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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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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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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Credit Card Processing FAQs

Credit Card FAQ’s

What kind of technology do I need in order to accept credit cards? The type of technology needed depends on what kind of method you need to use for your transactions. For a business that does transactions at a physical location, but wants to be able to connect different locations or registers to each other, a point-of-sale (POS) system would be best. A POS system contains the entire checkout terminal, which can include a cash register, card reader, scanner, etc. Mobile credit card processors are available for businesses that do transactions in many various locations and simply include either a dongle or an app to enable you to accept credit cards from devices such as tablets or phones. Another technology possibility is the credit card terminal, which is best for businesses that only need to accept payments and nothing else. Lastly, for online businesses, there are e-commerce solutions that allow…

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