Author Archives: hostmerchantservices

How EMV Technology Will Impact Your Business In 2019

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EMV technology is changing the credit card industry. Your credit card machine needs to be able to handle this technology. Since most new cards these days have it, your business will suffer if you don’t adapt.

One of the main reasons it has become so important is due to security. Payment processing is much more dangerous these days without the necessary chip. As of July 2027, 85% of all the credit cards issued included a chip. Even for debit cards, 60% of them now have it.

The biggest reason to adopt this type of technology is for accountability. Protecting your business must be your top priority. Now that EMV chips are a driving force in the financial world, failure to accept them can cost you. Merchant services such as Visa and MasterCard will hold you accountable for credit card fraud resulting from not accepting this new technology.

Counterfeit fraud liability is now handled differently than it once was. Though credit card issuers previously had to carry this liability, chip-enabled cards have changed that. Don’t let this derail you from running a successful business. Adopting chip technology is crucial to future success.

Though acquiring a credit card machine that accepts chips can be costly, it is worth it in the long run. Your machines will have to be certified to accept the chips. Until they are, you can’t safely accept these cards.

There are many benefits to allowing chip cards to be used at your business. Aside from the fraud protection, it also increases your payment processing abilities. This is because it gives you the power to accept Apple pay and other similar services.

When you accept chip-enabled credit cards your customers no longer have to sign for their purchases. This is the preference of most customers these days. Not having to sign saves time during transactions. In addition to pleasing customers, it also increases the number of sales you can make in a typical business day.

In short, merchant services now strongly encourage businesses to accept chip-enabled cards. Failure to do so will cause you long term problems that can harm your business.

How To Improve Your Payment Processing Experience

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Payment processing is one of the most important tasks for every business. The better a customer’s experience, the more the business and the customer will benefit. This includes enhanced merchant services such as chip-enabled credit card readers.

Experts agree that accepting credit cards is a necessity in today’s world. With many consumers no longer comfortable carrying cash on them, this is crucial to getting their business. A survey of consumers across America shows 78% of them prefer paying with credit over cash.

Mobile payments are a significant part of today’s payment processing. Millennials and other demographics of consumers often prefer this method. In addition, e-payments are beneficial to businesses because they are processed much faster. Businesses that send invoices are finding sending them electronically is more efficient.

Merchant services sometimes fall short when it comes to pleasing consumers. It is common for consumers to demand payment options that some businesses may not currently offer. By changing this, businesses are better able to beat the competition.

Consumers generally want to make credit card processing a quick and simple task. This is especially true online, where customers may not appreciate extra steps in the checkout/payment process. The fewer steps they have to follow, the more likely they are to follow through with the payment.

When processing payments, it should be every business’s goal to use their brand/logo in the process. This gives consumers more confidence in the business itself. They feel secure in their purchase and are likely to make more in the future.

From a marketing standpoint, it also makes sense to include a brand/logo. The constant exposure helps cement the business in the minds of consumers. This is how many of today’s businesses are building customer loyalty. It also helps to incorporate social media into the experience.

By the time consumers have completed a purchase, they may be willing to post a review of their experience on social media. Not only does this attract new customers, it means repeat customers are often gained.

No business can afford to slack off when it comes to credit card processing. Of all the payment types offered, this may be the most important one to improve on.

Mobile Payments Increased In 2018

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In 2018 consumers made a significant amount of purchases using their mobile devices. As a result, in many ways it was the year of digital banking. The European market has especially embraced it. Revolut and N26, the two biggest in Europe, they respectively have 3.3 and 2 million members. Between the two markets, they have earned more than $550 million in revenues. 

The reasons that digital banking took off in 2018 include speed and convenience. In today’s world, everyone is busy and the faster they can open a new bank account the better. Most digital banks will get users their debit card in a matter of days, something physical banks can’t always do. Digital banks also offer services physical banks don’t. 

Thanks to the surge of digital banking in 2018, there were certain trends that became hot. One of them is faster payments. Mobile apps such as Facebook now allow people to pay for goods and services instantly. Banking apps such as PayPal allow users to both send and receive money instantly. 

Merchant services are now easier than ever to acquire. In today’s world, merchants have several ways to reach consumers. Digital banks allow them to make payment processing easier now than ever before. 

Data is being used by retailers in new and exciting ways. They are using it to provide each customer with a personalized shopping experience. Predictive analysis is being used to help retailers make more sales digitally. 

