Every day, unsuspecting business owners deposit fake checks only to find out later that they’ve been duped. So, what happens if you unknowingly deposit a fake check? The unfortunate result is that, depending on the situation, you could now be out of pocket and suffer financial losses for your mistake. While checks made up 18% […]
Credit cards really do make the world go round. Whether you’re shopping online or in-store, dining in a restaurant, or booking a flight—swiping your credit card at checkout gives you the product or service you desire—very quickly. Likewise, if you’re selling goods in person, through an online store, or building a web-based service business, you […]
The world has gone digital, so it only makes sense for small and medium-sized businesses to adopt Electronic Funds Transfers (EFT payments) to move money. Not only are EFT transactions easier to track and more hygienic, but they’re also faster since you no longer need to depend on an overburdened postal system for money transfers. […]
The classic bait and switch scheme has been around for ages. In this tactic, a product is advertised at a bargain price but is substituted with an inferior product before delivery and after the customer has paid. This bait and switch tactic exists in the credit card processing industry too. Here’s an example from Commerce […]
Technology has made it very convenient to electronically transfer money from one’s bank account. Two popular methods that allow this include Automated Clearing House (ACH) payments and wire transfers. Both of these electronic money transfer methods fall under the broad category of Electronic Fund Transfers (EFT). Electronic fund transfers (or EFT payments) continue to play […]
Any kind of dispute with customers can be an added cost to a business. This is particularly true for chargebacks on credit card payments. Research suggests that chargebacks impact six in every 1000 transactions and increase by over 20% each year. While chargeback rules are important for consumer protection, these have a significant business impact […]
As we enter the third decade of the 21st century, digital payments (or electronic funds transfers) continue to fuel the global economy. In October 2022, McKinsey & Company reported that almost nine out of ten Americans use digital payments. McKinsey’s 2022 Digital Payments Consumer Survey noted that a growing number of respondents use at least […]
As the US payments industry continues to expand, credit card payments occupy a big slice of the pie. Automated Clearing House Payments (or ACH payments) offer their own impressive processing volumes. In February 2023, the National Automated Clearing House Association (NACHA) reported that the nationwide ACH Network processed 30 billion payments in 2022. These payments […]
Today’s super-competitive marketplace dictates that small business owners must take a multi-channel sales approach if they want to reach customers and secure more conversions. Shoppers continue to make purchases at brick-and-mortar stores with point of sale or POS systems at a high rate, especially amongst younger generations, 84% of which view shopping as a social […]
In today’s digital age, having a strong presence on social media is essential for any business looking to thrive and succeed. With millions of users actively engaging on various platforms, social media offers a unique opportunity to connect with your target audience, build brand awareness, and drive sales. However, without a well-defined social media strategy, […]
