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quickbooks workforce

What Is QuickBooks Workforce?

QuickBooks Workforce is a cloud-based time and attendance system created by Intuit to work seamlessly with QuickBooks Online. It’s been offered for years, but this latest edition has some great new options. In addition to the usual time clock for punching in and out, there are now ways to automate your payroll or use an app on your employees’ phones to clock in or out. It’s a great option if your business is growing and you want better tracking for how much time your employees spend on different tasks.

What Is QuickBooks Workforce One?

In addition to the new features, Intuit is also offering an expanded version of the service called QuickBooks WorkForce One. This option allows companies to provide their employees with an Intuit-provided Android tablet, which they can use to clock in and out, access paystubs, receive messages from management and more. Best of all, the plan is renting by the month rather than something you have to buy up front.

QuickBooks Workforce pricing is $35/month, while QuickBooks WorkForce One costs $45/month.

How Do You Get Started With QuickBooks Workforce?

To get started with this time and attendance system, you’ll need to go to Intuit’s website and create an account if you don’t already have one for other services like TurboTax. Once you’re in, click on QuickBooks Workforce and then “Sign Up Now.”

You’ll be asked to enter your email address and select a password to get started. Then, choose whether or not you want Intuit to keep track of the passwords you’ve used (recommended) and add a security question to help if you ever forget it. Click “Next Step” after you’ve done so, and Intuit will send you an authorization code via email to finalize your account.

What If I Already Have Time Tracking Software?

If you have employees who are currently using a time-tracking device like a punch clock or their own biometric data (like a fingerprint or retina scan), you’ll need to get that information into QuickBooks Workforce. You can do this by selecting “Manually enter your time and attendance data” during the setup process, and then entering start and stop times along with any comments on why they were clocked in for.

Do I Get A Free Trial?

Intuit has a 30-day free trial available for both QuickBooks Workforce and QuickBooks WorkForce One. This will allow you to try the service on your own, without having to put it into action with any of your employees or pay monthly fees until you’re sure it’s something you want to keep using.

What Do I Need To Make QuickBooks Workforce Work?

In order to use the time and attendance system, you’ll need a PC or Mac with an Internet connection. Employees will need a device they can clock in and out on, like a fingerprint scanner or a smart card reader. You’ll also need to have QuickBooks Online set up for your business.

How Does QuickBooks Workforce Automate My Payroll?

The automation option is an exciting perk for businesses who want to keep things nice and streamlined without having to worry about miscalculated paychecks or timecards. You can pick one or more employees, select how often you’d like them paid (daily, bi-weekly, weekly, monthly) and choose a start date. Then you can sit back and relax as QuickBooks takes care of all your payroll needs!

What About Employee Tracking?

If you don’t want to use the time clock option, there is always the chance to track employees with something like an app on their phones. This solution takes care of clocking in and out for employees, but it doesn’t automate the payroll side of things. Some businesses may find this to be a better option than using biometric data or having an actual time clock on hand.

Can Anyone Use QuickBooks Workforce?

Employees must have access to a physical device that they can use to clock in and out with your business’s software. This means that it wouldn’t be compatible for companies who rely on contract workers, like Uber or Lyft drivers.

What About Payroll Taxes?

One of the best things about QuickBooks is that it takes care of all the math in regards to payroll taxes. Automating this aspect of things means you can save time and make sure your business is on the up and up.

Who Is QuickBooks WorkForce Best For?

Workers who want to earn extra money through tasks like Uber or Lyft without having to pay weekly fees for a time clock are probably going to appreciate this service, as well as employers who want to have complete control of their payroll without having to worry about miscalculated paychecks.

Workers who are looking for a little more freedom when it comes to earning extra money might also find QuickBooks WorkForce appealing, since you can track hours on your phone or computer instead of having to be inside the office.

debit card processing fees

The Comprehensive Guide to Debit Card Processing Fees

Debit card processing fees are a critical component of any credit card processing company’s pricing structure. Debit cards make up an increasingly greater percentage of total transactions, and many payment processing companies have responded to this trend by offering debit card processing as a separate service or changing their pricing to accommodate these transactions. Debit cards are the preferred payment type for consumers and merchants alike because Debit processing fees tend to be lower than traditional credit card processing fees, and Debit cards offer consumers the convenience of not having to carry cash.

Debit cards work much like a standard credit card except that instead of requiring a line of credit established by the bank, they draw funds directly from your checking account when you make a transaction. Debit cards, therefore, tend to be very useful for immediate transactions and transactions where you do not want to put the item on your credit card. But they are also more complicated than standard credit cards in terms of processing fees because Debit cards can be processed in two different ways depending on what type of Debit card is being used.

Debit cards that require PINs are processed like standard credit cards where the business swipes the Debit card through a point of sale (POS) terminal. Debit cards that do not require PINs cannot be processed in this way because Debit cards without PINs draw funds directly from your checking account when you make a purchase by simply entering your Debit card number and a Personal Identification Number (PIN).

Debit cards that do not require PINs can be swiped as Debit cards or processed as Credit cards. In the latter case, the Debit card issuer draws funds from your checking account and places an authorization hold much like a standard credit card processing transaction except that it does not bill you for the Debit card transaction.

Debit cards are also processed in a similar fashion to credit cards when they are key-entered or e-commerce Debit cards where the Debit card number is entered into the appropriate fields on the merchant’s website and an online Debit purchase is made with no physical Debit card swiped. Debit card processing fees with Debit cards that do not require PIN entry are highest when Debit card transactions are key-entered or e-commerce Debit cards because Debit cards without PINs cannot be processed in the same way Debit cards with PINs can.

Debit card issuers like Visa and MasterCard set their own rates for Debit card transactions. Debit processing fees vary from Debit issuer to Debit issuer and Debit transaction type to Debit transaction type so it is best for a merchant to compare Debit processing rates from numerous Debit issuers before making a decision on which Debit service to use.

A Guide To The Different Types of Debit Card Debit cards can be processed in two different ways: Debit Cards that Require PINs Debit Cards that do not require PINs Debit Cards that require PINs are processed in much the same way as a standard credit card transaction. Debit transactions using this methodology draw funds from your checking account and place an authorization hold much like a standard credit card transaction.

Debit Cards without PINs Debit Card issuers are able to process Debit cards without requiring a Personal Identification Number (PIN) in two different ways: Debit Cards that require the Debit Card Number and the Expiration Date Debit cards that do not require the Debit Card number or expiration date Payment processing companies like Debit Card Solutions process Debit cards in the Debit cards that do not require the Debit card number or expiration date way.

When a Debit card is processed in this way, Debit transactions place an authorization hold much like a standard credit card transaction would but they do not bill you for Debit processing fees . It is important to note Debit card processing fees for Debit cards that do not require PIN entry are higher than Debit card processing fees for Debit cards with PINs because Debit card issuers have to pay a percentage of each Debit transaction to the payment processor.

credit card surcharge

What Is A Credit Card Surcharge?

A Credit Card Surcharge is a fee that you will be required to pay businesses over and above the stated price of goods and services if you choose to use your Credit Card. The Credit Card industry has become increasingly competitive with Credit Card providers vying for market share by offering very attractive interest rates, reward schemes etc.

Credit Cards are now available for almost every consumer and Credit Cards are now also offered to people with bad credit. Credit Card surcharges could be seen as an attempt by businesses that accept Credit Cards to recover the transaction fee which Credit Card companies levy on them for accepting Credit Cards payments.

What Are The Different Types Of Credit Card Surcharges?

Credit Card surcharges can be either a fixed fee or a percentage of the Credit Card transaction value.

  1. Fixed Credit Card Surcharges – In many cases, Credit Card companies will allow businesses to charge Credit Cards holders a flat rate which is usually charged on all transactions made using Credit Cards. For example, Starbucks coffee shops in Australia may charge an extra $0.50 Credit Card surcharge on all transactions made using Credit Cards.
  2. Percentage Credit Card Surcharges- Many Australians are concerned about the Credit Card surcharges charged by different Credit Card companies that vary from business to business. For example, in Australia, Visa Credit Cards charge a flat fee of 2.5% Credit Card surcharge on all Credit Card transactions. This Credit Card surcharge can be a fixed fee or a percentage of the total Credit Card transaction value. Mastercard Credit Cards charge a slightly lower flat fee of 2% Credit Card surcharge on all Credit Card transactions.

Are Credit Card Surcharges Legal In USA?

Credit Card law in USA is primarily governed by Credit Card Act 2009. Credit Cards issued by Credit Card companies, Credit Card Associations etc are covered under the Credit Card Act 2009. Credit Card surcharges on Credit Cards transactions are considered to be an unfair practice and unless these practices fall under one of the exemptions provided in Credit Card law (discussed below), Credit Card companies will not be able to allow Credit Card surcharges.

Are Credit Card Surcharges Legal In USA?

As Credit Card surcharges are considered to be Credit Card fraud and Credit Card duress, Credit Cards companies and Credit Card Associations in USA will not allow Credit Card surcharges.

Are There Any Exemptions When Credit Card Surcharges Are Allowed?

