What are payment processors for?
Payment processors bring all a customer’s payments together through one integration seamlessly.
The aim is to shape the solution to match business needs as easily as possible. To do so, payment processors respond to change as it happens.
Other advantages of payment processors include…
- Gaining an edge with market-leading technology
- Creating experiences that a customer will love
- Staying ahead of regulation, risk and fraud.
What is a payment processor?
Payment processors are required for all online credit card processing. So, their main role is to authorize transactions between the business and its customers.
If there was no payment processor in place approving the transaction, a business would not receive any money.
A payment gateway is the final step of the sales process on an eCommerce website.
Without it, a business would be unable to securely charge any customers when they purchase items from their website.
Why are payment processors useful?
Payment gateways are quite straightforward and easy for customers to understand.
If a customer was to look at a business’ eCommerce website, all they have to do is as follows…
- Select the items they want.
- Add them to their cart.
- After entering their payment details and confirming their order, they can sit back and relax until the item(s) arrives at their doorstep.
How do payment processors work?
- The customer places an order and enters their payment information.
- The data is then sent to the merchant’s processor first, which is simply the company that will actually process said transaction.
- The processor routes the transaction data to the credit card association. Examples of credit card companies include Visa, MasterCard, Discover, or American Express. All of which charge a fee for services.
- Will the transaction be approved or denied?
For the transaction to be approved the card will need to be valid and obtain enough funds. The authorized user must also not have any holds or freezes and the transaction will be authorized.
- The transaction then becomes authorized. After that, the issuing bank will then transmit the authorization back to the parties in the payment processing network.
- The authorization starts with the credit card association, then with the merchant’s business. Finally, back to the eCommerce site through the payment processor.
- Although the transaction only takes a few seconds, it can take between 24 to 48 hours for the funds to be available in your account.
PayPal – Ireland’s fastest-growing payment processor provider
The best payment gateway in Ireland is undoubtedly PayPal Holdings, Inc.
PayPal is an American company operating a worldwide online payments system that supports online money transfers and is an electronic alternative to traditional paper methods like cheques and cash transactions.
The company operates as a payment processor for online vendors, auction sites, and many other commercial users. For that service, it charges a fee in exchange for the benefits.
The service enables you to pay, send money, and accept payments without revealing any of your personal financial details.
How has PayPal grown?
PayPal was established in 1998 as Confinity and had its initial public offering in 2002. It became a wholly-owned subsidiary of eBay later that year, valued at $1.5 billion.
As of 2020, PayPal operates in 202 markets and has 305 million active, registered accounts. So it is undoubtedly popular not only in Ireland but everywhere.
Why is this? PayPal allows customers to send, receive, and hold funds in 25 different currencies worldwide seamlessly.
The reason why PayPal is Ireland’s fastest-growing payment processor is that its services allow people to make financial transactions online by granting the ability to transfer funds electronically between both individuals and businesses.
Through PayPal, users can send or receive payments for online auctions on websites like eBay, purchase or sell goods and services, or donate money or receive donations.
One significant factor is that it is not necessary to have a PayPal account to use the company’s services.
Three Reasons why PayPal is the fastest-growing Irish payment processor
You will stay secure and protected
PayPal uses the latest in data encryption and anti-fraud technology to keep a customer’s personal information secure, which in turn, reduces the risk of online fraud.
You can pay with flexibility
Once you have registered your credit card or debit card with your PayPal account. You can pay by simply choosing the PayPal option at checkout, logging into your PayPal account, and confirming your payment.
It’s quick and easy
If the Irish customer chooses PayPal when selecting a payment option on this site, they can quickly open a PayPal account and add a payment method to complete their purchase.
The customer can then use the PayPal account to shop safer with millions of merchants and sellers around the globe wherever they see the PayPal logo.
Nowadays the logo is on pretty much everything. Every day, 173 million people use PayPal in 202 countries and with 21 different currencies.