A payment processor is a service provider that helps manage the logistics of online payments. It helps facilitate the transfer of funds between merchants or businesses, credit card companies, and banks involved in the transaction. So, payment processing is a key part of any business offering services or products. But, to make the most of handy payment processing tools and avoid falling for scams in the process, here are a few tips one should consider: 1. Choose a credible provider One should not go for the first payment processing software they find and skip research and comparison. It is important to choose a credible provider with experience and positive reviews that establish its legitimacy. Further, the payment processing provider should have measures in place to protect businesses from scams. 2. Understand the contract terms Once done with research and choosing a suitable payment processing software or company, one should thoroughly review the contract. This is a key step to follow before signing any documents. One must go through all the clauses in the contract with the help of a lawyer well-versed in such service agreements. The lawyer will be able to explain ambiguous clauses or recommend revisions based on the business’s preferences.