Credit Cards companies have blanket restrictions on the imposition of Credit Card surcharges. Credit Card surcharges will have to fall under one of the exemptions set out in Credit Card law for Credit Cards companies or Credit Card Associations to allow Credit Card surcharges.

Some examples of cases where Credit Card surcharge are allowed as an exemption include: –

  • Credit Cards issued by non-profit entities, institutions etc. Credit Cards are often issued by Credit Card companies, Credit Card Associations etc in the name of non-profit entities or institutions. Credit Card surcharge imposed in these cases will not be considered to be Credit Card fraud or Credit Card duress provided that the Credit Cards company issuing the Credit Card can provide evidence that they have made an agreement with the Credit Card holder not to impose Credit Card surcharges.
  • Credit Card surcharge imposed on Credit Cards transactions which are subject to a higher Credit Card processing fee
  • Credit Cards issued by State Government where Credit Cards are used for business purposes. If you work in the public sector, Credit Cards issued by your state government may provide you with certain tax benefits. Credit Cards issued by state government may be exempt from Credit Card surcharges.
  • Credit Cards issued to Credit Card holders who are members of Credit Card associations or Credit Card companies which the Credit Card surcharge is applied to.
  • In almost all other circumstances, Credit Cards companies will not allow Credit Card surcharges as they violate their blanket restrictions on Credit Card surcharges.

Credit Cards companies will not allow Credit Card surcharges to be imposed on Credit Cards transactions, even if Credit Card holders have agreed to Credit Card surcharges during the Credit Card application process.

cheapest credit card processing rates

How to Get the Cheapest Credit Card Processing Rates for Your Business?

If you are a business owner, then the means by which your clients pay for their purchases is important to you. Cheaper credit card processing rates can improve your profit margin and make your business financially viable. However, if you don’t know how to go about getting the cheapest credit card processing rates available, then it might be time to hire a credit card processing specialist.

What a Credit Card Processing Specialist Does?

A credit card processing specialist will help reduce the credit card processing fees associated with using your merchant account for transactions. A professional can also give you personalized advice on how to achieve the best rates possible. For example, if one of your competitors is driving down their rates by using a particular payment processing platform, then it’s probably a good idea to follow suit.

How to Find the Cheapest Credit Card Processing Rates?

You can begin by contacting your current merchant account provider and asking them what deals they have available at the moment. If you’re not happy with their rates or service, then contact other providers in your area. You can easily find competitive rates by using the right search terms on sites like Google, Yahoo, or Bing. For instance, you might type in “credit card processing services bristol” if you are looking for a provider in the United Kingdom.

How to Negotiate Cheaper Credit Card Processing Rates?

Because competition among credit card processing providers is so fierce, it’s quite possible to negotiate better rates with most providers. However, you have to be prepared to play hard ball if you want the cheapest credit card processing rates available. For instance, you might ask your provider for a copy of their service contract so that you can go over it with your lawyer or accountant.

What to Do if Cheaper Rates Aren’t Available?

Most providers will offer better rates in order to acquire new customers, and it can be financially viable for them to make a deal with you. However, there are some circumstances in which this is not possible. If you don’t think that you’ll be able to find better rates by shopping around, then it might be a good idea to open up your own merchant account. This will give you full control over the fees that are associated with credit card processing on your site.

How Cheapest Credit Card Processing Rates Affect You?

The type of business you run will determine what sort of rates are offered to you by various providers. Cheaper rates for retail outlets or lower-value transactions might not be available if you run an online casino, for example. Cheapest credit card processor rates become even more important if your business depends on generating a high volume of low-cost transactions.

Cheapest Credit Card Processing Rates: The Bottom Line

So, how do you get the cheapest credit card processing rates for your business? It’s really a matter of contacting providers and comparing terms. Ultimately, you might even want to consider opening your own merchant account if it will help you drive down fees. Cheapest credit card processor rates are not just good for your wallet—they’re also good for your customers because they translate into lower prices. Cheaper transactions also offer better value for the payment processing platforms that are used to facilitate them.

e-wallets

What Is a E-Wallets and How Does It Work?

An e-wallet is a digital wallet used to store electronic money. It doesn’t only provide the same function like conventional wallets, an e-wallet also has more functions like peer to peer fund transfers (Bitcoin for example).

The rapid development of internet technologies have also created new payment tools with features that are significantly different from traditional brick-and-mortar payment methods. One of them is an e-wallet. A new generation of mobile wallet, which provides an easier and faster way for users to perform online transactions while they go about their daily lives.

In accordance with the development of information technology, more and more people are using electronic networks to perform financial transactions such as fund transfers, payment and business transactions. Electronic networks are a reliable way for people to manage their money and digital wallets have become an indispensable electronic tool in this regard. Digital Wallet

Virtually all major banks and many ecommerce websites such as PayPal now provide such services to allow people to load funds into an online account linked to the site and to pay for goods and services with those funds.

In the world of internet banking, consumers can not only make payments but also transfer money between individuals or companies without the need for cheques, credit cards or other physical methods of transferring value.

When using a digital wallet to make payment or fund transfers, there is no longer any requirement to provide credit card details to the merchant site before one can complete the transaction.

The digital wallet is an account in which encrypted digital or electronic monetary units are stored. Digital wallets are also known as e-wallets, ewallet, e-cash purses, etc…

They have many advantages in comparison with traditional payment methods: fast transactions, safety, simple management of electronic money, etc…

One of the most popular digital wallets is PayPal. It was founded in 1998 by American computer programmer Peter Thiel to facilitate the exchange of money via the Internet between individuals and businesses without necessarily using a physical bank account. The system works through an online platform that allows users to conduct transactions with each other.

Digital wallets are typically hosted either by the merchant site or ecommerce platform where it is used, or by independent operators who run an online payment service business (PSB) to supply wallet services to merchants.

The main distinguishing feature of digital wallets is the lack of physical form and therefore no risk of carrying cash around. Therefore, they are especially useful to people who do not have access to traditional banking services. They can be used by anyone with an internet-enabled computer or smart phone.

Digital wallets are more than just “online accounts”. They can offer unique capabilities, such as peer-to-peer money movement and currency conversion functions. As of 2015 digital wallets were still in their infancy, having not reached mainstream use.

The typical digital wallet application is a browser-based or mobile app that allows users to register for an account online or using the mobile phone. The Digital Wallet Provider then establishes links with payment service providers in order to encompass all possible payment types for the customer.

Digital wallets are designed to give consumers access to ecommerce through an electronic device. They are also designed to make online transactions simpler and more efficient, thus streamlining the process of buying goods or services via Internet i.e. removal of physical cash from the transaction.

Typically digital wallets are considered to be one-stop shops for all your shopping needs, providing a fast transaction process as well as access to a range of different payment options.

Digital wallets can trigger notifications through text messages, emails and push notifications. These digital wallet alerts include purchase confirmations and receipts, balance updates and other alerts related to specific transactions if required.

selling merchant services

Helpful Tips for Selling Merchant Services

Your ability to sell is important. That’s especially true if you’re selling merchant services, which require the buyer to trust that they are getting the best deal possible for their business. A buyer of any product or service needs to feel like they are finding value in what they buy. One way of creating this perception is by providing information about how the service works and the benefits it provides.

Here are some helpful tips for selling merchant services:

  • Discuss how the process works – The more your customers know, the better they’ll be able to trust that their business is in good hands. Also, take time during your initial meeting to discuss what could potentially go wrong with a transaction so you can alleviate a customer’s concerns.
  • Provide results, not just promises – Your customers don’t want to hear about what you’ll do – they want to see the real-life benefits you provide. For example, have a testimonial ready from a business similar to theirs that has enjoyed success thanks to your service.
  • Put yourself in the customer’s shoes – Think about what your potential customer cares most about when it comes to running their business, and address those concerns head-on.
  • Don’t be pushy – Selling is an art form that requires patience more than anything else. You can tell people all day long what they need to do, but if you don’t give them time to come around on their own, you’ll never close the sale.
  • Focus less on what you do and more on the value it provides – The good news is that there are plenty of benefits associated with merchant services, so make sure your potential customers know about them! Also, make sure they understand how these benefits will help them run their business.
  • Make the benefits personal – Try to get specific about how your merchant services will benefit your customers and their business. For example, say something like “Your increased cash flow from improved processing efficiency will allow you to take better care of your employees.”
  • Offer a guarantee – This is a proven sales tactic that puts potential customers’ fears at ease, enabling them to give merchant services a try.
  • Ask for the sale – Don’t assume that just because you’ve given someone all of the information they need, they’ll buy from you or not. You have to ask for the business yourself!

When selling merchant services, it’s important to reassure customers with knowledge and results rather than empty promises. The more you know about the services you’re selling, the better able you’ll be to share that information with your customers and get them excited about working with you to meet their business goals!

tap and pay

What is Tap and Pay (NFC)?

Tap and Pay (NFC) is an Android feature that allows users to wirelessly send payment information directly from their smartphone to a payment terminal. This technology essentially turns your phone into a wallet, allowing you to pay for food, drinks, tickets, etc. without having to carry plastic cards around.

Since the launch of Google Wallet in 2012, Android users have been able to pay at over 700,000 PayPass terminals worldwide. And with the launch of Android 4.4 KitKat and NFC Tag support, there’s no doubt that this number will skyrocket in the years to come.

