What is Recurring Payment? 8 Do’s and Don’ts for Success

When it comes to payment options, there is a lot to get right, and perhaps just as much to get wrong. Take recurring payments, for example. We put together a list of eight do’s and don’ts when it comes to this concept. Let’s start with the question: What is Recurring Payment? Recurring payments, familiarly referred to as as AutoPay, means the consumer has given permission for a retailer or merchant to deduct payments for goods or services each month from the consumer’s bank account or to automatically charge his credit card in the amount due each month. The merchant must get the consumer’s permission one time up front. The merchant deducts the amount on the due date so late fees are never a problem. The automatic payments continue until the consumer retracts his permission. The Dos 1. Do: Your due diligence when shopping for a recurring payment platform You want a…

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Guide to EMV Processing Equipment

A Guide to Choosing the Right EMV Equipment

EMV chip card readers have all but replaced strip card readers and chances are, if you have not yet updated your terminal, you will be soon. The good news is, EMV chip card readers are easier than ever to find and there is no shortage of options. In fact, this can almost be too overwhelming, making it incredibly difficult to make an informed decision. With this in mind, we thought it would be helpful to put together a guide to EMV equipment so that you can make the best decision when it comes to your chip card reader. What are the Different EMV Equipment Options?  The major difference between EMV and card stripe terminals is the chip-reading portal into which the EMV cards are inserted. These terminals utilize technology specifically designed to read these microchip cards. Choosing the best EMV equipment can be difficult but it has a lot to…

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Primary Credit Card Processing Players

There is a general misconception among consumers who hold credit cards that credit cards are like bank checks. When you write a check, it goes to the bank of the recipient, passes through that bank and a clearinghouse, and then through your bank to get paid. With modern technology, the check can clear both banks and the clearinghouse within minutes, hours or just one day, given the electronic devices that send signals through the banks and the clearinghouse to get the check through. With credit card processing, the process is much more complicated and takes a much longer time to clear the charges for a purchase. Only when the credit limit is maxed out on a card does the card bearer receive the immediate notification that the purchase cannot be processed. So, how many credit card processing players are there otherwise? The answer may surprise you. Almost a Full Baseball…

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