What is payment processing?

Payment processing is the process of transferring funds from a customer's account to a merchant's account for goods or services purchased.

What are the different types of payment processing?

There are several types of payment processing, including credit card processing, debit card processing, ACH processing, and e-wallet processing.

How does credit card processing work?

Credit card processing involves the use of a credit card terminal or online payment gateway to authorize and process a customer's credit card payment. The payment is then transferred to the merchant's account.

What is ACH processing?

ACH processing involves the use of the Automated Clearing House network to transfer funds between bank accounts. This is commonly used for direct deposit of paychecks and recurring payments.

What is e-wallet processing?

E-wallet processing involves the use of digital wallets, such as PayPal or Apple Pay, to transfer funds between a customer's account and a merchant's account.

What is a payment gateway?

A payment gateway is a software application that connects a merchant's website or point-of-sale system to the payment processing network to authorize and process payments.

What is a merchant account?

A merchant account is a type of bank account that allows a business to accept payments from customers via credit card, debit card, or other electronic payment methods.

What is a payment processor?

A payment processor is a company that provides payment processing services to merchants, including authorization, settlement, and reporting of transactions.

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Demystifying Payment Processing: Understanding the Ins and Outs of Online Transactions

The article delves into the world of online payment processing, shedding light on important aspects of e-commerce transactions. From payment gateways to the nuances of Payment Card Industry (PCI) compliance, this article navigates through the various types of payment methods available, demystifies…

Posted on 2024/02/21 with comments

Nick Voynovich Bio

Payment processing expert with 20+ years of experience analyzing market and customer data in the merchant services and credit card industries. Accomplished relationship manager with a history of earning trust and building mutually beneficial relationships, making a direct financial impact with clients while improving the organizational bottom-line. We specialize in helping successful B2B and B2C companies process credit card transactions at reduced interchange rates
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Demystifying Payment Processing: Understanding the Ins and Outs of Online Transactions

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