No one said staying on top of PCI compliance was fun, but we can’t stress its importance enough. Exposing yourself to PCI compliance vulnerabilities is a sure way to get slapped with a business-crippling fine in case of a breach. Depending on your PCI level, these fines can range from a few thousand dollars to $100k/month, and many businesses fail to recover from an experience like that. Your decisions around storing credit card information are critical to your compliance and security apparatus.
Knowing exactly how to increase bank deposits is the goal of every community bank and credit union’s marketing team, but sometimes it’s hard to know where to begin. There are so many ways to market your bank, and you may be wondering if some of your ideas are even worth trying. Well, we’re here to tell you that yes, with the right plan it is absolutely worth it, and that investing in your bank deposit gathering strategies is more important now than in the past decade due to rising savings rates (1).
Navigating the world of bank marketing can be difficult. Marketing is such a broad topic, and it’s not always easy to draw the line between your community bank marketing ideas and sales at your bank. There is no perfect solution or way to track everything, but there are ways to take marketing and distill it down into a few actionable ideas that you can report back on with specificity.
Have you ever received or sent a proforma invoice but didn’t understand exactly what they were used for? They can be a bit confusing. Proforma invoices are something that many companies send, and they are even more common in industries that rely heavily on physical shipping. Not all companies need to use proforma invoices, but we’re going to outline exactly what a proforma invoice is and what situations they are best for — that way you can determine if it’s the right call for your business.
Integrated, unified, and collaborative systems are terms we hear a lot about, and it may feel like every software company talking to a business pitch integrated payments. As such, it’s important to know exactly what they mean and why it’s important for your business. If you don’t, then you’re more likely to be roped into a solution that isn’t catered to your specific needs. What are integrated payment systems? Integrated payment is a broad term, but it essentially means a payment system that communicates with all other critical software your business uses.
Whether you’re a residential or commercial mover or work in industrial storage, getting the right payment system for your business might seem like a task that you can afford to leave on the back-burner as other priorities take over. However, many companies do not realize the benefits of a flexible yet sophisticated payment processing solution and how a bad one can leave you out of pocket in more ways than one.
There are two main times when you need to get a merchant account: when you’re switching merchant services providers to get better rates, service, and tech, or when you’re just starting to build the infrastructure of your business. Your choice of merchant services will define a critical part of your business — the actual way your business accepts and transfers money, and your merchant account is the key that lets you start accepting transactions.
Whether you’re evaluating new options for your payment system or just starting out on your entrepreneurial journey, understanding the payments ecosystem is important. Your choices can save or cost you thousands of dollars depending on your volume and contract length. One of the first choices you’ll come across in your payments journey is whether to work with a merchant services provider and open up your own merchant account or work with a third-party payment processor.
As a merchant, dealing with declined transactions can be awkward at the best of times, so it’s important to know exactly why a particular message has appeared. Whether it’s taking place in-person or online, there are a number of reasons why a transaction might not have been authorized: The customer might have insufficient funds, they’re over their daily spending limit, or the processing system could be malfunctioning. You might also get the message “Pick up card” - but what does this mean exactly?
QR code payment — the payment type that’s often considered the biggest flop in recent payment history. It was released to wide fanfare and quickly shunned as excessive and pointless by consumers and merchants alike, but that may have been for the wrong reasons. And as you’ll see shortly, QR codes are having a bit of a well-deserved revolution, and merchants should know why. But before we get into the future of QR codes and how that applies to your business moving forward, let’s cover the basics.
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