Accepting Multiple Payment Methods: A Practical Guide for Businesses
As a merchant, your cash flow can quickly take a hit if you are only accepting a handful of payment methods. Today’s shoppers use buy now, pay later (BNPL), digital wallets, cash, cryptocurrency, and cards to pay for their transactions. If you don’t have the capacity to accept multiple payment methods, it’s going to quickly […]
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Payment Service Provider: What It Is and How To Choose the Right One
Accepting payments isn’t as straightforward as just handing over cash. With credit cards, debit cards, and mobile payments, an entire web of interactions takes place in the background each time a card is swiped. Besides the basic transaction processing, this network of activity also works to inspect for fraud, authenticate the payment information, verify that […]
Merchant-Initiated Transactions: What MIT Means and When Merchants Use It
When someone swipes their card, an entire web of activity starts to occur behind the scenes. Payment gateways, issuers, and acquirers work together to authenticate and approve the transaction so that it can be processed. While many transactions begin when a customer swipes a card or pushes a button, this isn’t true in every case. […]
Smart Payment Routing: How Intelligent Routing Improves Approval Rates and Reliability
From changing regulations to cross-border fees, there are many payment processing challenges that can impact your acceptance rates, overall costs, and network reliability. Smart payment routing is essential for facing these obstacles. Intelligent payment routing allows you to optimize your payment routing so that transactions go to the best possible provider. The routing considers important […]
Payment Authorization Explained: Meaning and Step-by-Step Process
When someone swipes a card, an intricate sequence of steps is instantly carried out. For the payment to go through, it must be authorized, captured, and settled. Payment authorization is a critical step in the transaction process. It is essentially where the issuer says that the transaction can go through. If there are insufficient funds, […]
Payment Optimization: What It Is and How to Improve Payment Performance
According to one study, around 11% of e-commerce transactions fail each year. Meanwhile, chargebacks annually cost merchants around $117.47 billion. While your payment processing tools might be out of sight and out of mind, they can have a real impact on your company’s bottom line. High decline rates, chargebacks, customer abandonment, and fraud can add […]
Authorized Push Payment Fraud: What It Is and How It Impacts Merchants
Authorized push payment fraud (APP) is rapidly growing as a problem, but many businesses remain unprotected. This insidious type of fraud involves a bad actor pretending to be a legitimate vendor, employee, or business partner. Then, the bad actor uses this false identity to trick businesses into sending a payment to them. As a business, […]
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