“Service” Posts

How MCC and SIC Codes Impact Credit Card Processing

How MCC and SIC Codes Impact Credit Card Processing

It’s no surprise that there are various types of businesses. However, you might not know that there’s a formal classification system for businesses that can impact their credit card processing. Businesses are mapped to their respective industries through an Standard Industrial Classification Code (SIC) and Merchant Category Code (MCC). SIC codes are managed by the U.S. Department of Commerce and used by the IRS and processing banks, while MCC codes are issued by the credit card brands (Visa, MasterCard, Discover and Amex). While these four-digit numbers sometimes overlap and sometimes differ, they both categorize a business by…

5 Essential Features of a Payment API

5 Essential Features of a Payment API

If you’re an independent software vendor (ISV) who is evaluating payment APIs, you have much to consider. There might be a number of Payment Gateways seeking integration with your software; or maybe you want to offer your customers several partners to choose from, but you don’t know where to start. It’s important to integrate with the right payment provider because integrations take time to build. You don’t want to invest months of development work into a provider that will harm your customers with unethical billing practices, poor service or outdated technology. A bad experience for your…

The Biggest Credit Card Processing Pitfalls

The Biggest Credit Card Processing Pitfalls

We’re intimately aware of how credit card processing can be a nightmare. Why is that? Because we’re familiar with the payments space. With 17 years of experience, we’ve seen how changes in the industry (and the industry’s inability to keep up with the times) can cause tension among business owners and consumers alike. A prime example of such tension is the recent shift from magstripe to EMV chip cards. Furthermore, we analyze thousands of merchant statements annually, so we see how other providers are charging their customers. We’ve uncovered over a dozen unethical billing issues…

Why We Care About Ethical Credit Card Processing

Why We Care About Ethical Credit Card Processing

Read enough about PayJunction’s company culture, and it’s clear we prioritize long-term relationships over short-term profit. That’s not just a nice-sounding statement, it’s what we practice every day with our customers. Since we launched our blog, we’ve largely focused on unethical billing issues. These are the unfortunate, but all-too-common, ways players in the payments space unfairly profit off their customers. Because everyone does it, there’s an assumption among providers that it’s OK. Business owners are left to believe they can’t escape fake fees and hidden markups because they’re the norm. Complex…