Online payment processing is made possible by a few independent systems working together behind the scenes. When a website user submits their credit card info into an online payment form, an electronic transaction is securely transmitted through the following entities:
(1) Check Out Page -- This is the webpage where the user submits his/her credit card information. In the case of LeagueApps, it is your LeagueApps-powered website.
(2) Payment Gateway -- The shopping cart then connects to a separate system - a payment gateway - in order to securely transmit the credit card transaction info (e.g., card number, payment amount). A payment gateway acts as a digital go-between that allows a shopping cart to send an electronic transaction to a merchant account, discussed next.
(3) Merchant Account -- A merchant account is a special type of bank account that is setup to accept credit card transactions. Payments made into a merchant account are then deposited into your regular bank account.
For further reading on online payment processing, see the wikipedia entries for Payment Gateway and Merchant Account.