As credit card processing becomes increasingly costly for merchants, many are seeking avenues that allow them to reduce this expense. One of these avenues is adopting a cash discount program that incentivizes customers to pay by cash or check, offsetting payment processing costs for business owners. What is a cash discount program? Businesses that use a cash discount program offer a discount to customers who pay by cash or check instead of using a credit or debit card.
Making a business feel like a community is one of the sharpest tools in your bank marketing shed these days. Consumers want to trust in both the product and the company, and the best way to develop trust is to give back to your community. And what’s a great way to do that? A bank customer appreciation day or other events that uplift and make your customer feel supported and excited!
So your credit union is considering a member drive? Awesome! While drives are certainly a lot of work, they can be super rewarding when you finally sit back and appreciate the fruits of your efforts. But how can you be sure you succeed? What does it even mean to run a successful drive? Fear not! We’ve got your back. But first things first, let’s cover some basics that will do wonders for your post-drive analysis.
As a merchant, one of your most important priorities while processing payments (if not the main one!) is going to be avoiding fraudulent transactions. Merchants can be deemed susceptible to fraud if the card is not present during the transaction, such as with online purchases, payments made over the phone, or online invoice payments. So while it might seem like the payment and anti-fraud landscape is getting more and more complicated - it’s for a good reason.
If we had to bet, we’d say you’re in 1 of 2 camps: You’re considering opening a business and are researching how to make an informed decision when to comes to payment processing. You’re considering switching payment providers and are curious to see what your options are. Regardless of where you are in your business life, you’re in the right place. The payments world is confusing, and understanding all of the players and how the money flows between them is important.
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.
Subscribe to our newsletter and get payment processing news & insights sent to your inbox.
You can unsubscribe at anytime.