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It is essential to choose the correct payment processor if you own a business that takes credit and debit cards online. A payment processor online will handle the transactional heavy lifting — from capturing a sale to sending you a billing statement and working with your bank to ensure that 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 ensure its security and then transmits it to the payment processor, who then forwards it to the customer’s card network. The card network then checks with the customer’s bank to see if they have enough cash to purchase the item. If the bank approves of the purchase, then the card issuer transfers funds from the account to the merchant’s bank. The processor for payment will transmit this information back to the merchant’s site or PoS terminal, which will inform the customer that their payment was successful.
When choosing a processor be sure to consider security and ease of use and compatibility with the existing systems. Make sure you choose a processor which includes APIs or plugins which seamlessly integrate with your online store system or POS. You should also consider the checkout experience for your customers as well as the reporting and management options for your team. Finally, make sure you are aware of the contract terms and how easy it is to change providers in the future.
