What is an Acquiring Bank in Payments?
Digital payments have become the norm over the past 10 year. Technology like the internet and mobile devices, along with the push to online shopping with the COVID 19 pandemic, has made digital payments huge. Businesses of all sizes rely on the ability to accept various payment methods. Behind the scenes, acquiring banks play a […]
Card-Present vs Card-Not-Present in Payments
In the world of payment processing, two key terms frequently arise: card-present (CP) and card-not-present (CNP). These terms describe the presence or absence of the physical credit card during a transaction. Understanding the difference between CP and CNP transactions is essential for merchants in order to navigate the various payment methods available today. Let’s explore […]
How Merchant Category Code (MCC) is used in Payments?
MCC stands for Merchant Category Code. It is a four-digit number assigned to businesses to categorize the type of goods or services they offer. The MCC is used primarily in the financial industry to facilitate payment processing, reporting, and analysis. The code helps identify and classify merchants based on their business activities. There are thousands […]
Complete Overview on How Fees Work in Credit Card Processing
Credit card processing has become an essential part of business, allowing businesses to accept electronic payments from customers conveniently. It’s important for merchants to have a clear understanding of how fees work in credit card processing to make informed decisions and effectively manage their financial operations. In this article, we will go into the details […]
What is PAD in Payments?
PAD stands for “Pre-Authorized Debit” which is sometimes called direct debit. It is a type of payment method that allows customers to give permission for a business to debit their bank account automatically on a recurring basis. This is commonly used for recurring billing, such as monthly subscriptions or recurring payments for services. In a […]
Interchange Plus Pricing and What You Need to Know
Interchange plus pricing, which the pricing model TRC-Parus uses, is a payment processing model that has become increasingly popular in recent years. It is sometimes referred to as cost-plus pricing. Interchange plus pricing is a transparent pricing structure that allows merchants to see the exact costs associated with accepting credit card payments. In this […]
What are Credit Card Networks?
Credit card networks, like Visa and MasterCard, play an essential role in enabling millions of people to make digital payments across the world. Credit card networks are complex systems that facilitate transactions between merchants, credit card issuers, and cardholders. In this article, we will explore the workings of credit card networks, their history, and the […]
An Overview of Chip-and-PIN in Payment Processing
Chip and PIN is a payment processing technology that has become increasingly popular in recent years. This technology is designed to provide an additional layer of security to credit and debit card transactions, making it more difficult for fraudsters to steal card data and conduct unauthorized transactions. The chip and PIN system represents an important […]
5 Ways to Reduce Interchange Rates in Payments
Interchange rates are fees merchants pay to credit card issuers and payment networks every time a customer uses a credit card to make a purchase. These fees, which are determined by the card networks and can be challenging to negotiate, can have a significant impact on a merchant’s profitability. There are several strategies that businesses can […]
Integrated Payments for Software, Apps, and Platforms
The payment processing market is estimated to reach $248.93 billion by 2028, growing at a good rate of 14.5% per year. The growth can partly be attributed to the increasing penetration of the internet coupled with smartphone apps and software platforms embedding payments into the user experience that makes payment seamless. Integrated credit card processing […]