You need to select the right payment processor when you run a business accepting credit and debit cards online. A payment processor online will handle the bulk of the transaction from capturing the sale, to sending you a statement of payment and working with your bank to make sure you get paid.
If a customer purchases something from your website or in person at your brick-and-mortar store, their credit or debit card information is processed by a payment gateway or PoS terminal. The gateway encrypts the data to secure it, and then sends it on to the processor that processes payments, who then forwards it to the customer’s card network. The card network then checks with the customer’s bank to determine if there’s enough money in the account to purchase the product. If the bank accepts the purchase and the card issuer accepts it, they will transfer the funds from their account to the https://paymentprocessingtips.com/2020/07/27/payment-processing-services-by-board-room/ bank of the merchant. The payment processor will transmit this message to the merchant’s website or PoS terminal. This will inform the customer of their successful payment.
When choosing a processor be sure to consider aspects like security, ease-of-use, and compatibility with current systems. Select a processor that provides APIs and plug-ins to seamlessly integrate with your e-commerce platform or the POS system. You should also evaluate the checkout experience of your customers, as well as the reporting and management experience for your staff. In the end, make sure you know the terms of your contract and how easy it is to switch providers in the future.