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31 de maio de 2024It is essential to choose the right payment processor if you run a business accepting credit and debit cards online. Online payment processors do all the work, from capturing sales to sending you a statement of your bill and collaborating with banks to make sure you get paid.
When a customer buys something from your website or in person at your brick and mortar store, their credit or debit card details is processed by a payment gateway or PoS terminal. The gateway encrypts the data to secure it, and then transmits it to the payment processor which then transmits it to the card network of the customer. The card network checks with the customer’s bank to determine if there is enough money in the account to cover 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 processor for payment will transmit this information back to the merchant’s website or PoS terminal and inform the client that their purchase was successful.
When choosing a processor take into account aspects like security, user-friendliness, as well as compatibility with current systems. Make sure you choose a processor which includes APIs or plugins which seamlessly integrate with your online store system or POS. Also, you should evaluate your customers’ checkout experience and your team’s transaction management and reporting experience. Finally, make sure you are aware of the contract terms and how easy it will be to switch providers in the future.
