https://paymentprocessingtips.com/2020/03/02/what-to-look-for-in-payment-processing-services/

You must choose the right payment processor when you have a business that accepts debit and credit cards online. A payment processor online is what handles the transactional burden that includes everything from capturing a sale to sending you a bill statement and working with your bank to make sure you get paid.

Payment gateways or PoS terminals are used when a consumer buys something from your site or in-store. The gateway encrypts data to ensure its security. It sends it to the processor that then transfers it to the card network of the customer. The card network then contacts the bank of the customer to see if they have enough funds to pay for the item. If the bank agrees to the purchase, then the card issuer will transfer funds from the account to the merchant’s bank. The payment processor will then relay this response back to the merchant’s website or PoS terminal and notify the client that their purchase was successful.

When selecting a processor be sure to consider aspects like security, user-friendliness, and compatibility with existing systems. Select a processor that provides APIs and plug-ins to seamlessly integrate with your ecommerce platform or the POS system. You should also consider the checkout experience for your customers and the reporting and management experiences for your team. Last but not least, make sure you are aware of the contract and how it will be easy to switch providers in the future.