When opening a business, it’s crucial to understand the differences between some vital services for your company. While they may sound similar, each does something different and important for you, whether legally or practically. Today, you can learn the answer to the question of what is a payment processor and how it’s different from gateways.
In order to achieve a successful online sale, there are many components that have to work flawlessly. As a business owner that wants to incorporate e-Commerce to drive sales up, you’ve probably heard many different terms related to it. So, what is a payment gateway vs. a payment processor?
Owning a business nowadays can not be imagined without some sort of credit card processing. More and more people prefer to use cash-free or online purchases. And if you are a merchant, you will want to have all the options available for your clients. There are third-party payment processors you can sign up for, aside from credit card processing companies. But how to choose the right option, and what is a third-party payment processor? We will try to answer this and many more questions.
Cashless payment methods have changed the way we trade. Many small businesses succeeded in scaling their companies thanks to innovative technologies, like a wireless credit-card machine, which enabled them to accept payments out of their stores. Not only are buyers more likely to spend when using plastic, but they are also ready to give up on a purchase if their preferred method of paying is unavailable. For that reason, providing your clients with more options to pay is of essential importance to boost your sales.
Each time a transaction takes place, your payment processor returns a response code. However, not every payment transaction is allowed. That is the time when you might receive one of the First Data decline codes. Some of them are more common than others, but it’s always helpful to know more about the codes you can receive. Read our guide and learn about the response reason codes that might pop up during an unsuccessful transaction.
Seeing a do not honor error on your terminal is certainly not pleasant, neither for you nor the cardholder. However, this is the most common code that you’ve probably encountered at some point in your life while paying with or accepting plastic. What does do not honor mean on the credit card, why it happens, and what can you do about it? Let’s find out.
For current business owners, there are a lot of options when it comes to the way the transactions are accepted and processed. A recurring payment has many benefits, both for merchants and their customers. To understand all the advantages, we’ll explain what is recurring payment and how it works.
Having difficulties processing payments when a customer is ready to make a purchase can be troublesome. Especially when the payment is denied due to potential fraudulent activities. What does hold call mean on credit card processors? Knowing the answer to that question, as well as how to decode the numbers that appeared on the terminal screen as a sign something is wrong with the transaction, is of essential importance.
It never hurts to know how much you can save.
