https://paymentprocessingtips.com/2021/03/26/virtual-processing-terminal/
An online payment processor is a product that acts as a financial middleman between your business’s website and your customers. This service allows your company to accept payment via debit or credit card from your customers, and then transfer the funds into your bank account. If you’re selling digital goods, accepting donations or registrations for events, or offering subscription-based services, having the right payment processing solutions in place will allow you increase your customer base and increase sales.
The process of accepting online payments starts when your customers input their payment details, typically via an online form or mobile application. The form will ask for an email address, name and CVV, card number, expiration date, and any other relevant details. The payment processor will confirm that the purchaser is able to make the purchase and authorize the transaction. If the transaction is not authorized, a message will be sent to the customer explaining the reason behind the refusal and allowing them to try again.
When choosing an online payment processor, pick one that is compatible with your existing point-of-sale (POS) system. Choose an option that you can integrate directly into your website. Check if the provider offers a wide range of payment options, such as alternative QR codes, credit cards or PayPal. It is also recommended to choose one that can help you with your international operations. This will help you expand your reach to new markets and increase the number of conversions to global customers.