Everything you need to know about payment processors and how they work.
If you are setting up an online store or e-commerce website, you have to know about different online payment systems. Selecting the right method will depend on your business type, and what appeals best to your customers. The more options you have, the greater success you can expect, as you’ve given your customers options.
Credit/Debit card payments are the most commonly accepted payment method. By taking card payments you open your business up to an international market. Cards are also considered secure, and private. Users of card payments tend to be those who are most financially secure and aware.
This is an alternative to typical card payments, although currently not widely adopted. Prepaid payments are making a comeback with niche categories.
This type of payment is definitely declining. Purely because it is less convenient for customers. It’s considered a ‘last resort’ payment method.
This is a new and trending payment method, as it is both easy and fast. Involving a one time registration which then allows a customer to buy items with FaceID or fingerprint authorisation.
Although not widespread, crypto payments are on the rise within the gaming industry and genZ. So watch this space.
We focus on card payments because it’s the most common and versatile. But to take a card payment you need a payment processor...
A payment processor is a tool to be able to accept online payments. It connects the merchants and the bank of the customer. It authorises and transfers the funds on time.
When a customer pays for an item to purchase it, the payment processor authenticates or denies the transaction. If the payment is approved, the payment information will be sent to the merchant’s bank account. If the payment is denied, the payment processor will reject the transaction.
A payment gateway is the portal which allows the payment processor to connect both merchant and customer. In short, to complete an online transaction you need both a payment gateway and payment processor.
So, who should I use as a payment gateway / payment processor?
If you are looking for a payment gateway, look no further.
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