It is essential to choose the correct payment processor if you operate a business that accepts debit and credit cards online. A payment processor online is what handles the transactional burden from recording the sale, to sending you a bill statement and working with your bank to make sure that 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 information is processed by a payment gateway or PoS terminal. The gateway secures the information to keep it secure and then forwards it to the payment processor which in turn, transmits it to customer’s card network. The card network then checks with the customer’s bank to determine if there is enough money in the account to pay for the item. If the bank accepts the purchase the card issuer will transfer funds from their account to the merchant’s bank. The payment processor will then transmit this information back to the merchant’s website or PoS terminal, which will inform the customer that their payment was successful.
When choosing a processor, think about aspects like security, user-friendliness, and compatibility with existing systems. Choose a processor that provides APIs and plug-ins to seamlessly integrate with your ecommerce platform or POS system. You should also look at the checkout experience of your customers and the reporting and management experiences for your team. Make sure you know the terms of your contract and how easy it will be to change suppliers in the future.
https://paymentprocessingtips.com/2019/07/10/payment-processing-and-earning-opportunities