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Choosing an Online Payment Processor

If you’re operating a business that accepts credit and debit card payments online, you must choose the appropriate payment processor. Online payment processors handle all the work, from capturing sales to sending you a statement of your bill and working with your banks to make sure you get paid.

Payment gateways or PoS terminals are used when a customer purchases something on your website or in-store. The gateway secures the information to ensure its security. It transmits it to the payment processor, who transmits it to the card network of the customer. The card network checks with the client’s bank to determine if there’s enough funds in the account to cover the product. If the bank approves of the purchase, then the card issuer transfers money from the account to the merchant’s bank. The payment processor will transmit this message to the merchant’s site or PoS terminal. This will inform the customer of the successful payment.

When selecting a processor, think about factors like security, user-friendliness, as well as compatibility with current systems. Choose a processor that has APIs and plugins to seamlessly integrate with your e-commerce platform or POS system. You should also look at the checkout experience of your customers, as well as the reporting and transaction management capabilities for your employees. Don’t forget to ensure that you understand the terms of the contract and how it is easy to change providers in the future.

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