Cash used to be king, but today’s consumers prefer to pay with credit, debit, or even alternative payment methods, like Apple Pay. Offering your customers more ways to pay can help increase your sales and generate customer loyalty.
There are three essential components you need to bring together to accept credit cards: A merchant account. This is essentially a bank account that allows you to accept incoming credit card payments. A payment processor. This term is used interchangeably with merchant account provider. When you apply for an account to accept payments, your provider will set you up with an acquiring bank and the connections to authorize and settle transactions into your bank account of choice. A payment gateway. This is the tool that captures credit card data before sending it to your processor. Think of it as an “online” credit card terminal.
Whether you're a small business, an enterprise corporation, a financial institution, or a software partner, we have created a series of blog posts to help you and your customers, learn more about the complex nature of payments. Take a look to learn how payments can help to simplify your business operation, and may even help to grow your revenue.