Consumer expectations have evolved as a result of the shifting purchasing
process. They want to interact with a brand or organization in a consistent manner across numerous platforms and touch points. This mentality, crucially,
extends to payments. Consumers want the freedom to pay where and how they choose, whether it's in a store, on their phone, online, or elsewhere. Businesses
must be clever enough to gather payments anytime clients exhibit buying intent, independent of sales channel if they wish to prosper in the modern era.
This is when omnichannel processing comes into play.
Customers get a better experience when businesses use an omnichannel strategy.
Customers have a consistent and unified brand experience across all platforms. They can easily navigate between the various touch points, whether it's
checking out the brand's social media profile or going to the store. All of these pleasant experiences have strengthened the company's credibility and
PayCly provides the most authentic and generic payment solutions to
merchants. Our High-Risk Payment Processor allows you to
control your annual and monthly transactions. We ensure timely payment settlement so that the merchant never have with delays.
What's the Difference Between a Payment Processor and a Payment Gateway?
You may have heard the terms payment processor and payment gateway as a small
business owner. Do you know the difference between them, although they both play a vital role in payment processing?
To completely appreciate the distinctions between payment processing and a
payment gateway, you must first become familiar with all of the major players, their functions, and how they interact.
First, we must comprehend the essential elements of payment processing. The
following are the key players in every credit card transaction:
- The Customer:
The person who swipes or keys in their card.
- The merchant:
The Company that receives payment in exchange for goods or services delivered to a consumer.
- The ERP/accounting software:
The tool that a company employs to track and report financial activities.
- Issuing Card Bank:
The bank that issued the credit card to the consumer. For example, a Visa can be issued by any of many local or national banks, such as Chase or Wells Fargo.
- Credit Card Network:
First Data is a site where everything comes together for credit card processing and charge collection.
- Merchant's Acquiring Bank:
The bank that provided the merchant with a merchant account from which he or she can withdraw funds.
Which Do I Need: A Payment Processor or a Payment Gateway?