What is payment processing?

Payment processing is the manner in which buyers and sellers handle financial transactions. It consists of many steps and involves the authorization, clearing, and settlement of transactions.

What is traditional payment processing?

Traditional payment processing involves an ecommerce merchant using a third-party payment gateway as part of the checkout process. The customer is redirected to an online payment page on the third party’s own website, which serves as the point at which the customer’s payment details are entered to complete the purchase.

What is an electronic payment system?

Electronic payment systems allow your customers to pay for goods and services electronically without the physical use of checks or cash. Safe, secure, and convenient, electronic payments may be carried out using a credit or debit card or via a digital payment wallet.