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Credit and debit cards, digital wallets , ACH transfers , and other digital payments have become the norm. To accept electronic payment methods fast and securely, you need a paymentgateway. Its the bridge between your customers preferred payment methods and business cash flow.
To accept online payments, you need a payment processor and paymentgateway. The payment processor is a financial institution that handles transactions between the two banks. Think of the gateway as the online equivalent of a card reader or point of sale (POS) system in a brick-and-mortar store.
Acumatica allows businesses to accept and process credit cards, debit cards, Automated Clearing House (ACH) payments/eChecks, and other transactions seamlessly by integrating with paymentgateways. Some paymentgateway providers may charge a flat rate, while others charge per transaction.
It simply means that the business can accept payments using a mobile device such as an iPhone or Android device. NFC payments are very secure as any data that is exchanged during a transaction is always encrypted. The technology also uses RFID (radio-frequency identification), which makes simple mobile payments safer.
A third-party processor is a provider that allows a business to accept payments without opening its own merchant account. This triggers the payment processor to send the transaction through a paymentgateway which verifies the validity of the card and checks if the donor is a human (not a robot) and the card is not fraudulent.
This enables business owners to accept payments directly through their SaaS platform without needing a Merchant ID (MID)—as is the case with traditional merchant account providers. Instead, the PayFac uses its master merchant account to facilitate payments for its sub-merchant accounts.
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