Security techniques were also different in 2018. Higher levels of security mean that consumers can now make purchases instantly, from virtually anywhere in the world. The security techniques that were previously used do not align with today’s digital world. New techniques have revolutionized payment processing in general and credit card processing specifically. 

Last but not least, virtual reality has changed the face of the consumer retail industry. Consumers can now communicate with text bots to answer basic questions regarding a completed or future purchase. 

In conclusion, the FSS is making it easy for banks to offer their customers new ways of paying for the things they need and want the most.

Key Payment Processing Terms To Know

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Merchant Services 

Payment processing services that are provided to businesses. Merchants are able to accept credit, debit or electronic payments through secure channels. They do not have to accept cash or checks only. Common merchant services are point of sale systems, credit card processing and customer loyalty programs.

Automated Clearing House 

An online financial institution that handles the transfer of online payments from one institution to another. The clearing house ensures that electronic payment is available and clears in order to reduce fraud.

Chargeback

The return of funds to a payer’s bank account by the bank. This occurs when a payment is made but there are insufficient funds, when an unauthorized charge is made or when a charge is made incorrectly.

Credit Card Processing

The payment processing of goods using money that is borrowed on credit. Credit is charged to the card holder’s bank account and must be paid later.

Debit Card Processing

The payment processing of goods using money that is borrowed on debit. Debit is automatically charged and withdrawn from the card holder’s bank account.

Encryption

The concealment of data and information during its transfer from one source to another. The data is encoded and has to be decrypted using a private or public key. Credit card processing is protected using encryption that keeps the customers’ information private. Encryption protects data that is sent using ATMs, cell phones or intercom systems.

Overdraft

The over-withdrawal of money from a bank account. Some banks charge overdraft fees when this occurs.

Payment Gateway 

A service that mediates payments from one source to another, usually from a retailer to a bank. The payment gateway receives encrypted data from the merchant and forwards it to the payment processor.

Payment Service Provider

Online companies that mediate the transfer of payments from consumers to merchants. The main purpose is to safeguard the bank or credit card information of online buyers. They can resolve transaction disputes between the consumer and the merchant.

PSPs provide merchant services for small businesses that do not have e-commerce websites. The providers are connected to various banks, credit card companies and other financial institutions.

Point of Sale 

The location where customers make a financial transaction, usually at a terminal with a cash register. A POS software may also include additional features, like order information, inventory management and warehousing.

Real Time

The automatic processing of payments or transfer of data online.

The Importance of Good Customer Service During The Holidays

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The holiday shopping season is a busy one for retailers. It is the time of the year when good customer service becomes more important than ever. Failure to recognize this is a major mistake all retailers need to avoid.

It is safe to say that holiday shopping leaves many consumers on edge. This will only get worse if you provide them with bad customer service. One way to avoid that is to properly train your staff to handle the holiday madness appropriately. They should be fast but efficient at payment processing as well as handling large crowds. Completing transactions as quickly and pleasantly as possible is also important during the holidays.

In addition, your staff should know the best ways to positively influence each customer they encounter. They need to know how to turn a disgruntled customer into a satisfied one. Otherwise you run the risk of angry customers and employees, which is a recipe for disaster.

Online retailers also need to step up their game for the shopping season. This can mean anything from taking on extra representatives for the holidays to adding more information to your website. Handling a larger volume of orders than unusual can cause problems if your staff is too small. The longer customers have to wait to be helped, the more likely they are to take their business elsewhere. When it comes to any e-commerce site, the holidays will bring with them additional questions from customers. Having holiday-related questions and answers on your site will save customers valuable time.

Another way to beef up your e-commerce site for the holidays is to consider adding an additional email inbox. This allows you to prioritize customers emails as urgent or non-urgent. By responding to the urgent emails first you will have more satisfied customers and a smoother holiday season.

The last thing you can do to ensure good service to your customers is to acknowledge any complaints or suggestions they make. While the holiday season is not the time to implement huge changes, keep customer feedback in mind for next year.

In short, good customer service will encourage repeat business even after the holidays are over. This is especially true when the best merchant services are offered. Anything your company can do to make the holidays easier for your customers is something they will appreciate and remember. By giving back to your customers they will give back to you.

Why You Should Upgrade Your POS After The Holidays

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There is no time of the year where payment processing is more important to your business than the holiday shopping season. It is make-or-break time for most businesses, retail or restaurant alike. This means if you are thinking of upgrading your POS system, the safest time to do it is after the holiday rush.

It’s important to take note of the pains you experience with your current system. The holiday rush will most likely test your businesses efficiency more than any other time of year. Keep a running list of issues or ideas for improving the existing system. Then after the holidays, once the craziness has died down you can start researching system upgrades that would alleviate the pains you felt during the holidays.

