Payment ProcessingCRM’s payment gateways speed up and simplify the payment process so that cash is always flowing into your small business. Let’s take a quick look at five ways it can actually help you increase your business’s profits. Once the payment processor has received confirmation that the credit card details have been verified, the information is relayed back via the payment gateway to the merchant, who will then complete the payment transaction. If verification is denied by the card association, the payment processor will relay the information to the merchant, who will then decline the transaction.
How Payment Processing works?
How Payment Processing works? A payment processor is some sort of transact or for financial calculations, technically an invertible currency exchange (often a third party) appointed by a merchant to handle transactions from various channels such as credit cards and debit cards for merchant acquiring banks. They are usually broken down into two types: front-end and back-end. Front- end processors have connections to various card associations and supply authorization and settlement services to the merchant banks' merchants. Back-end processors accept settlements from front-end processors and, via the Federal Reserve Bank for example, move the money from the issuing bank to the merchant bank. In an operation that will usually take a few seconds, the payment processor will both check the details received by forwarding them to the respective card's issuing bank or card association for verification, and also carry out a series of anti-fraud measures against the transaction. Additional parameters, including the card's country of issue and its previous payment history, are also used to gauge the probability of the transaction being approved.
Key features includes
- Integrate directly with your website or online store.
- Accepting payments through online storefronts.
- Accepting credit cards, debit cards & electronic balance transfers.
- Accepting international cards & multiple currencies.
- Multiple payment receiving options like partial payments, payment through credit card.
- Creating & managing credit memos.
- Payment integration with Authorize.net, Better Merchant Rates, stripe & many more.
- Totally secure and trustable.