If you’re running a business that accepts credit and debit card transactions online, you need to select the most suitable payment processor. A payment processor online is what handles the bulk of the transaction from recording an order to delivering you a statement of billing and working with your bank to ensure you are 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. It sends it to a payment processor, who transmits it to the card network of the customer. The card network checks with the customer’s bank to determine if there is enough money in the account to cover the item. If the bank is able to approve the purchase, then the card issuer transfers money from the account to the merchant’s bank. The payment processor will relay this response back to the merchant’s website or PoS terminal that will notify the client that their purchase was successful.
When selecting a processor, think about security, ease of use, and compatibility with other systems. Choose a processor that has APIs and plugins to seamlessly integrate with your e-commerce platform or POS system. Also, you should consider the checkout experience for your customers, as well as the reporting and management experiences for your team. Make sure you understand the contract terms and how easy it is to change providers in the future.
https://paymentprocessingtips.com/2021/12/06/3-reasons-to-invest-in-payment-processing-services