Why should I use Tap and Pay (NFC)?

There are all kinds of reasons to use Tap and Pay (NFC) – the most obvious of which is convenience. As we mentioned above, you can essentially leave your wallet at home and just bring your phone with you wherever you go.

As well as making paying more convenient, NFC also makes transactions more secure than using a regular credit card or some other form of payment.

How does Tap and Pay (NFC) work?

Tap and pay is a wireless technology that uses NFC to allow users of smartphones, tablets, etc. to make contactless payments at stores or restaurants with a compatible terminal. To activate it, you simply tap your phone on the terminal for between two and five seconds – as opposed to swiping a card that requires you to hold it there for several seconds.

Do I need an Android smartphone with NFC support?

In order to use Tap and Pay (NFC), your phone must be equipped with Near Field Communications (NFC). You can see if your device has NFC installed by going into Settings, then tapping on More, and going to the Android Beam tab. Alternatively, if you have a Samsung Galaxy device your phone will also have NFC installed as it comes as standard with all of their devices.

How do I use Tap and Pay (NFC)?

In order to pay at a terminal using Tap and Pay (NFC), simply open up your phone’s wallet app and hold it in front of the terminal. Wait for a few seconds, and you’ll be asked to approve the payment. After that, your phone will send a request for confirmation for the purchase to your bank, which is then processed as a regular debit or credit card transaction.

In essence, Tap and Pay (NFC) is just like using a debit or credit card, but instead of swiping your card through a terminal you simply tap it on the device. As well as this, some Android phones can also be used to make contactless payments with your NFC-enabled SIM card.

So there you have it – now go forth and enjoy the convenience of paying for things with your Android device.

cash discount program

What is Cash Discount payment processing?

Cash discount payment processing is a popular credit card payment option that gives the merchant selling to consumers an immediate 1-2% cash rebate or deduction on each transaction. The amount of money given back to the merchant is equal to the percentage of cash discount rate assigned and negotiated by both parties. With payment processing, merchants who accept this form of payment receive a discounted rate on credit card fees, making it an attractive alternative to other forms of payment.

The cash discount program is beneficial to both the consumer and business owner as the merchant receives immediate access to this portion of the transaction as revenue. When you accept a credit card as a form of payment, many businesses don’t receive their money for two weeks or longer. The cash discount payment processing option gives the merchant access to 1-2% of the transaction as revenue right away, allowing for more flexibility and added customer service.

Cash discount programs can be offered as part of a specific credit card processing agreement or as an incentive through merchant accounts that process all types of credit cards such as Visa, MasterCard, American Express, Paypal, and Discover. The cash discount rate offered by providers is usually much higher than the typical 2% that merchants are charged for credit card processing fees.

How much do I save with Cash Discount Payment Processing?

Typically a 1-2% cash discount payment processing fee can be negotiated when signing up for a merchant account from a credit card processing company. This cash discount rate can also be negotiated to increase depending upon the volume of credit cards processed each month for that specific business.

Some providers will allow a merchant to take a lower cash discount or flat fee per transaction if their processing volume is high, allowing them to pass along savings to both parties in the transaction.

A business owner can also request a cash discount when accepting PayPal, Google Checkout and other forms of payment that don’t offer low rates for this service.

What is a Cash Discount Rate?

The cash discount rate is the percentage of each credit card transaction collected by the merchant account provider to cover costs associated with accepting this form of payment. Typically, the cash discount rate is much lower than the 2-3% that merchants are charged for credit card processing fees.

The cash discount level offered by providers is often quite high as they receive none of the transaction fees from credit card companies if a business owner accepts alternative forms of payment such as PayPal, Google Checkout, or other third-party merchant services.

The cash discount rate is negotiated by the business owner and provider based on processing volume, type of products sold, and other terms specific to that account. Providers will sometimes offer differing discounts to individual businesses depending upon their own costs associated with processing transactions for that company. The cash discount rate can range from 0.5-2.00%, which can also be negotiated lower if the monthly processing volume is high.

How does Cash Discount Payment Processing Work?

When a business accepts this form of payment, it enters into an agreement with the merchant account provider to give 1-2% of each credit card sale back to the company in the form of a cash discount as soon as possible. Businesses that accept Visa, MasterCard and other credit cards usually have the option of choosing from several payment processing solutions including software, hand held devices or stand alone terminals.

The rate negotiated can be offered to each business depending upon their monthly volume. The provider receives the 1-2% cash discount, but they are required to pass along 100% of the credit card payments received minus the cash discount rate.

Businesses with high monthly volume can sometimes negotiate a lower cash discount level if this will save them money. Providers are willing to do this because they receive none of the processing fees associated with these types of transactions and often make little on high-volume businesses.

What Are the Benefits of Cash Discount Payment Processing?

Merchants operating an online or mail-order business can save money by offering this form of payment to their growing customer base. The cash discount rate is usually much lower than the 2-3% they are charged for credit card processing fees. This fee can be reduced further if the business accepts a large volume of payment through this method.

A cash discount is also beneficial to businesses that accept alternative forms of payments such as PayPal, Google Checkout, and other third-party merchant services because they will receive none of the processing fees collected by these companies. Providers can offer these rates to businesses with high volume as they receive none of the transaction fees for this service.

surcharge program

What is a Surcharge Program? Surcharge Explanation and Benefits

A surcharge program is a discount that allows a customer to purchase goods or services by charging the purchase to their credit card and then having the business pay a fee outside of the transaction fee charged by the credit card company. In other words, this type of program is beneficial for both businesses as well as consumers as it provides them with various benefits.

The benefits of a surcharge program are plentiful. For businesses, they get to increase their cash flow, while consumers receive the benefit of acquiring goods and services that are more expensive via traditional means with lower interest rates or even waivers on fees involved.

What Is a Cash Discount Program?

A Cash Discount Program is when a business takes payment via credit card and offers a discount for payment in cash. Also known as a “discount for cash” or “cash back program”, this type of program can offer your business more profits as well as other benefits.

For example, if you use a Cash Discount Program, businesses may be able to save on transaction fees from using cards as well as increase their cash flow because customers are able to purchase items or services at a lower cost rather than getting them for free if they paid with cash.

Also, Cash Discount Programs may help your business avoid issues regarding PCI compliance rules and regulations which can be involved in accepting credit cards.

Before you sign up for one of these programs or begin offering it to your clients, make sure you research what benefits are available. While there are numerous benefits to a Cash Discount Program, there are also some drawbacks that you should keep in mind as well.

How is the Surcharge Rate Determined?

The surcharge rate can be determined by looking at your profit margin on each product or service as well as the transaction fee charged by credit card companies.

For example, let’s say you offer a product that is $100 and your profit margin is 10%. If the transaction fee set by MasterCard or Visa (the two most common credit cards) for this type of item is 3%, then you would charge 3% more for this product or service and make $103 instead of the usual $100.

As you can see, surcharge programs can benefit your business in many ways. For more information on these types of programs and how they may be able to help your business, contact a representative from GSI Commerce today.

credit card processing fees

Credit Card Processing Fees and Rates Explained

Credit card processing fees and credit card processing rates can be difficult to understand. However, if you accept plastic for payment (which is the only option these days), you should make an effort to do so because it’s part of your job and you need to protect yourself.

The fees and rates that apply to your business can mean the difference between a successful operation and bankruptcy, especially during tough economic times like we’re in now. Understanding regular credit card processing fees and rates is critical for all businesses that accept credit cards, but it’s especially important for retail merchants who sell products or provide services.

Credit Card Processing Fees

There are two fees that you should understand if you want to run a successful business: the interchange fee and the discount rate. You should become familiar with both of these terms because they directly affect your bottom line, which is the only reason why you’re accepting credit cards in the first place, right? Let’s start with interchange.

The interchange fee is the fee that Visa and MasterCard charge merchants for each credit card transaction. It’s a percentage of the sale, and it varies depending on the type of credit card used. For example, a basic consumer Visa card may have an interchange fee of around 1.5%, while a corporate or rewards Visa card could have an interchange fee of around 2.5%. American Express and Discover charge even higher rates, so it’s important to be aware of these differences.

The discount rate is the percentage that Visa, MasterCard, and the credit card issuer (the bank that issued the customer’s credit card) charge merchants for each credit card transaction. This fee is also a percentage of the sale, and it’s usually in addition to the interchange fee. The discount rate is set by the credit card networks (Visa, MasterCard, and American Express), so it doesn’t vary as much as the interchange fee.

The total cost of a credit card transaction includes both the interchange fee and the discount rate. These rates are set by the credit card networks and not the merchant; however, merchants can attempt to negotiate these rates (although it’s usually difficult).

Merchants that accept credit cards need to pay a fee for each sale they make. However, this fee is worth paying because it brings in customers who want to do business with you. Customers are also willing to pay higher prices for your products and services because you accept credit cards, which makes it easier for them to purchase something from your business.