The more options you offer your customers for payment, the easier it is for them to make purchases. However, introducing new options during the holiday season can become chaotic. Customers’ patience is often wearing thin and your staff may feel equally stressed. Rolling out new payment processing options after the first of the new year will benefit your customers as well as your employees.

One way to introduce new payment options is to upgrade your POS in the new year. This will likely lead to faster transactions and more satisfied customers. The upgrade will also save your business time and money on bookkeeping when your new system includes integrated accounting software.

POS

Another benefit of upgrading your system is that it can become fully integrated. This cuts down on the likelihood of discrepancies between your bank account statements and sales reports for each cash register.

A POS upgrade also makes it easier to schedule employees effectively. It can help you determine when you need the most and the least amount of staff on duty at the same time.

While these benefits focus on employees, they also tighten your focus on your customers. The newest systems can keep track of relevant data for each customer. This can help you build customer loyalty for your business. It will allow you to offer individual customers the perks of shopping with you that they will appreciate the most. As a result, you can customize each customer’s experience with your business.

The beginning of any year gives your business a chance to improve over the last. By upgrading your system after the holidays you avoid potential problems with merchant services. You also avoid having your business run inefficiently during the holiday season. At the same time, you can implement fixes to issues and inefficiencies found during the holiday rush after the craziness has died down. You’ll be well versed in your newly upgraded system by the time the next holiday season comes around. This prepares you for the coming year in terms of merchant services and preparing for future holiday shopping seasons.

American Express Launches Express Go

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American Express has officially launched American Express Go, a virtual payments solution to streamline business expenses. Express Go offers Virtual Card numbers for in-person transactions. The program is designed to be a digital solution for medium to large companies that need a more efficient way to handle business expenses for employees and temporary workers who do not have Corporate Cards.

With American Express Go, workers receive a Virtual Card that can be used over the phone or online. Companies also have the option to have a virtual number printed on a companion card for in-person payments through a credit card machine where American Express is accepted. American Express Go is compatible with existing Amex Corporate solutions.

American Express Go fills an important need by addressing the changing dynamic of business spending. A growing number of companies are hiring contractors and freelancers who may need to wait weeks for reimbursement for travel and business expenses. The new system offers flexibility and convenience to best manage a changing workforce. Business owners and managers no longer need to review expense forms or issue checks while providing access to company credit to a large group of new people.

The Virtual Card solution is powered by American Express VPayment, a virtual payment solution launched in 2017 that gives every transaction a unique account number. VPayment users can set pre-authorized payment amounts, transaction details, and date ranges to control spending.

Express Go is available in the U.S. only and can be added to an existing Amex program to allow companies to quickly issue Virtual Cards that can be used with the Amex Go app or with a companion plastic card. Charges can be tracked and reconciled with cost centers, accounting codes, and names.

Amex has been increasingly targeting small and medium-sized businesses with not only corporate payment solutions but also credit card processing. American Express is in a unique position because it’s a closed network, unlike Visa and Mastercard, which means Amex issues cards and gives merchants ways to accept the cards rather than allowing anyone to issue their cards. Because American Express tends to have much higher payment processing fees

Chase Unveils New Visa Tap-to-Pay Cards

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Chase has announced a partnership with Visa to bring tap-to-pay to its portfolio of credit cards. Over the next few months, millions of Chase cardholders will be able to experience the fast checkout experience with their credit card, not a digital wallet.

Chase, the largest credit card issuer in the United States, will begin sending out contactless Visa cards later this year. The cards will be sent to cardholders whose cards are being renewed as well as new cardholders. The first contactless cards will be sent to Chase Slate and Chase Freedom Unlimited cardholders. By the first half of 2019, all Chase Visa credit cards and co-branded cards will be contactless. Chase debit cards will have the new feature by the end of 2019.

Contactless payments are touted as secure, fast, and simple thanks to EMV chip technology. To complete the checkout process, the customer taps their card at a credit card machine with the “contactless symbol.” Most transactions will not require a signature. Every contactless transaction will create a unique one-time-use code for payment processing security.

The new Chase contactless credit cards will complement Chase Pay, the credit card giant’s own mobile wallet. With Chase Pay, customers cn use their smartphone to pay for purchases in person without using a physical debit or credit card. The customer’s Visa cards are pre-loaded into Chase Pay, which generates a token or unique code with every transaction. The Chase Pay app can be used to pay with a tap or a unique QR code.

