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The True Cost of Printed Receipts

The True Cost of Printed Receipts

If you’re like most business owners, you store every printed receipt from your credit card terminal and provide copies to your customers. It may be a routine you consider a best practice to protect your business, but the cost to maintain and store printed receipts significantly eats into your profits. Your customers have up to 18 months to dispute charges on their credit card bills. So you store signed, printed receipts, most likely past the 18 month time frame, to protect your business from the possibility of a chargeback dispute. This practice is in your best interest, but the…

Everything You Need to Know About Virtual Terminals

Everything You Need to Know About Virtual Terminals

If you’re shopping around for a payment processing solution for your business, you may have come across the term “Virtual Terminal.” It sounds fancy enough, but how do you decide whether this web-based Payment Gateway is right for you? What Is a Virtual Terminal? As a business owner, you’re likely familiar with processing customer transactions using a credit card terminal. You swipe, enter or key in card details, and the terminal prints a paper receipt so you can record the transaction. It's the old-school, traditional way to process payments. At a surface level, a Virtual Terminal and the…

Credit Card Processing: Am I on the Correct Rate Plan?

Credit Card Processing: Am I on the Correct Rate Plan?

Anyone who has researched credit card processing rates will probably tell you different iterations of the same story, all of which can be summed up to this: it is a frustrating chasm of mystery that will lead you to far more questions than answers. Interchange-plus, Tiered, Flat, MOTO, Billback, retail, membership-based, effective rate, swiped, keyed, chipped, dipped, EMV-enabled, NFC-enabled ... the list goes on. The vernacular is confusing, sometimes deliberately, and is always changing. Despite this, it’s likely you’ve taken action (possibly a few times) to understand it all. But where do you start? The Pitfalls of Comparing Credit…

How to Get an Online Merchant Account

How to Get an Online Merchant Account

With the exception of choosing a credit card terminal, getting an online merchant account is no different from setting up a standard merchant account for brick-and-mortar use. The process is exactly the same, comprised of an application process and the submission of supporting documents. Acquiring an online merchant account is one thing, but its components and how they fit into the overall structure of online processing differ significantly from those related to a standard merchant account. Before we jump into the disparities, let’s do a quick review of the mechanics behind online merchant account processing. How Online Merchant Accounts…

The Future of Card Readers

The Future of Card Readers

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) card readers: Card Readers Must Be EMV Capable By now it's likely you're aware that mag-stripe cards are phasing out and EMV-chip cards…