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Tailored Tips

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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Should You Still Be Accepting Checks?

According to historians, the first check was invented in ancient Rome, around 352 BC. It took a couple thousand years for the concept to really catch on, with checks enjoying their heyday during the 20th century. 

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Will Facial Payment Tech Actually Work?

Rather than entering a password, your smartphone recognizes you from a scan of your face that it took when you first used it. From there, many apps have integrated the facial recognition technology. Now, the idea of facial recognition technology is moving into the payments environment to increase security and convenience for consumers.

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Misconceptions In Credit Card Processing

There are several common misconceptions in credit card processing that sales reps could potentially use to trick you into overpaying for their financial benefit. Below we detail the top four misconceptions that we have heard from our clients over the past few years.

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Understanding Your Rates and Fees

When discussing pricing with your merchant services provider, or when shopping around for better pricing, it's important to understand the differences in the rates and fees that you see listed on your monthly statement. Every credit card transaction has three cost components: interchange, assessments, and processor markup.

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Large Ticket Credit Card Processing

Often times B2B and B2G transactions are for high dollar amounts. With large ticket transactions, you will save more money with a lower percentage rate and a higher per-transaction fee because the per-transaction fee doesn’t flucuate like a percentage rate. Both Visa and MasterCard offer large ticket programs for high dollar transactions.

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Level 3 Payment Processing for B2B Businesses

If your business is selling products or services to other businesses (B2B), or government agencies (B2G), then the ideal solution is having your merchant account set up for Level 2 and Level 3 payment processing.

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How To Safely Accept Credit Card Payments Over The Phone

There may be times when a customer wants to purchase an item or service from you by giving their credit card information over the phone. Allowing for this type of card-not-present transaction provides the buyer with their preferred way to pay, which can definitely be a plus for your business. However, before you accept telephone payments, you should know the risks they come with as well as how to mitigate them.

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Protect Yourself From These 6 Credit Card Fraud Schemes

The global impact of credit card fraud is enormous, with businesses and banks losing over $21 billion annually. That amount is just from debit and credit card abuse.  You also have to factor in malware, data breaches and identity theft — all of which take a huge financial toll on society: 

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