By GorillaPay.net

WHAT IS PAYMENT PROCESSING?

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Have you ever bought anything electronically? Made a purchase off a website? If you have at any point participated in an electronic transaction, chances are you've interacted with a payment processing system.

WHAT IS IT?

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Payment processors enable the movement of funds from the buyer to the seller in ecommerce transactions. How do they work? What are the different methods for payment processing? Here's a short primer on the process of making online payments.

PAYMENT PROCESSING SYSTEM

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A payment processor is a third party payment management system that allows businesses to take and organize payments for goods and services offered in electronic transactions.

HOW DO PAYMENT PROCESSORS WORK?

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If you pay with a credit card at a grocery store, your money goes through payment processing. This way stores can focus on their customers and retail and can leave the money management to a 3rd party.

HOW DO THEY WORK?

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If you ever use a debit or credit card, you are interacting with one of the largest forms of payment processing. Online services like PayPal and GorillaPay.net are other methods. These systems allow you to pay using a direct link to your bank accounts.

DIFFERENT METHODS

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Credit card payment applications that allow you to use your smartphone to receive payments are growing in popularity. Now venues that used to only accept cash can open their sales to customers who want to pay with cards. Payment processing systems have opened up a whole new method for making transactions that wasn't possible 20 years ago.

HOW DOES THESE METHODS WORK?

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Payment processing systems keep businesses running. They enable large companies to outsource their payments so they can focus on customers and services.

KEEP YOUR BUSINESS RUNNING!

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Credit card companies and online payment processors in turn make a profit for their services by taking a small percentage of the total transaction for their role in managing it. Our society used to be cash- and-carry only. Now we have a myriad of choices when it comes to payment options for our transactions.

ONLINE PAYMENT PROCESSORS

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THE END

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