According to Visa and Chase, 40% of Visa transactions outside of the United States use tap-to-pay. Around 70 of the top 100 merchants in the U.S. now offer tap-to-pay functionality at checkout.

Tap-to-pay can be used with contactless debit and credit cards as well as mobile devices like smartphones and fitness trackers through Samsung Pay, Google Pay, and Apple Pay. A growing number of merchants are supporting contactless payments thanks to several clear advantages. Tap-to-pay offers a faster checkout with greater security for cardholders. Merchants do not have to pay extra payment processing fees, either; they will pay the current fees through their merchant services provider on all digital wallet and tap-to-pay transactions.

7-Eleven Testing a Scan and Go System

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7-Eleven has launched a new scan-and-go system that will be initially tested in 14 stores in Dallas. By 2019, 7-Eleven plans to expand the system to other cities to increase convenience for shoppers. New systems like this are bound to shake up the merchant services industry, not only for merchants but for their customers as well. With a focus on streamlining customer interaction and thus customer satisfaction, we should all be excited about new tech in the merchant services industry.

The Scan & Pay feature is available through the 7-Eleven app. Customers scan merchandise as they shop using a smartphone. Many items like hot coffee can be scanned with a barcode on the cup but there will be some products like hot foods and those requiring age verification that must be purchased with a credit card machine and an employee.

The app will be connected with the 7Rewards loyalty program allowing customers to see and redeem discounts and deals in-store. While inside a store equipped with Scan & Pay, shoppers will see a “Start Scanning” option available in the app. Shoppers can use their smartphone camera to scan items. When ready to check out, customers can pay for their purchases with a debit or credit card, Apple Pay, or Google Pay. After paying, the app provides a QR code the customer can scan at a Scan & Pay station before leaving.

The goal of the Scan & Pay feature is allowing customers to get in and out of the store as fast as possible, especially when the store is busy in the morning and late afternoon. The prototype for the system was built in just over a month. The chain then spent months testing it at the employee store in Dallas.

7-Eleven isn’t the first major chain to announce a scan-and-go option for shoppers. Other brands like Sam’s Club and Kroger’s have also shaken up the payment processing industry. Sam’s Club now has a store called Sam’s Club Now in Dallas with no cashiers. Sam’s Club didn’t stop at the mobile checkout, though; the store will also test electronic shelf labels, in-store navigation technology, a camera inventory management system, and augmented reality shopping. Walmart will also install store employees in aisles with credit card processing machines so customers can check out without the line.

Amazon announced plans to open up to 3,000 Amazon Go stores without checkouts within the next three years. This would include around 10 stores by the end of 2018 before expanding into 50 key metropolitan areas by 2019. The first Amazon Go store has been around for two years but opened to the public in January. There are now three Amazon Go locations in Seattle, two in Chicago, and one in San Francisco. Amazon uses a more complicated payment system than 7-Eleven. The Amazon Go stores use a sensor and camera system that can detect when an item is taken off the shelf.

The Benefits of a Wireless Terminal

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Almost any retail business benefits from having a wireless terminal to process sales. In today’s competitive world it has almost become a necessity. Consumers expect credit card processing to be instantaneous and with a wireless terminal, it always is. As a result, purchases can be processed faster and consumers are often much more satisfied with their shopping experience.

In the past, a credit card machine at each register was enough to cause clutter. These days, wireless terminals save retailers valuable space. They are also ideal for any business that wants to make sales in a non-traditional environment, such as a trade show or convention. This can help businesses expand in a way they never could in previous decades.

Many retailers have experienced a boost in sales thanks to the use of wireless terminals. It has even convinced some to accept credit card payments when they hadn’t in the past. Small businesses have seen the biggest benefit from this. Aside from the convenience of being able to use a credit card, many consumers will spend more money at a business when they don’t need to pay in cash.

Wireless terminals provide retailers with all the same features older terminals included. This means that retailers can accept both credit and debit card payments. Customers have the ability to choose to sign for a credit purchase or provide their pin for a debit purchase.

Retailers all over the country are embracing wireless terminals for payment processing because it leads to an improved cash flow. It also means that retailers will have less cash coming through their business because credit card processing is completed quickly. This is the reason most retailers no longer accept personal checks. The risk of getting a bad check is not one most businesses are willing to take. Businesses also receive their payments sooner, as credit card payments are credited to them quickly.

For the best competitive edge possible, retailers are constantly improving their payment processing. Thanks to the use of a wireless credit card machine, retailers are now in an excellent position to gain customers from their competitors by providing fast and efficient service.