Article by Bluefin Payment Systems
Consumers want a variety of ways to pay. But choosing the best payment processing solution for your business can be confusing, because there are so many payment options and merchant account providers. Here are five easy steps to follow when researching which payment and processing solutions are best for your business—and your customers:
Article by Bluefin Payment Systems
Transaction fees, also called effective rates or merchant fees, are fees that are charged to you by your payment processor on each transaction processed. The fee includes the bank interchange, the credit card association fees, and the processor fee. There are several factors that will determine your transaction fees:
Article by Bluefin Payment Systems
Interchange is the fee that the card issuer or the debit network charges the merchant to process a payment. Interchange is designed to compensate card-issuing institutions, such as banks, for the risk and the expense they incur to process transactions; interchange is included in the transaction fee that your payment processor charges. Credit card interchange and debit card interchange is set by the associations based on card type, industry type, qualification elements, and processing method used.
Article by Bluefin Payment Systems
Fraud is undoubtedly the biggest problem facing merchants processing payments online. Fraud costs merchants and consumers millions of dollars every year in goods, services, fees, and penalties, and all merchants must be diligent about fraud protection to ensure happy customers—and good rates.
Article by Bluefin Payment Systems
There are many factors that will determine what kind of fees you are charged by your processor. There are some factors that you can control, such as limiting charge-backs and fraud exposure, and others that you cannot, such as how you accept payments, your industry, and your physical business location.
Article by Bluefin Payment Systems
The primary categorizations of business are Retail, MOTO, and E-commerce. Each business type will require different types of “equipment” to process transactions.
Article by Bluefin Payment Systems
A payment gateway authorizes payments for retailers in all business categorizations. They ensure that sensitive information, such as credit card numbers, entered into a virtual terminal or on an E-commerce website, are passed securely from the customer to the merchant and from the merchant to the payment processor through the use of encryption.
Article by Bluefin Payment Systems
A charge-back is a credit card processed sales transaction that occurs when your customer disputes the transaction or when you fail to follow proper credit card acceptance and authorization procedures. The result of a charge-back is a reversal of the transaction, the withdrawal of funds from your merchant account and a deposit of the funds back into your customer’s account.
Article by Bluefin Payment Systems
Payment Card Industry (PCI) Compliance refers to legal requirements aimed at protecting cardholder information by preventing security breaches and data theft. The PCI DSS (Data Security Standards) Council sets standards that any merchant who holds, processes, or transmits cardholder information from any card association must comply with.
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