Now that most consumers are pacing the shift to the use of credit cards, it’s mandatory that you enable your business to accept these cards. These days, most clients expect to easily make payments anywhere they go—your online shop is not an exception. Remember, minus up-to-date payment alternatives, you won’t be able to compete favorably
The so-called smart terminals are surging in popularity among business owners. These new POS terminals are tiny units, using much of the same technology that today’s most advanced smartphones and tablets are doing. The difference between these 2 types of terminals is that smart terminals have business-oriented design. So, they’re often equipped with card readers,
The initial discussions around Faster Payments date back to 2013. However, there is still much work to be done and there are several major challenges to be overcome. If you take the example of countries like the U.K., Australia, and Mexico, you’ll see they’ve applied a more prescriptive approach to the process of faster payments
According to the 5th annual ING International Survey, cash is fast becoming less popular among consumers in Europe, the US, and Australia. Alternative forms of payment are increasingly gaining more popularity. The survey included responses from 14.692 respondents based in 15 countries. Nearly 27% in Australia, 21% in Europe, and 34% in the US said
Merchant account services enable a business to accept credit and debit card payments from their customers. Without a merchant account, your business won’t be able to transfer funds from card issuing banks to your business bank account. Merchant account services include payment processing for various types of businesses, including MOTO (mail order/telephone order), retail, Internet
If you’re running a business, you’ll need to accept credit/debit cards. This means you should hire a third-party processing firm, which is known as merchant account providers or aggregators, that will manage the transaction between you and the card issuers. Before you could choose a credit card processor for your business, you should know the
A merchant not accepting credit cards in today’s age and time loses a lot regarding sales and profits. Many customers see credit cards as a safer, less cumbersome way of carrying large amounts of cash and making purchases. If your business doesn’t give them the option, they’d rather move to your competitor than adhere to
Credit bureau TransUnion, an American company that provides credit information and information management services has recently reported missed payments on credit cards issued by lenders are higher than on older cards. Credit Card Processing Almost 3% of outstanding balances on credit cards given out in 2015 were at least 90 days behind on payments 6
According to BI Intelligence, Business Insider’s premium research service, the online processing market in the US will count for about $10.7 billion in 2016. With online shopping becoming more popular, this number is expected to reach $17.5 billion in 2020. Credit Card Processing Methods in the Present Below you can find the current methods of
The credit card industry is booming in the United States, but is only dominated by a handful of companies. As of mid-2016, American consumers were approaching $1 trillion in credit card debt. The top 10 credit card issuers issued almost 90 percent of all credit cards given to consumers in the U.S. General Purpose credit
