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Credit Card Processing

If you aren't taking payments for credit cards then it is quite likely you are missing out on a lot of custom. According to a 2014 survey, 37 percent said that they make at least half of their purchases on a credit card. In the UK, around two thirds of retail spending is done on card. Whether you are a small brick-and mortar business owner with a cafe or shop to run, or an online company looking to make their mark, credit card processing is a crucial part of any operation. This guide covers the basics of credit card processing. What Is Credit Card Processing? Credit card processing includes any transaction that is made on a card, rather than with cash. There are three main situations in which this can occur: Online card payments In-store (POS) transactions Mail, telephone, or fax Each of these situations has methods available by which you can process a payment made by a customer, such as a terminal or mobile credit card processor. As a merchant, you should choose your service provider and method according to your needs. In any case, there are always four parties involved in any credit card processing transaction: The merchant who is selling the service or product. The acquiring bank; the bank used by the merchant to provide the processing. The issuing bank; the bank who issued your customer's credit card. The customer. The acquiring bank...
Credit Card Processing

Whether you haven’t started collecting credit card payments yet, or you want check around to find better service than you currently have, you’ve come to the right place. There’s a lot to consider when deciding if a processing company is right for you, but thankfully, there are many great companies to choose from, and options if you don’t fit in a traditional business model and you need more specialized service. If you’re debating about credit card processing and wondering if it is worth all the trouble, the following statistics on small business in America might change your mind. According to a study done by Investor’s Business Daily, there are still many small businesses in the US that haven’t began accepting credit or debit. In fact, over half of small businesses only collect cash and/or check, but this detail ends up costing small business owners in America a lot of money. Because most customers primarily use credit or debit with purchases, it translates into big financial loss for businesses. The sobering fact is that nearly $100B of sales are lost to small businesses in the US annually, which translates to an average of $7000 loss to each business. The numbers are in: It pays to accept more forms of payment. Although you will incur costs of setup up as well as credit card processing rates and other fees, you should also see an uptick in...
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