The Future of Payments and Trends in 2023

The future of payments and trends in 2023

The future of payments will continue to be driven by advances in technology, changes in consumer behaviour with the desire for convenience, and the increasing need for security.  The future of payments will involve a greater emphasis on digital and mobile payments, as well as the continued development of peer to peer technologies. Also, Contactless payments, […]

What is an issuing bank in payments?

What is an issuing bank in payments?

An issuing bank is a financial institution that issues credit cards or other types of payment cards to consumers. These institutions are responsible for maintaining the account, processing transactions, and providing customer service for cardholders. They also set credit limits and interest rates for cardholders, and may charge fees for certain types of transactions or for […]

What Open Banking Means to Canada

What Open Banking Means to Canada

What is open banking? Open Banking is a financial technology (fintech) trend that allows customers to share their financial data with third-party providers, such as fintech companies, in a secure and regulated way. This allows customers to access a wide range of financial products and services, such as loans, savings accounts, and investment options, from […]

How a Credit Card Transaction Works

How a Credit Card Transaction Works in Payment Processing

There is a lot that happens in a credit card transaction. There is consumer identity verification, merchant status verification, fraud detection, and bank communication. All this happens in seconds. Credit card networks like Visa can handle 24,000 transactions per second. That’s a highly scalable system. The complexity of a credit card transaction can be easily overlooked. […]

What is a Virtual Terminal?

What is a virtual terminal in payment processing?

A virtual terminal is a web-based application that allows merchants and business owners to accept credit card payments using an internet browser on a computer, tablet, or mobile phone.  Rather than being a hardware payment terminal or credit card machine, a virtual terminal is a web-based payment terminal, hence virtual terminal. Who is a virtual […]

How to Take Payments Online in Canada

How to take payments online in Canada

Online shopping is growing at over 17% per year. With fewer people carrying cash and more retailers moving online, you can expect eCommerce to continue to grow. Some segments like electronics and travel are growing even faster. Any business that does not have an online payment strategy is missing out. This article will give you […]

Payments for Software and SaaS Businesses

Payments for software and SaaS businesses

Software and SaaS (software-as-a-service) businesses have grown significantly over the past two decades. Consumers and businesses alike have all increased the amount and variety of software services they use. This brought about the growing SaaS industry. To explain SaaS a little further, they are businesses that offer subscriptions to their software where a consumer or […]

What is a payment gateway?

What is a Payment Gateway?

Somewhere around 75% of adults shop online at least once per month. Shopping over the internet has grown into a big business. The internet is one of the main ways consumers engage with companies. Payment gateways are a part of that because they help people transact with businesses online. The most basic description of a payment […]

Payment Processing for Car Dealerships

Payment processing for car and auto dealerships

In our experience at Clearly Payments, dealerships want a few key things in a payments solution. They want technology that simply works, low rates, top service, and a solution that will make the finance department happy. These are things that we work relentlessly to deliver with our credit card processing. Payment Technology That Works for […]

What are card brand fees and credit card assessment fees in payments?

Card brand fees and association fees in payment processing

Card brand fees are part of the payment processing costs that merchants pay. This fee goes directly to the card brands, such as Visa, MasterCard, Discover, and American Express. The card brand fees are the main source of revenue for the card brands. The card brand fees have several names in the payments industry, including card […]