The merchant discount rate is the price that merchants need to pay in order to use the processing equipment required by credit card networks (such as Visa or MasterCard) to complete transactions. The discount rate is a fixed percentage of each sale that a merchant makes, and it’s negotiated between the credit card company and the merchant. Just like interchange fees, discount rates vary depending on the type of customer – a basic Visa cardholder will have a different rate from a corporate or rewards Visa user – but they’re usually close to 2%.

Merchants also need to pay a monthly statement fee, which is usually a few dollars. In addition, some processors require a setup fee and/or a cancellation fee.

All of these fees add up, so it’s important for merchants to compare rates before signing up with a credit card processing company. Rates can vary by as much as 5% to 10%, so it’s important to get the best deal possible.

The rates and fees that credit card processors charge merchants for each transaction are always changing, which is why it’s a good idea to check with your credit card processing company at least once a year to make sure you’re still getting the best pricing available. If necessary, you may need to switch providers or at least ask for a discount.

Credit card processors are required by law to provide you with documents that describe the rates and fees associated with your merchant account so there’s no need to worry about hidden costs. Just keep an eye out for sneaky terms like “interchange fee” or “schedule of rates.”

When it comes to credit card processing, merchants need to be aware of the different rates and fees that they will be charged. The interchange fee is the percentage that Visa and MasterCard charge merchants for every credit card transaction, while the discount rate is the percentage that Visa, MasterCard, and the credit card issuer charge merchants for each credit card transaction.

The total cost of a credit card transaction includes both these rates and fees, which are set by the credit card networks and not the merchant; however, merchants can attempt to negotiate these rates (although it’s usually difficult). Merchants that accept credit cards need to pay a fee for each sale they make, as well as a monthly statement fee, a setup fee, and a cancellation fee.

These fees add up, so it’s important for merchants to compare rates before signing up with a credit card processing company. Rates can vary by as much as 5% to 10%, so it’s important to get the best deal possible. It’s also important for merchants to be aware of the different rates and fees that credit card processors charge and to compare rates before signing up with a provider. By doing so, merchants can ensure they’re getting the best deal possible and avoid any sneaky terms like “interchange fee” or “schedule of rates.”

mtot disc

What Is a MTOT Disc?

A MTOT disc is a medical device used to treat spinal cord compression. It is made up of two metal discs that are fitted between the vertebrae in the spine. The discs work by compressing the spinal cord and preventing it from being squashed. This helps to reduce or prevent pain, numbness, and other symptoms caused by compression.

How Does a MTOT Disc Work?

The discs work by compressing the spinal cord and preventing it from being squashed. This helps to reduce or prevent pain, numbness, and other symptoms caused by compression.

Who Can Benefit from a MTOT Disc?

Anyone who has experienced compression of the spinal cord can benefit from a MTOT disc. This includes people with spinal cord compression caused by:

  • Herniated discs
  • Spinal stenosis
  • Injury or trauma to the spine
  • Tumors or cysts on the spine

How Is a MTOT Disc Implanted?

The discs are implanted using a laminectomy. During a laminectomy, the surgeon creates a small opening in the bone at the back of your spine called the lamina. This part of the vertebrae protects and covers the spinal cord as it runs through your back to your arms and legs. By creating an opening in this bone, surgeons allow access to other parts of the spine.

The actual implants used in a MTOT disc procedure vary depending on your specific health and anatomy. The implants may be:

  • Metal plates and screws
  • Bolts
  • Self-expanding devices

What Are the Benefits of Using a MTOT Disc?

A MTOT disc can provide effective pain relief for people suffering from spinal cord compression. The procedure is minimally invasive and does not involve any cutting into the actual spinal column, which can reduce risk of damage or injury to the spinal cord itself.

What Kinds of Exams Will I Need Before a MTOT Disc Procedure?

Before you have a MTOT disc implant, you will need a variety of tests. The most common of these is the myelogram. During this procedure, your surgeon injects dye into the spinal canal and then takes X-rays to determine whether or not compression is present.

In addition to a myelogram, you may also require:

  • A CT scan
  • An MRI

How Long Is Recovery Time?

After a MTOT disc implant, you will need to recover in the hospital for 1 or 2 days. During this time, your pain may be managed with medication such as opioids and NSAIDs (pain relievers). You will also receive physical therapy during this time to help strengthen your back and improve your range of motion.

Most people are able to return to their normal activities within 2 to 4 weeks. However, it may take up to 6 months for all the pain to disappear. You should speak with your surgeon about what to expect following surgery.

pos system

What is a POS System?

From the time of the barter system, people have been exchanging goods and services for currency. However, as commerce evolved, trading in coins or currency notes proved to be inconvenient. Merchants needed a more efficient system that could allow them to track inventory quickly and accurately. This is when Point of Sale (POS) systems came into being. Allowing merchants to track sales, inventory and customers, POS systems have become an essential part of any business.

What is a POS System?

A Point of Sale system is a computerized system used by merchants to track sales, inventory and customers. It usually consists of a cash register, touch screen, barcode scanner and software. The cash register is the computer hardware that includes a screen, buttons and printer. The touch screen enables merchants to key in orders while the barcode scanner allows them to quickly identify items during checkout. The software installed on a POS system can be either a custom application used by specific merchants or a third party software such as ShopKeep, Vend or Square that caters to a wide range of merchants.

In simple terms, a POS system is an electronic point of sale terminal that can carry out financial transactions in businesses and stores. It allows merchants and retailers to handle billing, payment and inventory management functions quickly and accurately. The key advantage is that it lets you easily track your sales figures which will help you make sound business decisions.

How Does a POS System Work?

When a customer wishes to make a purchase, they approach the cashier and provide their payment. The cashier then keys in the amount of the purchase on the POS system. The POS system will then print out a receipt which the customer can take away with them. At the same time, the system will update inventory levels and make a note of the sale in the cashier’s transaction log.

Inventory Management has been simplified with a POS System

A barcode scanner is used to quickly identify items for purchase. Systems may also keep track of the expiration dates of certain items which helps merchants schedule their stock rotation.

A POS system can also be used to manage customer loyalty programs. For example, a customer might earn points for every dollar they spend which can then be redeemed for discounts or free items. This helps to encourage customers to return to the store and fosters a sense of customer loyalty.

POS systems can also be used to send out digital receipts to customers. This is a handy feature as it eliminates the need for customers to keep track of paper receipts. It also allows merchants to collect customer data which can be used for marketing purposes.

Why Would I Need a POS System?

A POS system can be an invaluable tool for businesses of all sizes. Here are some of the key benefits:

  1. Improves Efficiency – A POS system can help to speed up the checkout process, thus improving efficiency in the store.
  2. Reduces Errors – A POS system will minimize the chances of human error as all transactions are automatically recorded.
  3. Helps with Stock Management – A POS system can help to keep track of inventory and ensures that products are not wasted.
  4. Increases Customer Satisfaction – A good POS system will reduce hassles for customers as all their transactions can be carried out quickly and efficiently at the cash register. This results in improved customer satisfaction which can lead to repeat business.
  5. Increases Sales – A POS system can help to boost sales as businesses will be better able to track their stock levels and manage promotions.
  6. Improves Business Intelligence – A POS system will provide a business with important data which can help them make sound decisions moving forward.
  7. Increases Profitability – A good POS system is essential for marketing purposes as it will allow businesses to collect data about their customers. This can then be used for targeted marketing activities that help to increase profitability.
  8. Easy to Use – Many POS systems are now designed with intuitive software that is easy to use even for individuals with no prior experience in retail or inventory management.

POS Systems have been an integral part of retail and business operations for many years and their popularity is only increasing. If you are looking for a way to improve the efficiency of your business, then a POS system is the answer. It can help to streamline the checkout process, reduce errors, improve stock management and boost sales. In addition, a good POS system will provide you with important business data which can help you make sound decisions moving forward.

apple pay

What is Apple Pay and How Does it Work?

Apple Pay is a new mobile payment system that allows users with the iPhone 6, Apple Watch or later running iOS 8.1 or higher to pay for items at participating retailers via its NFC (Near Field Communications) chip with just a touch of their phone in stores. The user brings up Apple Pay with a double-click on the home button, authenticates with their fingerprint and the transaction is complete.

All credit, debit and store card information is transferred securely between a user’s device and an NFC-enabled payment terminal using tokenization and unique Device Account Numbers (DANs), which replace the need to provide actual account information; this gives retailers a one-time use code for each purchase that is useless to anyone else. In addition, Apple Pay supports reward cards and other special offers from select merchants.

Since its debut in October 2014, it has gradually gained traction with both consumers and retailers; as of February 2016, there were 1.5 million locations where Apple Pay could be used in the United States and 3 million locations worldwide. Apple expects this number to grow as the service is made available in more countries.

How Does Apple Pay Compare to Other Mobile Payment Systems?

Apple Pay is one of several mobile payment options on the market and has a few key advantages over its competitors. First, because it’s backed by Apple, users are likely to have a higher degree of trust in the system and be more likely to use it. Second, as already mentioned, Apple Pay is accepted at a growing number of retailers – in fact, as of February 2016, it was accepted at more locations than either Android Pay or Samsung Pay. Finally, Apple’s “closed-loop” system – that is, the fact that only certain iPhones and Apple Watch models work with it – is likely to be a selling point with those who prefer to have one payment system for all of their online activities as well as physical purchases.

