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

Stax

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 payment gateway or an eCommerce CMS like Shopify will suffice for you.

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The Top Payment Methods For Small Businesses

Stax

Your payment processing company will also charge processing fees on each transaction which can negatively impact your earnings unless the expense is passed onto customers. In a similar vein, you will need to embed or integrate a payment gateway with your website, online app, or SaaS platform to process online credit card payments.

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What is a Payment Gateway and How Does It Work?

Stax

A payment gateway 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 payment gateway.

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Mastering Payment Effective Dates: Key Insights for Businesses

EBizCharge

For example, ACH payments have an effective date of two to three business days post-transaction. In comparison, wire transfers typically take one to five business days (or more) but sometimes offer same-day fund availability.

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Understanding Payment Processing Terminology Glossary for Merchants

PayHawk

D Debit Card A payment card that enables the cardholder to withdraw funds from their bank account or make purchases with funds available in the account. Decline When a transaction is not approved due to insufficient funds, an incorrect PIN, or other issues.

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