In today’s global marketplace, countless international credit and debit card transactions take place daily. Most of these cards come from domestic issuing banks. However, customers often purchase merchandise from merchants in other countries. Financial institutions incur more risks from these cross-border payments, spurring them to charge extra transaction fees. Statista predicts that, in 2022, the […]
If you’ve ever had a customer ask if you take SNAP at your small business, then it’s time for you to become familiar with EBT payments. “EBT” stands for “Electronic Benefits Transfer.” It’s what the federal government uses to distribute SNAP and TANF funds to families and individuals in need. Becoming an EBT merchant is […]
Here at Payment Depot, we have a lot of respect for Costco. We love the fact that it’s a membership-based business and the company lets shoppers buy merchandise at wholesale rates. As you may know, we use a similar business model for payment processing. In the same way that Costco gives consumers access to lower […]
Credit card transactions play a substantial role in the larger United States economy. The country’s credit card-issuing industry has a $156.7 billion market size (based on revenue), which is expected to grow 10.3% this year. A handful of large credit card processing companies cater to major players in the retail, service, and hospitality industries. They […]
As the pandemic continues to ebb, credit cards continue to play a key role in the global economic recovery. Business Wire states that the worldwide credit card market is projected to expand from $100.05 billion in 2020 to $103.06 billion in 2021. This figure translates into a 3% compound annual growth rate (or CAGR). Diverse […]
The terms ISO/MSP are volleyed around a lot in the payments industry… Which is ironic, considering they’re expressions few merchants understand. It is a challenge to cut through all of the financial institution jargon to come to an understanding of what ISO/MSPs actually are and the role they play in credit card processing, so we’ve done the […]
In the 1980s, businesses got frustrated with the inherent flaws in traditional management accounting systems. Traditional systems couldn’t provide accurate cost accounting at the time and often generated misleading numbers. This led to the introduction of the activity-based costing (ABC) system aimed at more accurate calculations of operational costs. It soon became apparent that the […]
Mastercard is one of the most trusted credit cards in the world. So, you may notice that Mastercard interchange fees show up quite a bit on your business’ credit card processing statement. Mastercard’s interchange rates also change twice a year. So, it’s important to be aware of how the company quantifies interchange rates to stay […]
As cards increasingly dominate the current payments landscape, debit cards have become an important part of the mix. However, the Durbin Amendment of 2010 has significantly affected US-based debit card operations. Retailers and financial institutions are feeling the effects of the legislation. We’ve put together this useful guide to help you learn about its purpose, […]
At Payment Depot, we strive to offer excellent credit card processing services to merchants at a reasonable price. We take pride in helping businesses like you save money and grow your bottom line. That’s why we’re excited to be recognized by Digital.com as one of the best merchant account services of the year! According to […]
