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Understanding Merchant Credit Card Processing

Understanding Merchant Credit Card Processing

No matter what side of a credit card transaction you are on, it’s likely you have a basic understanding of the process. The card is run, it’s either approved or declined, and a day or so later the customer has a new charge on his card history, and the business receives the funds. On the surface, merchant credit card processing is that simple. But peel back the layers and it gets more complex. To provide a deeper understanding of the entire process as well as elements that can impact it, we’ve outlined three things to know to…

PCI Security: Time and Costs to Reach Compliance

PCI Security: Time and Costs to Reach Compliance

In 2017, Target completed a multi-state settlement for $18.5 million stemming from a massive 2013 data breach that exposed customer credit card data (over 40 million records) and contact information (over 70 million records). Target's security was called into question, but it was actually an issue with its outside services: an HVAC supplier was noncompliant with the Payment Card Industry Data Security Standard (PCI DSS). This incident highlights the importance of PCI compliance, both internally and in association with your service providers, such as your Payment Processor. PCI compliance is becoming an even more pertinent topic of conversation in…

What Is a Payment Gateway?

What Is a Payment Gateway?

Did you make an online purchase this week? Then you used a Payment Gateway without even knowing it. A Payment Gateway provides a safe method of transferring cardholder data from a website to a payment network for processing. It communicates the confirmation of sufficient funds and the transaction approval back to the website. It’s the technical glue that connects the point of sale to the payment network and is unique to card-not-present, online payments. Now, if you’re looking to accept online payments, you may be wondering how a Payment Gateway fits into the process. After all, there are…

How to Compare Merchant Processing Services

How to Compare Merchant Processing Services

Are you researching merchant processing services? Before you start considering providers, you first need to understand how to compare what is available to you. Merchant processing services differ across providers, and there are certain characteristics and features you should pay attention to when evaluating your options. We recommend considering the following categories when assessing merchant processing services for your business. Type There are two types of providers that offer merchant processing services: Payment Facilitators and Merchant Service Providers. A Payment Facilitator lends out its own merchant account and shares it with all its customers. They have no application process and…