All Posts by PayJunction Team

The Advantages (and Disadvantages) of Using a Credit Card Chip Reader

The Advantages (and Disadvantages) of Using a Credit Card Chip Reader

As credit card, or EMV, chips become more common, so too are the credit card terminals that accept them. According to Visa, 71%, or 511.1 million, of its U.S.-based credit and debit cards now have chips, a figure that represents more than a doubling of chip cards over a three-year period. Across the U.S., 3.1 million – roughly two thirds of – merchants are now EMV-enabled. Even so, credit card chip readers are not a legal requirement for merchants to accept EMV cards (with the exception of merchants who wish to accept contactless payment methods. See below)…

2 Hidden Truths [and 1 Myth] of The Payment Gateway Process

2 Hidden Truths [and 1 Myth] of The Payment Gateway Process

From the outside, it might seem that processing an e-commerce transaction only requires three things: A debit or credit card; The credit card issuing bank, which approves or declines the transaction, and later releases the funds; The Payment Processor, used by the business’s bank, which receives the funds after a transaction has cleared and deposits the money into the business’s account. However, there’s a crucial – but silent – party that is the key to all of the communications that result in a successful transaction: a Payment Gateway. A Payment Gateway acts as a middleman, transferring cardholder data to…

7 Key Tips for Choosing an eCommerce Merchant Account

7 Key Tips for Choosing an eCommerce Merchant Account

Ecommerce presents exciting opportunities for business owners: to better meet the needs of existing customers, to tap into new markets and to grow the value of individual transactions over brick-and-mortar purchases. While the ability to sell online is hardly a new innovation – Jeff Bezos launched Amazon in 1994, the same year Pizza Hut sold its first pie over the Internet – the exploding growth of e-commerce makes it a sales channel many businesses cannot afford to ignore. In 2018, online sales in the U.S. grew by 15% year-over-year, and analysts believe that by 2040, a whopping 95% of all retail…

4 Tips On How to Set Up ACH Payments

4 Tips On How to Set Up ACH Payments

ACH payments, in which funds are drawn from a customer’s bank account over the ACH (Automated Clearing House) network, offers some distinct advantages over processing paper checks. Specifically, ACH payments can save you both time and money. While ACH seems simple, the underlying processes are actually somewhat complex, involving a seven-step process with six different entities. These entities include the Originator – the person or entity who initiates the transaction; the Orginating and Receiving Depository Financial institutions (two separate entities); ACH operators and receivers. As you might imagine, the communication and coordination of funds across so many parties is a…