Credit Card Processing Blog

Apple’s much anticipated fall announcement is set for next week, and rumors have put wearable tech at the forefront of what the company will premiere. If valid, the presumed iWatch will be an inaugural leap for Apple as it begins hedging a spot within a growing industry of accessorized technology. Insiders list a payment component as one of the iWatch’s premiere features, catering to the needs of young consumers and their thirst for integrated mobile banking and payment solutions. Most experts do not foresee the increased relevance of wearable payment options as the beginning of the end for mobile payments, but more so that products like the iWatch aim to streamline and expand the process mobile payments have already set in place. This will allow payment-enabled wearables to exist in tandem with mobile solutions. People are making payments on their phones at a growing rate, but there are a few obvious drawbacks such as being distracted from more integral cellphone functionalities e.g. texting or surfing through social apps. What results is a prime opportunity for wearables to bridge the gap… Read more

Cash flow is one of the biggest challenges of any new business, as entrepreneurs struggle to grow a steady client base. During this time, it’s easy for a business to run late on a couple of payments, creating a small dent in the credit rating you’re working so hard to build. But in many cases, growing businesses simply don’t have enough of a credit history yet. It can take years to build a solid credit rating and in the meantime, businesses must have access to the tools they need for daily operations. To get cashflow going, however, most businesses need the ability to accept payment. Since many payment processors run a credit check before issuing an account to a new merchant, the lack of a credit history can be a problem. Here are a few ways your business can still enjoy great rates on your credit card processing while you’re working to improve your credit score. Shop Around When a credit card processor signs a new merchant, the company wants to know that merchant will pay its bills for the… Read more

It can take time for merchants to learn the ins and outs of credit card processing. At first, that monthly statement may be overwhelming, with various fees detailed to give merchants detailed insight. But no matter which processing service you choose, you can expect to pay certain fees that are standard to all payment processing services. By first understanding what the terminology on a bill means, you’ll be able to better monitor your monthly charges to make sound business decisions. Over time, you may be able to use the information to change payment processing services or change the way you accept customer payments. Here are a few of the major credit card processing fees you’ll see on your bill. Start-up Fee When you initiate a contract with a payment processing service, you’ll often be faced with a start-up fee, which may be written up as an “annual fee” depending on the service. In some cases, this fee will be charged on a yearly basis to offset the administrative processing costs associated with your account. Often these fees are between $25… Read more

For the modern consumer, the convenience of on-the-go functionality has transformed into pure necessity. Whether it’s making dinner decisions on the whim or a P2P money transfer to a friend for a concert coming up, the virtual accessibility of products necessitates the same for transactions. But where does tradition fit in? According to a recent survey by Payments Source, 63% of those ranging from ages 18-25 reported making a mobile transaction in the previous month, while 56% of 26-35 year-olds reported the same. This is a painful reality for banks and their position as the accepted route for traditional on-the-go payments. The mobile payment industry and the co-opting consumer brands shifting over to digital are tying the knots at a vigorous rate, pushing out the banks and offering neater mobile solutions for shoppers. One could argue that the unwavering advantage of tradition is the know-how and trust that comes with being the accepted authority for so many years. That being said, the bank’s ability to scale its mobile payment platform could be refuged by a security advantage and the fact… Read more

Most people assume knowledge of the difference between credit cards and debit cards without taking into account the intricacies any merchant should know. When selecting a payment processor, it's crucial that you first know what types of payments your business is looking to accept. With credit card transactions typically being processed at higher rates, it might behoove your business to consider more than one option, especially considering some customers run debit cards through credit, as well. The video below should get you well on your way to understanding the main differences between the two payment types, helping you make the right decision for your revenue flow. Be sure to check back at CreditCardProcessing.net for more video tips and review our list of the top payment processors for your business needs. Read more