An online payment processor is a type of service that acts as a intermediary between your website and customers. This service allows your company to accept payments made by debit or credit card from your customers, and then transfer the funds into your bank account. It doesn’t matter if you’re selling digital items or accepting donations, event registrations, or offering subscription-based services, having the right payment processing solution in place will help you increase your customer base and increase sales.
Customers will enter their payment details into an online form, typically on your mobile or website application. The form will request an email address, name credit CVV number, card number, expiration date and other relevant details. The payment processor will confirm that the customer has sufficient funds to make a purchase and then authorizes the transaction. If the transaction isn’t authorized, the buyer will receive an email message that informs them of the reason for the error and gives them an opportunity to try again or select a different payment method.
When choosing an online payment processor, you should choose one that is compatible with your existing point of sale (POS) system or offers the option of being integrated directly into your ecommerce website. Find out if the service offers a wide variety of payment options, like alternative credit cards, QR codes as well as PayPal. It is also important to select an option that will allow you to support your international operations. This will help you expand your reach to new markets and boost conversions across a global customer base.