Financial Services

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…

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…

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…

Many businesses hesitate to open a merchant account and start processing credit card payments, because they are wary of the interchange and processor fees that may be involved. It also does not help that some merchant service providers can have a labyrinthine fee system that’s hard to understand. This short guide will explain the major…

The debit card has been an alternative to checks for quite some time. It offers an easy way of transferring money electronically, from either a checking and savings account, and, if it carries a credit card logo, then it can be used for payments anywhere that credit card is accepted. ACH works with direct debit…

The average business receives payments through multiple methods. You might receive cash at the cash register, checks in the mail, and cards online. Chances are you run all three systems separately, so you have one dossier for cash, one folder for checks, and a bank statement for credit card transactions. Fortunately, if you have the…

An integrated payment solution (IPS) is a business tool that combines payment processing with customer relationship management, accounting, and other business methods. With an integrated payment solution, you can streamline many of your business processes, and help your bottom line. The benefits of an integrated payment solution Generating a healthy inbound cash flow takes more…

The so-called “First Supper” was the first time a credit card was used to make a purchase.  It occurred on February 9, 1950 when Frank McNamara paid his dinner bill at Major’s Cabin Grill in New York City by using a cardboard card.  This card was the very first credit card, and it went on…

Customers can buy your goods or pay for your services using cash, checks, credits cards, bank transfers, or mobile payment systems. Of all those options, the credit card is still the most popular. It’s convenient and is less bulky than coins or paper currency. It also offers additional benefits to customers, which is another reason…