In today’s highly competitive marketplace, companies that can generate recurring income from one customer have an advantage over their competitors. After the set-up process, these businesses will enjoy recurring payment income with no additional effort. They won’t have to worry about missed monthly payments from distracted or cash-crunched customers. For perspective, a Mercator Advisory Group […]
Authorization holds are a useful tool in the credit card processing toolbox to ensure sufficient funds are available when you’re ready to process them. For some industries, authorization holds are standard procedure. The hold is placed on a cardholder’s account, and their bank reserves the transaction amount. Cardholders can’t spend the amount of the hold, […]
As the global payments industry continues to grow, global payment revenues are expected to increase by almost 9.5% (year-on-year) in 2022. By 2031, the revenue is projected to reach $3.3 trillion. As such, revolving credit card balances are expected to comprise a large portion of the revenue. To maximize their profits, many merchants rely on […]
Online shopping is officially in the mainstream. eCommerce spending is on the up globally with sales projected to exceed $5 trillion by the end of 2022. In the US alone, eCommerce sales made up 14.8% of total retail sales in Q3, 2022, as reported by the US Census Bureau. This means the stakes are higher […]
Chargebacks are a part of business life. If you accept credit cards, you accept that some customers will request refunds. And most go about it indirectly. It’s easier to contact their card issuer and file a chargeback—no need to go to you. If the chargeback is decided in the customer’s favor, you lose the product […]
The United States payment processing solutions market continues its increasingly rapid growth. In May 2022, market research firm ReportLinker cited a market size of $90.9 billion for the year. By 2027, the payment processing solutions market is projected to reach $147.4 billion. This represents a 10.1% Compound Annual Growth Rate for the period. These impressive […]
There’s a whole glossary worth of terminology about payment services in the retail industry. New retailers often wonder, “What are merchant services?” The answer isn’t too complicated, but there are a lot of moving parts. Merchant services is an umbrella term that’s used to refer to a wide range of payment processing functions. It refers […]
The era of cashless transactions is now firmly upon us with only 14% of customers still paying for goods and services with cash. It’s, therefore, essential for both brick-and-mortar and eCommerce retailers, to be able to accept all kinds of non-cash payment options—whether online, in person, or over the phone. This is where merchant service providers […]
Venmo took the world of peer-to-peer transactions by storm. Now it’s starting to look like Venmo for business is the next big thing for SMBs. Digital wallets are booming in light of the coronavirus outbreak, but Venmo, in particular, has risen to the top. Statista reports that Venmo’s net payment volume was a whopping $37 […]
Merchant banking is the small business owner’s answer to the investment banks used by large corporations. We’ll break down the differences between merchant banks and investment banks in a moment. But, before we do, you need to know that merchant banks are a rapidly growing financial service for small businesses. The market size of the […]
