Payment processing refers to the series of steps and technologies that facilitate the transfer of funds from a buyer to a seller in exchange for goods or services. This system encompasses various methods of payment, including credit and debit cards, digital wallets, and bank transfers, and involves several parties such as the customer, merchant, payment gateway, and acquiring bank. Understanding payment processing is crucial for crowdfunding platforms, as it ensures seamless transactions that support fundraising efforts and backer contributions.
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