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We expect 2019 to bring continued advancement in certain sectors of the payments industry as consumers, banks and businesses embrace new technology that provide alternative and easier ways to transact. For better or worse, these technology advancements will also likely lead to an increase government oversight. Here are our top picks to watch in 2019 (in addition to our prediction that the Patriots will win Superbowl LIII in Atlanta on Feb 3.)
Merchants continue to see increases in the cost of accepting credit card payments from their customers. The different types of payment cards presented for payment drastically affects the interchange fees merchants pay to process transactions. There are many solutions merchants are simply unaware of that can reduce the fees paid on certain card types. Easy Pay has been helping merchants maximize the tools available to keep their credit card fees as low as possible, and offers a free savings analysis for any merchant who would like to learn more.
Coaching and training programs are considered high risk by nearly every processor and bank, and FTC investigations make them even more concerned with the coaching/training industry in general. Promises of income, wealth and success can lead to big trouble for the companies that make those claims. Make sure your credit card processing account is not put at risk.
For years many retailers have thought that accepting American Express was more costly than taking a Visa, MasterCard or Discover card from their customer. It was also more work since American Express required a different application process for approval, and sales deposits settled into your bank account separately from your other credit card sales. On average most businesses see around 53% of their credit card sales volume from Visa, 22% from MasterCard, 21% from American Express and 4% from Discover, so not accepting American Express could directly be impacting your bottom line. If you’re not accepting American Express today here’s why you should think again:
While the new chip technology on credit cards and mobile payments has improved security overall, as a business owner you’ve probably noticed it has slowed down your checkout lines. After inserting the card and waiting for the purchase to complete, the customer must then sign the electronic tablet or in some cases a printed receipt handed to them from the cashier. Some stores required their cashiers to check the signature against the back of the card, and ask for another form of ID if the card wasn’t signed. The impact was pretty immediate and resulted in longer checkout lines, frustrating both you and your customers.