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ACH offers many advantages over paper checks, including faster notification of acceptance or failure. That said, ACH reject codes still come days after the transaction is initiated — and sometimes incur an ACH reject fee — so it’s important to know how to resolve these rejects and provide the right information to your customers.READ MORE
Contrary to popular belief, insufficient funds is not the most common reason for a credit card to decline. In fact, there are a plethora of credit card decline codes that occur more frequently. To relieve the awkwardness that ensues after stating “Sorry, your credit card was declined,” we’re identifying the most common credit card decline codes and how to solve them to alleviate tension at checkout.READ MORE
Using old-school terminals forces you to manually tally profits, sales and transaction totals month over month and year over year. If you need quarterly reports, you must compile totals per terminal and per department for three consecutive months. Bottom line: Old-school terminals don’t produce sufficient data for your business reporting.READ MORE
If you run a multi-location or multi-department business, there’s a chance you have multiple bank accounts. This can keep your finances tidy and might even be necessary. If your business has multiple locations, for instance, it might be easier to manage batches and reconcile bank accounts separately. Similarly, businesses managing multiple brands, like auto dealerships, might need to separate deposits by manufacturer. Likewise, legal firms often need multiple merchant accounts to manage client payments during trial.READ MORE
Let’s consider a scenario: You’re an office manager and it’s the end of the month. You have 80 monthly subscribers you need to bill for your services, which means 80 authorization forms to mail out, 80 checks to look for in the mail and 80 deposits to your business’s bank account. For those who are late making their payments, you have to follow up and impose painful late fees. This process could take a good week or two, and will start all over again in a few short weeks when the next month’s payments are due.READ MORE
We all know the trope “with great power comes great responsibility.”READ MORE