Contents tagged with Merchant Questions

  • Real-time payments coming to US

    February 25, 2016
    TCH's real-time payment network could be operational by the end of this year.

    For years, America's payments infrastructure has been like an audio cassette - it may be reliable, but it lacks the modern features it needs to stay relevant. Now, adding something as revolutionary as the track-skip to our dated cassette tape, The Clearing House (TCH) is bringing real-time payments to the U.S. 

    A new national network  The new payments network will eventually connect every bank account in the country, giving consumers, businesses and governments alike the ability to make and process payments instantaneously, eliminating delays of what can sometimes be several days between when a payment is requested and when the funds appear in the recipients account. 

    After months of reports that TCH was developing such a network alongside UK-based … more

  • Dissenting retailers challenge $5.7 billion Visa, MasterCard settlement

    October 27, 2015
    The 2nd U.S. Circuit Court of Appeals in New York is currently reviewing its acceptance of a $5.7 billion antitrust settlement.

    In the latest development of what has become a decade-long legal battle between merchants and credit card companies, several major retailers have rejected a $5.7 billion antitrust settlement. Now, a U.S. appeals court must decide whether to uphold its approval of the agreement between MasterCard and Visa and merchants despite the objections.

    A lawyer for retailers including Target and Amazon urged the 2nd U.S. Circuit Court of Appeals in New York to reject the deal, saying it forces merchants to give up their rights to sue over various policies and practices.

    "The defendants are trying to buy something that is not for sale," the lawyer, Thomas Goldstein, told Reuters.

    On the other side, merchants who negotiated the deal believe it to be fair, providing more than just the $5.7 billion … more

  • How to choose the right merchant service provider for your small business

    August 05, 2015
    Here are some tips for knowing what card payment processor is best for your small business.

    One of the more vital and difficult decisions a business can make is what provider it will utilize for payment processing.

    To find the best provider for your specific business needs, consider a vendor's rates, service, terms, solutions and incentives before making any decision. In a Vantage's Merchant Poll Survey, we found that rate, meaning interchange and price structure, is the most important consideration for many businesses, followed by payment solutions and then merchant service considerations. However we always caution merchants with advice to not ignore the fine print.  Being too focused on flashy marketing can lead to a bad decision.  Always read the fine print legalese to avoid hidden fees and early termination fees.  

    "The best credit card processor is one … more

  • What kind of payment technology does your retail business need?

    August 04, 2015
    Choosing the right card payment processor can help boost efficiency in your retail business.

    Knowing what type of card payment processor your retail business needs can be a long process of weighing various options and considering your customers' needs. However, implementing a modern payment technology module in your store may be just what it needs to boost profitability and day-to-day efficiency. 

    If your retail business wishes to operate at a fixed location, be sure that you have the most updated payment terminal. With the landscape of credit card terminals changing drastically due to new regulations and forms of payment, you need to make sure your business is ready to handle whatever comes your way. Try choosing a terminal that not only runs off of Wi-Fi, but also accepts EMV chip cards and contactless forms of payment. 

    For … more

  • How do your unbanked employees access funds?

    May 26, 2015
    Instead of depending on check cashers to access funds, paycard users enjoy the fluidity of a debit account to make purchases online, pay bills and take cash out from ATMs as needed.

    Your company might have had spotty luck with its direct-deposit program. Some employees enrolled right away, while others forgot to complete all the necessary forms. Some may prefer to cash a physical paycheck while others fall into the "unbanked" category, effectively operating outside the financial system. According to the FDIC National Survey of Unbanked and Underbanked Households, nearly one-third of American households fall under that last category, making it challenging for employers and employees to exchange funds. 

    Paycards set up a clear solution to the problem: Mandating direct deposit. This allows employees with checking accounts to link their information to your payroll system, and those who are "unbanked" to enroll in a paycard program that provides them an easy way … more

  • Are retail storefronts primed for a comeback?

    April 29, 2015
    physical retail spaces have their own array of advantages when it comes to delivering on value propositions.

    Much has been written about the threat that ecommerce sites pose to brick-and-mortar retail operations. However, some experts say the tide may be shifting in favor of traditional storefront retailers. 

    This led Karen Webster of PYMNTS to ask the question: "Is physical retail a threat to Amazon?"

    "Amazon is largely correct that consumers are driven by convenience, selection and price. But in a connected device world, those words now mean different things," she writes in an op-ed. "And the combination of smart devices and technology is helping retailers large and small and on and offline respond to how consumers now interpret what it means to deliver 'convenience.'"

    This is to say that physical retail spaces have their own advantages when it comes to delivering on value … more