When it comes to Credit Card Processing industries, (ex: Flagship, First Data Chase Paymentech, etc.) where does the bank come into play? What role do they have and why do Credit Card Processing industries need them?
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What role does the bank have in the credit card industry?
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Most major banks issue credit cards as part of their business. They may not do the processing themselves, but they are the ones who lend money to credit card users. In fact, companies like Visa and Mastercard make their money when someone uses one of their cards, but they are not on the hook for the transaction itself. It is the issuing bank that has to collect it from the user.