An online payment processor is a type of service that acts as a financial intermediary between your business’s website and customers. This service lets you accept credit and debit card payments from your customers and then transfer the money to your bank accounts for deposit. No matter if you’re selling digital products or accepting donations, event registrations, or offering subscription-based services, having the appropriate payment processing solutions in place will help you to grow your customer base and increase sales.
The process of accepting online payments begins when your customers input their payment details, typically via a form on your website or a mobile app. The form will request a name, email address as well as the CVV number, card number expiration date and other relevant information. The payment processor will verify that the user is able to complete the purchase and will then authorize the transaction. If the transaction was not authorized, a message will be sent to the customer stating the reason for the refusal and allowing them to try again.
When choosing an online payment processor, choose one that is compatible to your current point-of-sale (POS) system. Also, look for an option that you can integrate directly into your website. Verify that the processor offers a good range of payment options, which include alternative credit cards as well as QR code transactions, and PayPal. It is important to choose a payment service that can support your business’s international operations, since this will help you enter new markets and increase the conversion rate across all of your global customer bases.
