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Digital wallets are becoming a more popular way for to pay for goods and services. With choices like Apple Pay, Google Wallet, the upcoming Samsung Pay, and even PayPal, there are plenty of options for customers no matter what kind of smartphone or electronic device they use.
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The short answer is: Yes and no. The longer answer is that it depends on the type of card. You’ll have to follow applicable rules as well. Credit cards: Yes. It is acceptable for you to set a minimum charge on credit card purchases as long as you abide by the stipulations as set forth …
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What is FedNow? FedNow is a real-time payment system created by the US Federal Reserve that went live in the summer of 2023. Its purpose is to enable instant money transfers between banks and other financial institutions, but there are person-to-person (P2P) elements as well. Banks could choose to allow instant payments between users, mimicking …
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It’s not really as simple as that, though. In actuality, a variety of entities are working behind the scenes, and it’s the card-issuing bank that ends up taking the largest piece of the pie. The more you know about what affects your business, the better armed you are to improve your position in the market …
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The use of cash as the de facto payment option is shrinking, and nearly 40% of Americans favor going completely cash-free. Then, in the summer of 2017, Visa stepped up a “war on cash” by offering businesses money to go cashless. While it didn’t lead to the elimination of cash, it’s nonetheless more common to …
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If you’re wondering if you have to do anything different to accept a virtual credit card, the short answer is no. However, it’s good to be aware of the factors involved in virtual cards and that’s what I’ll go over in this article. What are virtual credit cards? Virtual credit cards, as their name implies, …
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However, those days are long gone. In early 2017, Visa announced a staged digital wallet fee, which came well after Mastercard imposed a similar fee in 2013. These fees can result in higher interchange costs for small businesses. Which wallets does this affect, and will your business pay more to take digital wallets? Let’s dig …
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Most businesses want their money as soon as possible, and some are willing to pay to get it sooner. In this article, I’ll go over the most common payment timeframes and whether it’s worth it to pay for faster settlement. What is settlement? Settlement refers to the process of transferring cash from a cardholder’s account …
