An online payment processor is a product that acts as a intermediary between your company’s website and the customers you serve. The service allows your business to accept credit or basics debit card from your customers and then transfer the funds into your bank account. If you are selling digital products, allowing event registrations or donations or providing subscription-based services The right payment processing solution can help you increase your customer base.
Your customers will input their payment details into forms, typically on your mobile or website app. The form will ask for a name, email address as well as the CVV number, card number expiration date and any other pertinent details. The payment processor will check to see if the customer has sufficient funds to make a purchase and then authorizes the transaction. If the transaction isn’t approved, the purchaser will receive an email message that informs them of the reason and gives them the opportunity to try again or select another payment method.
When selecting an online payment processor, select one that is compatible to your existing point-of-sale (POS) system. Or look for a solution that you can integrate directly into your website. Make sure the company provides a variety of payment options, like alternative QR codes, credit cards or PayPal. It is also a good idea to choose a payment service that can support your business’s international operations, as this will help you enter new markets and increase conversion across global customer bases.