A former Virginia resident, William Adam Boyd is an accomplished entrepreneur, investor, and business leader who serves as the CEO of VeriPay. Under William Adam Boyd’s guidance, VeriPay is regarded as one of the most rapidly expanding financial services and payment processing firms in the US.
Although a payment processor and a payment gateway do not correspond, they are both necessary for processing credit or debit card transactions. While the payment processor sends funds, a payment gateway creates a secure connection to encrypt a payer's credit card data.
A payment gateway is technology that securely connects information received from a payer/customer's bank to a merchant's account via the payment processor. A payment acceptance or decline is sent by the payment gateway.
Payment processors serve as a shuttle, transporting information from credit card consumers to merchant accounts, where approved payments are eventually deposited. The payment processor verifies the security of the card and facilitates the transfer of funds to the merchant account from the issuing bank.
