Thinking about setting up a text message payment service for your business but aren’t sure where to start? Well, you’ve come to the right place. Once you start looking into the possibilities it can get a bit overwhelming, and you’re not alone in your search. While SMS payments still aren’t the preferred payment method for businesses or customers (especially for small, casual purchases), they can be fantastic tools in certain situations and are getting more popular every year.
Do not honor reject codes are common in credit card transactions (especially in eCommerce) and are often frustratingly vague. Merchants are left without a lot of information, and this can be a bit flustering — especially when you’re standing in front of a customer who’s trying to pay. We’re going to cover what do not honor codes mean, the possible reasons your system may be firing one, and your best bet for resolving the issues.
Electronic billing or e-billing isn’t a new concept these days. In fact, like cellphones it’s something we’ve grown so accustomed to that it has become the basic fabric of any modern business — assuming we’re exclusively discussing first-world markets. But electronic billing systems are in no way perfected or without meaningful variety. The components that make up electronic billing are often similar, but their integration abilities and consumer-facing UI and UX can make all the difference.
If you’ve been in business or started a business in the past decade, chances are you’ve heard about EMV (more commonly known as chip). 2015 marked the national transition and original incentives of EMV, although chips have been used for years in countries like the UK. Not integrating EMV into your business isn’t a repercussion-free option — you are opening yourself up to significantly more risk and in many cases are completely liable for fraudulent transactions accepted with magstripe instead of EMV, and we’ll cover the details and deadlines of that shortly.
The payment processing system is complex. The amount of engineering ingenuity behind seemingly instantaneous transactions is built on an impressive number of mechanisms controlling them. Not only do these mechanisms need to be efficient and effective, but they also need to be secure and confidential. Part of that ingenuity boils down to the accuracy in which transactions, payments, refunds, and chargebacks are routed between merchants, customers, issuing banks, and acquiring banks — and a crucial part of that system is built on the specificity of merchant ids.
Whether you’re familiar with the general payments ecosystem and understand the basic functions authorizations and credit card captures have in practice or are just starting out in the world of payments, it’s important for you to know what card captures are and how they affect the way your business, well… does business. What does credit card capture mean? A credit card capture is the legally binding step that takes place after a payment authorization that officially moves a customer’s funds into the designated merchant account.
Sometimes it pays to do your research, and pre-authorizations in the payment processing world are a great example of that. Pre-auths aren’t the best option of every business, but depending on your industry and client base they could help reduce costly chargebacks and other transaction fees. Let’s take a look. What is pre-authorization (pre-auth)? A pre-authorization is a temporary hold on funds in a customer’s account that lasts around 5 days.
With eCommerce continuing to grow exponentially as more and more consumers opt for shopping from the comfort of their home and/or phones, online credit card transactions are as natural as throwing the cashier a twenty for some gas. But with more transactions comes more opportunities for theft and fraud, and so coupled with this meteoric rise is an equally impressive wave of security and payment inventions that facilitate this boom and mitigate against bad players.
If you’ve been accepting Visa or Mastercard in your business anytime between 2004 and early 2019 (essentially any business in the last 15 years), then you most likely received a notice about the class action antitrust lawsuit between merchants and cardmember brands. We’ve gotten a lot of questions about the VISA/MC class action lawsuit as of late, so we figured we’d save you some time and sum it up for you.
What is an acquiring bank? Your acquiring bank gives your business the ability to accept credit card or debit card transactions and handles the communication between your business and the “issuing bank”. Odds are, if you are already in business then you have some sort of deal with an acquiring bank or with a merchant services provider working in tandem with an acquiring bank. They are where you hold your merchant account and are the bank that deposits funds into your chosen business account after receiving your batched transactions.
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