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 […]
Visa Debit Differences in Canada vs USA
Visa Debit is a popular payment method worldwide. It is accepted by millions of merchants in over 200 countries and territories, including both online and brick-and-mortar retailers, making it one of the most widely accepted payment cards. Visa Debit is also popular because it offers the convenience and security of electronic payments, while also allowing […]
What is the Payments Industry?
The payments industry has been revolutionized in recent years by technological advancements, changing consumer behavior, and the growing demand for digital payments. This industry encompasses a range of services and technologies, including credit card processing, mobile payments, online payments, point-of-sale systems, digital wallets, and other electronic payment methods. In this article, we cover the size, […]
Fraud Detection in Payment Processing
Fraud detection is of the utmost importance in the payments industry as it helps to protect both merchants and customers from financial losses. This is particularly important in online payments, because that is where most payment fraud takes place. Fraudulent transactions can occur in various forms, such as credit card fraud, identity theft, and account […]
Difference Between Debit Card vs Credit Card Fees for Merchants
Debit cards and credit cards have become the most common way for people to pay for goods and services. Roughly 85% for all transactions are through debit cards or credit cards. Therefore, it is generally recommended that merchants accept both credit cards and debit cards to provide their customers with a range of payment options. […]