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Looking for the Best Payment Gateway? Here’s How to Choose the Right One

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Ensure the gateway offers PCI DSS compliance, encryption, tokenization, and fraud prevention tools to safeguard transactions. Look for PCI DSS-compliant payment gateways that optimize the security of credit and debit card transactions. Learn More What is a Payment Gateway? This is to allow for refunds and chargebacks.

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The Anatomy of a Credit Card Transaction

Clearly Payments

It occurs in a matter of seconds but consists of multiple stages, from authorization to settlement. Stage 1: Authorization Authorization is the initial step where the transaction is approved or declined. Card Network Communicates with Issuer : The card network forwards the request to the issuing bank for authorization.

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The Ultimate Guide to Ecommerce Payment Solutions

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It works in tandem with the customers bank or credit card provider to verify and authorize the transaction. It forwards the customers payment details to the issuing bank, gets transaction authorization, and collects the funds on behalf of the eCommerce business. But with more control comes great responsibility.

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Credit Card Processing for Small Business: Everything You Need to Know

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Authorization The credit card details captured by your POS or online payment gateway will be sent to your payment processor. It also ensures that data security best practices, particularly PCI DSS (Payment Card Industry Data Security Standards) requirements , are followed to the letter to prevent any breach or loss of sensitive customer data.

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

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It authorizes or declines payments based on available funds and fraud checks. Payment information is encrypted and sent for authorization – The payment gateway encrypts and sends the payment details to the payment processor. This means they authorize and complete transactions faster than manual processing procedures.

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The Top Payment Methods For Small Businesses

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You also need a payment services provider that supports your chosen payment methods, but that providers platform must integrate seamlessly with your existing CRM, ERP, payroll, CMS, and accounting software systems. Digital currencies are instead based on a decentralized system and no single entity controls their supply.

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How to Integrate a Payment Gateway into Acumatica

EBizCharge

Compliance with industry standards: Compliance with Payment Card Industry Data Security Standards (PCI-DSS) is another significant benefit of integrating a payment gateway into Acumatica. Allowing customers to pay their invoices with just a few clicks also increases convenience, potentially boosting sales and repeat business.