Mobile merchant services are growing at a breakneck pace. These days, paper money is used for only 19% of payments. Mobile merchant payments, on the other hand, nearly doubled in 2021 to reach $66 billion in value and accounted for 21% of all mobile money transactions. Mobile merchant services are a popular form of payment […]
The American credit card industry plays a key role in the country’s economic growth. Retail purchases made by cardholders, restaurant meals, and eCommerce transactions generate millions of dollars in revenue daily. According to IBIS World, the credit card-issuing industry has a market size of $164.3 billion. This is projected to grow by 3.4% during 2022. […]
If your small business processes credit card payments, you’ve already crossed paths with a merchant agreement. A merchant agreement is simply the contract between you (the merchant) and your merchant services provider. It’s the document you sign before your business starts processing credit card and debit card payments. So, why do you need to know […]
You already know that merchant payment processing comprises a large portion of your business expenses. Whether your customer uses a credit card or debit card to process payments, your payment processing company is the middleman. Payment processors interface between your customer’s issuing bank and your merchant bank, the acquirer, to transfer funds for your purchase. […]
Letting customers pay for goods on their own terms can significantly bolster sales. This is particularly important for small business owners as every single sale makes a big difference. 85% of consumers have abandoned an online purchase because they didn’t have the option to pay in their preferred fashion. So, as you can see, it’s […]
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 […]
The United States’ credit card industry continues to show steady growth. In April 2022, Insider Intelligence reported that in-store credit card payments are expected to reach almost $2.336 trillion in 2022. eCommerce sales are projected to propel online transaction volumes to more than $500 billion during the same year. A business’s merchant services provider (or […]
American consumers and businesses are increasingly being targeted by malicious credit card skimmers. The Federal Bureau of Investigation (or FBI) estimates that skimming costs consumers and financial institutions over $1 billion annually. Much of this illegal activity takes place at gas stations. According to the National Association of Convenience Stores, roughly 39 million Americans fuel […]
High sales volumes, month-on-month, are something that every business owner dreams of. But they usually bring with them some real challenges that merchants find rather difficult to deal with. These may include greater risks of fraudulent transactions, chargebacks, and incidents of friendly fraud. In fact, worldwide losses from payment card fraud—both friendly and conventional—surpassed $32 […]
A retail merchant account enables retailers to process credit card and debit card transactions. Any payment processing that involves a card or bank account linked to one, takes place via a retail merchant account. It doesn’t matter whether the transaction takes place at your physical point of sale or eCommerce store. There are many reasons […]
