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 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 […]
Payment machines, also known as payment terminals, have been around since about 1960. Before they were actual machines, they were card imprinters and then they moved to magnetic stripes in the 1970s. They’ve evolved significantly over the past 60+ years and have become very common and reliable for payments. Payment machines now accept debit, credit […]
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. […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
