Today we’re going to cover another payment processing decision that can substantially affect your day to day processes and fees over time. The choice between batch processing and real-time processing ultimately comes down to the differences in fees and whether or not you need to adjust transaction values after a sale, and the decision isn’t that difficult once you know what to look for. You may be wondering what batching is, but I’d bet it’s not the first time you’ve come into contact with batch processing.
As smartphones become more and more ubiquitous across the developing world, the demand for simple and efficient mobile credit card payments is louder than ever. By 2023, 25% of all POS transactions will be completed on a phone and mobile payments will more than double from 3% to 7% by 2022. Companies that take initiative and provide mobile payments are slicing up more and more of the pie — especially in sectors like professional services and restaurants.
As contactless payments become more and more common, it’s smart to know what options are available to your customers and what you need to support them. As a general rule of thumb, supporting more payment options is better. Payment flexibility reduces transaction barriers, which is arguably the most important part of payment design. The last thing you want is someone to have the ability to pay but not be able to, and payment convenience also helps acquire repeating customers.
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.
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.
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.
Subscribe to our newsletter and get payment processing news & insights sent to your inbox.
You can unsubscribe at anytime.