Things to know about online payment processing software – Guide
With modern technology and innovative software, there are almost no limits to your business. Even a small gift shop in one country can go global with a website, e-commerce platform or software solutions to process payments over the Internet. But one of the biggest challenges for internet businesses is accepting payments. While it doesn’t seem like a big deal, transferring money requires a complicated FinTech solution that combines multiple solutions into a single website payment processing platform. To understand what your business needs, you need to understand the payment processing industry. In today’s e-commerce landscape, the ability to accept payments online is a top priority for a merchant. Regardless of how attractive your offer is or how unbeatable your prices, nothing kills a sale like the lack of an online payment process flow. In addition to marketing approaches, product development and sales cycles, merchants across the e-commerce spectrum share an active interest in your goal of accepting cards online. Payment processing and its features are what all online sellers are looking for.
How online payment processing works
Now that you understand how online payment processing works for small businesses, let’s take a look at the actual mechanism behind it. Eight different entities are involved in online payment processing: the customer, the company (you), the credit card network, the payment processor, the payment gateway, the merchant account, the customer’s bank, and your bank. This is how online payment processing works:
Final note
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