If you’re running a business that accepts credit or debit card payments online, you need to select the best payment processor. Payment processors online do all the work, from capturing sales to sending you a bill statement and collaborating with banks to make sure you get paid.
Payment gateways or PoS terminals are used when a client purchases something from your website or in-store. The gateway secures the information to ensure its security. It sends it to the payment processor, who then sends it to the card network of the customer. The card network then examines the bank account of the customer to see if they have enough funds to pay for the item. If the bank is able to approve the purchase and the card issuer accepts it, they will transfer funds from their account to the bank that is owned by the merchant. The payment processor will then relay this response to the merchant’s website or PoS terminal and inform the customer that the transaction was successful.
When choosing a processor, consider factors like security and user-friendliness, and compatibility with the existing systems. Find a solution that has APIs and plugins to seamlessly integrate with your ecommerce platform or POS system. You should also evaluate the checkout experience of your customers as well as the reporting and management capabilities for your employees. Not least, ensure you understand the contract and how it will be easy to change providers in the future.
https://paymentprocessingtips.com/2021/09/01/best-data-visualization-tools
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