An online payment processor is a product that acts as a middleman between your business’s website and your customers. This service allows you to accept credit and debit card payments from your customers, and later transfers the funds to your bank accounts for deposit. It doesn’t matter if you’re selling digital items and accepting donations or registrations for events, or offering subscription-based services, having the right payment processing software in place will allow you expand your customer base and increase sales.
Customers will enter their payment details into an online form, typically on your website or mobile app. The form will request names, email addresses, CVV number, card number expiration date, and other pertinent information. The payment processor will then check to see if the customer has enough funds to make a purchase and then authorizes the transaction. If the transaction cannot be approved, the customer will be notified via email that informs them of the reason for the error and offers them the chance to try again or choose a different payment method.
When selecting an online payment processor, pick one that is compatible with your existing point-of-sale (POS) system. Or look for an option that you could integrate directly into your website. Look into whether the provider offers a wide range of payment options, like alternative credit cards, QR codes and PayPal. It is also important to select an option that will allow you to support your international operations. This will help you expand your reach to new markets and boost conversions across global customer bases.