A Merchant Account Can Streamline Your Business
A merchant account is a particular type of business bank account that allows your business to accept credit card payments. An online payment gateway connects your online store to your merchant account. It also facilitates the processing of the payment transaction between the various parties involved, including your bank and the card issuer’s bank. You…
Read MoreMissing Out on Sales Because You Don’t Accept Credit Cards?
You may have your reasons for not accepting credit cards from your customers. Maybe you’re worried that your bad credit blocks you off from opening a merchant account. You may even have applied to several merchant processors and been turned down, thanks to some black marks in your financial history. First off, those matters are…
Read MoreFraud is the Most Common Cause of Chargebacks
Chargebacks can cost your business a lot, both in terms of money and reputation. Aside from the loss of revenue, you risk fines, penalties, blacklisting, or even a frozen account. Visa recognised this and made necessary changes. Their 2018 chargeback update goes a long way in protecting businesses from erroneously filed chargebacks. Visa reduced the…
Read MoreThe History of Chargebacks
As a business owner, the word ‘chargeback’ probably makes you shudder. It might help if you had some background. The first credit cards were issued in 1950 by Diners Club. They were mainly used for travel and dining. Amex launched their credit card in 1958. Still, by 1970, Americans were yet to fully embrace the…
Read MoreWhat are Chargebacks?
Chargebacks are a bane for any business that accepts credit card payments because they are usually unexpected, and they can dent your cash flow. But, while chargebacks are an unavoidable reality, taking steps to limit them is both possible and vital. Chargebacks normally come from a dispute raised by a customer, but sometimes banks can…
Read MoreAccepting Credit Card Payments Can Help Your Business
If you are still believe that “cash is king,” your business may be losing out big time. People don’t want to carry cash around anymore, and neither do they want to pay by check. (Did people ever like the hassle of writing a check?) No matter what type of business you run or how big…
Read MoreWhy are EMV Credit Cards More Secure?
If you are still stuck on magnetic strip credit cards, it’s time to move on. Not because you are out of date (although you are), but because fraudsters and identity thieves just love magnetic strip credit cards and magnetic strip debit. They have learned how to skim magnetic strip cards in seconds without anyone seeing…
Read MoreFive Reasons to Use Your Credit Card
Some people can’t live without their credit cards, others see them as a necessary evil. Wherever you stand on the issue, credit cards have a lot to offer the average consumer. Here are a just a few advantages to paying with credit cards. It’s safer than physical cash Ask a criminal the best spot to…
Read MoreHow Payment Gateways Work
The simplest way to think of a payment processor is to start with the example of an electronic card reader. These are also known as POS (Point of Sale) terminals. It’s the little device at a store where customers swipe their credit cards. This is the main way to physically process credit cards for retail…
Read MoreInterchange Fees Briefly Explained
As a merchant, you might be wondering what interchange fees are all about. Understanding interchange fees can be important. Briefly, interchange fees are paid by payment processors to the credit card companies (Visa or MasterCard) for being able to accept customer payments by credit card. How it works: The instant you accept a card payment…
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