You must choose the correct payment processor if you own a business that takes debit and credit cards online. Online payment processors take care of 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 consumer purchases something on your website or in-store. The gateway is able to encrypt the data to protect it and then transmits it to the payment processor who then forwards it to the card network of the customer. The card network then checks with the bank of the customer to see if they have enough cash to purchase the item. If the bank accepts 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 site or PoS terminal, which will inform the client that their purchase was successful.
When choosing a processor think about aspects like security, ease-of-use, and compatibility with existing systems. Find a processor that has APIs or plugins that seamlessly integrate with your online store system or POS. You should her response also evaluate the checkout experience of your customers, as well as the reporting and management capabilities for your employees. Don’t forget to ensure you understand the contract and how it is easy to switch providers in the future.