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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Money & Banking

Merchant Cash Advances: What are They?

Merchant cash advances are based on the solidity of revenue streams going into the business, not the credit rating or creditworthiness of the business. That makes it a source of vital cash for a running business when it is needed fast! Merchant cash advance providers don’t have to evaluate the creditworthiness of a business, they look at the actual daily receivables and credit card receipts that give the provider a near certain estimate of the ability to pay back the advance on a regular basis. As soon as they take a look at daily receivables, the Merchant cash advance provider can deposit the money right into your business account. You are essentially buying money, paying for it using a portion of your revenues and credit card sales to pay for it. How Much do Merchant Cash Advances Cost? The cost of the cash advance may be more than the interest…

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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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Mobile Commerce

Are Mobile Wallets the Future of Commerce?

Take a look around and it does not take long to realize that we are living in a different world than the one we were living in even ten years ago. Technology is changing the way we do things. One area in which this is especially true is in the changes to how we make our payments. Payments are gradually making the transition to digital solutions. This reality is clearly seen in the fact that more people are making the switch to mobile wallets. But is this just a passing trend? Will this solution to payment processing just prove to be a novelty, soon to be replaced by some other form of payment or are mobile wallets the future of commerce? Let’s take a look. Mobile Wallets Provide Convenience When faced with the question of whether or not mobile wallets are the future of commerce, a helpful place to look is…

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Smart Terminal Apple Payment

How Apple Pay is Improving the Customer Checkout Experience

Advances in technology in the payment processing industry are constantly changing the way we do business and Apple Pay is no exception. In fact, it could be argued that, in many ways, Apple Pay is leading the way. As usual, Apple is at the forefront of technological innovation and you may want to consider implementing it yourself to stay on the cutting edge of the customer experience. In this article, we would like to take a look at Apple pay and how they are changing the customer checkout experience and ultimately the entire landscape for payments at the register. Forgot Your Wallet? No Problem! We have all been there. You have been waiting in line, eager to purchase a particular product, ready to get on with your day, only to find out that you have forgotten your wallet. As annoying as this can be, the solution is really quite simple….

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