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Merchant Statements
In June 2024, a prominent software-as-a-service (SaaS) solution provider for automotive dealerships faced two severe cyber attacks. These incidents disrupted operations for approximately 15,000 car dealerships that rely on the solution for various operations, including sales, customer relationship management (CRM), back office administration, billing, financing, inventory management, service, and support.
Ursula Librizzi
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Large, multi-location auto dealerships operate complex business hierarchies, with headquarters overseeing multiple automotive brands, locations, departments, and staffing roles. This operating model presents unique challenges with accepting, managing, and analyzing payment activity. Typically, each location has dedicated merchant services and bank accounts.
Ursula Librizzi
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The healthcare insurance industry’s embrace of High-Deductible Health Plans (HDHPs) means an increasing number of patients are responsible for paying for most medical services before plan benefits fully kick in. Your medical practice should consider recurring billing to lessen the upfront financial burden on patients.
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Medical payments are confusing: Explanation of Benefits (EOB) statements, co-pays, prescription coverage, Medicare plans, separate bills for doctors vs. labs, HDHP, HSA, FSA. The list goes on. It’s no wonder that recent surveys found nearly 40% of Americans are confused by medical bills.
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The costs of goods, supplies and labor are rising for business owners of all types and sizes. Passing a portion of card acceptance costs to customers for purchases helps businesses create savings without raising prices overall.
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What is ACH Payment Processing? ACH payment processing is the banking industry’s definition of moving money between bank accounts in the United States. ACH stands for Automated Clearing House and the ACH network of financial institutions is responsible for the movement of funds. It is managed by Nacha, the organization that sets and enforces the Rules for ACH. The physical network that processes transactions is run by the ACH Operators, notably, the Federal Reserve and The Clearing House.
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