The underwriting process for a new merchant account can be invasive and exasperating for business owners. This is especially true of those in high risk industries like debt collection. Immoral or against-regulation activities by some people in the collections industry have given legitimate agencies a bad reputation. Because of these untrustworthy few, merchant service providers and banks view high risk …
Prevent Card Not Present Transaction Fraud and Chargebacks
EMV, better known as credit card chip technology, has revolutionized what it means to take a secure card payment during a card present transaction. The computer chip embedded in many new credit cards makes cloning card data much more difficult, deterring fraud. But what advancements in technology have been created for merchants in a card not present environment? How can …
Storing Credit Card Information Risks and Best Practices
With so many self-serve and digital payment options available, storing credit card information is an important consideration for businesses. Is your organization storing credit card information safely? Do you know the requirements you need to follow? Learn about risks, requirements and best practices of storing customer credit card information.Why is Storing Credit Card Information a Must for Digital Payments?There are …
Credit Card on File is a Game-Changer for Businesses
Keeping a credit card on file is a convenient best practice for companies that know they will need to take payments later, once an order has been fulfilled or work is completed.What Does Card on File Mean? Card on file (COF) transactions allow companies to capture and store payment details from customers. The details are securely stored so the business …
Credit Card Decline Codes: What Merchants Should Know
Accepting credit cards for your business has many advantages. One of the most convenient aspects is knowing instantly whether a payment was approved or declined. Rather than waiting days and dealing with a returned ACH payment, your business can know within seconds whether a credit card declined or was approved. When a card has been declined, the most common credit …
What Every Merchant Needs to Know about MOTO Payments
Online businesses are more commonplace than ever. In fact, many companies now may never interact with customers face-to-face. Unfortunately, the convenience of digital transactions also makes MOTO payments (Mail order/Telephone order) a higher risk for businesses and consumers alike. Why are businesses that take MOTO credit card transactions putting themselves at higher risk? How can new technology make online payments …
Guide On Charging Credit Card Convenience Fees
Being a merchant is expensive. Your mission is to save money or boost profits any way you can. After all, your bottom line is at stake. This concern for the health of your business can drive you toward long-term success. If you’re wondering whether your own business can charge credit card convenience fees, the short answer is yes. But, there …
When Is It Legal to Charge a Credit Card Processing Fee?
A merchant’s main concern in business is bringing in as much revenue as possible. That’s why many look to fees charged by card companies with a wary eye. Their concern will likely become greater when Visa and Mastercard raise transaction processing fees in April. A solution many merchants have turned to is passing that cost on to their consumers. Now …
Soar Payments Launches Paypod Payments Podcast
Merchant service provider Soar Payments has officially launched “Paypod: The Payments Podcast.” The show will center on all things payments, and feature interviews with experts in digital payments software, fintech, security, mobile development, eCommerce and beyond. The host of “Paypod,” Scott Hawksworth, is a tech entrepreneur based in Chicago, IL. After founding a number of businesses that required credit card …
How Visa’s Credit Card Chargeback Rules Impact Merchants
Last updated March 2023 In recent years, processing the growing number of credit card chargeback claims among consumers has become a burden for Visa. The time and money associated with processing all of these claims has led the company to overhaul the old model and roll out a new process to address credit card chargebacks. The proposed changes went into …
