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TL;DR Credit card payment processing encompasses the series of activities that enable your small business to accept credit card payments from customers and facilitate the transfers of relevant funds from the buyer’s bank account to your business account. A paymentgateway or an eCommerce CMS like Shopify will suffice for you.
A paymentgateway 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 paymentgateway.
Moreover, many merchant accounts today come bundled with a paymentgateway, another crucial component of the online payment process that streamlines transactions and protects against fraudulent activity. This is especially common for high-risk accounts, as more vetting and duediligence are typically required.
Not only must PayFacs safeguard themselves and their clients against potential threats like fraud or cybersecurity breaches but also ensure PCI compliance , customer duediligence, and adherence to card regulations. However, you must ensure that all systems comply with security standards such as PCIDSS.
Whether it is to accept subscription fees for AI-powered software, micropayments for API calls, or licensing fees, AI companies need to partner with a secure payment service provider. Payment processors, PSPs, acquiring banks and paymentgateways operate under strict regulations.
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