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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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Payment Trends That Could Takeoff In 2019

Not so long ago, business owners were grappling with the decision of whether to accept debit and credit cards at their stores. That concern seems virtually archaic now. That’s because technology is moving forward at such a fast pace that businesses have no choice but to adapt and evolve if they want to succeed. Devices such as the mobile phone, as well as other customizable innovations, are turning shopping into an individually tailored experience for shoppers.

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How To Protect Your Business From Gift Card Fraud

Detecting gift card fraud can be tough. Fortunately, there are a number of telltale signs that make catching criminals in the act a little easier. Note that some of these steps may result in higher costs for you the merchant. That means you’ll need to decide whether fighting gift card fraud is worth the effort. But in most cases, the pros far outweigh the cons.

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The Benefits of Accepting Online Payments for Property Management Companies

An online payment portal works very similar to a traditional e-commerce shopping cart — payees complete their monthly payment from the comfort of their PC browser or mobile phone via the customer payment portal. The primary advantages behind this approach are less cost and more convenience.

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Understanding Interchange Rates & Fees

In short, interchange rates and fees are fees the issuing banks (a.k.a. the cardholder’s bank i.e. Chase, BOA, Barclay, etc.) charge merchants for the convenience of seemingly instant deposits. This "convenience fee" is designed to pay for the billing services, risk, and float costs the issuing banks incur while transferring money from the cardholders to the merchants. In other words, it’s the underlying cost you as the merchant have to pay for the “convenience” of accepting credit cards.

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