What is an eCheck?

What is an eCheck? Everything You Need to Know

With electronic payments being the norm and cash payments & traditional checks becoming less common year after year, it can be tough keeping up with all the various forms of payments available to your business. But, as a business owner it’s important to understand the pros and cons of each payment type you can and do offer to your customers, and the more sales you transact the more important the charges and flexibility of these payment options become. Rapid growth requires a proper foundation across every facet of your business, and payment processing is a big part of that. Transaction fees really add up, so even a small percent change can mean big savings for your business in the long-run. And it’s not just about keeping an eye on transaction fees, providing the best option for your customers increases customer satisfaction and online conversion rates. With this in mind, let’s…

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PCI Compliance Checklist: 12 Requirements Explained

What is PCI Compliance? If you currently accept or are planning on accepting payment card transactions, you’ve probably heard of PCI Compliance. It can be tricky to implement, but the reasoning behind PCI is straightforward. No one — not businesses, consumers, or issuing banks want to be the cause or victim of a payment security breach, so PCI was created to help isolate liability and reduce breaches. Or more formally: The Payment Card Industry Data Security Standard (PCI DSS) is a set of standards created by major payment card companies to protect consumers and avoid liability by forcing businesses involved in the payment card ecosystem to implement safety measures and processes. Got it? Great. Why payment security matters The security of cardholder data affects your businesses, your customers, and the entire payment card ecosystem. If a breach occurs at your business, you’ll lose customers, you’ll have to pay numerous, often…

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How to Become a Credit Card Processing Agent

How to Become a Credit Card Processing Agent

So you’ve heard about the benefits of being a Credit Card Processing Agent or Merchant Account Sales Agent: residual income, the opportunity to work for yourself, the ability to choose your clients, and more. While working in merchant services can be lucrative, you need to approach it with intelligence. If you don’t you have a sales background, you’ll need to spend time understanding what separates successful credit card processing agents from the failures. If you don’t know much about credit card processing, then you’ll need to learn the ins and outs of the merchant services industry. Your income will entirely depend on your ability to land new accounts and keep them with you, so once you jump in it’s up to you to make the most of it. Sound exciting? Great. You’re in the right place. So how do you become a credit card processing agent? And not only that,…

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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.