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% […]
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. […]
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 […]
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, […]
In the ever-evolving landscape of the dental industry, technology and convenience have become paramount in ensuring smooth operations and enhanced patient experiences. One often-overlooked aspect is the role of merchant services in dentistry. Efficient payment processing is vital for the financial health of any dental practice, enabling them to focus on patient care without the […]
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Consumers have returned approximately $816 billion of merchandise in 2022. That’s a lot of returns—and missed revenue. Refunds cost small businesses time and money, which begs us to ask the question: Is a no refund policy the way to go? All sales final, no returns, no exchanges. Below, we’ll go over the pros and cons […]
Data confirms that cash is no longer king. Card payments are the most commonly used payment method among American consumers (57%). Debit cards account for 29% of all payments, while credit cards account for 28% in terms of transaction volumes. Card payment machines allow customers to settle their purchases without having to carry cash or […]
Efficient invoice processing is key to creating a steady flow of income for your business. Invoice processing times usually vary depending on the type of business, its size, and the processing method used. Consulting firm Basware notes that high-performing accounts payable departments typically take three to four days to process an invoice. In contrast, slower […]
