If you own a business, you should know how credit card processing works. Understanding how credit card processing works can help you save money because each stage incurs different fees. How Credit Card Processing Works Credit card processing can be broken down into three stages: Authorization Capture Settlement Authorization The first step is getting the… Read More »
Do you operate an online business? If so, you will need a payment gateway. In this post, I will explain what a payment gateway is and how it applies to your payment processing. What is a Payment Gateway? Definition: a payment gateway is a software service that transmits sales information between your website and merchant… Read More »
In my previous post, I covered the five basic credit card processing fees. In this post, I will cover the remaining, less common costs. These may occur occasionally or not at all. However, as a business (and merchant account) owner you should still know the different credit card processing fees and how they impact your… Read More »
When I began working in the merchant services industry, I was completely overwhelmed by all the different credit card processing fees. It appears many business owners feel the same way too. They simply look at their total credit card charge every month and move on. Although credit card processing fees are inevitable, many of them… Read More »
If you have been reading my blog thus far, you should have a basic understanding of what a merchant account is and where to get one. In this post, I will explain why there is a merchant account application and what you can expect during the review process. The Merchant Account Application – It All… Read More »
If you are looking to accept credit cards at your business, you will likely come across a merchant aggregator or payment aggregator. Or simply, aggregator. In this post, I will explain what an aggregator is and how it differs from a traditional merchant account. What is a Merchant Aggregator? Merchant aggregators are organizations that provide… Read More »
In my last post, I introduced the three types of merchant account providers. Today, I will talk more about the differences between an acquiring bank and an Independent Sales Organization (ISO). This post is a little more advanced, so I suggest you read my previous post first if you are new to credit card processing. Click… Read More »
After reading my previous post and realizing all the benefits of accepting credit cards (learn more here), you are now ready to start swiping! The next step is to set up a merchant account for your business. What is a Merchant Account? A merchant account is a special bank account that allows your business to accept debit,… Read More »
In my previous post, I shared some stats on the growth of credit card usage (read here). If you are not set up to accept credit cards soon, you are going to miss out on A LOT of sales. Below are six benefits of accepting credit cards. Increase Sales Studies prove that accepting credit… Read More »
If your business is cash only, it’s time to reconsider. Cash-only businesses are not as common as they used to be. Especially with the advances in payment technology, you are restricting your potential by limiting your payment options. How Much Cash Do People Carry? Did you know that only 49% of people carry $20 or… Read More »