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What is Payment Processing?

Clearly Payments

This process is vital for businesses, as it enables them to accept payments through various methods, including credit and debit cards, electronic bank transfers ( EFT/ACH ), and digital wallets. At its core, it involves the authorization, capture, and settlement of transactions.

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Merchant Credit Card Fee Guide 2024: How Much Does It Cost to Process Credit Cards?

Stax

PCI-compliance fees – Businesses running credit card transactions must be compliant with the Payment Card Industry Data Security Standard (PCI DSS). This regulation is managed by the Payment Card Industry Security Standards Council (PCI SSC) and is meant to protect the cardholder’s data.

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How to start a payment processing company?

Ikajo

They play a vital role in facilitating various payment methods, such as credit or debit card transactions, digital wallet transfers, mobile payments, and electronic bank transfers. As a payment business dealing with card transactions processing, you’re subject to PCI DSS certification.

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