You must choose the right payment processor if you run a business accepting debit and credit cards online. Payment processors online do all the heavy lifting, from recording sales to sending you a statement of your bill and collaborating with banks to ensure that you get paid.
Payment gateways or PoS terminals are used when a client buys something from your site or in-store. The gateway is able to encrypt the data to protect it and then passes it to the payment processor, which then transmits it to the customer’s card network. The card network then checks with the bank of the customer to see if they have enough money to pay for the item. If the bank is able to approve the purchase, then the card issuer will transfer funds from the account to the merchant’s bank. The processor for payment will relay this response to the merchant’s website or PoS terminal that will notify the customer that the transaction was successful.
When choosing a processor be sure to consider aspects like security, ease of use, and compatibility with current systems. Make sure you choose a processor which includes APIs or plugins which can seamlessly integrate with your ecommerce system or POS. Also, you should consider the checkout experience of your customers as well as the reporting and management experiences for your team. Finally, make sure you know the terms of your contract and how easy it will be to change suppliers in the future.
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