If you’re a business that accepts credit and debit card payments online, it is essential to select the most suitable payment processor. An online payment processor is the one that handles the transactional burden that includes everything from capturing the sale to sending you a bill statement and working with your bank to make sure you get paid.
Payment gateways or PoS terminals are used when a buyer buys something from your site or in-store. The gateway is able to encrypt the data to secure it, and then sends it on to the payment processor who then forwards it to the card network of the customer. The card network checks with the customer’s bank to determine if there’s enough money in the account to cover the item. If the bank accepts the purchase the card issuer will transfer funds from their account to the merchant’s bank. The processor for payment will transmit this information back to the merchant’s website or PoS terminal and notify the customer that the transaction was successful.
When selecting a processor, think about factors like security, user-friendliness, as well as compatibility with the current systems. Choose a processor that has APIs or plugins that can seamlessly integrate with your online store system or POS. You should also look at the checkout experience of your customers, as well as the reporting and transaction management options for your team. Not least, ensure you know the terms of your contract and how it is possible to switch providers in the future.
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