I work at a company that uses Stripe. I only get to see which transactions went through and the ones that did not, i am not a developer or anything like that. I have very basic programming knowledge, so, I kind of get it when it shows how to create a charge in the API. What I don’t understand is, who gives stripe the right to charge credit cards. It is not like anyone gets to charge a credit card. Do they have any kind of partnership with visa and MC. Also, if I wanted to create a payment processor. What shousl I do?
In: Technology
Yes, Stripe has contracts with visa, MC, Amex, and whoever else they can process for. Their servers talk to VIsa/MC/etc servers and those servers talk to the banks/card issuers.
Becoming a payment processor is not something easy. There’s legal hoops you have to go through as well as tons of security audits your servers and everything have to go through. If someone manages to hack your system as a payment processor, you’re on the hook for all those charges and any kind of damages.
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