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Credit Card Processing — ECommerce
Isis Project Seeks Cohesion in Mobile Payments Industry
Isis, a joint venture announced in November 2010 between telecommunication powerhouses Verizon, AT&T, and T-Mobile, was created to build a mobile payments network for secure, point-of-sale, purchases through mobile devices. Visa, the largest U.S. payment network generating local revenue of $5.135 billion in 2011, along with processing giants MasterCard, American Express, and Discover, are joining Isis; lending their already established payment networks to further the mobile payment movement. The benefit to these processors is a higher propensity for their individual networks being used, and thereby allowing them more revenue through transaction fees. Mobile payments have been the next logical step in the evolution of payment processing, and the result of this venture creates a tremendous benefit for telecommunications because the success of Isis will lead to an increase in economic pressure to not only purchase more mobile devices, but to use them more frequently.
Ticketing Credit Card Processing Dongle
An increasing number of companies are joining the credit card processing industry, with small credit card readers that work with smartphones and iPad’s. There are several of these instant and mobile readers on the market, including the Square, PayPal Here, and now, the “At the Door” reader offered from ticketing company, Eventbrite. The At the Door reader is $10 to obtain, but Eventbrite reimburses the $10 the first time you use the card reader to process a credit card. If you need more than one readers, additional At the Door units cost extra. All At the Door card readers can be ordered from Eventbrite. Processing Fees Waived To help introduce their new card reader to the market, Eventbrite has waived the fees they normally charge to process credit cards. For now, the 2.5 percent of the ticket price processing fee and the 99 cent fee per card are waived, and … Continue reading
Use Constant Contact? Consider BluePay for Credit Card Processing
For three years in a row, Chicago merchant account provider, BluePay, has been recognized as an All Star by Constant Contact, for excellence in marketing. All Star companies are ranked according to the frequency of use in Constant Contact campaigns and events; survey completion rates, social feature use and click-through rates among other criteria. To be named a Constant Contact All Star, the company must rank among the top 10% of Constant Contact’s customer base. Constant Contact provides email, event, and social media marketing services to small business owners, in an effort to help businesses create and maintain good relationships with their customer database. BluePay offers credit card processing services including credit card payments, ACH payments, mobile credit card processing, and accounting integration for small business owners.
New Credit Card Processing Option from PayPal: PayPal Here
Many online business owners rely on PayPal for credit card processing, but it’s not as convenient for a business that also has a storefront location or one that meets with customers in person. In order to become more convenient for cab drivers and small merchants looking to accept credit cards through PayPal, the company has created a card-swiping device called “PayPal Here,” that works with smartphones, to accept payments from American Express, MasterCard, Visa and Discover cards. The reader is a great option for individuals who sell direct sales products at in-home parties, or craft fair vendors and similar sales professionals. Many small business owners who already use PayPal to process payments from customers will find the new PayPal Here card reader extremely convenient, as it won’t require another merchant account or bank account. They can simply plug the thumb-sized reader into their smartphones, and accept credit cards and have … Continue reading
SnapTags: The New Player in Mobile Payment Processing
As QR Codes slowly gain traction in North America, their reach is being threatened by a new sleek and sexy form of image codes known as SnapTags. These new displays allow for companies to create scannable images with their logos prominently featured that facilitate communication between advertisers and consumers, and as of last month, even trigger payment mechanisms. QR Code technology, which was created by a subsidiary of Toyota in 1994, had a long road to application from factories and into the toolbox of marketers. Enthusiasts will cite the fervent use of QR Codes in Japan as a testament to their undeniable future application worldwide, but the fact of the matter is QR Code excitement has become relatively stagnant in America over the last couple years. Unfortunately for these black and white squares, they have an Achilles ’ heel — only 1/3 of Americans have smartphones capable of installing QR … Continue reading
Online Credit Card Usage on the Rise
According to Javelin Strategy & Research’s Nov. 2011 report entitled “Online Retail Payments Forecast,” ecommerce credit card usage is on the rise, up 16 percent in 2011 to $309 billion and projected to rise to $444 billion by 2016. Many consumers are taking advantage of various rewards programs that credit card issuers are using to incentivize charging in the wake of the Durbin amendment to the Frank-Dodd act that capped debt card transactions at 21 cents, costing the banking industry billions. “After several years of declining use, credit cards are poised for resurgence,” Director of Payments Research at Javelin Beth Robertson said. “Despite the nation’s very rocky economic recovery, consumers appear to have halted their belt-tightening and bank incentives to use credit cards rather than debit are gaining appeal.”
Dwolla to End Credit Card Processing Services? Maybe Not!
Credit card processing companies and third party providers, like PayPal, all allow consumers to pay for their purchases with credit cards. Merchants pay somewhat hefty fees for the ability to accept credit card payments, but it’s generally seen as a required business expense. People just don’t carry much cash around anymore, and any merchant who does not accept credit cards as payment will miss out on potential sales. But consumers and merchant’s alike are looking for ways to save money – and a new mobile payment service created by a 28 year old from Iowa may be the answer. What is Dwolla? Dwolla looks like another PayPal or Square at first glance, in that it allows consumers to send money to other people or make payments to businesses, but Dwolla doesn’t accept credit cards as the payment method. Instead, Dwolla users connect their Dwolla account with their bank account, and … Continue reading
Merchants to File New 1099-K to Help Close the “Tax Gap”
The days of unchecked internet transactions have entered their gloaming as the IRS introduces a new tax form, the 1099-K, as a way to track debit, credit and even gift card transactions. Merchants that conduct transactions exceeding $20,000 or 200 transactions a year will be required to fill out the form for 2011 come April 2012. The move is perceived by many as a means to end untaxed and “underground” transactions, as its passing was largely concealed in The Housing Assistance Tax Act of 2008 which was labeled as “a bill to provide needed housing reform and for other purposes.” Unfortunately for the unsuspecting public, the new requirements on merchant reporting slipped through without much attention. Merchants will be receiving the 1099-K from their transaction processing companies in early 2012.
Merchants Prepare to Pay More to Accept Debit Cards from Customers
If you accept debit cards as payment from your customers, you typically pay about 8 cents to the card networks of Visa and MasterCard for each $2 item your customer buys. As of October 1st, Visa Inc. and MasterCard Inc. are intending to increase that from 8 cents to 23 cents, according to Thomas McCrohan, an analyst from Janney Capital Markets. Merchants will struggle to accept debit cards on low-ticket purchases, and there will likely be a shift back to retailers encouraging credit and cash over debit cards. New regulations limit debit card fees to about 24 cents per transaction – but did not take into consideration a minimum price of purchase to charge that maximum fee. McCrohan also predicts merchants will revolt against the major card networks after a transaction fee hike that large. Neither Visa or MasterCard have publicized their specific rates and changes, but MasterCard mentioned in … Continue reading
Credit Card Processing Horrors: Chargeback Lifecycle
Dated: July 13, 2011
Despite all of the advantages and benefits to business owners that come from using a credit card processing company to accept cards as payment from customers, accepting them is not without potential risk. Customers buy more and more frequently when they can use a card to make their payment, so accepting cards will increase your sales – but keep in mind more credit sales can result in chargebacks. What Are Credit Card Chargebacks? A credit card chargeback is when a customer refuse to pay for items purchased using their card. They may initiate a chargeback if they don’t receive products they order, or because someone else made the purchase using their credit card, or because they received damaged items or items that were not as they were described. The bottom line is that a chargeback is a process designed to protect card holders, but in the process can cost businesses … Continue reading
