Credit Card Processing Blog

Payment processing is a very important topic for businesses of all sizes. Not only do you want to work with a reliable processing company, but you also want to ensure you’re paying a fair rate for this service. Because processing rates impact every credit and debit card sale that your business makes, even seemingly small differences between rates can have a direct impact on your bottom line. While there are some great payment processing partners, there are also some that are only interested in getting as much money as possible out of their customers by misleading them to obscure the true nature of their rates and services. A great starting point for fully understanding payment processing rates and what’s considered fair is to look at interchange fees. This fee is established by card brands and refers to the money that’s transferred from the acquiring bank to the issuing bank for each bankcard transaction. Where things get a little tricky is these fees can differ based on the specific category of a transaction. Interchange qualification (which is the term used for categorizing transactions)… Read more

Are you starting a new business or have an existing business, but are unhappy with your current payment processor? If so, you’re in need of a new processing partner. Although this isn’t a decision you want to rush, the fact that processing is critical to operations means you don’t want to wait long to find the right fit. Since being in this situation can feel very stressful, we want to help make the process easier to manage by sharing five things to research as you’re evaluating different payment processors. 1. Penalties and Fees There is a lot of competition across the credit card processing industry. This results in processors employing a wide variety of marketing tactics. Some of those tactics can involve spinning or even obscuring certain fees. You’ll want your research efforts to include digging into all applicable fees, as well as any penalties that a processor may impose. 2. Track Record Since payment processing deals with a lot of sensitive data, it’s vital for a processing company to really know what they’re doing. The last thing you want is a… Read more

If you run a B2B company, you'll probably encounter invoice financing. Also referred to as accounts receivable financing, this practice is a way for a business to create cash flow against unpaid invoices. Although this practice may seem very appealing if you’re waiting a long time for invoices to get paid, it’s important to understand the full cost of invoice financing before utilizing it. The Basics of Invoice Financing Lenders who do invoice financing will take an outstanding invoice from a B2B company and front the money for it. Some lenders will provide the full amount of an invoice, while others will only do a portion. The lender will charge a fee for this loan, as well as use the invoice as a type of collateral. Having the invoice as collateral is why many lenders view invoice financing as less risky than traditional loans. Lenders are picky about which invoices they choose to finance. Some allow companies to finance select invoices, while others require that all invoices be sent for financing. Digging deeper into this practice, you’ll find two categories… Read more

Since credit card processing is an important part of any business that sells a product or service, we spend a lot of time creating resources to find the best credit card processing company. In addition to processing credit card payments from customers, most businesses use at least one of their own credit cards for their daily operations. While there are plenty of stories of startups using their founders' personal credit cards to keep their operations alive as they struggled to hit their stride, the way established businesses use their cards may seem much more mundane. However, business credit card usage does present an opportunity beyond simple transactions. With all the rewards business credit cards out there, it makes sense to try and get the most benefits possible out of something you’re already using. So, with that in mind, we want to share with you which business credit cards we think are currently the best in 2017 across several different categories. Rewards Although there are plenty of business credit cards that include rewards, many require you to jump through all kinds of… Read more

Last year, there were a few major data breaches, including one at CiCi's, Wendy's, and even Home Depot in 2014. While this should have motivated other large retailers to make data security a top priority, that hasn't exactly happened. Just recently, three more large credit card breaches have hit a very large fast casual dining chain, popular fast food restaurant and a men’s retailer. Chipotle’s Potential Credit Card Breach In a post on their website, Chipotle explained that it recently discovered unauthorized activity on its payment processing network. Customers who used a credit or debit card to pay for their order between March 24 and April 18, 2017 have had their information compromised. The fast casual chain, which has struggled with declining sales due to multiple food safety issues, stated that the “investigation is continuing, complete findings are not available and it is too early to provide further details on the investigation.” They also explained that “consumers should closely monitor their payment card statements. If anyone sees an unauthorized charge, they should immediately notify the bank that issued the card.… Read more