Credit Card Processing Blog

Discount pricing is a double-edged sword. When done correctly, it can drive revenue via sales that may have otherwise been lost. On the other hand, the wrong discounting strategy can unnecessarily cut into margin. Improper discounting also carries the risk of doing long-term brand damage. From Pizza Hut to JC Penney, there are lots of large companies who ruined their brand reputations with the wrong discount pricing approach. Since even the best rates from a credit card processor can’t save a business that cuts too deeply into its own margins, we want to share some best practices for discounting. 1. Don’t Compete on Price Although this is easier said than done, focusing on elements other than price can help define how your business approaches discounting. Since a race to the bottom is the last thing you want, thinking about every angle, from branding to new feature launches, will help you avoid the temptation of using discounting as a crutch. 2. Create Limited Time Frames Malls have had a rough couple of years and it appears 2017 is going to be even worse. If you walk through any… Read more

Choosing the right credit card processor is important when it comes to making sure you're not overpaying for every transaction you have with a customer. If anything ever goes wrong, you can count on being able to get in touch with your readily available card processing company to solve the problem. In fact, support is one of the biggest factors when it comes to customer satisfaction. If a company isn’t able to provide fast and effective support, they'll end up with a bad reputation spread by lots of unhappy customers. Since customer satisfaction is something that affects businesses across all industries, we want to take a look at how you can measure the current satisfaction levels of your customers, using that information to improve across the board. The Best Way to Measure Customer Satisfaction The most popular way to measure customer satisfaction is through the Net Promoter Score (NPS). This method is popular because it only requires asking customers a single question, a concrete metric you can then work to improve. NPS works by using survey software, like SurveyMonkey or Wufoo, to ask customers the… Read more

eCommerce has been on a hot streak for the last few years and it's projected to continue growing faster and faster. In addition to the rise of companies like Amazon, platforms for small and medium merchants have become quite powerful, as well. Instead of needing to deal with cumbersome software, aspiring or established merchants can get an eCommerce site set up with relative ease. Because there are now tons of great eCommerce platforms, we want to highlight the top three for 2017. If you're looking to launch an ecommerce site or upgrade your current existing site, try one of these heavy hitters. Keep in mind, while certain platforms may excel in one area, each may have a downside that could negatively affect your business. Know what you're looking for and find the platform that best matches your needs. 1. Shopify Strengths: Of all the platforms on this list, Shopify has really exploded in popularity over the last few years. They specialize in making it as easy as possible for a new merchant to get up and running. Shopify also has a rich… Read more

Visa recently announced they will start implementing a staged wallet fee, just a few years after Mastercard made the same announcement. Since these fees directly affect the interchange cost that small and medium merchants pay, we want to give you the full scoop. Here's everything you need to know about these new wallet fees. Staged Digital Wallet Fees 101 As you may have guessed from the name, this specific type of fee applies to transactions that involve a digital wallet. So whenever a consumer pulls out their phone instead of a credit card to pay, they're using a digital wallet for the transaction. In addition to using this method to pay in person, things like PayPal and Apple Pay make it possible for consumers to use a digital wallet when shopping online. Because of their convenience, the use of digital wallet has continued to grow. Businesses are used to paying the same rate for a digital wallet transaction involving a Visa card as they are for transactions involving physical cards. When Mastercard announced their staged digital wallet fee a few years… Read more

Whether you sell products through a traditional retail store, provide services online or run your business through multiple channels, being able to accept payments from customers is a must. In fact, the ease with which people are able to pay can directly impact your bottom line. Trying to make it as easy as possible for consumers to pay in any environment is why there continues to be a lot of new developments throughout the payment processing space. Since some of these developments and trends may affect how your business accepts payments, we want to look at a few of the most notable payment tech trends you might encounter throughout year. 1. Mobile Wallets While mobile wallets continue to gain popularity across all consumer segments, the fact that around a quarter of millennials never carry more than five dollars in cash at any time is one of the biggest drivers of mobile wallet adoption. Check out more about digital wallets in 2017 here. 2. Machine Learning Machine learning provides a way for computers to use large sets of data to improve how effective… Read more