Credit Card Processing Blog

In the months leading up to the required start date for GDPR (General Data Protection Regulation) compliance, there was a lot of talk about all the different steps that businesses had to take. Most consumers also received a flurry of emails from tech companies letting them know that they were following all the measures required for compliance.

While all of this activity made it seem like GDPR was something that businesses of all sizes were embracing, new data related to this topic paints a different picture. Based on an analysis of where things are at three months after the start of GDPR, it appears that the majority aren’t in full compliance with all of the mandates.

More Details About the Lack of GDPR Compliance

According to a global study, only 1 out of every 5 businesses is fully complying with what’s required by GDPR. Although it’s easy to assume that this number only gets skewed by businesses outside of the EU, that doesn’t appear to be the case. Even when the analysis is limited to EU companies, the compliance rate still just clocks in at 27%.

Given this very low adoption rate, it’s worth looking at the root causes. One major issue is the sheer scope of GDPR. Because it requires so much of businesses, it sets too high a barrier for many. This is reflected in a very interesting data point, which is that 90% of businesses are planning to hire at least one staff member over the next year for a role focused solely on compliance.

Expanding on the burden that all of these regulations create, the cost to actually become compliant can be huge. Around 25% of businesses have spent at least half a million dollars to make this happen.

The other issue that can make compliance especially challenging is for any business that has to deal with a supply chain. This is due to the fact that not only does data need to be managed internally, but controls have to be put in place to help protect it as it flows out of the business.

What Should Businesses Do?

All of this news may come as a surprise and appear to paint a bleak picture. Fortunately, that’s not necessarily true. There are two important things to keep in mind. The first is if you look back at the EMV mandate, it followed a similar pattern.

Even after lots of upfront discussion, actual adoption took a good amount of time. And the second thing to keep in mind is this is actually reassuring for smaller businesses that simply aren’t able to be in full compliance at this time. Any business taking steps towards GDPR without fully reaching what’s required is far from being alone.

One element that can help with tasks related to GDPR is having a strong processing partner. So if you’ve been considering a switch, be sure to look at our list of recommended credit card processing companies.

With the modern political climate, there is a lot of media noise that doesn’t necessarily make sense for business owners to pay attention to. However, there are certain decisions by the administration that can have a direct impact. A recent example of this is multiple announcements surrounding tariffs.

To help cut through all the speculation and focus on what direct impact these tariffs may have on SMBs, we want to share a quick primer on this topic, followed by an analysis of its impact:

Understanding the New Tariffs

A tariff is a tax on a specific class or exports or imports. There are multiple types of tariffs, including a fixed dollar amount on a specific item and a proportional tariff based on value.

The tariffs making lots of news were first announced at the end of May. The initial announcement was focused on aluminum and steel exports, specifically coming from Mexico, the EU, and Canada. Then in the middle of July, a new set of tariffs were announced that target a wide range of Chinese goods.

The list of Chinese tariffs was so large that the country responded by placing tariffs on over $30 billion worth of American goods, including electric vehicles and soybeans. Based on these rapid developments, it’s possible that additional tariffs may be announced over the coming months.

The Potential Impact

Now that we’ve covered what the tariffs are all about, it’s time to determine if they could impact your business. Even though these tariffs aren’t aimed at small businesses, most experts agree that a ripple effect is likely to affect SMBs.

For example, let’s say that your business regularly buys supplies made from aluminum or steel. As the price of those metals goes up, the cost of your supplies may rise as well. Depending on the quantities you’re purchasing, it’s possible for these increases to cut into your profit margin.

Because there’s not much you can do to control these increases, the best course of action you can follow is to keep a close eye on your margins. In the event they start to get squeezed, you may need to make a change like raising prices or finding other options for reducing costs.

At the end of the day, there are certain elements that can impact your business but aren’t within your control. Although that can be frustrating, the silver lining is that there are plenty of elements that you can control. Credit card processing is a great example.

If you have any reason to believe that you may be paying too much for processing credit card transactions, there’s a simple way to find out. Simply go to our list of the industry leading credit card processing companies and see how your current provider compares. In the event you are paying too much, you can easily make the switch to one of those companies.

If you’re looking for a way to increase how much traffic your e-commerce website receives, content marketing is an excellent option. While this approach does require an upfront investment of resources, once the ball gets rolling, you will see ongoing results.

Because the Internet changes so rapidly, not every marketing technique remains useful. So to ensure that you’re on the right path throughout the rest of 2018 and into 2019, we’ve put together the five best tips for finding success with e-commerce content marketing:

  1. Create a Hub

Whether it’s a blog or other location on your website, it’s important to have a central hub for all your content. One reason this type of hub is essential is it will allow you to optimize the types of elements we’re going to discuss in subsequent tips. Another benefit is having all of your content together will maximize the SEO benefits that it reaps from Google.

  1. Utilize Email

Publishing great content is the key to getting people to your website. But because there’s so much happening online, attracting attention isn’t enough to ensure conversions. In order to really move the needle, you need to develop a relationship with these visitors. One of the best ways to do that is through email.

