Any business taking customer payments must focus on merchant category codes because your MCC can impact the interchange rate and the cost of card processing. MCC also impact taxes and the way the Internal Revenue Service (IRS) categorizes your business. The merchant category code is simply a 4-character number that credit card firms use to organize businesses into segments. The...
For a long time, payment systems did not cater enough for the small business owner’s needs. Accepting payments was a painful and costly ordeal as banks were not ready to accept most startups, even limiting the payment avenues accessible by such business. However, the dawn of new players and solutions that focus on working closely with small and medium merchants...
It’s dangerous to pay a deaf ear to fraud and new safety techniques if you run a business prone to payment fraud. Merchants want as much protection as possible— and adding an extra layer of protection can further reinforce your multilayer strategy. Velocity checks, for instance, are an important way to deal with fraudulent purchase attempts in your eCommerce website....
COVID-19-related shutdowns forced people to stay indoors and start meeting online more often than previously. Online daters began using video chat services Zoom and FaceTime for organizing virtual dates. The majority of online dating apps created new features such as “digital date.” Online Dating After COVID-19: Online Dating Merchant Account A 2019 Stanford study showed that couples were more willing...
It’s safe to say the supplement industry is booming. In fact, it just surpassed $120B and is projected to reach $230.7 billion by 2027, according to a new report by Grand View Research Inc. The main drivers of this massive growth are the ever-increasing global obesity rate and the considerable rise of fitness centers and gymnasiums – a growing health...
In just a little less than a decade, cryptocurrency has progressed from an obscure realm dominated by high risk ventures to one of the most popular phenomena in business and investments. The technology that supports all digital currency, known as “blockchain” is also gaining significant favor. Blockchain technology is proclaimed as one of the great technological inventions since the Internet....
There is no shortage of news showcasing the rising popularity and use of cryptocurrency. Impacting the way we do business, the use of digital wallets is offering a more convenient, instantaneous way to make payments. Why Accept Cryptocurrency In Your E-Commerce Store? Although many businesses are still leery of using cryptocurrencies, due to its speculative and volatile nature, it is...
Are you a high-risk merchant facing challenges with opening a merchant account? No worries. Below, you can find all the necessary information about high risk merchant accounts and their benefits. So, let’s start. High Risk Merchant Accounts Businesses associated with higher rates of chargebacks and fraud are considered high risk. These are the basic reasons accompanied with other high risk...
The worldwide gambling industry is booming, with an estimated global gross yield of nearly $500 billion in 2019 – nearly ten percent of that amount flowed through online gambling sites. The valuation of active players also reached 2.3 billion worldwide last year. Where does the U.S. sit in all of this? Despite being incredibly hesitant to embrace the industry when...
Businesses are different. To choose the best payment processing pricing structure for your own business, you should do research and see how different billing systems work. In the article below, you can find several options to go for the most suitable one for your business. Payment Processing Pricing Structures to Choose From Wrong credit card processing service will make you...