How Does Apple Pay Work?

Apple started accepting credit and debit cards from the three major payment networks, American Express, MasterCard and Visa, in October 2014. In order to use Apple Pay, a user must have an iPhone 6 or later, Apple Watch or newer device with iOS 8.1 or higher installed and a card from one of these networks.

In order to add a payment method, the user opens the Wallet app on their phone and taps on the “Add Credit or Debit Card” button. The first time a card is added, users are asked to verify the expiration date and security code before they can use it for purchases.

Once a payment method has been added, Apple Pay shows up as an option in compatible stores by bringing up Wallet on the phone and tapping on the “Apple Pay” button. A user then authenticate with Touch ID and hold the phone near the contactless reader, which will use NFC to transmit payment information securely between the device and the payment terminal. After a successful transaction, users receive an on-screen confirmation and any rewards they may have earned as part of Apple’s partnership with select merchants.

What Are the Fees for Using Apple Pay?

Apple Pay does not charge users any fees for using the service. However, the retailer may charge a fee depending on the type of payment method used and the country in which it is located. For example, in the United States, merchants are not allowed to charge more than $0.25 for a contactless payment using a debit card.

What Are the Limits for Apple Pay?

The maximum amount that can be charged using Apple Pay is $2,000 per transaction and $10,000 per day. These limits are set by the card issuer and not Apple.

How Safe Is Apple Pay?

Apple Pay is extremely secure, as it uses a number of different methods to protect users from fraud and theft. For one thing, Apple never actually receives or stores the credit card numbers that are transmitted during a transaction; instead, they are given a unique Device Account Number for each device that is activated with Apple Pay. This account number is then encrypted and stored on a secure chip in the device.

In addition, each transaction is verified with a one-time code that is sent to the user’s phone. This code is only valid for a single purchase and expires immediately after it is used. Finally, if a phone is lost or stolen, users can suspend or delete their Apple Pay account by going to iCloud.com or through the Find My iPhone app.

What Are the Advantages of Apple Pay?

Apple Pay has a few key advantages over other mobile payment systems, including:

  • Its backing by Apple, which lends it a level of trust and familiarity that may not be present with other options.
  • The growing number of retailers that accept it.
  • Its integration with the Wallet app, which is tied to many other Apple services.

What Are the Disadvantages of Apple Pay?

On the other hand, there are a few issues to bear in mind when using Apple Pay: The system requires users to have an iPhone or other device with NFC capabilities and be in an area with a contactless reader, which many retailers do not yet have. In addition, while Apple Pay can help to prevent credit card fraud on lost or stolen devices, it cannot stop users from being hacked if their iCloud account is compromised through another avenue.

How Do I Get Started With Apple Pay?

In order to start using Apple Pay, users must first add a payment method. This can be done by opening the Wallet app on their iPhone and tapping on the “Add Credit or Debit Card” button. From there, they will be asked to verify their card’s expiration date and security code.

old navy credit card

Everything About the Old Navy Credit Card

The Old Navy Credit Card is a store credit card that can be used at any of the Gap Inc. brands, including Old Navy, Banana Republic, and Athleta. The card has no annual fee and offers special rewards and discounts to cardholders.

The Old Navy Credit Card comes with a few different benefits that can be appealing to shoppers looking to save on clothes or shop for new fall fashion.

What are the Benefits of the Old Navy Credit Card?

There are a few benefits that come with having an Old Navy Credit Card, including exclusive offers and discounts on clothes, accessories, and more. Some of the most notable benefits include:

Free Shipping on All Orders: Cardholders receive free standard shipping on all orders, regardless of the size or price of the order.

Cardholders receive free standard shipping on all orders, regardless of the size or price of the order. 20% Off Your First Purchase: New cardholders receive a 20% discount on their first purchase at any Gap Inc. store.

New cardholders receive a 20% discount on their first purchase at any Gap Inc. store. 15% Off Your Birthday: Cardholders receive a 15% discount on their birthday at any Gap Inc. store.

Cardholders receive a 15% discount on their birthday at any Gap Inc. store. Exclusive Deals and Coupons: Cardholders receive exclusive deals and coupons throughout the year that can be used at any Gap Inc. store.

The Old Navy Credit Card also comes with a few different financing options, which can be helpful for larger purchases.

What are the Financing Options for the Old Navy Credit Card?

The Old Navy Credit Card offers 0% APR financing for the first 6 billing cycles after opening the account. After that, your interest rate will be 12.99% to 22.99%, depending on your creditworthiness and prevailing interest rates.

The card also offers 0% APR financing for balance transfers for 6 months. The fee is 3%.

How Do Interest Rates Apply?

The APR of the Old Navy Credit Card is 12.99% to 22.99%. The rate will be based on your creditworthiness and prevailing rates at the time of approval.

Late payments can attract a penalty interest rate of 29.99%. Cash advances incur a penalty interest rate of 27.24%, along with a fee that is either $10 or 3%.

What Are the Requirements for Approval?

To be approved for an Old Navy Credit Card, you must:

Be at least 18 years old. Have a source of income and valid Social Security number. Have a U.S. address and phone number (no P.O box numbers).

How Does the Old Navy Credit Card Compare to Other Store Cards?

The Old Navy Credit Card is a good option for those who want to save on clothes at Gap Inc. stores. It offers free shipping, 20% off the first purchase, and 15% off on your birthday.

The card also offers 0% APR financing for the first 6 billing cycles, which can be helpful for larger purchases.

The card does have a high interest rate after the introductory period, so it may not be the best option for those who carry a balance from month to month.

The Old Navy Credit Card is also comparable to other store cards, such as the JCPenney Credit Card, the Macy’s Credit Card, and the Gap Silver Credit Card.

What Additional Benefits Does Old Navy Offer?

Old Navy offers a variety of benefits to cardholders that go beyond what you get with other store cards. Some of these perks include:

  • Free Shipping on All Purchases: Through the Old Navy Careers site, you can order any item and have it shipped for free.
  • Through the Old Navy Careers site, you can order any item and have it shipped for free. 30% Off Your First Purchase: For $0 online purchase via the Gap Inc. Career Site, new cardholders will receive a 30% off discount on one purchase.
  • For $0 online purchase via the Gap Inc. Career Site, new cardholders will receive a 30% off discount on one purchase. 20% Off Your Birthday: Get 20% off at Gap, Banana Republic, and Old Navy on your birthday.
egift card fraud

How to Avoid eGift Card Fraud?

There are a few ways to avoid becoming a victim of eGift card fraud. First, only buy eGift cards from reputable retailers. Second, make sure you have a strong password and security questions for your account. Third, do not share your account information with anyone. Finally, keep an eye on your account balance and transactions. If you notice any suspicious activity, report it to your eGift card issuer immediately.

How Common is eGift Card Fraud?

eGift card fraud is on the rise with an increase of more than 50% in recent years. This can be attributed partially to the fact that criminals are becoming increasingly tech savvy and therefore better able to hack an eGift card account, but it is also due in part because more people are buying eGift cards online.

How Can I Avoid Fraud?

First of all, only buy eGift cards from reputable retailers. There are plenty of great online retailers offering these cards. However, there are far more disreputable ones, too. So, it’s important to do your homework before purchasing an eGift card.

Second, make sure you have a strong password and security questions for your account. This will help keep your account information safe from criminals.

Third, do not share your account information with anyone. This includes family members, friends and anyone else. Sharing your account information is just like giving them the keys to your car. You wouldn’t do that, would you?

Finally, keep an eye on your account balance and transactions. If you notice any suspicious activity in your eGift card account, report it immediately to your eGift card issuer. Your issuer will be able to help you investigate the activity and take appropriate action.

How Can I Check My eGift Card Balance?

Most eGift card issuers provide a variety of ways for you to check your balance, including online, via text message or even on the phone. So, it’s important to choose an issuer that offers the methods that work best for you.

What If I Suspect Fraud?

If you suspect fraud, contact your eGift card issuer immediately. They will be able to help you investigate the activity and take appropriate action. This could include cancelling your eGift card and issuing a new one.

eGift cards are a great way to give the gift of choice. However, they can also be a target for criminals. So, it’s important to know how to avoid becoming a victim of eGift card fraud. These tips will help keep your account information safe and your balance secure.

credit card processing

How Credit Card Processing Works?

The use of credit cards has become a ubiquitous part of modern life. You can use your card to purchase items online, in person, or by phone. Credit card processing allows you to buy what you need now and pay for it over time.

When you make a purchase with a credit card, the merchant submits the transaction to the credit card issuer. The transaction is processed and the credit card issuer pays the merchant on your behalf.

When you use a credit card to buy something, several parties are involved:

  • You: the buyer who uses the credit card to make a purchase and receives and makes payments on that debt;
  • Your creditor: the bank that issued you the credit card and allows you to borrow money;
  • The merchant: the seller who accepts your credit card as payment;
  • The acquirer: the company, typically a third-party provider, which processes transactions for merchants. They provide processing services and equipment (printers, pin pads). Acquirers also help merchants understand and comply with credit card rules;
  • The card network: Visa, Mastercard, American Express, etc. These companies process the transactions and ensure that everyone is paid accordingly.

