The Best Merchant Account for Payments
A merchant account is a type of bank account that enables businesses to accept and process digital payments, such as credit card (Visa, MasterCard, etc) and debit card transactions. It serves as an intermediary between the business, the payment processor, and the customer’s bank. When a customer makes a payment using a credit card or […]
What is Underwriting in Payments?
Underwriting is an essential part of payment processing. The underwriting process helps payment processors assess the risk associated with processing payments for a particular merchant. By evaluating factors such as the merchant’s business model, financial stability, transaction volume, and chargeback history, payment processors can determine the likelihood of fraud, disputes, or other issues that could […]
What is Settlement in Credit Card Processing?
Settlement in credit card processing refers to the final stage of a credit card transaction where funds are transferred from the cardholder’s account to the merchant’s account. It involves the reconciliation, verification, and transfer of funds to complete the transaction. Overview of the credit card settlement process The settlement process in credit card processing refers […]
What is a CVV and Security Code on Credit Cards?
In the world of online and card-not-present (CNP) transactions, security is of utmost importance. To combat fraudulent activities and provide an additional layer of protection, credit cards are equipped with a Card Verification Value (CVV) which also has other names, but is generally called the credit card security code. In this article, we will explore […]
Benefits of a Virtual Terminal for Payments
A virtual terminal is a web-based tool that allows businesses to process credit and debit card payments remotely. It is a software (aka virtual) alternative to physical card terminals commonly found in brick-and-mortar stores. With a virtual terminal, businesses can accept payments from customers without the need for face-to-face interactions or the use of physical […]
What is AML and KYC in Payments?
Today’s financial and payments industry is getting much more advanced and complex. Preventing illicit activities such as money laundering, terrorist financing, and other fraudulent activities is of paramount importance. Anti-Money Laundering (AML) and Know-Your-Customer (KYC) regulations have emerged as crucial safeguards within the payments industry. Here we explain AML and KYC in payments, their significance, […]
The Best Subscription Payment Processing
Subscription payment processing refers to the handling and management of recurring payments associated with subscription-based business models. It is sometimes called other names such as: Recurring Billing, Recurring Payments, Auto-Renewal Payments, SaaS Billing (Software-as-a-Service Billing), or Subscription Management. It involves the technology and systems required to process and collect payments from customers on a recurring […]
How Your Industry Impacts Interchange Rate
The industry your business is in has a big impact on your interchange rate. Industry is a key factor that determines the risk level of a merchant. Risk in payment processing refers to the potential for financial loss, fraud, regulatory non-compliance, or other negative outcomes associated with processing payments for a specific merchant. Payment processors […]
How USA Interchange Rates Work
Interchange rates are an important component of payment processing globally. They are set by card networks like Visa, Mastercard, and American Express, and they represent the fees that merchants must pay to accept credit and debit card transactions. Each country has their own set of interchange rates. This article focuses on interchange rates in the […]
What is an ISO and How do They Work in Payments?
The world of credit card processing and merchant accounts can be confusing, with various types of organizations involved and complex fee structures. Merchant accounts are necessary for businesses that want to accept credit card payments. Some merchants find credit card acceptance convenient and cost-effective, while others struggle with the fees that eat into their margins. […]