You must choose the right payment processor when you own a business that takes credit and debit cards online. An online payment processor is the one that handles the transactional burden from recording an order to delivering you a bill statement and working with your bank to ensure that you get paid.
Payment gateways or PoS terminals are used when a buyer purchases something from your website or in-store. The gateway encrypts the data to ensure its security and then passes it to the payment processor which then transmits it to the card network of the customer. The card network checks with the customer’s bank to determine if there’s enough money in the account to cover the item. If the bank accepts the purchase, then the card issuer transfers funds from the account to the merchant’s bank. The payment processor will then relay this response to the merchant’s website or PoS terminal and notify the client that their purchase was successful.
When choosing a processor, take into account factors such as security, ease-of-use, and compatibility with the current systems. Find a solution that has APIs and plugins to seamlessly integrate with your e-commerce platform or POS system. You should also look at your customers’ experience when they shop and your team’s transaction management and reporting experience. Finally, make sure you are familiar with the contract terms and how easy it is to change suppliers in the future.
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