If you’re a business that accepts credit or debit card payments online, you need to choose the most suitable payment processor. Online payment processors handle all the heavy lifting, from capturing sales to sending you a bill statement and working with your banks to ensure you get paid.
Payment gateways published here or PoS terminals are used when a client buys something from your site or in-store. The gateway secures the information to keep it secure and then sends it on to the processor that processes payments, which then transmits it to the customer’s card network. The card network then checks with the customer’s bank to determine if there is enough funds in the account to pay for the product. If the bank accepts the purchase, then the card issuer will transfer funds from the account to the merchant’s bank. The payment processor will transmit this message to the merchant’s site or PoS terminal. This will inform the customer of the successful payment.
When selecting a processor, take into consideration security as well as ease of use and compatibility with other systems. Look for a processor that offers APIs or plugins that can seamlessly integrate with your online store system or POS. You should also evaluate the checkout experience of your customers, as well as the reporting and management experiences for your team. Also, ensure that you are aware of the contract terms and how easy it will be to switch providers in the future.