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Apple Pay caught up in 2014; in 2015, the wearables market made everyone aware of the tap’s potential. In 2015, many merchants switched to NFC-enabled terminals; by 2019, most banks were issuing contactless cards. NFC even enables smart packaging to provide customers with product and usage information at the point of sale.
Purchase volumes through credit cards jumped 51% between 2015 and 2021. It is added at the point of sale and depends on the total amount of a transaction and the cap set by credit card companies. Once you have ensured that surcharges are permissible by law in your state, you must meet card brand guidelines for compliance.
Purchase volumes through credit cards jumped 51% between 2015 and 2021. It is added at the point of sale and depends on the total amount of a transaction and the cap set by credit card companies. Once you have ensured that surcharges are permissible by law in your state, you must meet card brand guidelines for compliance.
This figure used to be 24% in 2015 which makes it evidently clear that card usage is on the rise. Buying and setting up hardware (POS systems, card readers, or payment terminals) and identifying the right merchant services provider that offers the cheapest credit card processing fees can be quite daunting.
Fees include (but aren’t limited to) transaction fees, interchange rates, PCI compliance, and more. Step 2: The credit card is swiped, dipped, or tapped at a POS system or a credit card reader, where the card gets recognized for charging. Point-of-SalePoint-of-sale systems are huge for restaurant and retail locations.
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