Credit Card Processing Blog

  In less than 15 years, Shopify has matured into a publicly traded company with a market cap of over $13 billion. Shopify reports that over half a billion merchants use its platform to sell online, which generates gross merchandise volume of over $45 billion. Given the scale Shopify has reached, there's no question that the ripples of their actions are felt across the entire ecommerce and credit card processing industry. The position of leadership Shopify occupies within the industry is why we want to focus on some recent comments the company made. According to Andre Lyver, who is head of payments at Shopify, the company wants "to kill the checkout forms of today. They have overstayed their welcome." This bold statement actually spawned the hashtag #KillTheCheckout. Why is Shopify So Against the Current Online Checkout Experience? Shopify didn't pick this focus out of the blue. Instead, it's the result of tons of data that shows just how much the online checkout experience someone encounters influences whether or not they ultimately buy. Specifically, there's data that shows under-performing at checkouts… Read more

                              Pricing is a topic every business spends a lot of time thinking about. Whether you view it as an art, science or mix of the two, pricing is one of those things that can leave you scratching your head. Since we get the opportunity to speak with a variety of SMBs, we want to share our thoughts on the best way to approach product pricing in 2018: Create Packages and Utilize Multiple Price Points While there are entire blog posts written about specific topics like charm pricing, we want to focus on an overall strategy you can use for pricing just about any type of product or service. That strategy is creating differentiation by utilizing multiple price points. The best way to understand the power of this strategy is by digging into a real example. Over the last few years, many non-fiction authors have realized they can earn much more than the average price of a book. They do this by building packages around the book… Read more

Not long ago, we wrote about Visa's announcement that they were rolling out B2B blockchain payments. While that was a big step for the credit card company, it appears it's just one of several that they're making in regards to B2B payments. Visa's most recent announcement is they acquired Fraedom. Founded in 1999 and based out of New Zealand, Fraedom offers transaction management services, including expense management and accounts payable solutions. Since its founding, the company has managed more than one billion transactions through its web based platform across more than 170,000 organizations. Fraedom's recent focus has been on creating a mobile first experience. Although Visa didn't disclose exactly how much they paid to acquire Fraedom, it's believed to be around $195 million. Because that is a very substantial amount, we want to dig a little deeper into what Visa is planning to do. Visa's Strategy for B2B Payments Visa’s head of global business solutions recently discussed why the company has been so active with acquisitions and partnerships related to B2B payments. He started by explaining that “I think there… Read more

Amazon and its founder Jeff Bezos generally let the company's numbers speak for themselves. So when Bezos does make a bullish statement, everyone from Wall Street, tech and retail takes notice. At the beginning of February, Amazon announced its Q4 earnings. Not only did the company post record quarterly profit and revenue in the holiday shopping season, but Bezos made a statement that got lots of press attention. He said Alexa’s results far outpaced its internal projections and that Amazon would double down on its investment in the voice arena. Given Amazon's influence on ecommerce and the internet in general, this is a very big deal. It also explains why Google is investing so much in voice technology, along with projects from other big companies like Apple's recent release of the HomePod. Although we're still in the early stages of home voice technology, Amazon's traction and all of the investments being made indicate voice will develop into a key way people interact with the online world. But how will voice impact online shopping? With payment processing already being one of… Read more

The last time we wrote about the blockchain and Bitcoin, the cryptocurrency’s value was much higher than it is now. After shooting up to nearly $20,000, Bitcoin's value slid downward week after week. Although the volatility of cryptocurrency means there's no way to know for sure what's coming next, it does appear that Bitcoin hit its bottom and is beginning to climb back up in value. Why did Bitcoin's value take such a big plunge? Spend just a little time on any relevant online forum and you'll read dozens of theories. What's clear is the value of crypto is very influenced by news cycles, which is why we want to highlight one story that likely hurt its value, along with another that seemed to boost it. Visa and Mastercard May Be Threatened By Bitcoin Visa, Mastercard and many other huge corporations are all embracing the concept of blockchain technology. What they don't seem to be embracing is Bitcoin itself. In a recent move, both card brands reclassified the way credit card purchases from crypto exchanges like Coinbase are processed on their… Read more