7/10/2023 0 Comments Credit card processing companiesThis process allows for all types of credit cards, debit cards, gift cards, and EBT (electronic benefit transfers) to be accomplished through a single merchant account provider. Through the payment gateway, the merchant account provider can send the order payment information to the payment processor, and then allows the payment processor to send the information to the issuing bank for denial or approval. Payment gateway: The payment gateway is an application service provider for ecommerce transactions that permits a secure interaction between the merchant account provider and payment processor.They send the order payment information for authorization and settlement. Payment processor: The payment processor is the gatekeeper between the merchant account provider and the credit card association or issuing banks.They take the order payment information and send it to the payment processor. Merchant account providers: A merchant account provider offers your business the POS equipment and secure online payment services for your business.The actual credit card process can be confusing, especially for new business owners who are taking online payments. The merchant account providers (also known as aggregators) then work with payment processors to handle transactions. Understanding the Credit Card Processing WorldĬredit and debit card networks don't interact directly with businesses of any size - they hire third-party credit card processing services through merchant account providers. That's why selecting the right credit card processor can have a significant impact on the amount of sales you make and long-term customers you win over. From using debit cards to mobile pay apps, customers are defining their purchasing preferences not only by the products that your store sells, but also the type of payments you accept. No longer are customers confined to just paying cash or credit. The world of payment processing is huge and growing continually as new technologies and payment avenues expand.
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