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 Difference Between an Acquirer and ISO in Payment Processing

The difference between an acquirer and an ISO in credit card payment processing

To get a merchant account, you can go to an acquirer or an ISO. In summary, acquirers run the transaction processing technology and they partner with ISOs to do the sales, service, and provide other value-add services. Most merchant accounts in Canada and USA are sold by ISOs (Independent Sales Organizations). ISOs can be further categorized into bank […]

Small Business Credit Card Processing in Canada

Small Business Payment Processing in Canada

Small businesses are the foundation of the Canadian economy. Most of the 2.5 million businesses in Canada are small businesses. This is one reason Clearly Payments puts such focus on small business and helping them get the best credit card processing with exceptional customer service and great pricing. What is a small business in payment […]

What is PCI in Payment Processing?

Innovation in payments with Clearly Payments

PCI is about keeping payments and data secure. The poor handling of payment data and credit card details are a main cause for fraud in payments. The better your business is with making credit card transactions safe, the more trusted your business will be.  The more trusted your business is, the more successful your business […]

What are interchange fees and how they work

Small Business Payment Processing with Clearly Payments

Businesses need to pay an interchange fee for every credit card transaction. The interchange fee is the majority of the cost to businesses for payment processing. The businesses pay interchange fees, not the consumer. Many things can affect the interchange fee amount. First we will start off with a few basics of interchange fees.  What […]

Credit Card Processing Transaction Types

Credit card processing transaction types

Credit card processing has several different types of transactions that are used for different scenarios at a point-of-sale. The most common is a “sale”, but there are several others like refunds, voids, etc. This is an overview of the transaction types in payment processing. Sale (or Purchase) The most commonly used transaction type by merchants […]

What are EFT and ACH in Payments?

What is EFT and ACH in payments

What does ACH and EFT mean? ACH stands for Automated Clearing House and EFT stands for Electronic Fund Transfer. These are terms used to describe the electronic transfer of funds from one bank to another in the North America. ACH is used in the United States and EFT is used in Canada. As a consumer, […]