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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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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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