If you’re a business that accepts credit or debit card payments online, you should select the best payment processor. Online payment processors take care of all the heavy lifting, from capturing sales to sending you a bill statement and collaborating with banks to ensure that you get paid.
Payment gateways or PoS terminals are used when a client purchases something from your website or in-store. The gateway encrypts the data to protect it and sends it to a payment processor, who transmits it to the card network of the customer. The card network then checks with the customer’s bank to determine if there’s enough money in the account to pay for the product. If the bank agrees to the purchase then the card issuer transfers money from the account to the merchant’s bank. The payment processor will relay this response to the merchant’s site or PoS terminal. This will inform the customer of the successful payment.
When selecting a processor, consider aspects like security, ease of use, and compatibility with current systems. Find a processor that has APIs or plugins that seamlessly integrate with your online store system or POS. Also, you should consider the checkout experience for your customers as well as the reporting and transaction management options for your team. Make sure you know the terms of your contract and how easy it will be to change https://paymentprocessingtips.com/2019/12/22/payment-company-today suppliers in the future.