Our hats go off to all the software developers out there. They’re creating some of the most amazing ways to interface with the world and make our lives and businesses better every day. Nowadays, most SaaS products, web applications or other technology requires a payment system on the back-end. When you’re at the point in development where you’re looking to integrate a payments solution, it’s important to keep these four considerations in mind.
The EMV transition is coming in October and it will affect all of your merchants, regardless of their size. The unfortunate fact is that only about 25% of merchants are on track to be capable to take EMV transactions by that time. While this is a problem for every merchant, smaller merchants will be disproportionately affected especially those that typically have large ticket transactions. After October 1, how many of your merchants will be able to shoulder the cost of fraud?
Your merchants don’t want to deal with hidden fees or get a robot when they need technical support. Neither do you. This is why it’s critical to thoroughly vet your processing partner for how they treat you as a “customer.” Are they only paying you out on a few revenue streams? When you call in with an urgent question is there a warm body on the other end of the phone?
Many people think that credit card processing is a complicated process and, to be honest, we can’t blame them. From conflicting information online to complicated contracts and service agreements there’s a lot of confusion about how exactly credit card processing works and why it’s important. In this post, we’re going to break down the key steps that happen when you swipe a card or enter a credit card number so that it’s easy to know what’s happening behind the scenes.
So maybe you’ve been running a brick & mortar business for years and are wanting to expand into eCommerce… or maybe you’re brand new to your venture and are laying the groundwork for your business… or maybe you are reevaluating your current payment process and are looking to understand a bit more about the payments ecosystem — regardless, accepting online payments is one of the most fundamental (and important!) aspects of your business.
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