Remove Fraud Detection Remove Payment Gateways Remove Point-of-Sale (POS)
article thumbnail

What is a Payment Gateway and How Does It Work?

Stax

A payment gateway is a must-have for online stores. In fact, research from 2023 shows that 69% of Americans said they’ve used a digital payment method in the past 3 months when making a purchase. And the best way for online businesses to start accepting payments is with a payment gateway.

article thumbnail

The Different Ways a Business Can Accept Credit Cards

Clearly Payments

This involves using a physical point-of-sale (POS) terminal to process card payments. How It Works The customer swipes, inserts, or taps their card on the POS device. The terminal communicates with the card issuer to approve the payment. Approved payments are deposited into the merchant’s account.

article thumbnail

What is an Online Terminal and Why Do Merchants Need One?

Stax

Key features of online terminals include: Multi-Channel Payment Processing: Online terminals can process payments from various sources, such as credit cards, debit cards, e-wallets, and, in some cases, bank transfers. This versatility ensures that customers can use their preferred payment method, enhancing the customer experience.

PCI DSS 88
article thumbnail

An Overview of the Payments Ecosystem in 2024

Clearly Payments

Supporting Players in the Payment Ecosystem Payment Gateways: Payment gateways serve as the secure link between merchants’ systems and payment processors, they encrypt and transmit sensitive data. The global payment gateway market is projected to reach $49.7 trillion by 2027.

article thumbnail

Payment Processing USA: 2024 Market Overview

Clearly Payments

They require secure systems like point-of-sale (POS) terminals , online checkout gateways, or mobile payment solutions to process payments. They can also offer additional services like fraud detection, chargeback management , and analytics. Nearly 30% of U.S.

Process 95
article thumbnail

What is Payment Processing?

Clearly Payments

Transaction Initiation Customer Payment: The process begins when a customer makes a payment using a credit/debit card or other payment methods at a merchant’s point of sale (POS) system or online checkout. Visa, Mastercard). This usually occurs within a few days.

Process 59
article thumbnail

What is B2B Payments Processing and How Do You Implement It?

Stax

These longer payment cycles have historically lent themself to slow payment processes, like checks, that are no longer common for B2C transactions Due to the complexity of most B2B transactions, there’s often more documentation required for the payment, such as contracts. Q: What are some of the most common B2B payment methods?

B2B 88