Choosing an Online Payment Processor

You should choose the correct payment processor if you own a business that takes debit and credit cards online. Online payment processors handle all the heavy lifting, from capturing sales to sending you a bill statement and collaborating with banks to ensure that you are paid.

When a buyer purchases products on your website or in person at your brick-and mortar store, their credit or debit card information passes through a payment gateway or PoS terminal. The gateway is able to encrypt the data to ensure its security and then transmits it to the payment processor which then transmits it to the customer’s card network. The card network then contacts the bank of the customer to see if they have enough cash to purchase 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 relay this response back to the merchant’s website or PoS terminal, which will inform the customer that their payment was successful.

When selecting a processor, consider factors like security and user-friendliness, and compatibility with the existing systems. Look for a processor that has APIs or plugins that seamlessly integrate with your online store system or POS. You should also look at your customers’ checkout experience and your team’s reporting and transaction management experience. Don’t forget to ensure you know the terms of your contract and how it will be easy to change providers in the future.

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