Fees and rates in payment processing are complex. There are hundreds of possible different types of fees. A “monthly minimum fee” comes up frequently for merchants accepting credit cards. This article covers what monthly minimum fees are, how they work, what they mean for a business, and how to manage them. Definition of Monthly Minimum Fees […]
I hate hidden fees. I hate a lack of transparency in any business dealings. However, hidden fees exist, especially in payment processing. These fees sneak into contracts or billing statements, catching merchants off guard. We’re here to explain how hidden fees work, provide some statistics, and give some guidance on how to avoid hidden fees […]
Merchant services contracts for payment processing are complex. They are long and convoluted. Contracts are not standardized and there is no strict regulation on payment processing pricing so it is very difficult to compare payment processing offers. This is why it is so important to choose the right payments provider. This guide will help merchants […]
The Durbin Amendment has reshaped the U.S. financial system since it began in 2010. Named after its chief advocate, Senator Richard Durbin, this legislative moved was designed to fix the increasing interchange fees charged by banks for debit card transactions. By limiting debit card fees, the amendment tried to make a more fair financial ecosystem, […]
The Payments Code of Conduct in Canada was created to bring fairness and transparency in the payment industry. It is structured into multiple sections targeting specific aspects of payment processing and merchant services for debit cards and credit cards. This article covers the sections of the Canadian Code of Conduct, Interchange Plus Pricing, problems, controversies, […]
Interchange rates are a cost for credit card transactions for merchants. Interchange is the revenue for credit card companies and issuing banks. Canada and the USA have a big overlap in purchasing habits and trends in payments. The two countries also have some big differences on how payment processing fees work across debit cards and […]
Credit card transactions make up 40% of retail transactions and 56% of the total value of goods and services purchased. However, one question that often arises for merchants is: “How long does it take to receive funds from credit card transactions?” In this article, we will explore the various stages of credit card processing, factors […]
Payment processing is a critical component of modern commerce, facilitating the secure transfer of funds between buyers and sellers. This article provides an exploration of payment processing, including the definition of payment processing, its historical development, current market landscape, key players, and the intricate mechanisms that underpin its operation. The Definition of Payment Processing Payment […]
In the rapidly evolving world of digital payments, QR codes have emerged as a top payment trend, revolutionizing the way transactions are conducted. This article covers QR codes for payments, exploring their mechanics, widespread adoption, and the transformative impact they have on the financial landscape. The global QR code payment market was valued at USD […]
In today’s interconnected world, businesses of all sizes are increasingly engaging in global commerce, transcending geographical boundaries to reach customers across borders. However, one of the significant challenges that arise in international transactions is currency exchange. Converting funds from one currency to another can lead to additional costs and complexities for merchants, affecting their bottom […]
