Time to get a contactless payment system in Canada

Ingenico Move 5000 Payment Terminal Contactless Payment

When you pay for something at the store, it has become a relief for consumers, and the merchant, when the payment terminal supports contactless payments. Contactless payments are faster and cleaner. Both of these are critical to providing safer payments in a COVID world. From a CBC news article titled “What’s the germiest surface in a supermarket? […]

WordPress payments and online credit card processing

WordPress payments for online credit card processing

WordPress is one of the most common platforms to run websites. There are around 450 million websites that use WordPress. That means around 20% of the internet runs on WordPress. This is one reason we put extra effort to make it simple to take online payments on your WordPress website. There are several options to […]

Dental credit card processing

Dentist office with payment processing

There are specific needs in dental credit card processing that we have seen as we’ve worked with many dentists. First and foremost, low-cost is critical. Reducing cost is the mission of Clearly Payments. Secondly, dentists need the flexibility to take payments that make their patients comfortable: secure, quick, and low contact. Low cost dental credit […]

Businesses need to watch out for reserves in payment processing

Email invoicing for credit card payments

Do you know what puts most businesses out of business? Reduced cash flow. After a business makes a sale, if it doesn’t get the funds from the transaction quickly, cashflow is restricted and this puts the business in a tough position. Reserves hold back your funds A reserve is when a payment processor holds funds […]

Visa and MasterCard Interchange Fees in Canada are Changing

Make a credit card payment

Interchange is the fee collected by credit card issuers on every transaction. These interchange rates in Canada are set by Visa and MasterCard and are mandatory for all credit card processors.   Changes in Canadian Interchange Fees Visa and MasterCard are changing their interchange fees starting on July 18, 2020 and August 1, 2020, respectively. The […]

Social Distancing: Let your customers pay by credit card while remote

Make a credit card payment

Businesses are working remotely. The remote working trend is only increasing, especially during the COVID-19 crisis the world is experiencing. It is becoming more important to let customers pay remotely. We’ve been helping many businesses get set up to take credit card payments while they are working from home or remote offices. These businesses have […]

What is underwriting and merchant account risk?

Payment Costs

Credit card processors (or merchant service providers) have exposure to losing the money. That’s the risk which merchant account providers take. By the way, here’s a great book on the history of risk. Some merchants process $20,000/year in credit card sales, some process $200 million/year. The higher the credit card processing amount, the more the […]

What are reserves in payment processing?

Reserves in Credit Card Processing

A reserve on a merchant account in credit card processing is a temporary hold on a portion before they are deposited in your bank account. For example, if you had a 2 week reserve of $2000, there would be a hold of a rolling total amount of $2000. The funds in the reserve are in […]

When do credit card funds get deposited?

Funding

Our goal is to increase your cash flow and your profitability. We increase your profitability by providing you the best rates. We increase your cash flow by depositing your funds incredibly fast. Here we will describe the timing of your credit card processing funds being deposited into your bank account. When you run a credit card […]