An online payment processor is an online service that acts as a financial intermediary between your company’s website and the customers you serve. This service allows your company to accept payments by credit or debit card from your customers and then deposit the money into your bank account. It doesn’t matter if you’re selling digital items as well as accepting donations or event registrations, or providing subscription-based services, having the right payment processing solutions in place will help you increase your customer base and increase sales.
Your customers will input their payment information into a form, usually on your website or mobile application. The form will ask you to enter your name, email address and card number, as well as CVV and expiration date. The payment processor will then verify that the customer has enough money to make a purchase and then authorizes the transaction. If the transaction is not authorized an email will be sent to the customer, explaining the reason behind the refusal and offering them the chance to try again.
When selecting an online payment processor, choose one that is compatible to your current point-of-sale (POS) system. You can also look for 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. It’s recommended to select a service that will support your company’s international operations, since this will help you reach new markets and increase the number of customers you can serve across the globe.
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