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Payment processors undeniably play a critical role in the success of your online store; all shoppers wont be able to make purchases through your website without a robust payment solution. To accept online payments, you need a payment processor and payment gateway. Together, these three parties facilitate the online payments process.
Payment processing can also include recurring payments, customer payment portals, and fraud prevention tools to enhance security and streamline financial operations in Acumatica. By integrating a payment processor, companies can improve cash flow, reduce administrative burdens, and gain better visibility into payment activities.
Instead of juggling through different types of payment processors and platforms, a payment gateway allows you to accept multiple payment methods at once. Its a digital evolution of the conventional point-of-sale (POS) terminal. A physical POS terminal requires customers to insert, swipe, or tap their cards on the machine.
In most cases, your payment software or point-of-sale (POS) will offer an app that allows you to take NFC payments from mobile wallets like Apple Pay, Samsung Pay or Google Pay. The business’ payment gateway then passes that token off to the payment processor in real time—never handling the customer’s card information at all.
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