A service that acts as an intermediary between your website and your customers is referred to as an online payment processor. This service allows you to accept debit and credit card payments from your customers and later transfers the funds to your company’s bank accounts for deposit. If you’re selling digital goods as well as accepting donations or event registrations, or offering subscription-based services, having the right payment processing solutions in place will help you to grow your customer base and increase sales.
The process of accepting online transactions begins when your customers enter their payment details, usually through a form on your website or mobile application. The form will ask you to enter your name, email address, card number, CVV and expiration date. The payment processor will verify that the customer has sufficient funds to make purchases and then approve the transaction. If the transaction is not authorized an email will be sent to the customer stating the reason for the rejection and allowing them to try again.
When choosing an online payment processor, make sure you select 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, which include 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, as this will allow you to reach new markets and increase conversion among global customer bases.