Since it’s launch in 2014, Apple Pay has been gaining traction as a payment method for consumers. More businesses are switching to contactless terminals, meaning there will be even more locations that can accept Apple Pay in the future. What is Apple Pay? Apple Card Apple Pay Online How does it work? Apple Pay on […]
By now, most people have heard of Apple Pay, a contactless option to pay using a credit or debit card through your iPhone or Apple Watch. But how does a business accept Apple Pay?
Digital wallets are becoming a more popular way for to pay for goods and services. With choices like Apple Pay, Google Wallet, the upcoming Samsung Pay, and even PayPal, there are plenty of options for customers no matter what kind of smartphone or electronic device they use.
Digital wallets (like Apple Pay) are a way to pay for goods and services using your compatible smartphone or smartwatch instead of pulling out a physical credit card.
For most businesses, the compliance date was October 1st, 2015. (Pay at the pump gas stations had until 2020 to comply due to the cost and complexity of the upgrades.) What is EMV? Traditional Credit Cards vs. EMV Cards Fraud Reduction with EMV EMV Liability Shift Becoming EMV Compliant EMV Non-Compliance Fees EMV in Card-Not-Present […]
By now, EMV chip cards are commonplace in the United States. The major credit card companies announced requirements for processors and businesses to accept these chip cards because they had been shown to reduce fraud in card-present environments.
Several months ago American Express introduced OptBlue, which is a new pricing structure that will replace the company’s current One Point pricing for most businesses. OptBlue’s pricing functions similarly to that of Visa and MasterCard’s interchange in that processors pay “wholesale” rates to American Express and apply their markup through a cost-plus or tiered pricing model.
American Express’s OptBlue program provides the possibility of lower Amex fees for businesses that know what to look for.
Interchange plus pricing does not guarantee competitive credit card processing fees. It’s just as easy for a processor to overcharge a business using interchange plus pricing as it is with other pricing models, such as tiered.
As more information becomes available about credit card processing and more people with superficial knowledge write about the topic, interchange plus is often touted as the be-all end-all to opaque billing and high credit card processing charges. This is a dangerously expensive misconception.
Allowing your current credit card processor to match a more competitive offer may sound like a good idea, but it’s a losing proposition that will cost time and money.
I get it. It’s easier to have your current credit card processor match lower pricing than it is to go through the application and set up an account with a new processor. But, like it or not, there’s no way to win the credit card processing match game, which is why no one ever does.
You’re setting yourself up for an expensive failure by shopping for the “best credit card processing rates.”
Credit card processing rates are a decoy that distracts from the variables that really impact cost. The biggest mistake you can make when shopping credit card processing services is to ask a bunch of processors the fateful question, “What’s your rate?”
Despite repeated requests to correct its content, the SBA has chosen to mislead small businesses. On September 10, 2013 the SBA posted an article titled The Best Credit Card Processing For Small Business Owners, written by guest blogger and affiliate marketer Marco Carbajo. In the article, Carbajo makes numerous false statements in an attempt to […]
A dangerously erroneous article posted by the Small Business Administration is misleading small businesses, and the SBA has carelessly ignored repeated calls to have the article removed or corrected.
Use the secrets that credit card processors don't want you to know to drastically lower your credit card processing fees.
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