A merchant account is a type of bank account that allows a business to accept electronic payments, such as credit and debit card transactions. In order to set up a merchant account, a business must work with an acquirer or ISO, like Clearly Payments. When a customer makes a purchase using a credit or debit […]
The industry your business is in has a big impact on your interchange rate. Industry is a key factor that determines the risk level of a merchant. Risk in payment processing refers to the potential for financial loss, fraud, regulatory non-compliance, or other negative outcomes associated with processing payments for a specific merchant. Payment processors […]
Interchange rates are an important component of payment processing globally. They are set by card networks like Visa, Mastercard, and American Express, and they represent the fees that merchants must pay to accept credit and debit card transactions. Each country has their own set of interchange rates. This article focuses on interchange rates in the […]
The world of credit card processing and merchant accounts can be confusing, with various types of organizations involved and complex fee structures. Merchant accounts are necessary for businesses that want to accept credit card payments. Some merchants find credit card acceptance convenient and cost-effective, while others struggle with the fees that eat into their margins. […]
Digital payments have become the norm over the past 10 year. Technology like the internet and mobile devices, along with the push to online shopping with the COVID 19 pandemic, has made digital payments huge. Businesses of all sizes rely on the ability to accept various payment methods. Behind the scenes, acquiring banks play a […]
In the world of payment processing, two key terms frequently arise: card-present (CP) and card-not-present (CNP). These terms describe the presence or absence of the physical credit card during a transaction. Understanding the difference between CP and CNP transactions is essential for merchants in order to navigate the various payment methods available today. Let’s explore […]
MCC stands for Merchant Category Code. It is a four-digit number assigned to businesses to categorize the type of goods or services they offer. The MCC is used primarily in the financial industry to facilitate payment processing, reporting, and analysis. The code helps identify and classify merchants based on their business activities. There are thousands […]
Credit card processing has become an essential part of business, allowing businesses to accept electronic payments from customers conveniently. It’s important for merchants to have a clear understanding of how fees work in credit card processing to make informed decisions and effectively manage their financial operations. In this article, we will go into the details […]
PAD stands for “Pre-Authorized Debit” which is sometimes called direct debit. It is a type of payment method that allows customers to give permission for a business to debit their bank account automatically on a recurring basis. This is commonly used for recurring billing, such as monthly subscriptions or recurring payments for services. In a […]
Interchange plus pricing, which the pricing model Clearly Payments uses, is a payment processing model that has become increasingly popular in recent years. It is sometimes referred to as cost-plus pricing. Interchange plus pricing is a transparent pricing structure that allows merchants to see the exact costs associated with accepting credit card payments. In this […]
