If you’re a company that accepts credit and debit card transactions online, you should choose the right payment processor. Online payment processors take care of all the heavy lifting, from capturing sales to sending you a bill statement and collaborating with banks to ensure that you are paid.
Payment gateways or PoS terminals are used when a client purchases something on your website or in-store. The gateway encodes data to ensure its security. It sends it to the payment processor who then transmits it to the card network of the customer. The card network checks with the customer’s bank to determine if there’s enough funds in the account to purchase the product. If the bank agrees to the purchase then the card issuer will transfer funds from the account to the merchant’s bank. The payment processor will transmit this information to the merchant’s website or PoS terminal that will notify the customer that their payment was successful.
When selecting a processor, think about security, ease of use, and compatibility with other systems. Choose a processor that has APIs or plugins that can seamlessly integrate with your ecommerce system or POS. You should also evaluate the checkout experience for your customers, as well as the reporting and management capabilities for your employees. Make sure you understand the contract terms and how easy it is to change suppliers in the future.
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