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

Stax

Payment processing systems help merchants accept various types of payments, such as credit and debit cards, automated clearing house (ACH) , electronic funds transfers (EFTs), digital wallets, mobile payments, and even cryptocurrencies. It authorizes or declines payments based on available funds and fraud checks.

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How To Find the Best Payment Gateway for Your Business in 2025

EBizCharge

It supports various payment methods, such as credit cards, debit cards, mobile payments, and digital wallets. Merchants that offer quick transfers can improve cash flow, user experience, and accounting processes. Finding a gateway compatible with your current setup can save your business time and costs.

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Understanding Interchange Fees: A Canadian Merchant’s Guide

Clearly Payments

Card Networks: Major credit card networks like Visa, Mastercard, and others establish the baseline for interchange fees. These fees are non-negotiable and serve as a fundamental component of the cost structure for merchants. Card Type: Interchange fees vary based on the type of credit card used in a transaction.

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What is Tiered Pricing in Payment Processing

Clearly Payments

Predictability : For businesses with very consistent transaction types, tiered pricing can provide a predictable cost structure. Cost-Effectiveness : For merchants predominantly processing low-risk transactions, tiered pricing can be cost-effective, particularly if the majority of their transactions qualify for the lower rate tiers.

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Choosing an Online Payment Gateway

Clearly Payments

Ensure that the payment gateway supports a variety of payment options, including credit cards, debit cards, digital wallets, and other popular online payment methods. Transaction Fees and Costs: Evaluate the fee structure of potential payment gateways. Pros: Direct fund transfers to the merchant’s bank.