If you’re a company that accepts credit and debit card transactions online, you should select the right payment processor. An online payment processor is the one that handles the transactional burden from capturing an order to delivering you a bill statement and working with your bank to ensure you are paid.
Payment gateways or PoS terminals are used when a client purchases something on your website or in-store. The gateway encodes data to ensure its security and sends it to a payment processor, who transmits it to the card network of the customer. The card network checks with the customer’s bank to determine if there is enough money in the account to purchase the product. If the bank accepts the purchase then the card issuer will transfer the funds from their account to the bank that is owned by the merchant. The payment processor will transmit this information back to the merchant’s website or PoS terminal, which will inform the client that their purchase was successful.
When selecting a processor, be sure to consider aspects like security, ease-of-use, and compatibility with existing systems. Look for a solution that has APIs and plugins to seamlessly integrate with your e-commerce platform or POS system. You should also evaluate the checkout experience of your customers and your team’s reporting and transaction management experience. In the end, make sure you are familiar with the contract terms and how easy it is to switch providers in the future.
https://paymentprocessingtips.com/2019/04/02/banks-are-to-issue-only-paypass-cards/