Dental credit card processing
There are specific needs in dental credit card processing that we have seen as we’ve worked with many dentists. First and foremost, low-cost is critical. Reducing cost is the mission of TRC-Parus. Secondly, dentists need the flexibility to take payments that make their patients comfortable: secure, quick, and low contact. Low cost dental credit […]
Businesses need to watch out for reserves in payment processing
Do you know what puts most businesses out of business? Reduced cash flow. After a business makes a sale, if it doesn’t get the funds from the transaction quickly, cashflow is restricted and this puts the business in a tough position. Reserves hold back your funds A reserve is when a payment processor holds funds […]
Visa and MasterCard Interchange Fees in Canada are Changing
Interchange is the fee collected by credit card issuers on every transaction. These interchange rates in Canada are set by Visa and MasterCard and are mandatory for all credit card processors. Changes in Canadian Interchange Fees Visa and MasterCard are changing their interchange fees starting on July 18, 2020 and August 1, 2020, respectively. The […]
Social Distancing: Let your customers pay by credit card while remote
Businesses are working remotely. The remote working trend is only increasing, especially during the COVID-19 crisis the world is experiencing. It is becoming more important to let customers pay remotely. We’ve been helping many businesses get set up to take credit card payments while they are working from home or remote offices. These businesses have […]
What is underwriting and merchant account risk?
Credit card processors (or merchant service providers) have exposure to losing the money. That’s the risk which merchant account providers take. By the way, here’s a great book on the history of risk. Some merchants process $20,000/year in credit card sales, some process $200 million/year. The higher the credit card processing amount, the more the […]
What are reserves in payment processing?
A reserve on a merchant account in credit card processing is a temporary hold on a portion before they are deposited in your bank account. For example, if you had a 2 week reserve of $2000, there would be a hold of a rolling total amount of $2000. The funds in the reserve are in […]
When do credit card funds get deposited?
Our goal is to increase your cash flow and your profitability. We increase your profitability by providing you the best rates. We increase your cash flow by depositing your funds incredibly fast. Here we will describe the timing of your credit card processing funds being deposited into your bank account. When you run a credit card […]
Why credit card processors need financial statements from businesses to get a merchant account
A merchant account is similar to a bank loan. It provides credit to a business. It is credit because after a customer swipes their credit card, you as a business will be funded in less than a day. However, the customer may not pay the credit card bill for weeks or even longer. That time […]
How to choose the best payment processor
Quite often, you need a payment processor. If you are accepting credit card or debit cards you will need a payment processor. If you also want to accept EFT/ACH (bank transfers) or cryptocurrencies, it is helpful to have a payment processor. It all depends on your business plan. More specifically, it depends on how your […]
When credit card processing goes bad
It is unfortunate but sometimes there are issues in payments and credit card processing. They range from small annoyances to mission critical problems. Here’s some of the top payment problems and ideas to help you through them. You’re getting chargebacks A chargeback is when a customer that paid with credit card sees the charge on […]