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Top 5 Payment Processing Tips For Small Businesses

Non-cash payment transactions have revolutionized the small business landscape. Customers are now accustomed to the speed, convenience, and security that buying goods and services with a credit or debit card brings. That said, customers are not the only ones who benefit from non-cash transactions.

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My Credit Card Processor Raised My Rates – Now What?

Your monthly credit card processing statement arrives in the mail, and your merchant services provider has raised your rates. What can you do? In this article, we cover the different types of price increases, including which ones are avoidable, and how you can stop them.

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How To Better Understand Your Credit Card Processing Statement

As a business owner, you likely know the importance of reviewing your credit card processing statement each month. However, taking the time to review your statements will not do much good without the proper understanding of what you're looking at.

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Cash Discount Program Explained

Businesses are always seeking different solutions that will help them reduce their credit card processing fees. One of these solutions is adopting a cash discount program that incentivizes customers to pay by cash or check - offsetting payment processing costs for business owners

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Payment Trends To Watch In 2020

2019 is nearly over, which means it’s time to get ready for all the opportunities and challenges that businesses will face in 2020. Payments are an integral aspect of business, so it’s important to stay on top of the trends that emerge each year. Here are some of the forecasted payment trends for 2020 and how they may impact your business in the new year.

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2019 Holiday Shopping Trends

With holiday items already on display in many retail stores nationwide, it’s time to dive deeper into what this holiday season may bring in terms of consumer shopping trends to be better prepared and reap the rewards.

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Substantially Reduce Card Processing Fees with Interchange Optimization

Interchange optimization is making sure that the interchange fees that your business is paying as part of your overall credit card processing fees, is optimal for your type of business, and that you're avoiding downgrades and surcharges. The problem that many businesses incur with ensuring optimal interchange is that it can be confusing without the assistance from your merchant services provider, and unfortunately, most merchant services providers have no incentive to assist you.

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Utility Merchant Account Provides Huge Savings

Visa, MasterCard, and Discover offer substantially reduced credit card processing rates to businesses that provide waste management and public utility services. These special low rates are called the utility interchange rates, and they can help to reduce your monthly card processing fees by up to 70%. In order to receive the utility interchange rates your business must be approved for a Utilities merchant account.

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What Is A Merchant ID?

The payment processing ecosystem is complex. The instantaneous credit card transactions are built on an impressive number of mechanisms controlling them. Not only do these mechanisms need to be efficient, but they also need to be secure. Part of that boils down to the accuracy in which transactions, payments and refunds are routed between merchants, customers, issuing banks, and acquiring banks — and a crucial part of that system is built on the specificity of Merchant IDs.

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Credit Card Pre-Authorization Explained

A pre-authorization is a temporary hold on funds in a customer’s account that lasts 3-5 days. Unlike an actual transaction, you aren’t moving any funds yet, it simply puts an official hold on those funds until the post-authorization comes through.

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