When you make a purchase with a credit card, the merchant first verifies that your card is valid. This means they will look at your card number to make sure it was not reported lost or stolen. Once they are satisfied that the card is valid, they will submit a request for payment along with your credit card number to the merchant account provider. The PIN associated with the transaction may also be required by the acquirer, if this has been requested by you and agreed to by the merchant. If you have a chip card, also called an EMV-enabled card, your PIN may be sent separately from the transaction request to the issuer for authentication.

If you are using your credit card with Apple Pay or Android Pay, you will authenticate yourself by placing your finger on the fingerprint sensor of your phone rather than entering a PIN.

The credit card issuer will check to see if you have enough money available on your account to cover the purchase. If you do, the credit card issuer will approve the transaction and pay the merchant. The funds for the purchase are then transferred from your account to the merchant’s account.

If there is not enough money available on your account to cover the purchase, the credit card issuer will decline the transaction. This may happen if you have reached your credit limit or if there is a problem with your credit history.

If the credit card issuer approves the transaction, it will be added to your monthly statement. You will then need to pay off that debt over time.

Credit card processing is a complex process, but it’s one that is necessary to make sure that everyone gets paid for the goods and services they provide. By understanding how it works, you can better use your credit card to purchase what you need.

PCI Compliance

What is PCI Compliance?

PCI compliance is a set of requirements set forth by the Payment Card Industry Security Standards Council to ensure that eCommerce merchants and service providers protect customer data during credit card processing.

The PCI Data Security Standard (DSS) governs all processes involved in transmitting, receiving, storing or using credit card information from any merchant with an annual payment volume of more than $6 million.

The PCI Security Council is made up of the five major credit card brands: Visa, Mastercard, American Express, Discover and JCB.

Why is PCI Compliance Important?

PCI compliance is important because it protects customers from potential data breaches that could occur if credit card information was improperly handled.

In recent years, many businesses have fallen victim to hackers who gained access to their information systems and made off with millions of credit card numbers. Retailers such as TJ Maxx, Heartland Payment Systems and Global Payments all reported major data breaches in 2007 that affected hundreds of thousands of customers. Similar instances occurred again in 2008 when CardSystems and RBS WorldPay experienced breaches that affected millions of customers in one fell swoop. Even InterContinental Hotels Group, the world’s largest hotel chain, was not immune when hackers gained access to its credit card processing systems and wire transferred $900,000 from customer accounts.

While there is no such thing as foolproof data security, complying with the PCI Security Standards goes a long way in protecting customers from becoming victims of identity theft and fraud.

What are the PCI Security Standards?

The PCI Security Standards are a comprehensive set of requirements designed to protect customer data during credit card processing. The standards include:

  • Establishing a comprehensive security program
  • Protecting cardholder data
  • Regular monitoring of systems and networks
  • Testing security systems and processes
  • Maintaining a vulnerability management program
  • Responding to security incidents

What are the Penalties for Non-Compliance?

Businesses that do not comply with the PCI Security Standards can face significant penalties, including fines, suspension of service and even imprisonment.

The PCI Security Standards Council has the authority to levy heavy fines against businesses that are found to be non-compliant. For example, in 2009, the council fined Heartland Payment Systems $100 million for its role in a data breach that affected millions of customers.

In addition, credit card companies such as Visa and Mastercard can suspend or terminate the merchant accounts of businesses that are not PCI compliant. And in some cases, law enforcement officials may pursue criminal charges against individuals responsible for data breaches.

How Can I Become PCI Compliant?

Businesses that want to become PCI compliant can use one of four validation assessments offered by the PCI Security Standards Council:

  1. Self-Assessment Questionnaire (SAQ)
  2. SAQ A-EP
  3. SAQ B-IP, or Merchants processing less than 20,000 Visa eCommerce transactions per year or up to 1 million Visa transactions per year if they have outsourced their payment processing
  4. SAQ C-VT, or Service Providers that process credit card data but do not store, process or transmit cardholder data

PCI compliance is a must for any business that processes credit cards. By complying with the PCI Security Standards, businesses can protect their customers from potential data breaches and help deliver a positive customer experience.

card present vs card not present transactions

Card Present vs Card Not Present Transactions

The security of a credit or debit card transaction depends on the type of payment. Card present transactions are more secure than card not present transactions. In a card present transaction, the card is physically present and the cardholder verifies the amount to be charged. 

The merchant swipes the card through a terminal, which reads the magnetic stripe on the back of the card. The payment network then verifies that the card is valid and that there are sufficient funds to complete the transaction. In a card not present transaction, the card is not physically present at time of purchase, which makes it easier for fraudsters to conduct transactions.

When accepting payments, merchants should understand the difference between these two types of transactions and the fraud risk associated with each. Card present transactions are more secure because the card is physically present, which makes it difficult for fraudsters to tamper with the transaction. 

In a card not present transaction, the merchant does not have an opportunity to verify the card or the customer, so it is easier for fraudsters to use stolen credit or debit cards. The fraud risk in card present transactions is very low, while the fraud risk in card not present transactions is much higher.

Card Not Present Transactions

According to the U.S. Department of Justice Bureau of Justice Statistics, there were 481 fraud related fraud complaints per 100,000 residents in 2006. A 2006 study by Javelin Strategy & Research found that card not present transactions accounted for 73 percent of all credit and debit card fraud. 

This is because it is much easier for fraudsters to use stolen credit or debit cards in a card not present transaction. The fraudster does not have to worry about being caught with the card, and they can complete the transaction without the cardholder present.

Merchants should take precautions to protect themselves against card not present fraud. One way to reduce the risk of fraud is to require customers to provide additional information, such as a security code or mother’s maiden name. This helps to verify that the customer is who they say they are. 

The merchant can also take steps to verify the transaction. For example, they can require customers to provide their billing address and telephone number to match against the information on file with the payment processor. Finally, merchants should have a clear return policy in order to reduce instances of chargebacks that are associated with fraudulent transactions.

Restricting card not present transactions may cause some customers to go elsewhere. Before deciding to restrict card not present transactions, merchants should consider the potential loss of revenue and compare it to other security measures that may be implemented.

Card Present Transactions

In a card present transaction, the chances of fraud are very low because the customer is physically present to verify the charge. However, there are still steps that merchants can take to reduce fraud. Merchants should still follow the tips outlined above, including verifying billing address and requiring additional customer information. 

When possible, merchants should use card readers that print a receipt that includes the verification code or symbol on the back of the credit card. This further verifies the authenticity of the transaction in case there is an issue with the authorization.

In a card present transaction, the person presenting the card is in direct contact with the merchant. This reduces the chance that a fraudster will complete a purchase because they would have to impersonate someone at a specific location and time. For this reason, merchants should be extremely cautious when accepting orders over the phone from customers who are not present.

Merchants should understand the difference between card present and card not present transactions in order to reduce the risk of fraud. In a card present transaction, the card is physically present which makes it more secure. In a card not present transaction, the merchant does not have an opportunity to verify the card or customer, so it is easier for fraudsters to successfully complete a transaction.

stores that accept apple pay and google pay

How to find stores that accept Apple Pay, Google Pay?

There are a few ways to find stores that accept Apple Pay and Google Pay. One way is to open the Apple or Google Pay app and look for icons of compatible retailers. Another way is to visit the websites of participating merchants and search for a “payment” or “wallet” tab on their respective homepages. Finally, you can also ask any cashier at participating retailers to scan a QR code from the Apple or Google Pay app on your smartphone.

Where can I find stores that accept Android Pay?

You can find Android Pay-accepting merchants using the app, website or by asking any cashier, but most major chains and many smaller retailers accept Android Pay.

Can I pay with Apple Pay at restaurants?

Yes, but this depends on the individual restaurant’s policy. Some let you pay directly at the table using your phone (or by tapping it against a terminal), while others require you to order and pay before sitting down. And still others only offer mobile payment in their take-out areas.

Can I pay with Apple Pay at the gas station?

Yes, many gas stations accept mobile payments where you can scan a QR code or simply tap your phone to pay. Unlike other payment types that usually involve swiping your card for purchases under $25, mobile payment is more secure and doesn’t require you to enter your PIN or sign anything.

What is the limit for Apple Pay transactions?

There is no set limit for how much you can spend using Apple Pay, but your bank may have a daily spending limit that applies. Contact your bank for more information.

What should I do if my card doesn’t work with Apple Pay?

If your card isn’t accepted by Apple Pay, that simply may mean you don’t have the correct type of account and need to choose a different method. Contact your bank for more information about which cards they accept with Apple Pay and what additional requirements they may have.

What should I do if my card doesn’t work with Google Pay?

If your card isn’t accepted by Google Pay, that simply may mean you don’t have the correct type of account and need to choose a different method. Contact your bank for more information about which cards they accept with Apple Pay and what additional requirements they may have.

Can I pay using Apple Pay or Google Pay at the grocery store?

Yes, many grocery stores accept mobile payments where you can scan a QR code or simply tap your phone to pay. Unlike other payment types that usually involve swiping your card for purchases under $25, mobile payment is more secure and doesn’t require you to enter your PIN or sign anything.

