What is Level 3 Data? Everything You Need to Know

If you’ve ever worked in the space of major business-to-business (B2B) or business-to-government (B2G) transactions, you may have heard of level three or level two payment processing. In the process of researching credit card processing, it’s a good idea to take a few minutes to understand what level one, level two, and level three credit card transactions are. Credit Card Transaction Data Level/Rate Each level of credit card transaction is associated with a set of data fields. With every credit card transaction comes some amount of auxiliary information. The most basic and common type of credit card transaction is the level 1 transaction. The basic data fields required to complete a level 1 credit card transaction are: Merchant DBA Name Billing zip code Transaction amount Additional information, such as the date and time of the transaction and additional cardholder information is automatically recorded by the bank but isn’t explicitly reported by the merchant…

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What is the Difference Between ACH & Wire Transfer?

When researching your options for a payment system, you may have come across the choice of supporting ACH transactions but weren’t quite sure if they applied to your shop. While ACH transactions make the most sense for merchants running eCommerce businesses, any merchant who conducts online transactions in any capacity could benefit from implementing ACH. ACH stands for Automated Clearing House, and you can think of it like a check without the paper. If you’re enrolled in a direct deposit program or pay your bills with monthly auto-drafts, you’re already used to using ACH. It’s a little wordy, but technically speaking: ACH is a computer-based clearing and settlement facility established to process the exchange of electronic transactions between participating depository institutions.* Every year, ACH transactions move upwards of $41 trillion dollars across 24 billion transactions.* With that in mind, it’s no surprise that ACH now represents a significant portion of…

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FANF (Fixed Acquirer Network Fee) Explained

Trying to budget for credit card transaction fees is tough. It’s tempting to think that it could be a lot easier – a flat fee or percentage would seem to do the trick. If your business processes Visa card payments, however, you’re probably somewhat familiar with the seemingly unpredictable FANF fee that appears on a monthly basis. The reason it seems to vary so wildly is because the FANF fee is calculated based on a number of details about your business as well as the nominal dollar amount of visa transactions every month. This article is intended to help you understand the Visa FANF fee and provides a step-by-step process for calculating your monthly FANF bill. What is FANF? FANF stands for Fixed Acquirer Network Fee. That is a fancy way of saying, “the cost of taking money from Visa cardholders for you.” The idea behind Visa FANF is that it’s a set fee that…

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Merchant Education & Learning Center

What Is a Convenience Fee?

In a world where almost all money is in digital bank accounts, paying with a card is a matter of course, and yet a large number of stores and restaurants charge an extra fee to any guest who pays in the most practical manner. This is called a convenience fee and is charged because the businesses think it will save them money. What most don’t realize is that the pittance they are collecting from each card paying customers isn’t worth the annoyance most customers feel for being discouraged from using their primary payment method. Everything is bought with cards now. Even vending machines have card readers so why are businesses still pretending that paying with cash or check are the ‘normal’ ways? The Cost of Processing The reason that many venues charge a convenience fee is because the bank and processor service both take a small percentage from each credit…

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Best Credit Card Machine for Small Business

If you’re looking for the right payment hardware to take your business to the next level, congratulations! This is an exciting time. As your business grows and moves through each evolution, you become familiar with the benefits and challenges of investing in new tools and technology. Just remember that making the right choice is about identifying your specific needs and finding the solution that best addresses them. A Credit Card Machine for Small Business: Is it the Right Time? It’s never easy for a small business owner to say exactly when investing in a credit card machine is the right choice to make. Just a few short years ago, running a small business looked very different. In the small merchant business sector, getting by as a cash-only business used to be a viable option. However, as the economy steadily migrates towards electronic payment options, cash-only small businesses are largely a…

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