Early Termination Fees in Payment Processing

Newland credit card machine with clearly payments

An early termination fee in credit card processing is an extra charge that a merchant gets for cancelling their merchant account prior to the termination date set in their contract. The design of early termination fees is to discourage merchants from leaving. It is supposed to reduce churn. All payment processors want to make a […]

What is Credit Card Tokenization?

Tokenization in Credit Card Processing

The quick explanation of credit card tokenization is that it is the process where a “phrase” (or token) is used to represent credit card information rather than the credit card information itself. This is a technique used by software and payment systems to enhance security.  Tokenization has become very popular in the implementation of technology […]

Contactless, Tap Payments, and Apple Pay Explained

Contactless payments are safer with Clearly Payments

Around the year 2020, the usage of contactless payments drastically increased as customers and businesses looked for ways to minimize physical handling of cash and payment terminals such as PIN pads. In Canada and U.S., the use of contactless payments increased by 150% within a one year period. It is growing very fast because of […]

How Visa Debit Works in Canada

Visa Debit in Canada

Both debit cards and credit cards are very popular in Canada. Credit cards are currently the most popular transaction method in Canada, accounting for 31% of all transactions. Debit cards are close behind accounting for 28% of all transactions. Historically, cash transactions have been the most popular, however cash has been falling drastically with people […]

Using Hosted Payment Pages for Online Credit Card Processing

Hosted Payment Pages for Online Shopping in Canada

Implementing a hosted payment page is a simple way to offer your customers a safe and convenient way to make online payments while keeping your website secure. Sometimes people refer to hosted payment pages as checkout pages. Either way, they make it easy to accept credit cards online. What is a Hosted Payment Page A hosted […]

The Impact of Inflation on Merchants and Payment Processing

Shopping with Clearly Payments and omnichannel commerce

Inflation is a reality. If you’re finding it harder in 2022 to afford any of your business expenses, you’re in the same boat as many other businesses. Talking to small businesses, 92% of small-business owners have reported that their cost to run their business has increased in the past couple years. There is a general increase […]

Bank & Credit Union Credit Card Processing Program

Bank and Credit Union Payment Processing

Banks and credit unions are critical to the success of any business, whether large or small. They help with the necessary service of managing the storage and movement of funds.  Credit card processing is another critical service for most businesses, however very few banks have internal credit card processing operations. Banks and Credit Unions typically […]

How to Reduce Credit Card Processing Fees

How to reduce your credit card processing fees

As a business owner, there is a fee you pay so your customers can pay with credit cards. The fees are primarily a fixed transaction cost and a percentage cost of the total sale amount.  The fixed transaction fee is generally between $0.05 and $0.40 per transaction and the percentage fee ranges from 1.9% and […]

Top Credit Card Processors in Canada

The Top Credit Card Processing in Canada

The companies that sit at the top of the pack for credit card processors change over time so it’s important to remain updated. Payment processing companies in Canada are known by many names: payment processors, merchant acquirers, payment gateways, and the list continues. This list focuses on payment companies that work directly with merchants to […]

How Batches, Settlement, and Getting Your Funds Work in Credit Card Processing

Batches and Settlement in Credit Card Processing

When you accept credit cards as a merchant, batches and settlement are important processes that occur daily to get your funds. When a customer pays with a credit card, banks communicate in real-time, but funds do not transfer in real-time. A batch and settlement process needs to happen to receive your funds. What is a Batch […]