What is Payment Processing ?

Payment processing refers to the system that enables businesses to accept online or remote payments from customers. As online payments are known for their simplicity and convenience, including this in businesses operations can benefit greatly. This entire process involves payment processors, payment gateway, merchant services, and payment service providers or PSPs. With this, businesses can accept payments via debit or credit cards, digital wallets, bank accounts, and more. By offering various payment methods, businesses can also enhance customer experience and improve sales.