Payment Processor
It’s hard to imagine a successful business today without advanced online payment solutions. Adding the ability to accept payments in different currencies and from around the world expands the possibilities for companies. This is especially true for businesses that are not focused on a single region. The opportunity in multi-currency transfers, online payments give payment processors. In this article we will consider what this service is, how it works and how to choose the right one for your business in 2025.
What is a payment processor
A payment processor (or payment system) is a service that provides payment processing between a buyer and seller. This can be either an online payment or a payment through a POS terminal in a shop. Payment processing systems work with different types of cards (Visa, MasterCard, American Express, etc.), as well as with electronic wallets and other payment methods.
Having definethe d terminology, it is important to understand how payment processing services work. The payment processing process can be divided into several stages:
- The first is payment initialisation. The buyer chooses a product or service and proceeds to the purchase. To do this, he enters his card, e-wallet or other payment method on the merchant's website.
- The second is data transfer. The payment processor receives the data entered by the buyer. Then it transmits them to the acquiring bank.
- The third is verification of the information. The merchant bank transmits the user's data to the issuing bank to verify the availability of funds to make the payment.
- The fourth is authorisation. If there are enough funds on the balance and the buyer has entered all the data correctly, the issuing bank authorises the payment.
- Fifth - completion of the transaction. After authorisation, the funds are transferred to the account of the acquiring bank, and the buyer becomes the owner of the goods or services.
The process of transaction processing itself may differ depending on the chosen payment system, but the sequence of actions remains the same – creating an application, receiving and transmitting data, processing information, making payment.
Why choosing a payment processor is important
Payment processing solutions play an important role in ensuring the security and convenience of payments. The processor should be reliable, fast and with a high level of security for both the business and the buyer. The wrong choice of intermediary can lead to loss of customers, disruptions, fraudulent transactions, which in turn leads to losses. Learn more about payment processors and choose the best solution for your business with BillBlend.
Let us tell you how to choose a payment processor for your business in 2025. Key selection and evaluation criteria:
- Security. Make sure the processor is compliant with security standards such as PCI DSS.
- Support for different payment methods. Choose processors that support popular payment methods, including cards, e-wallets, and mobile payments. For example, BillBlend has over 70 methods and support for 100+ currencies.
- Commissions and Fees. Compare payment processing fees and additional charges.
- Platform integration. Make sure the processor integrates seamlessly with your sales management system and website.
- Support and service. Pay attention to the quality of customer support and the availability of training materials.
These are key parameters that will allow you to evaluate the attractiveness of a particular payment processor. You need to assess how much it costs to use the service, how much it improves the user experience and how it solves the problems you have encountered. You can take advantage of a free consultation to optimise your financial transactions with advanced payment solutions from BillBlend.
Conclusion
Choosing a payment processor is an important step for any business. Modern services offer a wide range of features and capabilities, from supporting different payment methods to adding cryptocurrency transfers. It’s important to consider security, customer convenience and competitive rates when choosing the right solution. Payment processors are becoming an integral part of digital business, and using them wisely can significantly improve the efficiency of your financial transactions.
Answers to common questions
What is a payment processor?
A payment processor is a service that provides payment processing between buyer and seller, ensuring secure and convenient transactions.
What types of payments does the payment processor support?
BillBlend has support for traditional and modern payment methods. Customers can add payment by bank cards, e-wallets, p2p transfers, agency programmes, cryptocurrency and others. There are more than 70 options in total.
What fees does the payment processor charge?
Commissions can vary depending on the processor and the type of payment. Typically, it’s a percentage of the transaction amount plus a fixed amount per transaction.
How do I choose a payment processor for my small business?
When choosing a small business processor, it’s important to consider security, support for different payment methods, commissions, and integration with your systems.
What are the benefits of using a payment processor?
Benefits include security, customer convenience, the ability to accept payments from different countries and support for different payment methods.
What are the risks associated with using a payment processor?
Risks can include fraud, processor failures and data loss. It is important to choose services that are reliable and secure.
