For starters, there are more rate plans for your business to consider than just Flat and Interchange plus pricing. That said, comparing too many options at once can be overwhelming; therefore, we’re going to focus on only two plans to simplify things a bit. If you’re just starting to accept credit card payments, a Flat rate plan might be the best to start with. If your business is more mature, Interchange plus rates will likely be more advantageous. Let’s dive into an explanation of each option. Flat Rate Pricing Payment Facilitators offer their customers Flat rate pricing,…
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At PayJunction, we believe a healthy business cannot exist without happy customers. In the spirit of Valentine's Day, we’ve compiled a number of customer support “love letters” earned in 2018. We appreciate these customers for letting us know how we’re doing. PayJunction has no contract for service, meaning we earn our customers’ business each and every month. It’s a core tenet we believe in, one of mutual respect and partnership. This Valentine's Day, we're grateful for our current customer base and new businesses that partner with us to achieve better service and more transparency in the payments…
How did the Payment Card Industry standards come to fruition? Let’s start with the body that governs their development; the PCI Security Standards Council (PCI SSC). The PCI SSC is a worldwide consortium of security experts from different areas of payment processing, including businesses taking credit card payments. Let’s look at how the three key standards were launched and developed throughout PCI history. PCI History: The Standards PA-DSS The Payment Application Data Security Standard (PA-DSS), first introduced in 2007, is applicable to payment application settings. Organizations that offer this type of software for third-party use (such as for…
As a business owner, you’re constantly working to improve your customers’ experiences. But are you accommodating them in a secure way? It’s likely you’re overworking yourself and putting your business at risk simply for the sake of your customers’ needs. What if you could accommodate your customers without risking your business? Say hello to storing credit cards on file. Increase Security, Decrease Storage Storing customer card information in filing cabinets is a huge risk and leaves your business vulnerable. If the information gets into the wrong hands, customers’ cards can easily incur fraudulent charges. Plus, it takes…
In the payment processing industry there is a ton of jargon used interchangeably, and sometimes done so incorrectly. As a business owner processing credit cards, it is important you know what these terms mean so you use them correctly if a customer asks. If you’ve landed on this blog, it’s because you’re trying to determine the difference between two industry terms: credit card authorization versus pre-authorization. Let’s dive in. Credit Card Authorization Typically every “successful” transaction gets an authorization, meaning it wasn’t declined. This is the card-issuing bank’s confirmation that there are funds available…