An online payment processor is a service that acts as a intermediary between your website and the customers you serve. This service lets you accept credit and debit card payments from your customers and then transfer the funds to your company’s bank accounts to be deposited. It doesn’t matter if you’re selling digital items or accepting donations, registrations for events, or offering subscription-based services, having the right payment processing system in place will help you grow your customer base and increase sales.
The process of accepting online transactions begins when your customers enter their payment details, typically via a form on your website or a mobile app. The form will request an email address, name as well as the CVV number, card number, expiration date and other relevant details. The payment processor will verify that the customer has sufficient funds to make the purchase and will then authorize the transaction. If the transaction cannot be authorized, the customer will be notified via email that informs them of the reason and offers them the chance to try again or choose an alternative payment method.
When selecting an online payment processor, select one that is compatible to your existing point-of-sale (POS) system. You can also look for an option that you can integrate directly into your website. Make sure the company offers a wide range of payment options, including alternative credit cards, QR codes or PayPal. It is also important to select one that can help you with your international operations. This will help you reach out to new markets and boost conversions across a global customer base.