Reading into your statements

6 Things to Know about ACH & Wire Transfers

You may think you already know what the differences are between ACH & Wire Transfers; well, let’s test that theory. Read on for our list of six things you should know about these money vehicles. Let’s start with a few basics. Wire Transfers Wire transfers take place moving funds from your bank account to deposit to someone else’s bank account (or vice versa) in a transaction that moves directly from bank-to-bank. Wire transfers generally take place within just a few minutes but sometimes may take a few days. The reason these types of transfers happen is because the banks have entered into an agreement to accept such transfers. The agreement sets out the rules for transferring and receiving the monies. A few of those rules are: The banks verify both bank accounts and the account holders. The banks verify the amount of money in each account to avoid charge backs….

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What is Recurring Payment? 8 Do’s and Don’ts for Success

When it comes to payment options, there is a lot to get right, and perhaps just as much to get wrong. Take recurring payments, for example. We put together a list of eight do’s and don’ts when it comes to this concept. Let’s start with the question: What is Recurring Payment? Recurring payments, familiarly referred to as as AutoPay, means the consumer has given permission for a retailer or merchant to deduct payments for goods or services each month from the consumer’s bank account or to automatically charge his credit card in the amount due each month. The merchant must get the consumer’s permission one time up front. The merchant deducts the amount on the due date so late fees are never a problem. The automatic payments continue until the consumer retracts his permission. The Dos 1. Do: Your due diligence when shopping for a recurring payment platform You want a…

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Payment Gateway vs. Payment Processor Explained

Most modern business owners and operators at some point have to deal with e-commerce transactions for their business. In the process of setting up an over-the-web payment process, chances are you’ve heard of the terms “payment gateway” and “payment processor.” At a glance, the two phrases seem synonymous. They are not. In fact, the payment gateway and the payment processor are two entirely different things. In order to optimize your on-the-internet payment process for security and customer experience while reducing costs, it’s important to understand exactly what these two distinct services are and what they mean for your business’ web presence. This is a closer look at the role that they play in accepting customer payments and moving the transaction balance to your account. The Four Key Players Before understanding the specific role of a payment gateway and a payment processor, it’s important to clarify the four parties that are involved in any…

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Secure EMV Chip Cards

4 Ways for Merchants to Avoid Fraud After the EMV Liability Shift

Card fraud is a persistent problem in the U.S. In fact, per The Nilson Report, U.S. card losses accounted for a whopping 38.7% (or $8.45 billion) of gross global card fraud losses in 2015. Given that stat, it’s no surprise the major payment networks instituted new rules that very year designed to mitigate the problem. While financial institutions traditionally footed the bill for fraudulent transactions, payment networks can now hold merchants liable for fraud if they accept the payment in store via a credit or debit card’s magnetic stripe and not it’s more secure EMV chip. That liability shift means it’s more costly than ever before for merchants to skimp on payment processing security. Here’s a guide to avoiding fraud with (and after) the EMV liability shift. 1. Upgrade Your Terminals EMV chip readers are designed specifically to prevent “card present” fraud. “Card present” fraud is just a fancy way of…

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Merchant Education & Learning Center

Ready To Launch Your Online Business? Understanding Payment Solutions Should Be A Top Priority

Entrepreneurs launching an online business have dozens of things to think about. There’s decisions to be made about company branding, social media campaigns, pricing and new staff members, which all need to align with the big mission of the company. Not to mention, marketing campaigns, sales initiatives and client onboarding tools to consider too. But as entrepreneurs diligently juggle choosing the color scheme for their new websites and bringing on the best new talent,  it’s easy for one technical – yet very key – activity to fall by the wayside: taking the time to understand payment solutions. Because while talk of merchant services and payment processors may not be as fun as designing a new logo, it is likely much more important. Not understanding the ropes can cause an entrepreneur to throw money down the drain, or even become victim to online fraud. Really, understanding payment solutions and merchant services…

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