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What is a Payment Processing System and How Does It Work?

Stax

It ensures the secure transfer of funds from a customer to a merchant via their preferred payment method. A typical payment processing procedure involves multiple parties, including the merchant, customer, payment processor, payment gateway, issuing bank, acquiring bank, and card networks.

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Payment Gateway vs Payment Processor: What You Need to Know

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TL;DR A payment processor is a provider that handles transactions between a buyer’s bank and a seller’s bank. A payment gateway is a technology that authorizes and processes payments between buyers and sellers by securely transmitting payment data.

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Understanding the Nature of Payment Gateway Integration For Your Mobile App

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In this article, we will cover the ins and outs of payment gateways, why it’s wise to integrate one with your app, and how to actually do it. Why Would Companies or Developers Want a Mobile App Payment Gateway? Challenges include: Lack of support for local payment methods (e.g., Alipay, iDEAL, M-Pesa).

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What are Mobile Payment Services and How Do You Select the Right One for Your Business?

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Building loyalty as a business means meeting your customers where they are, especially where payment options are concerned. Thanks to smartphones and secure authentication, mobile payments continue to explode in usage. Mobile payment systems are revolutionizing how consumers pay for goods and services.

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Everything You Need to Know About Credit Card Processing

Stax

Here are the inside details about what defines a payment solutions provider, how processing works, the credit card processing fees , risks, and more. They include: the merchant, cardholder, card associations, acquiring bank, issuing bank, and payment processor. Acquiring Bank: The business’ (i.e., merchant’s) bank.

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Credit Card Payment Integration: How to Integrate Payments into Your Website and Point of Sale

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The data is then submitted to a payment processor, which directs the payment to a credit card interchange. The issuing bank verifies whether the customer has enough funds in their account to complete the transaction. Once approved, the information is sent to the merchants bank account, where the funds are deposited.

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POS Systems For Retail Stores: How They Work And How To Select The Best System For Your Business

Stax

If the customer prefers credit/debit card payments, the cashier selects that payment option in the POS and prompts the customer to tap, swipe, or dip their card using the card reader. The process is almost similar if the customer prefers mobile payments.