What is Payment processing ?
Payment Processing: The handling of transactions from various payment methods, including credit cards and digital wallets, allowing businesses to accept payments from customers.
Payment Processing: The handling of transactions from various payment methods, including credit cards and digital wallets, allowing businesses to accept payments from customers.
Payment processing refers to the series of steps involved in completing a financial transaction between a buyer and a seller. It encompasses the authorization, authentication, and settlement of payments, ensuring that funds are securely transferred from the customer's account to the merchant's account. Payment processing involves multiple parties, including payment gateways, banks, credit card networks, and financial institutions, working together to facilitate seamless and secure transactions.
Key Steps in Payment Processing:
In summary, payment processing is a critical aspect of e-commerce and online business operations, enabling secure, efficient, and reliable transactions between buyers and sellers while providing transparency and accountability through robust reporting and reconciliation mechanisms.