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.
We’ve all been there. You open up your processing statement for the month, only to find it is much higher than you thought it would be. Where are all these annoying fees coming from? Why are they so high this month compared to last month? What can you do about it? One of the best things you can do as a business owner is to understand why processing fees are charged and when, and a common fee that often comes as a surprise is what VISA calls an international assessment fee or ISA fee.
So you’re in the market for a merchant service provider? You’re probably already researching like crazy, but we’re going to take a second to again remind you that choosing a merchant service provider is a very important decision. Processing costs and the mishmash of services, software, and hardware that go into a great payment solution can feel a bit overwhelming, but taking the time to understand the variable costs and pros and cons of different providers is well worth it.
One of the latest changes in the payment industry is VISA’s decision to add purchase return authorizations. Why would they do this? VISA is hoping to minimize returns by checking for closed or fraudulent accounts and streamline the customer experience by instantly showing a credit/statement update instead of having to wait for the merchant to include the return request in a batch settlement. They’re calling these return authorization requests Purchase Return Authorizations or PRAs.
As you know, there’s so much more to a dining experience than the food. There’s the atmosphere, the pacing, the interior design, the branding, and something that’s often overlooked — the payment interaction itself. The Aloha POS is one of the most popular point-of-sale systems on the market today for restaurant owners, and Pay-at-the Table’s mobile checkout system is one of the best ways to modernize your restaurant. And we have some great news.
Running a business is all about the details. Small mistakes can spiral into big issues, and being proactive is your best bet for growth. PCI Compliance is one of those to-dos that can fly under the radar, but the consequences of a breach are devastating. It’s your responsibility as an owner or manager to stay on top of PCI compliance and protect your customer’s data when processing transactions. And PCI doesn’t go away the more you grow, it actually gets more complex and important.
With the rise in eCommerce and international tourism, cross-border transactions are more common than they’ve ever been. It’s no surprise when you think about it. In the world of information and global connectivity, any merchant with a product can find buyers around the world. If you want to source products from China, you can. If you want to buy Japanese linens direct, you can. There’s no end to options for both businesses and consumers these days.
When you’re shopping around for merchant services providers (MSPs) or checking through your first statement, you may be surprised by all of the fees involved. There are a bunch to keep track of, and it’s important to know what they are because some MSPs take advantage of customers through unexplained fees. Or if you notice a spike in a particular fee, it’s helpful to know why that happened. We’re going to dive into all of the fees you could see on your statement and explain what they mean.
When researching your options for a payment system, you may have come across the choice of supporting ACH transactions but weren’t quite sure if they applied to your shop. While ACH transactions make the most sense for merchants running eCommerce businesses, any merchant who conducts online or recurring transactions in any capacity could benefit from implementing ACH. Let’s dig in. What Does ACH Payment Stand For? ACH stands for Automated Clearing House, and you can think of it like a check without the paper.
Even though you shouldn’t have to deal with it, credit card fraud is something that all business owners have to suffer from. And the bigger you get, the more you’ll have to deal with it. There are ways to reduce credit card fraud, but you’ll never be able to get rid of it completely. When fighting back against credit card fraud, your first plan should be to be able to recognize credit card red flags and have processes set in place for each.
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