Shopping around for the right merchant account provider? There are lots of options available, opening doors to many possibilities for a new online merchant, but how well do you know your Internet merchant account jargon? Here are some common terms explained so that you will get a clearer idea of what your provider is talking about.
1. Settlement Time
This period is defined as the duration of time between your customers’ credit cards being charged for the transactions they make and the time you actually see the cash in your business account.
Typically, …

Thinking to boost up your sales by accepting credit cards as another mode of payment other than PayPal and other online payment processors? Well, a decision well taken should be executed at the earliest to stay ahead of your competitors. The steps are very simple, yet you have to be alert every time you wish to expand your opportunities. A proper SWOT analysis of the prospect of having a merchant account with credit card processing companies will surely yield positive results with lesser threats and weaknesses. Let’s get into the …

For many the internet is a source, but for nearly every instance of the internet acting as a source there is the converse. At the other end of this source is those that provide, and for them the internet is an outlet. There are some requirements though for those want to provide. In some cases the most important of choices may be securing a way to receive payment.
That may seem like a simple thing if you think of a transaction as simply handing money from one person to another. While …

A partial scam involves concealed or altered information about the prices, fees, charges, features and the description overall. The most common partial scam is the ‘hidden fee’ scam. The hidden fee scam is the concealment of some fees, rates and extra charges (usually applied by the processing bank), which then suddenly pop up, or remain hidden and unaccounted for until the e-Commerce merchant receives the bill from the processing bank. Some credit card processing companies do not provide a full price list. A full price list should have, at least, …

Photo by Don Hankins
Beware Visa’s warnings
Visa Inc. last week sent a fraud alert to banks and payment processors warning them to look out for a “large batch settlement fraud scheme” involving a merchant account in East Europe. That alert is focusing renewed attention on a longstanding need for banks to tighten up the standards for authorizing merchants who accept credit and debit card payments.
Batch settlement fraud schemes – What are they?
Batch settlements refer to the common practice where merchants store all authorized payment card transactions that occur during a day …