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A service that acts as an intermediary between your website and customers is referred to as an online payment processor. This service allows your company to accept payment via credit or debit card from your customers and then deposit the funds into your bank account. It doesn’t matter if you’re selling digital items as well as accepting donations or registrations for events, or offering subscription-based services, having the appropriate payment processing system in place will help you expand your customer base and increase sales.
Your customers input their payment information into a form, usually on your website or mobile app. The form will ask for your name, email credit card number, CVV and expiration date. The payment processor will confirm that the customer is able to pay for purchases and then approve the transaction. If the transaction isn’t authorized, the buyer will be notified via email that informs them of the reason and offers them the chance to try again, or select an alternative payment method.
When selecting an online payment processor, you should choose one that works with your current point of sale (POS) system or provides an option that can be integrated directly into your online site. Find out if the service provides a variety of payment options, including alternative QR codes, credit cards, and PayPal. It’s important to choose a service that will help you with your international operations, as it will help you expand into new markets and boost the conversion rate across all of your global customer bases.
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