August 23rd, 2017 by Elma Jane
Over the last couple of years, the payments processing industry has had a major shakeup. Electronic payments are the new payment form to watch.
It’s hard to imagine that online shopping used to require you to mail a check or money order to the seller. Forget about sending your credit card information in an email.
In 2015, Apple launched Apple Pay. While usage was low at first, it quickly grew the following year. Competitors such as Samsung and Android have introduced their own digital wallets.
In a world where hackers and skimmers have customers and merchants on edge, payment security is a high priority. Digital wallets make transactions secure by removing the card from them altogether.
Credit card credentials are saved in a digital wallet on a smartphone. The customer can then make payments by placing their phone near a reader and authenticating it on the screen.
Many large companies have adopted digital wallets as a method to accept payments. You can even use Apple Pay in some drive-thrus.
Accepting digital payments is relatively simple. Most are compatible with other contactless Point of Sale systems, and they don’t even charge extra fees for transactions.
Credit Card Processing in the Modern Age
Technology is moving faster than ever, and it’s taking credit card processing with it.
Make sure to follow our blog for more articles about changes in the world of finance.
For Electronic Payment Set Up Speak to our Payment Consultant 888-996-2273 or Click Here to get started!
Posted in Best Practices for Merchants Tagged with: contactless, credit card, credit card processing, customer, Digital wallets, electronic payments, finance, merchants, payments processing, point of sale, Security, smartphone, transactions
August 18th, 2017 by Elma Jane
Before you can start accepting credit card or electronic payments, there are a number of factors to consider.
You will need to decide on a Point of Sale system. Some Merchant Services Providers require you to use only their equipment.
Some of these systems have expensive equipment costs. Others will provide you with free card readers. Companies offering free equipment may do so in exchange for higher processing fees.
Before you choose a Merchant Services Provider, you should look into how they work those fees.
Understanding Processing Fees
Credit card processing fees have several moving parts, so we aren’t going to dive too deeply into how these fees are determined. We will, however, take a broad overview.
Merchant Services Providers will charge either a flat rate, a percentage, or a combination of the two. This fee is called an interchange rate.
Interchange rates vary between card providers, which is why some sellers don’t accept certain credit cards and why many small companies have minimum requirements for credit card payments.
Some Merchant Services Providers don’t charge a flat transaction fee, however, they usually charge a higher percentage for payments.
Each model has its benefits and disadvantages.
Before choosing a Merchant Services Provider, familiarize yourself with their processing fees. Consider how they will fit with your business model. Are most of your transactions smaller or larger? How much will a free card reader save you?
Weigh every option out before you lock yourself into an agreement.
For Payment Consultation call now and speak to our Payment Consultants 888-996-2273!
Posted in Best Practices for Merchants Tagged with: card readers, credit card, electronic payments, interchange, merchant, point of sale, transaction
May 5th, 2017 by Elma Jane
Tokenization is a powerful security feature that allows a merchant to support all of their existing business processes that require card data without the risk of holding card data and without any security implications, because tokens are useless to criminals, they can be saved by the merchant as they do not represent any threat.
The liability and costs associated with PCI compliance is substantially reduced and the risk of storing sensitive data is eliminated.
Tokenization applies to credit card and gift card.
Merchants set up for the tokenization service receive responses that include a token.
The token generated is not linked to a specific transaction but to a specific card number and the token generated for that transaction will be identical for every use of that card number and merchant.
Furthermore, you can generate a token and save the token with associated information in the Card Manager.
For Electronic Payments with Tokenization call now 888-996-2273
or click here NationalTransaction.Com
Posted in Best Practices for Merchants, Credit Card Security, Electronic Payments, Payment Card Industry PCI Security Tagged with: card, credit card, data, electronic payments, merchant, PCI, Security, token, tokenization, transaction
May 2nd, 2017 by Elma Jane
Automated Account Updater
Avoid declined recurring payments with automated Account Updater.
Target Market: Merchants that accept regular recurring monthly donations like church, or recurring monthly tuition payments for schools or any regular customer you need to invoice.
Account updater advantage – Increased Sales and Retention, Reduce Customer Costs and Reduced Operating and Processing Costs.
Convenient and Transparent Account Updates
Account updater – is a service to automatically update the cards on file. These tools are used to ensure the success of recurring payments. This makes the account update process convenient with little effort by the cardholder to maintain a seamless and transparent update of card account information.
For Electronic Payments Set up and account Updater call now 888-996-2273
Or click here NationalTransaction.Com
Posted in Best Practices for Merchants Tagged with: card, electronic payments, merchants, payments
May 1st, 2017 by Elma Jane
3D Secure Authentication
One of the biggest frustration for e-Commerce businesses has been the risk of chargebacks. If a shopper were to tell their issuers that they did not authorize an Internet purchase with their credit card, the merchant can lose the chargeback and the product.
By using 3D Secure capabilities, merchants get detailed evidence of authorized purchases “authentication data”.
The authentication data, together with an authorization approval gives you a transaction that is guaranteed against the most common types of chargebacks: Cardholder not authorized and cardholder not recognized chargebacks.
3D Secure is a security tool that enables cardholders to authenticate their identity to their card issuer through the use of Visa’s Verified by Visa and MasterCard’s SecureCode services.
