merchant via their preferred payment method. A typical payment processing procedure involves multiple parties, including the merchant, customer, payment processor, payment gateway, issuing bank, acquiring bank, and card networks.
Latin America and the Caribbean Uruguay-based cross-border payments platform dLocal forged a strategic partnership with cross-border payments company iTransfer. Mexican fintech Stori secured $212 million in equity and debt funding. Canadian fintech Nuvei agreed to acquire Brazilian licensed Payment Institution, Pay2All.
Payment Initiation: Once the buyer receives the invoice, they initiate the payment process. Payment methods commonly used in B2B transactions include bank transfers, checks, electronicfundstransfers (EFT) , credit cards, and increasingly digital payment platforms.
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