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There are many merchant account providers (commonly known as “credit card processors” or just “processors”) so it’s important to understand what a merchant account entails and what to keep in mind both when you apply and while processing. While merchant accounts aren’t free, we’re not going to tackle rates and fees extensively in this article. …
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Information provided in this article is for educational purposes only and does not constitute tax advice. For tax advice for your business, consult a tax professional. Paying Fees on Sales Tax When you process a credit card transaction, your customer’s credit card is charged for the total amount of the sale, including sales tax. Transactions …
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An ACH delay is not the most restrictive condition a processor can impose, but it’s still important to consider how it will affect your merchant account. Find out what this means for your business in this article. What is an ACH delay? An ACH delay is a temporary hold on an electronic deposit from an …
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Merchant account holds or full account freezes disrupt your cash flow and can make it difficult to conduct business. In this article, we’ll take a look at both holds and freezes, why they happen, and what you can do about them. This article refers to account holds and freezes on funds from sales at a …
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Let’s take a look at what matters – and doesn’t – when it comes to applying for a merchant account. Why does my personal credit matter? When a business runs a credit card transaction, funds are removed from a customer’s credit account and are deposited to the business’ bank account under the assumption that the merchant …
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For example: If your merchant account has a 5% rolling reserve for 18 months, the processor will withhold 5% of your gross sales. The 5% of sales that are withheld will not be accessible to you for a year and a half. Why are rolling reserves imposed? Rolling reserves may be applied to high risk …
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Charts are easily manipulated, leaving you to try comparing apples and oranges. Even if the creator of the chart doesn’t intend to mislead, a lack of complete information can be just as detrimental to finding the right solution. When you’re looking for the best credit card processor, the key is to find the right one …
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Note: Samsung Pay is now part of Samsung Wallet. You may still see it referred to as Samsung Pay, but the company website prompts customers to upgrade to Samsung Wallet, where Pay is one ‘module’ or option within the wallet. What is Samsung Pay? Samsung Pay is a digital wallet that can be used with …
