An online payment processor is a service that acts as a middleman between your business’s website and the customers you serve. This service allows you to accept debit and credit card payments from your customers, and then transfer the money into your business’s bank accounts for deposit. If you are selling digital products, allowing event registrations or donations or subscription-based services choosing the appropriate payment processing solution will allow you to expand your customer base.
The process of accepting online payment begins when your customers input their payment details, typically through a form on your site or a mobile app. The form will ask you to enter your name, email address, card number, CVV and expiration date. The payment processor will confirm that the user has enough funds to make purchases and then approve the transaction. If the transaction is not authorized an email will be sent to the customer explaining why the transaction was not authorized and offering them the chance to try again.
When choosing an online payment processor, pick one that is compatible with your current point-of-sale (POS) system. Choose an option that you can integrate directly into your website. Check that the provider has a variety of payment options, including alternative credit cards or QR code transactions as well as PayPal. You should also choose an option that will allow you to support your international operations. This will allow you to reach out to new markets and boost conversions across global customer bases.