Remove CHIPS Remove Data Security Remove Payment Gateways
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Payment Gateway vs Payment Processor: What You Need to Know

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Whether it’s using a credit or debit card, a mobile wallet, or a contactless payment solution, flexibility is critical to guaranteeing a great payment experience for your customers. A payment processor and payment gateway are both crucial components in transactions, as they enable the various ways that shoppers want to pay.

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All You Need to Know About Internet Credit Card Payment Processing

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To accept online payments, you need a payment processor and payment gateway. 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.

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The Anatomy of a Credit Card Transaction

Clearly Payments

Payment Processor Facilitates communication between acquiring and issuing banks. Payment Gateway Secures transaction data and transmits it to the payment processor. Payment Rails Operator Manages infrastructure for card networks (VisaNet, Mastercard Network, etc.). Visa, Mastercard).

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Everything You Need to Know About Credit Card Processing

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These can include terminal fees, early termination fees, setup fees, reprogramming fees, PCI compliance fees, address verification fees, chargeback and retrieval fees, and payment gateway fees. Mobile Payment Solutions Perfect for the on-the-go business owner, mobile payment technology can be a game-changer for your business.

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The Different Ways a Business Can Accept Credit Cards

Clearly Payments

Contactless payments , such as tap-to-pay, grew by 25% year-over-year in 2023 , making up a significant portion of in-store card transactions. Pros Fast and secure transactions. Accepts contactless and EMV chip cards , which are more secure than magnetic stripes. Payments are processed automatically via a payment gateway.

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USA vs Canada Interchange Rate Comparison for Payments

Clearly Payments

Transaction Type Canada Interchange Rates USA Interchange Rates Card Present Swipe/Chip with Basic Credit Card 1.25% 1.510 % + $0.10 Card Present Swipe/Chip with Rewards Credit Card 2.08% 2.100 % + $0.10 Card Not Present Swipe/Chip with Rewards Credit Card 2.40% 2.520 % + $0.10 All these fees are on top of the interchange fees.

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Everything You Need to Know About Secure Payment Processing Systems

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Secure payment systems are easy to implement, as you use your payment processor to create a secure payment gateway. By combining a secure payment system with secure payment habits like not collecting excess data from customers, you’ll go a long way in safeguarding your business against fraud.

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