In the days of ever-growing contactless payments, understanding the roles of the main players in the processing industry is ever more important for merchants. In the chain of different entities, the acquiring bank holds a crucial spot.
In this quick guide, we’d like to introduce you to the concept of an acquiring bank and its role in the process and help you tell it apart from issuing banks and processing companies.
Did you know that seven in ten Americans have at least one credit card? Contactless payment has become a crucial part of every small business. There are so many advantages that such payments bring, but there also come a few questions. For instance, how do credit card transaction fees work? Contactless payment seems particularly complex to those who’ve just started their business or who’ve just implemented this form of payment.
Have you opened a small business recently and want to provide your customers with as many payment methods as possible, including the option of paying with plastic? It’s a rational decision given the rise of cashless payments, but you still might be uncertain about how credit card processing works? Even though it might seem complex at first sight, the entire process can be broken into several steps and just a few key participants. Understanding every step is of paramount importance for a business owner.
If you own a small business, you’re probably used to questions about alternative payment methods to cash and the option of virtual shopping. Knowing about available eCommerce payment options will not just help you create a more convenient buying experience for your customers; it may evolve into something of a necessity in the coming years.
Each method and option has its perks, from Paypal to bank loans, and here we’ll try to introduce some of the most common ones.
You have reached the point in which you are satisfied with the results of your work and feel like that your current market may be somewhat saturated. It seems that it’s the right time to start thinking about expanding your business, whether into a new city or state or maybe even a brand new industry. Although it is a move that carries an inherent risk – know that the possible rewards are numerous.
If you’ve just opened a small business and expect to process lots of smaller cashless transactions, you might have heard somewhere that flat rate credit card processing is the way to go. To put it simply, it’s a pricing model wherein your chosen processor typically charges a fixed rate (in the range of 2.75% – 2.9%) for each transaction you process.
What is crucial for every business owner? To know “who” and “what” makes their company grow – that’s a must when aiming for success and being relevant and competitive in today’s market. Thanks to Clover Insights, you can gain a detailed insight into your daily revenue, customer history and busy hours, and a glimpse into your competition. This tool gives you the solutions to track vital information and learn about your work and, above all, it can offer suggestions on how to improve your numbers.
Business operations have their ups and downs. In the down periods, a business owner may decide to shut down their merchant account as a way to cut costs. It means canceling the contract with the merchant service provider that allows it to process credit cards. They’ll then probably face an early termination fee. It is essential to understand this potential expense and the possible ways around it.
It never hurts to know how much you can save.
