What you Need to Know about EMV

What’s the difference between a Chip Card and a Magnetic Stripe Card?

You probably know that chip cards offer much better fraud protection and help prevent chargebacks than the (now) antiquated magnetic stripe cards, but what are the specific differences between the two? And how does that affect the decisions your business should make? These are important questions to have answers to when designing your payment processing solutions model, and knowing the differences will help you make better business decisions. Let’s dig in. — What is a magnetic stripe card? Magnetic stripe cards are just classic credit cards (also known as swipe cards), the ones we’re all familiar with. The actual stripe is on the backside of the card, and it uses modified iron-based magnetic particles to communicate data between the strip and the receiving credit card terminal. Magnetic stripe cards simply serve as static storage devices to be read by the terminal. The terminal then performs a card swipe, PIN encryption,…

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Credit Card Decline Reason Codes Explained

Credit Card Declined Reason Codes Explained

Declined credit cards are a common occurrence in any business environment, but it is especially common in B2C, high-transaction volume companies. Whatever point-of-sale system you use, it should deliver a specific code number along with the decline receipt, but that won’t help give you the “why” without having the definitions to those codes. Having these on hand helps you provide better customer service by way of a more thoughtful and thorough explanation. We’ve compiled a list of the most common denial reasons below, and if you cannot find the code here, we recommend contacting your POS provider directly.

How Does NFC Payment Work

How Does NFC Payment Work?

Technology is changing the world around us at a rapid rate. It has made its mark on nearly every kind of industry, including that of payment processing. Mobile devices are quickly becoming an all-in-one device for our everyday lives. Not only can we use them to manage our bank accounts and perform other basic tasks, they are now an option for making payments. This approach to paying is known as NFC payment and it is quickly gaining in popularity. If you are a merchant and you have not yet considered NFC payment, you have come to the right place. Let’s take a look at what it is and how it works below. How Does NFC Payment Work? First, let’s take a look at how this form of payment actually works. NFC, which stands for near field communication, is at a very basic level simply “contactless” communication between two devices. In regards…

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How to calculate your credit card processing savings

How Can I Save the Most on Credit Card Processing?

Having costs associated with running a business is impossible to avoid and there is no exception to that when it comes to the costs associated with credit card processing. As such, you will want to save on expenses where you can. With the rising popularity of using credit cards as a primary means of payment, it is a good idea for companies to do what they can to reduce the costs of credit card processing as much as possible. With that in mind, here are some helpful tips to help you save the most when it comes to credit card processing. Choose the Right Credit Card Processing Company It is a good idea to shop around a little before settling on a particular company. Take the time to check out what different companies are charging so that you can know you are going with the best possible option. Make sure…

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