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 […]
The credit card issuing industry continues to experience steady growth as consumers and business owners use credit cards to complete more transactions. As of February 2023, almost 90% of Americans surveyed prefer using a debit or credit card (both virtual and physical) as their main payment method when making a purchase, and 36% of all […]
If you’re a small business looking for a payment processor, you’ve likely come across Stripe. A leading payment gateway, Stripe is worth a staggering $50 billion, processing payments for some of the world’s biggest organizations. Stripe, in fact, processes payments for millions of companies globally—from startups to the Fortune 500. According to their website, 90% […]
Whether you’re a new entrepreneur looking to set up your credit card processing equipment for the first time, or a seasoned business owner shopping around for a new solution, having the right credit card machine is critical. The hardware market is saturated with a large range of devices that, more or less, have the same […]
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 […]
Growing businesses need access to reliable and secure payment options. The larger you become, the more suppliers, providers, and other parties you will inevitably pay. Paper checks and money orders are no longer practical. First, they’re tedious and time-consuming. And second, they just don’t meet the always-on needs of the electronic money system we operate […]
Every small business owner today has the power to transact in the palm of their hands via mobile payment processing — you don’t need a clunky point of sale (POS) machine any longer. Your phone, some software, and a tiny piece of hardware are the only tools required to take credit card payments today. Mobile […]
Many small businesses don’t realize that although PIN and signature debit transactions may seem similar, they are actually quite different. In fact, a customer using the same debit card at a retail outlet—for the same amount—may translate to different transaction fees for the merchant, depending on the verification method they choose. As such, merchants may […]
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 […]
The idea of being defrauded isn’t pleasant, but it’s something that every business owner needs to think about. Fraud incidents are a real possibility for any business, particularly if you accept credit cards. In 2021, there were 389,845 breached credit accounts. Not only that, but industry data shows that account takeover fraud continues to be […]
