Chip readers are just another trendy add-on designed to make us upgrade our equipment and payment methods, right? Wrong. When you’re a merchant it may seem like you’re constantly having to adapt to new technology -- for better or worse. However, when it comes to chip readers, they’re actually a highly beneficial tool for your business. Chip cards in general are designed to actually make financial transactions safer and more secure, therefore saving you time and money in the long-run. Here are a few things that you should know about chip readers, but might have been afraid to ask. What’s the difference between EMV and NFC? The world of credit card processing is full of acronyms, which can get really confusing -- especially if you’re a new merchant trying to learn the lay of the land. This question is a good place to start. EMV stands for Europay, MasterCard, and Visa. It’s the abbreviation used when discussing chip-enabled credit and debit cards. NFC stands for Near Field Communication, which refers to the technology that enables contactless payments, like using mobile… Read more

As a merchant, protecting your customer’s financial data should be a primary concern. If you become slack in this area, you risk compromising your customers' safety and your reputation as a business. With mobile payments and credit cards becoming increasingly popular ways to pay for goods and services, criminals have come up with new and clever ways to commit fraud. When it comes to handling your customers' financial data, you can never be too safe. To protect your business and your customers' well-being, here are a few things you can do to maximize financial security and reduce the likelihood of fraud. Carefully choose your employees. Ensuring your customers' financial data remains secure starts by making sure you have the right people on your team. While you might be tempted to hire anyone who seems qualified, it’s important that you dutifully screen potential employees before you hire them. Do a background check to make sure candidates don’t have a criminal history of fraud or other financial crimes. You want to be sure that your employees are trustworthy, so make sure you actually… Read more

Near Field Communication (NFC) otherwise known as “tap and pay,” is becoming an increasingly popular payment method -- and for good reason. NFC allows customers to simply tap or wave their card over your terminal to make a payment. It’s also the technology behind mobile wallets, which allow users to make purchases directly from their smartphones. Here are a few reasons why you should be excited about tap and pay. It’s ultra convenient. No signatures. No pins. No messy receipts to deal with. If a customer is making a payment using their phone, they don’t even need to have their physical wallet because they can use their mobile one. What’s easier than paying with a tap of your smartphone screen? It’s simple and incredibly easy to use. Faster, easier transactions. Unlike traditional payments that require a customer to swipe their card and enter a PIN number, with NFC, a customer can simply tap their card and pay, allowing you to service them quickly and reach the next customer faster. It doesn’t get much more convenient than this. Allows customers to… Read more

As a business owner, you may have heard the term Merchant Cash Advances (MCA) thrown around and wondered whether you should take advantage of them. For starters, Merchant Cash Advances allow merchants to get an advance on their future revenues. Essentially, you’re selling a portion of your future sales in order to get an advance on capital. These kinds of cash advances work differently from traditional bank loans. In order to qualify for one, a merchant has to accept credit card payments and/or have other income streams that regularly fund the business. After applying, the credit card processing company will then determine risks based on a merchant’s credit card revenue. If it looks like a merchant will easily be able to pay back the advance in a reasonable time, they get approved for the MCA. The advance amount will then be deposited into their bank account. Merchant cash advances are designed for merchants that may not be able to easily get a traditional business loan. However, with convenience comes a cost. The interest rates on Merchant Cash Advances are typically… Read more

Running a cash-only business simply isn’t realistic. If you’re going to grow your business, you need to be prepared to accept credit and debit cards. (According to a recent study by Intuit, 83% of small businesses that began accepting credit cards saw an increase in sales.) This means choosing a credit card processor. First thing first: no matter which payment processing company you choose, there’s going to be fees attached -- that’s unavoidable. It’s also not an easy task choosing the right credit card processing company. There’s a lot of information to sift through before you can make an educated decision. With that said, there are some essential features you need regardless of which provider you choose. Here’s a couple of things that you should look for in a credit card processing company. Accepts all major credit cards. There’s nothing worse than having to turn a customer away because you don’t accept their payment of choice. Instead, look for a credit card processing company that accepts all major credit and debit cards. Depending on what kind of business you run… Read more