Financial Services

Credit Card Fees Explained

Credit cards are a paradox. They’re the simplest thing to understand: you buy something by presenting your card, take your purchase home, and pay later. At the same time, it’s almost impossible for some consumers to comprehend how they accrued so much credit card debt, and why it seems to keep increasing with every week…

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A Short Guide to Payment Gateways and ACH Payments

When you first start ecommerce research, It’s easy to get confused. Yes, the information is readily available, but sometimes, it’s puzzling, technical, and even contradictory. For example, you probably know you need a merchant account so that you can accept credit cards from your customers. But then you start to hear about networks, gateways, clearing…

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Do You Really Need a Merchant Account?

If you sell any product or service and if you want your business to flourish, a merchant account is practically mandatory. But what exactly is a merchant account? It is a type of banking account that allows businesses to accept predominantly debit and credit card payments. A merchant account opened is under an agreement between…

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ACH vs. eChecks: What’s the Difference?

The terms ACH and eChecks are used synonymously, and there is only a minor difference between the two. To better understand this difference, consider the definitions of each term. What are eChecks and ACH? ACH, or Automatic Clearing House, is the process of the electronic moving of funds between bank accounts. It is a type…

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What is an ACH Payment?

An Automated Clearing House or ACH is an electronic network for financial transactions that process large volumes of credit and debit transactions in batches, including direct deposits, payroll payments, insurance premiums, mortgage loans, and point of sale check conversion transactions. Effectively an ACH is a computer-based clearing facility between depository institutions. Previously ACH transactions were…

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How to Prevent Online Fraud

We’ve all been warned about con artists, and most of us probably think we’re too smart to fall for their scams. However, being lured is easier than you’d think. Remember, these are professional liars who are skilled at gaining your trust and using that trust to steal from you. Unfortunately, the online con artist is…

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How Does Electronic Check Payment Processing Work?

When we say ‘electronic check’ (or e-check), a lot of people assume we’re referring to a soft copy check, meaning a paper check has been scanned or photographed and sent my email, text, or instant messaging. This isn’t necessarily true. An e-check actually has several differences. For one thing, a paper check is sent by…

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Should I Accept E-checks For My Business?

One of the most common excuses for late payments is, ‘The check is in the mail.’ Nevertheless, many businesses still accept payments by check because it’s convenient for their customers. If you run one of those businesses, then you probably have measures in place to avoid bounced payments and fraudulent activities. Now there’s another option…

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ACH Payments vs. Wire Transfers vs. EFT Payments

You may have heard the terms ACH, wire transfer and EFT, but are still unsure what they mean exactly, and how they differ from each other. In terms of straightforward definitions, you have the ACH which stands for Automatic Clearing House, and EFT which stands for Electronic Funds Transfer. To start off, we’re going to…

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What are ACH Payments and Should I Accept Them?

As a business, you may think you should accept whatever form of payment your customers prefer. After all, it ensures that you get paid, right? Well, in theory, yes. But in reality, you’re unlikely to accept a barter trade in the 21st century, so when a client suggests a method you haven’t tried before, you…

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