Merchant Account Reserve: What It Is and How Rolling Reserves Affect Cash Flow
Getting approved for your merchant account is only the first step in bringing in revenue. As a part of your account setup, you’ll have to agree to specific terms and processing fees. If your company is considered a higher risk, you may be required to have a merchant account reserve. Reserves are used to offset […]
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Payment Processor Down: A Merchant Playbook for Keeping Sales Moving
With a standard payment processor, you can expect 99.9% uptime. This works out to 43 minutes of downtime or less each month. However, top-tier payment processors experience just five minutes of downtime each year. Even with the best processors, downtime can still happen. When a payment processor outage does occur, the costs can quickly add […]
Authorization Optimization: How To Improve Payment Authorization Rates
Whenever a payment fails, a decline reason code is created that explains the exact failure reason. These codes can vary between payment processors, although many processors use the same ISO 8583 codes used by Visa and Mastercard. As a merchant, understanding these codes is essential for authorization optimization. Once you understand why transactions are declined, […]
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 […]
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 […]
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