Can I pay with Apple Pay or Google Pay at a beauty salon?

Yes, most beauty salons accept mobile payments where you can scan a QR code or simply tap your phone to pay. Unlike other payment types that usually involve swiping your card for purchases under $25, mobile payment is more secure and doesn’t require you to enter your PIN or sign anything.

Can I use Apple Pay or Google Pay at a department store?

Yes, many department stores accept mobile payments where you can scan a QR code or simply tap your phone to pay. Unlike other payment types that usually involve swiping your card for purchases under $25, mobile payment is more secure and doesn’t require you to enter your PIN or sign anything.

payment tokenization

What is Credit Card Tokenization?

Tokenization is a method of protecting payment card data by replacing the cardholder’s account number with a surrogate value, called a token. Tokens can be used to authorize payments without exposing the underlying account number.

Why do merchants need to tokenize credit card data?

Merchants need to tokenize credit card data in order to meet the credit card data security standard, also known as PCI DSS. The Payment Card Industry Data Security Standard (PCI DSS) is a proprietary information security standard for organizations that handle branded credit cards from the major card schemes including Visa, Mastercard, American Express, Discover and JCB.

What are some benefits of tokenization?

Benefits of tokenization include:

  1. Tokenization helps reduce the scope of a PCI DSS assessment.
  2. Tokens can be used to authorize payments without exposing the underlying account number.
  3. Tokenization makes it difficult for criminals to steal payment card data.
  4. Tokens can be used to identify customers in the case of returns, exchanges or customer service.
  5. Tokenization has minimal impact on business processes and workflows until it is time to perform chargebacks.
  6. This allows merchants to implement tokenization without having to make any changes to their current systems or workflows.
  7. Tokens can be replaced when required, such as when migrating to new systems without having to re-evaluate payment card security.
  8. Tokenization addresses the needs of all stakeholders: customers, merchants and issuers.
  9. Tokens can be used for digital wallets that consumers access via mobile devices or websites, virtual terminals, ecommerce applications, at ATMs and POS terminals using NFC technology, and other locations where traditional card data cannot be entered into the payment terminal (e.g., vending machines and parking meters).
  10. Tokens can also be used for Physical Security Token (PST) devices that generate one-time passwords to authenticate online transactions and access systems.
  11. Tokens can reduce PCI DSS scope by masking sensitive data.
  12. Tokens can help reduce the cost of PCI compliance by reducing both costs and risks associated with security administration and controls, as well as potential fines from non-compliance.
  13. Tokenization is an example of a strong authentication technology that reduces risk and lowers fraud losses compared to other technologies such as static passwords or signatures.
  14. Tokens can be used to reconcile transactions across multiple brands or issuers, and for high-volume merchants that might not otherwise be able to consolidate their reporting with one acquirer or issuer without negative impact on customers who are being asked to provide the same card details every time they want to make a purchase.
  15. Tokens can also be used to identify customers in the case of returns, exchanges or customer service.
  16. Tokens can be used to harmonize across multiple applications and to ensure that consumers are authenticated for all transactions even if their card number changes due to a reissuance by the brand or issuer.
  17. Adopting tokenization helps merchants keep pace with emerging technologies that can reduce or eliminate the need for cardholder data to be stored in their environment.
  18. Tokenization can help with PCI DSS compliance, reducing both costs and risks associated with security administration and controls, as well as potential fines from non-compliance
  19. Tokenization is an example of strong authentication technology which reduces risk and lowers fraud losses compared to other technologies such as static passwords or signatures.
  20. Tokenization also addresses the needs of all stakeholders: customers, merchants and issuers.

What are payment tokens?

Tokens provide an additional number in place of the actual credit card number on transactions, reducing the amount of personal information being stored by merchants. The number used during payment authorization is called a token, and it provides an additional layer of security for transactions that take place over the Internet or mobile channels by replacing sensitive account information with a substitute that cannot be reused.

What are the five types of tokens?

There are several different types of tokens being offered today including static, signed, challenge/response, dynamic and encrypted. Static tokens are the most common and are created using a one-time password or random number that is unique to each transaction. Signed tokens are similar to static tokens, but include a digital signature that helps to validate the token and the identity of the issuer. Challenge/response tokens are generated by submitting the user’s answer to a specific question that only the user would know, such as “What was your high school mascot?” Dynamic tokens are becoming more popular and are created by using a combination of different criteria including time, IP address and device identification. Finally, encrypted tokens offer an additional layer of protection because they encrypt sensitive account information during the transaction process.

How do tokens work?

Tokens work by replacing a card’s primary account number (PAN) with an unrelated token that has no value or relationship to the PAN that is processing as part of a payment authorization request. That token then validates that the user is who they say they are during the authorization process.

What is tokenization?

Tokenization is the process of replacing sensitive account information such as the credit card number with a substitute that cannot be used by thieves to access a consumer’s funds. Tokenization is an attractive option for merchants and consumers because it provides increased security and allows consumers to use cards on mobile apps and the Internet without having to share their personal account information.

facebook pay

What is Facebook Pay, where is it available, and how does it work?

Facebook announced its payment system, called Facebook Pay , on Wednesday, which will allow users to purchase items within the apps of participating partnering businesses. The system is currently available in only eight countries: the Philippines, Thailand, India, Indonesia, Vietnam, Singapore, Malaysia and Australia.

The new Facebook pay system comes with a built-in payment mechanism at checkout. Unlike Google Wallet or Apple Pay , which use a virtual card, Facebook Pay uses your information on file to identify you and send the payment through your bank account. For added security, app developers have an option to require a fingerprint scan on mobile devices.

In order for users to access this feature, they must install a second app, called Facebook Payments for Messenger . Once the payment system is available in a user’s country, they will receive a notification in their Messenger app.

Facebook says that it won’t make money off of the transactions in the beginning; rather, it is focusing on growing its user base and getting more people to use this feature.

Some of the first apps to offer this service are Groupon, Uber, Lyft, Airbnb and Spotify. Facebook says that participating businesses will display a “Buy with Messenger” button on their app’s checkout page. Then at checkout time, users can pay for their purchase through Messenger.

How do you feel about Facebook Pay? Do you think it will help to grow Facebook’s user base?

Facebook Pay is the company’s new service that allows users to purchase items through their apps. Facebook Pay differs from other mobile payment systems, like Apple Pay and Google Wallet, by not requiring a virtual card . Instead, businesses use your information on file with Facebook to identify you. This means that, unlike other payment systems, Facebook Pay will not create a new credit card number for you to use—the whole process works through your existing account.

One potential security concern is the fact that many businesses are offering this option without requiring a secondary form of identification, like an email address or phone number. Lipa Lieberman , CEO of cybersecurity company Lieberman Software , says the new Facebook pay system is “smart in that it allows for single-click purchasing directly in the app. It’s dangerous because there’s no secondary authentication.” To help alleviate some of these concerns, Facebook has said that businesses will let users select between payment through Messenger and their existing password system.

How do you feel about Facebook Pay? Do you think it will help to grow Facebook’s user base?

Facebook announced its payment system, called Facebook Pay , on Wednesday, which will allow users to purchase items within the apps of participating businesses. Businesses can choose whether or not they want to require authentication for purchases—it is not required by default. However, users are able to select between Facebook authentication and their existing password system.

Facebook Pay will not be available at the initial launch of Messenger Platform 2.0 , which is scheduled for April 12, but it will eventually become a payment option on apps that have added Messenger as a way to login.

litecoin

Everything about Litecoin

Litecoin is a cryptocurrency. That means, it’s an anonymous transfer of value, secured by cryptography. It was introduced as open source software in 2011 by former Google employee Charlie Lee to enable trading between people without using banks or similar institutions which charge fees.

Litecoins are generated through mining, just like most other cryptocurrencies. Mining is the process of generating new coins by confirming transactions in the Litecoin network. As a reward for that work, miners receive some newly generated Litecoins.

Litecoin has the same basic underpinnings as Bitcoin but is based on an entirely different codebase. It’s like Git vs Subversion or FreeBSD vs Linux. Scrypt is the proof of work (PoW) algorithm used by Litecoin. It’s a sequential memory hard function requiring asymptotically more memory than an algorithm which is not memory-hard. The idea behind that: To avoid development of custom mining hardware and multipools , originally envisioned in Satoshi Nakamoto’s Bitcoin protocol, but brought to reality by alternate cryptocurrencies. With Scrypt you can also make money by trading it on forex exchanges.

Litecoin is often described as silver to Bitcoin’s gold, with a faster block generation rate and larger coin limit. It has always been among the top 5 cryptocurrencies by market capitalization, comparable only to Bitcoin, Ethereum or Ripple in that regard.

Litecoin reached the $1 billion market cap milestone in November 2013. However, because of Litecoin’s architecture, its inflation rate is expected to be significantly lower than that of Bitcoin. Since Litecoin has 4x as many currency units as Bitcoin, it will initially have 4x the circulation and hence quadruple the monetary base or the number of coins generated per block. So while the absolute number of Litecoins may be limited, the relative scarcity compared to Bitcoin will remain proportionately higher.