Start by adding opt-in forms throughout the content you publish. The more custom and relevant you can make those forms, the better. Then you can use email to continue providing value. Although you don’t want to send constant offers, you can mix that in with what you send out.

  1. Get Customers Involved

Creating content isn’t something you have to do alone. In fact, it will always be better when you get real customers involved. Whether you ask their opinion through a poll or share their images, this type of collaboration is a proven way to elevate content to the next level.

  1. Use Data

Tools like Google Analytics provide tons of insights into what people are liking, so be sure to use this information to your advantage. You can get inspired for future content ideas and even find specific pieces you’ve already published that may benefit from some revisions.

  1. Focus on Quality

A few years ago, pumping out tons of blog posts was a reliable way to get both search engine and social media traffic. However, times have changed, and these platforms no longer respond to that approach. What will get traction is content with true engagement. So instead of worrying about publishing something new on a set schedule, focus on making each piece you create the absolute best it can be.

By putting these tips into action, it won’t take long to start seeing significant increases in the amount of traffic your website receives. If you want to be sure that new visitors are always able to buy even when your site gets very busy, having a great processing company on your side will help a lot.

If you sell products or services through your website, some people are going to have questions that they want to be answered before buying. While descriptions and FAQs can go a long way towards answering many of those questions, it’s not always possible to anticipate every single question someone might have before they ever ask it.

The good news is there’s a very effective tool for connecting with these types of people and converting them into customers. That tool is live chat. By adding this piece of software to your website, visitors can begin chatting with you or a member of your team in just a matter of seconds. To get a better understanding of what makes live chat so great, we’re going to look at a few of its key benefits, as well as cover several of the most popular tools:

5 Reasons to Add Live Chat to Your Website

The first reasons to use this tool is multiple studies have shown that it directly boosts sales and conversions. The average B2B company sees a 20% lift in conversions by using live chat, while 35% of general consumers have stated that being able to chat persuaded them to buy.

The next benefit is live chat can actually reduce your support costs. Although it may initially seem like it will increase them, the reason that’s not true is a single member of your team can easily manage 4-6 chats at the same time. This is far more effective than phone support. An added benefit is it cuts wait times for customers.

Another reason to start using live chat now is you’ll have a competitive advantage. Despite its effectiveness, live chat is still not a widespread standard. This advantage ties into the next benefit, which is building trust. Being able to chat will give your site an actual personality.

The last reason we want to highlight is increasing order size. Because chat provides an easy way to offer relevant recommendations, it’s not uncommon to see an average order value increase of 15% after implementation.

The 3 Best Live Chat Tools

Now that we’ve covered what makes live chat such a useful tool, let’s dive into a few of the different offerings that are available. The 3 options that routinely make the top of lists are LiveChat, LiveAgent and Zendesk chat.

Each of these tools offers canned responses, geo-targeting, offline forms, proactive chat and lots of third-party integrations. Because each of the three takes a slightly different approach to pricing, it’s worth looking over each to see which one is the best fit for your specific situation.

While live chat is great, it’s just one of many ways to optimize your website. If you’re interested in expanding the payment functionality of your site as well, choosing to partner with a top payment processor can provide access to exactly what you need.

The EMV liability shift is still the biggest change that has occurred within the payments industry over the last few years. While the entire process ended up taking longer than most people predicted, the outcome seems to be a success. Switching to chip and PIN readers across the US has resulted in a significant decrease in physical credit card fraud.

Although that’s very good news for both consumers and retailers, it doesn’t mean this problem is completely solved. Since EMV has made it much harder for scammers to use stolen credit card numbers in person, many of these criminals have migrated online. Given the number of high-profile data breaches that continue to occur, the pool of stolen card numbers has grown incredibly large.

Because digital fraud is currently a huge problem with no clear-cut solution, card providers and other technology companies are working very hard to come up with ways to combat it. If you’re wondering what solutions are currently available and which are the most promising, keep reading to get a look at the top three options:

  1. OCR

Even though this technology has been around for some time, what makes it an interesting option for verifying transactions is it’s become much faster and more accurate. It’s now possible to request documents for upload without creating too much user friction. OCR makes a lot of sense for verifying larger transactions.

  1. Blockchain

Despite the peaks and valleys of cryptocurrency, steady innovations within blockchain continue to show its real potential. As this technology continues to mature, it will become an even more seamless option for verifying all types of digital transactions.

  1. AI

Instead of thinking of AI as a type of robot, what it really is in the context of transaction verification is a type of binding mechanism. The powerful processing abilities of AI means it can look at different options and create a type of cohesion that verifies with as much trust as possible.

What These Options May Mean for Your Business

While there are some very interesting identity verification options on the above list, they are all quite technical in nature. That means it’s unlikely for a merchant to implement any of them on their own. Fortunately, that’s not necessary to reap the benefits they can provide.

If you want to ensure that all of your payment channels are protected by the latest security standards, having the right processor on your side will make it easy. By working with a trusted processing company, you can ensure that your security and verification options don’t ever fall behind.

To learn more about which processors are leading the way, take a look at our list of the highest-rated credit card processing companies.