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The merchant underwriting process is a critical step that paymentprocessors and financial institutions use to assess the risk associated with onboarding new businesses. Key steps include application review, risk assessment, credit checks, and compliance verification. What is the Purpose of Merchant Underwriting?
Creditcards are incredibly convenient as a payment method. The modern-day merchant simply can’t afford not to accept them at their business. Unfortunately for them though, creditcardpayments come with a cost. billion in fees for accepting Mastercard and Visa creditcards in 2023.
In a world where we’re spending more and more time online and every click is a potential transaction, it’s no surprise the eCommerce and digital payments sectors are experiencing exponential growth. In this article, we’ll dive into the intricacies of two types of players in the eCommerce ecosystem: payment gateways and paymentfacilitators.
According to Forbes , “mobile payments are increasingly being used by U.S. Not only are there a number of ways your customers could be using their mobile devices to give payments, but you as a business owner could be leveraging mobile devices to accept them as well. What is mobile creditcardprocessing?
With cashless now BEING king, credit and debit cards are the primary method for your customers to make payments. of consumer payments came through cardpayments. And electronic payments were at 14.2%, closing in on cash at 15.5%. Creditcard and debit cardpaymentprocessing fees apply to them all.
Cashless transactions have dethroned the age-old cash payments. With creditcard transaction volume hitting over $9.5 trillion in the US in 2022, acceptingcardpayments is no longer a question of whether to, but how to. billion in processing fees, which was a 16.7% increase from the previous year.
Finding great creditcardprocessing rates may seem impossible, but there’s hope. By following these simple tips, you’ll be able to secure creditcardprocessing rates that make big businesses jealous. Learn More TL;DR Not all creditcardprocessing companies are created equal.
This may be concerning for certain types of businesses as they need to spend more to processcredit and debit cardpayments as compared to cash. Moreover, you must watch out for hidden service fees and/or long-term contracts your provider may try to lock you into.
Cash payments are passé. Consumers are increasingly opting for debit and creditcards or other digital payment methods—for in-store and eCommerce purchases alike. This was a huge leap from 2018 when only 29% used cashless payments for the same. This is why PCI DSS compliance is critical.
During the 2020s, almost all businesses will have been looking at b2b paymentsprocessing solutions to meet changing consumer needs. Online and contactless adoption multiplied, and digital payments rose. consumers using two or more types of digital payment methods increased by 8%. Learn More What are B2B Payments?
If your company acceptscreditcardpayments ( which it should ), chances are, you’re going to be affected by Visa’s interchange rates. Visa is one of the biggest payment networks in the world, with ~4.2B cards currently in use. So it’s virtually impossible for a business to not accept Visa cards.
They significantly impact the cost of acceptingcardpayments. Understanding interchange fees enables merchants to effectively manage processing costs, negotiate better rates, make informed decisions about cardacceptance, and ensure compliance with payment industry standards.
There are many different types of payment terminals to choose from, and you need one that’s going to help your business operate the most efficiently. Selecting the right paymentprocessing terminal will not only help reduce your processing costs, but it’ll also increase your profits.
Even if the consensus is out that it’s okay for merchants to not incur costly transaction fees if acceptingcreditcardpayments, it can be difficult to understand how to collect surcharge fees from your customers and retain your customer base. TL;DR Surcharging allows merchants to pass on creditcard fees.
Creditcardprocessing fees are expensive. In 2022, industry data shows that creditcard companies earned a whopping $126.4 billion in processing fees. Learn More What is CreditCard Surcharging? There’s no way around it. Keep it simple!
Did you know that in 2021, merchants ended up paying a whopping $105 billion in creditcardprocessing fees? Even though they’re one of the most popular payment options today, acceptingcreditcards at your business can turn out to be a significant expense. to their paymentprocessing company.
Did you know that creditcards accounted for 31% of all payments in 2022? Creditcards are ubiquitous, and no business (regardless of its size) can afford to ignore creditcardpaymentprocessing in the current landscape. Learn More What Are Non Cash Adjustment Fees?
In the new, digital era of payment management and shopping, protecting customer data is a top priority. TL;DR PCI compliance is essential because it helps prevent data breaches, ultimately cultivating customer trust. Each requirement plays a critical role in building a secure environment for paymentprocessing.
Are you struggling with resource constraints caused by soaring creditcardprocessing costs? Creditcard surcharging can help offset these expenses, but it can be tricky. Learn how to achieve paymentprocessingcompliance when surcharging to improve your company’s financial stability and reputation.
Creditcards are incredibly popular, and it’s easy to see why: they’re convenient and accepted nearly everywhere. According to Forbes , 32% of consumers use it as their primary payment method. A creditcard surcharge is an additional fee charged by businesses that receive payment through creditcards.
Creditcards remain a favored way of making payments among customers. Purchase volumes through creditcards jumped 51% between 2015 and 2021. However, the idea of applying a creditcard surcharge to offset the processing cost of creditcards has always been a hotly debated topic.
Creditcards remain a favored way of making payments among customers. Purchase volumes through creditcards jumped 51% between 2015 and 2021. However, the idea of applying a creditcard surcharge to offset the processing cost of creditcards has always been a hotly debated topic.
That means selling your products and services online allows you to better serve your customers (and reach new ones!) Paymentprocessors undeniably play a critical role in the success of your online store; all shoppers wont be able to make purchases through your website without a robust payment solution.
Customers in this age of instant gratification always expect a smooth and seamless online payments experience. As a business owner, you must have a clear understanding of how online paymentsprocessing works to be able to create a hassle-free checkout process that will keep buyers coming back to your eCommerce store.
Whether you are starting a new online store or looking to grow your existing brick-and-mortar small business, you must make provisions for acceptingcreditcardpayments. In this article, you will discover all you should know about creditcardpaymentprocessing for small businesses.
Creditcardprocessing can be overwhelming, expensive, and confusing. And yet, accepting non-cash forms of payments is more or less required to operate a modern business, at least in the U.S. Credit, debit, and digital payments have far and away become the most popular payment method.
If youre like many people, its been a while since you last made a payment exclusively with cash. said theyve used electronic payment methods to make a transaction in the past three months. Credit and debit cards, digital wallets , ACH transfers , and other digital payments have become the norm.
Acceptingcreditcardpayments at your business is a surefire way of increasing customer satisfaction and retention. Over 80% of American adults owned at least one creditcard in 2023. Also, creditcards contributed to 27% of the spending at point-of-sale (POS) systems worldwide.
Apart from helping you acceptcreditcard and debit cardpayments, this solution also lets you cater to a larger audience segment by providing more payment options. TL;DR Creditcard readers are essential for businesses to acceptcardpayments, offering swiping, dipping, tapping, and mobile payment options.
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