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With so many credit card processing companies available to pick from, it can be a daunting task to find the one that is the perfect fit for your business. You want to make sure you find one that will have all the features and services you are looking for. Additionally, you want to make sure you pick a company that is solid and reputable
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Despite the popularity of online shopping, phone and mail order businesses are still thriving. Infomercials, print ads and catalogs are especially beneficial in generating sales through these two popular methods. While customers have gotten more comfortable providing credit card numbers by phone and mail, businesses still face the challenge of ensuring processing of that information is secure and reliable on their end. Phone and mail order processing is referred to as “card not present” transactions. Without the card being present, businesses face an increased risk, which is often reflected in the response they get from credit card processing services. Some will not cover these payments at all, while others charge a higher fee than they would for swiped cards. There are many leading payment processing services who provide these services to businesses at a great rate, while also providing the latest technology to ensure customer data is secure. Fraud Detection and Prevention One major challenge phone and mail order merchants face is fraud. Customers can only provide numbers, with no way for the merchant to verify that the signature on… Read more

Any business that accepts credit cards accepts a certain amount of risks. Chargebacks and fraudulent activity are a natural part of doing business. There are some things businesses can do to minimize those risks, but card issuers accept a small percentage of loss as one of the costs. For some businesses, though, those risks are higher. Labeled as “high risk,” these merchants can often be rejected or face higher fees. While this may put merchants at a disadvantage, it doesn’t take away their ability to negotiate the best rates possible. Fraud prevention technology has opened up processing possibilities for businesses of all types, including high risk. Types of Businesses Businesses that earn the “high risk” classification are those that are primarily known to be prone to a heavy level of chargebacks and fraudulent activity. Those include mail order and phone-based businesses, which are unable to verify the identity of the cardholder due to the nature of the transaction. Among the many business types commonly classified as high risk are: - Airlines - Pornographic merchants - Debt collectors - Weaponry retailers… Read more

Businesses are all too aware of the risk of working in a technology-enabled world, especially with so many data breaches having made recent news. One data breach can damage the reputations of a company and its payment processors, requiring a business to spend years rebuilding trust. In some cases, businesses never recover. According to data from IBM, there were 1.5 million monitored security breaches in the U.S. in 2013, with businesses suffering financially from reputation and brand damage, lost productivity, lost revenue and more. Despite this data, however, a large percentage of businesses are unprepared to respond to a data breach, even though there are many tools available now. Here are a few ways merchants can protect themselves against a data breach. Ensure PCI Compliance Payment Card Industry Data Security Standard (PCI DDS) compliance is a prerequisite for card acceptance from all the major cardholders. Simply trusting that your solutions are compliant isn’t enough, however. To safeguard your business against potential data breaches, regular PC DDS self-assessments are a must. Education is available through the PCI Security Standards Council to… Read more

Consumers have increasingly grown reliant on plastic over cash. But while it may seem most businesses have kept pace with the shift, data from Intuit shows otherwise. Of the nation’s 27 million small businesses, Intuit found that 55 percent do not accept credit card payments. With the majority of transactions each day conducted using credit cards, this slow adoption rate among small businesses is alarming. For many small businesses, the reason to stay away from plastic is a financial one. Each transaction brings with it a fee and those fees can add up over the course of a year. But with so many consumers going cashless, those businesses may actually be losing out on opportunities. Here are the top five reasons any small business should consider accepting credit cards for payments. #1 Remain Competitive The top reason to sign up for credit card payment processing is to be able to compete with surrounding businesses. Unless a merchant is located in an area filled with cash-only business, something extraordinary must be offered to continue to attract customers. A restaurant must have… Read more

Today’s businesses are expected to take a variety of payment methods, including every major credit card available. As the industry considers the next wave of payment options, retailers are challenged to keep up without sacrificing customer service and security. Time-challenged business owners face a variety of challenges as they attempt to manage cash flow on a daily basis. Customer service must always come first and a business’s technology must ensure that happens. Today’s merchants are concerned about several major issues. Security The news has alerted both consumers and merchants that data breaches can happen, even at major retailers. While businesses are concerning themselves with ensuring their own equipment and employees meet the highest security standards, they must also entrust their processing to a provider that adheres to those standards. PCI compliance is essential in any company providing payment services today. Prior to signing a contract, a business should ensure all customer data will be safeguarded as it travels from the retailer to the processing company and associated banks. Chargebacks and Fraud Chargebacks are a serious problem for merchants today, with… Read more