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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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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 …
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Issuing Refunds When you process a refund for a customer who paid with a credit or debit card, your credit card processor reverses the sale and the customer is credited for the original purchase price. There typically won’t be an additional processing fee to issue the refund, but whether you get your original processing fee …
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It goes without saying that abruptly losing your ability to accept credit cards can be majorly disruptive. With many consumers choosing to pay by card and still many others not even carrying cash, cards are a key factor for today’s business owners. Let’s take a look at what causes processors to freeze or close your …
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It’s that simple. The article below will provide plenty of reasons why you shouldn’t lease a credit card machine, and this page from the Attorney General of NY involving a large leasing company is further proof. Credit Card Machine Leases are Nonsense! Thankfully, the practice of leasing credit card machines has been declining in recent …
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You are virtually guaranteeing that you will overpay for credit card processing if you’re comparing processors based on which ones are willing to provide a free terminal. The Economics of “Free” Credit card processing is a for-profit business, and the average basic machine costs a processor anywhere from $100 to $300. If a processor provides …
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