You must choose the right payment processor when you operate a business that accepts debit and credit cards online. Payment processors online do all the work, from capturing sales to sending you a statement of your bill and working with your banks to ensure you get paid.

If a customer purchases something on your site or in person at your brick-and-mortar store their credit or debit card information goes through a payment gateway or PoS terminal. The gateway secures the information to ensure its security and sends it to a payment processor who then transmits it to the card network of the customer. The card network then examines the bank account of the customer to determine if they have enough funds to pay for the item. If the bank agrees to the purchase, then the card issuer will transfer 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. This will notify the customer about the successful payment.

When choosing a processor think about factors such as security, ease of use, and compatibility with current systems. Find a solution that offers APIs and plugins to seamlessly integrate with your ecommerce platform or the POS system. Also, you should evaluate the checkout experience of your customers and your team’s reporting and management experience. Make sure you are aware of the contract terms and how easy it is to switch suppliers in the future.

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