3D Secure adds another layer of security to cardholders by preventing fraudulent purchases in an e-Commerce environment and reducing the number of unauthorized transactions.
NTC’s Virtual Merchant users processing transactions in an integrated e-Commerce environment are able to take advantage of this functionality.
3D Secure processing is supported with MasterCard and Visa transactions only. Other card types will process as normal and will not trigger 3D secure processing.
For e-Commerce Electronic Payments set up with 3D Secure
call now 888-996-2273! or click here NationalTransaction.Com
Posted in Best Practices for Merchants, Credit Card Security, e-commerce & m-commerce, Electronic Payments, Visa MasterCard American Express Tagged with: chargebacks, credit card, data, e-commerce, electronic payments, MasterCard, merchant, Security, transaction, visa
March 21st, 2017 by Elma Jane
Accepting Electronic Payments
Why do you need to accept electronic Payments?
Accepting credit card payment is becoming a must for businesses because 70% of consumer spending is done electronically.
Signing up with NTC is easy. No Setup or Cancellation Fees. No Risk!
Already accepting credit card payments? We can do FREE Rate Review and get 500 Points.
Call now 888-996-2273
Posted in Best Practices for Merchants Tagged with: credit card, electronic payments, payments
March 17th, 2017 by Elma Jane
Southeast Acquirers Association (SEAA)
NTC will be attending the 2017 Southeast Acquirers Association (SEAA)
on March 20-22 at Le Meridien – 555 S McDowell Street, Charlotte, NC 28204
SEE YOU ALL!
For electronic payments setup, call us now 888-996-2273
Posted in Best Practices for Merchants Tagged with: electronic payments, payments
March 1st, 2017 by Elma Jane
ELECTRONIC PAYMENTS
When it comes to electronic payments, certain types of businesses are considered high risk.
Most merchants do not realize that electronic payment processors carry a financial risk on merchant accounts, and normally fund merchants prior to receiving payment from the client’s bank.
Essentially, a merchant account is an unsecured loan.
Different factors used to determine when a business is a high risk are:
- Types of products
- Services they sell how
- How they sell them
Online transactions are considered high risk because there are increased risks of fraud.
A key factor used to determine the risk of a business is chargebacks.
Chargebacks include customer refunds and fraudulent transactions.
Payment providers assess this risk to determine the percentage of chargebacks your business is likely to experience.
Businesses that are considered high risk where they take advanced payments:
- Travel agencies
- Ticketing services
Electronic payments provider is necessary if you want to accept debit and credit card transactions.
For high-risk electronic payments please feel free to call us at 888-996-2273.
Posted in Best Practices for Merchants, Travel Agency Agents Tagged with: bank, chargebacks, credit card, debit, electronic payments, fraud, loan, merchant accounts, merchants, online, payment processors, transactions, travel agencies
February 14th, 2017 by Elma Jane
Prevent Freeze, Holds, and Terminations
Common ways to prevent freezing; holds and termination to your account.
Minimize Chargebacks – chargeback should always be limited. An excessive number of chargeback whether won or lost is a red flag.
Minimize Fraud – if fraud is suspected, your account will be frozen pending an investigation.
One account per business type – if you have multiple businesses, you must have a separate account. If one account is being used for a different business altogether, that’s the quickest way for an account to be fully terminated.
Sell only the services or products you said you’d sell – selling other product or services could violate your Marketing Services Agreements.
Stay within your average monthly volume and ticket – an unusually high processing volume or average ticket is one of the fastest ways to get your funds held. To avoid this, notify your provider of an expected busy month. Call your provider for a large transaction before running it.
Use appropriate payment account types – card present (retail) and card-not-present accounts (internet). Card present means both customer and their credit card are present in the store. Card-not-present means card nor the person are not physically present at the time of the transaction. A large number of card present transactions on a card-not-present account or vice versa can result in a hold or termination of an account.
For Electronic Payments call now 888-996-2273 or got to www.nationaltransaction.com and click on get started
Posted in Best Practices for Merchants Tagged with: card present, card-not-present, chargeback, electronic payments, fraud, provider
February 9th, 2017 by Elma Jane
Electronic Giving Is it Right for your Church?
The congregation is ready for Electronic Giving, implement Electronic Giving in your Chruch with NTC.
According to Federal Reserve Bank, people are writing fewer checks and using electronic payments more.
Reasons Church should offer Electronic Giving:
Donors can make additional contributions.
Electronic Giving encourage and promote Financial Health.
Infrequent givers become regular givers with Recurring Payments.
People who can’t attend service or forgot to bring checkbook can still give.
NTC Electronic Giving Offers:
Mobile offsite activities fundraising-NTC E-Pay email invoicing-Security data Breach Protection
Automatic, recurring donations: Reoccurring Donations: Secure Payment Form For:
Online Electronic Giving Auto updater Website
Use credit or debit card Web Form Social Media
For Electronic Giving call now 888-996-2273 or visit www.nationaltransaction.com and click get started.
Posted in Best Practices for Merchants Tagged with: credit or debit card, E-Pay, electronic, electronic payments, financial, invoicing, mobile, online, Recurring Payments, Security