Cash-only businesses are a dying breed – but they still exist. However, businesses who are still refusing to accept credit card payments in 2018 are missing out. Let’s break down the top four reasons why your business should accept credit cards.
We’ve fielded a lot of questions from our merchants recently about the rules and regulations surrounding asking for identification when a customer attempts to pay with a credit card. Let’s break down why and how you might want to ask for identification on a credit card purchase.
At the end of June, you probably heard a lot of news about Supreme Court rulings. On June 25 the Supreme Court narrowly sided with American Express in a case that impacts merchants, credit card processors, and the industry as a whole.
We’ve written in the past about credit card surcharging and how it’s a gray area in terms of legality and whether or not it’s a great idea. What if we told you that there’s a very similar but distinct option available that has no legal issues? It’s called a cash discount – let’s take a look.
Big changes are coming to security for credit card transactions – are you prepared? At the end of June, all digital credit card transactions will be subject to additional encryption protocols to protect the card data. This is great news for your customers and for you – unless your payment system isn’t set up to support it.
If you’re shopping around for a new credit card processor, you may notice a few new questions being asked on the application form. Starting May 1, 2018, the Financial Crimes Enforcement Network (FinCEN)’s new Customer Due Diligence (CDD) requirements for financial institutions are being enforced. Let’s break down the changes and what they mean.
So you dipped a customer’s credit card, and it was declined. Ugh. In addition to a flustered and potentially indignant customer, you now have to figure out what to do. Here’s our cheat sheet to the decline codes your machine might produce and what to do about them.
Chances are at least one slick credit card processing salesperson has come into your business singing the praises of leasing your terminal. They probably fed you a lot of compelling lines to make you sign on the dotted line, but hopefully you were able to resist. Leasing your credit card terminal only benefits your processor.
Do you know what your MCC is? When you first begin processing credit cards, the processor you’re working with will assign you your MCC after you’ve explained to them what kind of business you are and what you sell. Some unscrupulous processors will misclassify your business on purpose for their own financial gain.
On April 1, 2018, the payments industry said goodbye, at least in part, to an old friend. Businesses are no longer required to obtain signatures for chip card and contactless transactions, ending a practice that had become a punchline for businesses and consumers alike.