How Credit Card Processing Works

What You Need to Know About Credit Card Processing

Credit card processing is more complicated than it may seem. There are many different parties involved, which all work together to process one transaction. If you aren’t aware of the process and everything involved, you will be more likely to overpay for the credit card processing at your business. Just becoming aware and learning the basics of how credit card processing works, you can be sure that you’re getting the best deal. The four parties involved in a credit card transaction are the customer, the bank that issued the customer’s credit card, the merchant, and the bank that is providing the credit card processing for the merchant, also known as the acquiring bank. Just as customers are “borrowing” money from the issuing bank when they make a purchase with their credit card, a merchant is also “borrowing” money from the acquiring bank, so both the issuing bank and the acquiring…

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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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Understanding Credit Card Statement Fees

Merchant 101: Understanding Credit Card Statement Fees

If you’re like many merchants, your credit card statement can feel like it’s written in a foreign language. However, credit card processing is one of your largest business expenses, so it’s important to know what these fees mean, and that you’re being charged fairly. Tidal is committed to complete transparency, so we’ll explain the common fees here and tell you when to beware. We’ll also give you a free, no-obligation statement analysis so you can see how Tidal helps you save. Card Association Fees These are standard fees charged by each card association. They are “set in stone” and should be passed through to you with no additional markup. Remember, there is nothing a processor can do to save you money on these fees. If they’re charging you less, they’re making up the difference somewhere else. Since many of these fees are just a fraction of a penny, some processors…

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Choosing a Credit Card Processor

The Software Developer’s Tips for Choosing a Payment Processor

Our hats go off to all the software developers out there. They’re creating some of the most amazing ways to interface with the world and make our lives and businesses better every day. Nowadays, most SaaS products, web applications or other technology requires a payment system on the back-end. When you’re at the point in development where you’re looking to integrate a payments solution, it’s important to keep these four considerations in mind. 1. Long Term Cost When evaluating a payment partner for your software it’s important to keep the long-term costs in mind. Even though a processor may offer an upfront discount, you should think about what your 3-year and 5-year costs would be. By partnering with a processor that offers a lower per transaction fee, you’re not going to let payment bills get the better of you down the line. 2. User Experience After the technical “bones” of…

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Payment Processing Partner

The 3 Things to Look for in a Payment Processing Partner

Your merchants don’t want to deal with hidden fees or get a robot when they need technical support. Neither do you. This is why it’s critical to thoroughly vet your processing partner for how they treat you as a “customer.” Are they only paying you out on a few revenue streams? When you call in with an urgent question is there a warm body on the other end of the phone? If you truly want to deliver the most value to your merchants you need to have a strong partner who treats you the way you deserve to be treated. These are the three things to look for in a payment processing partner: 1. Transparency for your Accounts AND You. If you’ve been in the payments industry for any amount of time you know that your merchants prefer transparency. No one likes to be saddled with hidden fees, early cancellation…

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