It’s not the most exciting part of starting an ecommerce company but it’s crucial. Selecting a online payment processor with all the features you require can streamline and simplify business processes, while ensuring transactions are secure and successful.
When customers make a purchase they input their credit or debit card information into your website’s payment gateway. The payment processor sends this information to the acquiring bank to authorize. Once a transaction has been authorized, the acquiring bank then transfers funds from their aggregate account to your merchant account, which you can then access to use for business purposes. This process can take several days.
A trusted online payment processor can help you avoid costly errors. They can help you to comply with PCI regulations and other security requirements that are necessary to protect customer information. They also help reduce time required to complete transactions, which can enhance the customer experience and increase loyalty. In addition, they keep precise records of transactions for you, which simplifies accounting and reconciliation at the end of each calendar year.
The best online payment processors are able to support all the principal payment methods utilized by your customers including credit cards, debit cards digital wallets, and even cryptocurrency like Bitcoin. They can also integrate with the most popular terminals, card readers and POS systems to control your entire sales process on one single dashboard. They also can offer flexible fees that make it easier to plan your payment processing costs.