• credit card processing system

    When you first begin to set up your new business, you have so many different options when picking a credit card processing system to ensure that all of your transactions run smoothly. One popular choice for this is a system called Square. Square is known by its signature small white square card reader, which can be attached to a smart phone or a tablet and is provided to its customers free of charge. They also offer chip readers and readers that take Apple Pay at a low fee. This system charges the same fee for processing all different major credit cards, which is 2.75 percent per tap, swipe, or dip, or 3.5 percent plus 15 cents for each keyed-in transaction that is run. They do [...]
  • credit card processing fees

    Whenever a purchase is made with a credit card, it incurs various fees as it goes through the process of being paid. Since there are various different parties involved in the processing of a credit card transaction and the information and funds change hands so many different times, some of the parties involved end up charging one another for their part in the transaction process. The biggest source of credit card processing fees is the interchange fee. An interchange fee is paid to card-issuing banks (which are the banks that the credit card companies or types belong to). The banks of credit card companies (such as Visa or MasterCard) determine how much they want to charge a merchant [...]
  • credit card transaction process

    Whenever a credit card is swiped, inserted, or inputted into a website, it goes through a transaction process in order to complete the purchase being made. This transaction process involves multiple parties and is a multiple-step process. The parties involved in a credit card transaction are the cardholder, the merchant or business, the acquiring bank (also known as the business or merchant’s bank), the payment processor, the credit card network or association member (such as Visa or MasterCard), and the issuing bank (or the cardholder’s bank). The first step in the transaction process is authorization, which is when the merchant gets approval to charge the card from the [...]
  • what is a payment processor

    When starting up your very own business for the first time, there are a lot of factors to consider. One of the biggest is that when customers make a purchase from you using their credit cards, you need to have a system in place to process their payments. That’s where a payment processor comes in. So, what exactly is a payment processor? A payment processor is essentially a third party company that handles your transactions and that are made in your business, so that customers can make payments with their debit or credit cards. The company takes the customer’s card information and passes it on to the customer’s bank as well as your business’ bank, and it ensures that there are [...]
  • Credit card processing with tablet

    Many small local businesses, especially restaurants, are making a shift in the way that they are processing transactions, rather than purchasing a computer system with an old-fashioned cash register and a card reader, they are using tablets such as the iPad at checkout to run customer’s credit cards.   This upgraded way of processing transactions with a tablet is easier and more visually appealing for both parties involved. Menu items are available for selection on a touch screen for the employee to select, the customer hands the employee their credit card, and then the employee can simply turn the tablet around to the customer for them to accept the payment, add a tip if [...]
  • Credit card processing with invoicing

    Monthly subscription services are growing more and more popular every single day, and with all of these services that you can sign up for, it’d be easy to lose track of the automatic processing and extra spending on your credit card each month.   One of the most popular monthly subscriptions is Netflix, a movie and television streaming service that allows users to watch content on their televisions, tablets, smartphones, or computers. There are other streaming services as well, such as Hulu and YouTube Red, and the typical invoice for these streaming services is around ten dollars per month. Invoicing is done every month until a user cancels their [...]
  • Credit card processing with monthly minimum

    When new adults and young college students are looking to establish themselves in “the real world”, they oftentimes do so by beginning to build their credit and opening up credit cards. However, simply having a credit card is not enough to establish yourself, you need to actually use it.   Oftentimes, these new credit card users are nervous to process purchases for fear of going overboard on their spending, and not being able to pay off their cards at the end of the month. That’s why some tend to set monthly minimums for themselves, in an attempt to learn how to budget their lifestyle while still building credit for their futures.   Many students break down their [...]
  • Credit card processing with chip reader

    An up-and coming change that is happening more and more frequently to credit cards is the addition of a chip rather than the traditional strip, meaning that transactions are now being processed with a chip reader.   Rather than swiping when making a purchase, credit card holders are now able to insert their card into the chip reader, which many banks state gives increased benefits to the individual. When using a credit card with the traditional magnetic strip, the data needed to process the transaction stays the same. This means that if somebody steals the information of a traditional credit card, they are able to retain the information and data needed to make as many [...]
  • EMV……Creating a better payment environment

    Preventing the growth of card-present fraudulent activity is one of the main reasons the industry moved towards EMV technology. Chip cards make it difficult for fraud organizations to target cardholders and businesses alike. As a result, more and more chip cards are being introduced by U.S. financial institutions in order to support and switch over to this technology. Just like magnetic-stripe cards, EMV cards are processed for payment in two steps: card reading and transaction verification. However, with EMV cards you no longer have to master a quick, fluid card swipe in the right direction. Chip cards are read in a different way. Instead of going to a register and swiping your card, [...]
  • EMV….Ensuring a safer transaction

    Before today, responsibilities for fraudulent purchases rest on the shoulder of credit card companies. For example, if a MasterCard number is stolen and used to buy $700 worth of clothes, MasterCard — not you and usually not the store would cover that cost. But as it is now, if stores don’t accept EMV payments, it’s up to them but the card company will not cover the cost of counterfeit fraud. If stores accept EMV payments, credit card companies accept the liability for counterfeit fraud. That’s true even if the store accepts EMV payments, but also accepts magnetic stripe payments, and one of those magnetic stripe payments turns out to be fraudulent. The technical wording from Visa [...]