If you’re running a business that accepts credit and debit card transactions online, you need to select the appropriate payment processor. Online payment processors do all the work, from capturing sales to sending you a bill statement and working with your banks to ensure that you get paid.

When a buyer purchases something on your website or in person at your brick-and mortar store, their credit or debit card information passes through a payment gateway or PoS terminal. The gateway encrypts data to ensure its security and sends it to a payment processor, who then sends it to the card network of the customer. The card network then examines the bank account of the customer to determine if they’ve enough cash to purchase the item. If the bank accepts the purchase, the card issuer will transfer funds from their account to the bank of the merchant. The payment processor will transmit this information back to the merchant’s website or PoS terminal that will notify the customer that the transaction was successful.

When choosing a processor, be sure to consider security as well as ease of use and compatibility with other systems. Look for a solution that provides APIs and plug-ins to seamlessly integrate with your ecommerce platform or the POS system. You should also consider the checkout experience of your customers as well as the reporting and transaction management experience for your staff. Then, lastly, ensure you understand the contract and how easy it will be to switch providers in the future.

https://paymentprocessingtips.com/2019/11/15/security-and-payment-processing-services