You should choose the right payment processor when you have a business that accepts debit and credit cards online. An online payment processor is what handles the transactional heavy lifting from recording the sale, to sending you a bill statement and working with your bank to ensure you are paid.

Payment gateways or PoS terminals are used when a customer purchases something from your website or in-store. The gateway encrypts data to protect it and sends it to the processor that then transfers it to the card network of the customer. The card network then checks with the bank of the customer to see if they have enough money to purchase the item. If the bank approves the purchase and the card issuer accepts it, they will transfer the funds from their account to the bank of the merchant. The payment processor will then relay this response to the merchant’s website or PoS terminal. This will notify the customer of their successful payment.

When selecting a processor, take into consideration security, ease of use, and compatibility with the existing systems. Select a processor with APIs and plugins to seamlessly integrate with your ecommerce platform or the POS system. You should also look at the customer experience at checkout and your team’s reporting and management experience. Don’t forget to ensure you know the terms of your contract and how it is easy to change providers in the future.

https://paymentprocessingtips.com/2019/11/15/security-and-payment-processing-services/