Payment Processing 101

Did you know there’s more that goes on behind the scenes, from when customers pay businesses with their cards to when the business receives their payment? Well, there is! A whole lot goes on! So, how do businesses accept debit and credit card payments? How exactly do payment solutions like card terminals work? And what happens behind the scenes of payment processing?

 

In these articles, you’ll learn all about card networks like Visa and Mastercard. You’ll learn about how swiping a card through a magnetic strip reader is different from making a contactless or EMV payment. And you’ll learn about cutting-edge industry solutions like mobile payments, QR codes, and even biometric payments.

 

Did you know that contactless cards use radio wave technology—and that there’s a small antenna inside the credit card? Did you know that Visa and Mastercard have pioneered programs that allow customers to pay with a smile or a hand scan? Have you ever wondered how Amazon’s cashierless stores work? Do you know how many parties are involved in a single credit card transaction?

 

Aside from these very interesting “big picture” topics, we’ll explore pinpointed questions that relate directly to your business, like—why are flat-rate credit card fees so bad? What other pricing structures are there? What is an MCC or merchant category code—and does it impact my business? Or should I still accept cash?

 

In our Payment Processing Basics articles, you’ll get an overview of how payment processing works. The process of taking card payments will be demystified—and you’ll have more information to make better decisions moving forward—such as who to choose as your payment processor. As you’ll see, many of these considerations can only be answered when you consider the type of business you own.

 

Payment Solutions

Charge Cards vs. Credit Cards: Which is Right for Your Business?

 — 12 minutes

Is there a difference between charge cards and credit cards? The answer might surprise you. And yes, it can affect your business.

Credit Card Processing 101

Charging Credit Card Fees: Understanding the Legality and Best Practices

 — 13 minutes

Charging credit card fees to customers is a great way to avoid extra costs for your business. However, surcharges have regulations you must follow.

Payment Solutions

Advancements in Biometric Authentication for Payment Systems

 — 17 minutes

Payment solutions that use biometric authentication can provide a more secure transaction process, reducing fraud and potential chargebacks.

Payment Solutions

Exploring Non-Profit Payment Solutions: Challenges and Opportunities

 — 16 minutes

Efficient payment solutions for non-profits include increased donor satisfaction, retention, and fundraising potential, and reduced administrative costs and risk of fraud.

Payment Solutions

The Future of Blockchain in Payment Processing

 — 12 minutes

Blockchain technology in payment processing has benefits including enhanced security transparency, traceability, cost-efficiency & global reach.

Payment Solutions

Payment Processing for the Gig Economy And Freelancers

 — 12 minutes

Payment processing options for freelance and the gig economy aren’t all equal. If you are a freelancer or gig worker you have choices with how you accept payments.

Payment Solutions

Digital Identity Verification and Payments

 — 16 minutes

Digital identity verification enhances transaction security and streamlines KYC compliance by using advanced digital ID methods.

Payment Solutions

Emerging Markets and Digital Payment Adoption

 — 15 minutes

Consumer demand for digital payment adoption continues to increase, leading to the emergence of new markets and driving global economic growth.

Payment Solutions

The Impact of Quantum Computing on Payment Security

 — 15 minutes

With AI advancements and quantum computing on the horizon, payment security may be threatened. Here’s what you need to know as a business.

Payment Solutions

How to Qualify for a Merchant Cash Advance: A Step-by-Step Guide

 — 14 minutes

Merchant cash advances are easy to apply for. Providers care more about your processing than your credit and you will simply need a few things to qualify.

Payment Solutions

Mobile Wallets Vs. Traditional Banking

 — 16 minutes

Mobile wallets use contactless technology to allow customers to easily make payments from their phones online or in person without plastic cards.

Credit Card Processing 101

ECS Merchant 101: Credit Card Authorization Explained

 — 13 minutes

A credit card authorization protects both the merchant and the cardholder. The merchant can ensure funds are available before delivering goods or services and

Payment Solutions

How to Implement Sustainable Payments to Benefit Your Business

 — 11 minutes

Sustainable payments benefit businesses and the planet—from biodegradable cards, digital wallet solutions and paperless receipts.

Payment Solutions

The Rise of Biometric Payment Systems

 — 12 minutes

biometric payment systems are the way of the future. Business owners must prepare themselves with what accepting payments will look like in just a few years.

Payment Solutions

Adapting to Consumer Demand for Payment Flexibility

 — 12 minutes

Consumers want payment flexibility at the point of sale. Is your business equipped to handle this demand? If not, you could be missing out on business.

Payment Solutions

Integrating Payment Systems with IoT Devices

 — 11 minutes

Integrating payment systems with IoT devices has helped to automate transactions and enhance user convenience.