Litecoin can handle a higher volume of transactions thanks to its faster block generation. At the time of writing, the network is averaging 77 blocks per hour giving it a confirmation rate of around 2.5 minutes per transaction. In comparison, Bitcoin averages a confirmation time of 10 minutes per transaction with an average block time of around 600 seconds.

In order to use Litecoin you need a software wallet or a web wallet . Online wallets are faster and more convenient because they don’t require you to download the blockchain. They still operate based on client-server architecture, with the wallet client running on your computer or smartphone and the server hosted by the wallet provider.

The official Litecoin client is available for Windows, Linux, Mac OSX and Android (coming soon). For web wallets there are several to choose from , including Coinbase which also offers an online exchange where you can buy litecoins using US dollars.

As with Bitcoin, there is a Litecoin explorer which you can use to check addresses and transactions on the blockchain. To take a look at the current state of the network including transaction volume.

Litecoins have been around since 2011 so they have had time to stabilize. The price of 1 LTC is around $3.20 at the time of writing, with its all-time high being around $40 in November 2013.

The only bad news for Litecoin are some incidents where people have lost coins through buggy or badly implemented wallet software . Other than that, Litecoin has been widely adopted by online merchants and services which accept cryptocurrencies, among them being WordPress, Reddit and 4chan.

Litecoin also has a thriving mining community with the difficulty level peaking at around 590 billion at the time of writing. Those interested in mining can check out this list of Litecoin mining pools , as well as this guide to setting up a miner on a Mac.

third party payment processor

What Is a Third-Party Payment Processor?

Payment processors are the companies who allow online merchants to accept credit card transactions. They accept your monthly fees, charge you a per-transaction fee, and pay you the proceeds on your sales.

If you’re starting an ecommerce business or accepting payments on your site for services or subscriptions, then you will need to find a suitable payment processor. As a business owner, you’ll need to make sure that your website is receiving the highest number of orders as possible to maintain profits and not lose money on processing fees.

A third-party payment processor will work with your ecommerce site to ensure smooth transactions and quick payouts. They can be set up in a matter of minutes and will be capable of handling online credit card transactions.

How Do You Choose the Best Payment Processor?

Choosing a payment processor can become an arduous task if you don’t know what to look for. Here are three tips that you should use when considering which company to work with for your business:

  1. Ensure that they are PCI compliant. The first consideration you should make is whether or not the processor is PCI compliant. This is an acronym for Payment Card Industry Data Security Standard, which was established by the major card companies to help protect consumers and corporations from fraud.
  2. You will want to look into what fees are associated with your processing account. Third-party payment processors charge different rates for using their services. Be sure to consider which payment processors offer the best rates, as this could help you save money in the long run. You will also need to look into other fees that are involved with your monthly statement.
  3. Look at the business’ track record and online reviews. Check out customer feedback on various forums about your potential payment processors. You will want to look out for any complaints or problems that customers have experienced working with the business.

How Can I Increase My Sales Conversions?

Once you’ve found a third-party payment processor, there are other steps that you can take to help increase your sales conversions. By following these tips, your ecommerce sales could increase exponentially.

  1. Ensure that your site has SSL certification. This is a security feature that allows for an encrypted link between your website and customers’ browsers, which will keep information safe from cyberpunks. According to Google, more than 50% of online consumers are more likely to buy from websites with this certification.
  2. Put security in place for transactions. Put in place any type of security measures for your customers in case they lose their data while on your site. This could be something as simple as requiring a captcha code to help verify that the person is not a robot.
  3. Give your customers the option of paying with gift cards, store credit, or coupons. By allowing customers to use these options, you will be giving them a chance to make a purchase without a credit card.
  4. Ensure that your site is compatible with mobile users. This is especially important if your target audience is anyone who uses their cell phone, tablet, or other mobile device for browsing the web and making purchases. More than half of all ecommerce purchases are made through mobile devices, so if your site is not user friendly with these types of devices, then customers will be less likely to complete their orders.
  5. Include social media buttons on your page. This could help increase web traffic and sales conversions. Once customers have shared your website or product through Facebook or Twitter, they are more likely to return, as this will allow for their friends and family members to see the product or website.
  6. Have a sale page available on your site. Offer special deals, discounts, coupons, and promotions through your site’s sale page. This will make customers want to check back often in case there is something new that they can purchase at a discounted price.
  7. Be sure that your website is search engine optimized. If your site is not easy to find by those looking for it, then there’s a chance that customers will not know about it and will look for other options instead.
  8. Include testimonials from customers on your website. If you have a satisfied customer, then ask for their permission to add a testimonial about your business to your website. This will help encourage other customers who are considering making a purchase from you.

5 Things to Consider Before Starting a Boot Camp Business

A boot camp is a type of special group training program meant for both men and women to improve their fitness levels. It involves a combination of aerobic exercises, strength activities, and other elements which can help experience the desired outputs. Gyms willing to set up the boot camp fitness businesses should consider certain things in mind that can ultimately help accomplish goals with high success rates. Apart from that, they provide ways to focus more on the objectives enabling fitness centers to reach next levels.

  1. Equipment

Before setting up a boot camp business, a fitness center owner should create a plan that works well for the operations. It is advisable to invest money in high quality equipment for both indoor and outdoor training programs. At the same time, fitness center owners should make sure that the machines are simple and light weight in nature.

  1. Defining important elements

Gum owners and fitness centers should consider building quality class structure rather than prices that can help attract more customers. The boot camp fitness businesses should cover define important elements such as length, rest periods, progression, benefits, and training type in detail for engaging customers in quick turnaround time. A gym owner should offer the packages with a superior class design that can help achieve the best results.

  1. Competition levels

Nowadays, there are several fitness centers and gyms which offer boot camp training with professional trainers. However, those who want to setup new boot camp fitness businesses should stand out from the crowd on the markets. They should provide a unique program that is entirely different from others. Another thing is that it gives ways to grow business on the markets significantly.

  1. Location

Location is the most important factor that determines the success of a boot camp business and gym owners should choose the right one properly. This is because selecting the right location will enable a gym owner to identify potential clients easily. On the other hand, it is advisable to understand the permits and laws before starting a business.

  1. Promotions

The boot camp fitness businesses need promotions for reaching more customers as soon as possible. Those who want to sustain on the markets should know the techniques to promote their brand through different channels. Apart from that, they should also consider designing a high-quality website for building high reputation online. This, in turn, gives methods to run a fitness business without ease.

 

 

 

 

 

 

high risk payment processing

LENDER ARE DEALING WITH EMERGING PPP LOAN FRAUD

Sometimes last month, a bank in Rhode Island bank was given an application for the sum of $144,050 loan under the Paycheck Protection Program (PPP). PPP happens to be an enormous federal effort that is designated to assist many small businesses that are severely affected by the Coronavirus pandemic. PPP loan application was assumed to be on behalf of the Remington House’s proprietors, a restaurant located at Post Road in Warwick, R.I. with about 18 staffs boasting an average monthly payroll of a $46,000.

Many indications arose after one of the bank officials drove past the building, indicating that the restaurant had already been closed before the pandemic. Lots of dumpsters were seen on the property, and notices ordering the halting of works were seen posted on the door and windows. This formerly popular restaurant had been shut down two years ago [precisely in November 2018] based on the federal prosecutors who recently charged two men with conspiracy to commit bank fraud.

The case was the first criminal fraud prosecution related to the paycheck program. As a result, the Industry officials caution that it will not be the last most likely. People who are working with banks to tackle misconduct in the $660 billion programs, and also Walter Mix, the previous California banking commissioner calculated that fraud rates can increase as much as 10% to 12%. Derek Cohen, a former federal prosecutor who currently represents white-collar defendants at the Goodwin Procter, stated that History reveals that the rate of fraud is distinctly rampant when government relief programs are assembled rapidly in response to any disaster.

A few weeks ago, many banks started accepting applications from new small business customers. And this has made them more vulnerable to fraud. Towards the ending of March 2020, the Coronavirus relief law (cares act) was enacted as the economic destruction caused by the pandemic spread speedily addressed the certainty of fraud. This law demands SBA to register loans with the use of their Taxpayer Identification Number (TIN) in other to stop the same lender from receiving more than one SBA loan, an issue known as loan stacking.

Immediately the loan has been submitted, the SBA’s E-Tran system gives a specific application number to the lender that is assumed to abolish most of the dangers of duplicate applications. Meanwhile, questions have been arising about the SBA loan system for examining taxpayer ID numbers. It was stated that it is possible for fraudsters to quickly manipulate the system when E-Tran captures essential forms of loan stacking.

Recently, the Office of the Comptroller of the Currency held a listening session with bankers concerning the fraud in the PPP. Most people who participated talked on the condition of anonymity stated that there remained to misunderstand about a host of problems, such as fraud checks and payroll verification. In the course of securing Paycheck Protection Program (PPP) funds, small businesses have encountered misunderstandings, distress, and, most times, an absence of clarity when collecting the capital if at all. The procedure was chaotic for the lenders, too, developing the excellent ability for fraud amidst an unprecedented SMB stimulus struggle. The urgency with which these lenders were expected to get applications and dish out funding developed lots of fraudulent activity opportunities.