Some of the hidden costs of taking credit and debit card payments are fraud and chargebacks — areas where a card is used in a criminal way, or where a customer disputes a transaction. Left unchecked, these can be very expensive for retailers and merchants, with $8 billion in money lost to credit card fraud in 2016.
Creating a seamless experience for your online customers is essential when crafting an e-commerce website. You want to make sure your site is engaging, well-written, and optimized for your buyer’s journey – and your payments experience is a big part of that. The last thing you want is for your customer to get all the way to the checkout and leave the page because of a poor experience.
Invoice financing, also sometimes called accounts receivable financing, is a way for small businesses to secure money for outstanding invoices before the client who owes the money pays. It can be a helpful option if you’re strapped for cash, but the costs may not make it a good long-term solution.
In summer 2017, Mastercard began issuing cards with a new bank identification number (BIN.) Where previously Mastercards started with the number 5, some cards now begin with the number 2. Find out what this means and get details on how to make sure your business is ready to accept these new 2 series cards.
With EMV chip cards, some customers aren’t prompted for PINs when entering their debit cards, with the machine instead defaulting to signature debit. Why does this matter, and what can you do about it?