What is a Payment Processor?

A payment processor is a company that handles transactions for a merchant. Obviously, the merchant themselves can handle cash transactions. The payment processor handles payments involving credit cards, debit cards, and more recently, cryptocurrencies. Are there differences between payment processing solutions?

We’ll examine these. The best payment processors provide more than just the basic service. They can help you implement payment processing solutions, solve problems that arise, provide solutions to better handle chargebacks, as well as produce reporting that helps you analyze how your customers spend their money.

ETA Certified Payment Processing

Certified payment processing exists to act as a trusted and accountable mediator between your business and various financial institutions. The payment processing industry holds certain standards and requirements that enable financial institutions to feel comfortable entrusting many businesses with more extensive payment processing solutions.

Certified payment processing means that a processing company has been certified by the Electronic Transactions Association (ETA). This ensures you that a payment processor meets and maintains certain standards that are important to client businesses.  And, yes, Y2Payments is a long-time member of ETA.

High Risk Payment Processing

There are differences between payment processing solutions. To start with, many businesses are classified as high risk. Not all payment processors will provide their services to high risk businesses. If they do, their terms won’t be very favorable because this type of client falls outside their specialty.

A payment processor that handles high risk clients will often be able to provide better terms in your payment processing rates. Not only this, they’ll also be able to provide you more complete service. The best payment processors will help you implement all your payment processing tools, give you training so that you know how to use them, will respond to inquiries, can explain things, and will produce valuable reporting you can use to analyze customer habits and needs.

Payment processing deals with technology is first and foremost, but it excels when personal communication allows for the kind of flexibility that businesses need to operate within high risk industries.

For more information on Y2Payments payment processing, contact us today.

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