How Apple’s Growing Payments App Can Help Your Business Today
We live in a world where convenience is king, and consumers expect as many payment options as possible. It’s also a world quickly trending towards a cashless economy in the wake of a global pandemic that has made contactless card payments the norm. Today, failing to offer customers contactless payment options in-store could be the difference between making a sale or not, and accepting consumers’ preferred payment options is even more important online where cart abandonment runs rampant and consumer loyalty is essentially nonexistent.
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Customer payment data is incredibly valuable – that’ why the bad guys are always trying to steal it. And when security is breached and a customer’s data is stolen, it can be a long and frustrating process for the customer to deal with. To ensure that consumers are as well insulated from that possibility as possible, and to ensure the maintenance of their own reputations and value of their brands, the major credit card companies introduced PCI DSS to ensure that all merchants who process credit card transactions are doing their part to keep things secure.
Continue reading “What is PCI Compliance and How Does it Impact Merchants?”
Running a successful business is hard work, so it’s understandable that merchants want to enjoy the fruits of their labor as quickly as possible. But standard practices in the payment industry often require merchants to wait days – in some cases almost an entire week – to gain access to their money. That delay has the potential to be hugely damaging, especially during tight times and uncertain economic circumstances like those we’re currently navigating in the wake of a worldwide pandemic. Luckily, not all merchant accounts are created equal, and some payment processors offer merchants a respite from long hold periods in the form of next-day funding.
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American consumers are unquestionably big fans of credit, with almost a quarter of all purchases made using credit cards in 2019. But, while most consumers are comfortable pulling out their plastic and enjoying the benefits of accessible credit, the sting of high-interest rates can still be a major purchase deterrent – especially on large purchases. But, what if there was another way for consumers to quickly and easily access manageable credit right at the point-of-sale, without the need to fill out long applications or submit stacks of documentation? That low-friction credit option already exists. It’s in its infancy, but POS financing – installment loans provided to customers right at the cash register – could be the next big thing in consumer payments.
Continue reading “POS Financing: What Is It and Why Should Merchants Consider Getting Onboard”
In the wake of the global COVID-19 pandemic, the need for a strong online presence has never been clearer to merchants who have traditionally operated on a brick-and-mortar-only basis. But with the flood of new entrants to eCommerce comes a flood of questions as business owners struggle to navigate online sales. One question that comes up consistently is what the difference is between a payment processor and a payment gateway. In this article, we’ll explain the difference between the two, how each one works, and, most importantly, how they work together to ensure successful, secure online transactions.
Continue reading “Payment Processors and Payment Gateways – What’s the Difference and Which Do You Need?”