Not long ago, businesses were processing credit cards with a carbon copy imprinter. Since then, the payment processing industry has taken major strides in advancing its technology, and it’s only changing quicker these days. The combination of smarter card reader technology and crafty fraud tactics means more shifts in credit card processing equipment for businesses to consider. Here, we outline three trends for businesses to keep in mind as they invest in newer (and more expensive) readers: Card Readers Must Be EMV Capable By now you’re likely aware that mag-stripe cards are getting phased out and EMV-chip cards…
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When people think about credit card processing, they likely think of waiting for their transaction to process or their Merchant Service Provider, depending on which side of the transaction they inhabit. But there are a number of middlemen involved in credit card processing, and even businesses don’t necessarily interact directly with each one of them. If you’re wondering, “How does credit card processing work?” and want a visualization, we have one just for you. Let’s review what each of these providers does to enable credit card payments. How Does Credit Card Processing Work: A Guide to Providers…
Digital convenience is driving a change in consumer habits. Combine that with the shift to high-deductible health plans, and the result is patients paying more attention to the quality, cost and amenities available to them around the care they receive. Patient Payment Trends Zirmed and Navicure published the 2018 Patient Payment Check-Up survey report which provides key insights into financial collections, communications and methods across both patients and providers. Here’s what we found interesting in patient trends: 1. The desire for digital payment options is growing across age groups. As you might expect, younger patients continue to seek digital…
Data shows that you have a 60 to 70 percent chance of successfully selling to an existing customer. Compare that to your low odds of earning the business of a prospect — between 5 and 20 percent — and it’s clear that your business will benefit from investment in your current customer base. There are a number of tactics you can use to re-engage with, and once again delight, your existing customers. We’ve highlighted our favorite re-engagement tactics for you. Learn Why Your Customers Left Whether you lost the account or your customer simply hasn’t made a purchase in…
PCI DSS stands for the Payment Card Industry Data Security Standard. Any business or organization that processes, stores or transmits cardholder data is required to adhere to PCI DSS. The credit card brands (Visa, MasterCard, Discover and Amex) created these security standards to prevent fraud and instate industry-wide standards. PCI DSS is updated every year to ensure that it addresses vulnerabilities and reflects new technologies. But it can be both costly and challenging to meet PCI DSS requirements. We’ll dive into the associated costs and methods of getting PCI DSS-certified, along with tips to reduce your exposure. PCI DSS…