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Choosing an Online Payment Processor

If you’re a company that accepts credit and debit card payments online, you need to choose the right payment processor. A payment processor online will handle the bulk of the transaction from recording an order to delivering you a billing statement and working with your bank to make sure you get paid.

Payment gateways or PoS terminals are used when a client buys something from your site or in-store. The gateway encrypts the data to keep it secure and then transmits it to the processor that processes payments, who then forwards it to the customer’s card network. The card network checks with the customer’s bank to determine if there is enough funds in the account to purchase the product. If the bank approves of the purchase then the card issuer will visit the site transfer funds from the account to the merchant’s bank. The payment processor will transmit this information back to the merchant’s site or PoS terminal and inform the customer that their transaction was successful.

When choosing a processor consider factors like security as well as ease of use and compatibility with other systems. Look for a processor that includes APIs or plugins which can seamlessly integrate with your e-commerce system or POS. You should also evaluate the checkout experience of your customers, as well as the reporting and transaction management options for your team. Also, ensure that you are familiar with the contract terms and how easy it will be to change providers in the future.