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 […]
American Express, also known as AMEX, is a credit card company based in USA and has a long history. Unlike credit cards like Visa and Mastercard which are issued by banks, American Express issues its own cards directly to consumers. A Short History of American Express American Express is the oldest credit card company in […]
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 does ACH and EFT mean? ACH stands for Automated Clearing House, which is an electronic network used for financial transactions in the United States. ACH transactions enable the transfer of funds between banks or financial institutions through a batch processing system. It facilitates various types of transactions, including direct deposits, bill payments, business-to-business payments, […]
Whenever you manually key in a credit card number in a payment terminal, have an online transaction, complete an order over the telephone, process a recurring payment, or use a credit card that is stored on file with your business, that is a card-not-present transaction. Any credit card transaction that you process where you are not […]
Credit card machines, also known as payment terminals, are critical for in-person purchases. They act as the point of sale and interaction with your customer. Picking the best credit card machine comes down to a few guidelines that we’ll cover here. Mobile or countertop credit card machine You first need to determine where your customers […]
People generally think that credit card processing is new but the concept was used 200 years ago in the early 1800s. Modern plastic credit cards were not used, but financial institutions provided merchant services to extend credit to merchants. That was the start of merchant accounts. Merchant were able to provide credit to their most […]
Online software services have been on the rise since the advent of the internet. Online services built specifically for businesses have been growing significantly since 2010. In 2020, the global pandemic, unfortunately, forced many businesses to cut in-person or physical contact. This required businesses to adapt. It created new opportunities for online businesses to emerge. […]
People are now expecting the checkout process to be touchless. The concerns of health, safety, and minimizing the transmission of disease are top of mind. Consumers want to minimize what they touch when shopping. This includes touching the credit card machines. Thankfully there are several credit card processing options to bring touchless checkout experiences. Contactless […]
The types of payments that people use has continually been evolving. The first form of money came about around 5000 B.C., but modern payments have evolved significantly over the past 20 years. The increase in credit card adoption is one of the biggest trends in the past couple of decades. People have been trending to […]
