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How to Choose the Right Payment Gateway: Strategies and Tips for Payment Gateway Comparison

Stax

Choosing a provider involves defining payment needs, ensuring robust security (PCI DSS, fraud tools), evaluating integrations, comparing transparent costs, and assessing reporting and support. Gateways vs. processors: Gateways handle data capture and encryption; processors move funds between banks. Some providers bundle both services.

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The Anatomy of a Credit Card Transaction

Clearly Payments

Acquiring Bank The acquiring bank processes the transaction on behalf of the merchant. Payment Processor Facilitates communication between acquiring and issuing banks. PCI DSS Compliance : Merchants and payment providers must adhere to Payment Card Industry Data Security Standards (PCI DSS) to protect cardholder data.

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

Stax

The company facilitates the transfer of information and funds between the customer’s bank and your business’ bank. 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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Everything You Need To Know about Merchant Processing and How To Choose the Right Solution for Your Needs

Stax

TL;DR Merchant processing ensures that all entities, such as the issuing bank, the acquiring bank, and the card company, work cohesively to facilitate payments between a customer and a business. In order to receive card-based payments, businesses need to have a merchant account. No lease or hidden fees for acquiring hardware.

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What are Merchant Accounts and How Do They Work?

Stax

A merchant account acts as a pathway between your business, your customers, and the issuer and acquiring banks to process electronic transactions like credit cards. When a transaction takes place, the payment arrives first in the merchant account before being transferred to the business owner’s business checking account.

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What Is Debit Card Processing & How Does It Work?

Payment Savvy

This information is then sent securely to the acquiring bank. The acquiring bank, which processes payments on behalf of the merchant, receives the transaction data and forwards it to the relevant card network (such as Visa or Mastercard). PCI DSS Compliance This is the cornerstone of debit card security.

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Understanding Payment Processing Terminology Glossary for Merchants

PayHawk

A Acquirer The financial institution that processes payments on behalf of merchants. Batch A group of transactions that are processed together at the end of a business day. Clearing The process of exchanging payment information between the card issuer and the acquirer to settle a transaction.