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Closed vs. Open Loop Payments
With all of the daily tasks that small business owners must perform, the intricacies of accepting credit cards, debit cards, and other electronic payments are often lost in the mix. Yet we believe that a fundamental understanding of basic merchant service terms
What are Digital Wallets?
Digital wallets, also sometimes called e-wallets, are one of those terms used in modern finance that nobody ever seemed to bother explaining. Digital wallets essentially replace or condense traditional information such as banking information, card information, and can even be used alongside
The Problems with Leasing a POS System
Point of sale systems, often referred to as POS, are integral to a small business. Not only is this where businesses actually make the money, but where relationships and perceptions are born while customer and seller interact. A point of sale system
Mobile Apps for Accepting Credit Card Payments
Mobile payment solutions are becoming more and more common by the day. Mobile payment hardware and software solutions enable small businesses and independent contractors to process credit card and debit card payments on the go. As with most mobile solutions, there are
Understanding Cash Tips vs. Credit Card Tips
Cash-only businesses are becoming less and less prominent, but cash tips remain quite common in restaurants, salons, hotels, and many other industries. When tips can be left with credit cards, debit cards, or in cash, understanding exactly how different tip methods affect
Ohio Residents Caught Stealing $300,000 from Payment Processor
With more and more companies and businesses having to modernize payment processing to accept various kinds of payments, third-party credit card processing companies are becoming increasingly popular and necessary. And just like consumers trust the seller, the seller has to trust that
What is a Virtual Terminal?
Feel free to add virtual terminal to an ever-expanding list of merchant services terms that get tossed around with minimal explanation. In a world where most business owners are more concerned with their products and their customers than knowing how credit card
5 Reasons Why Your Small Business Needs a Dedicated Cyber Security Expert
This year has been the worst year for cyber crime. According to the 2019 Midyear Quickview Data Breach Report, more than 3,800 data breaches were reported within the first six months—more than double the number of security breaches in 2018. And while
What is a Merchant Account and Why do I Need One?
Nearly all modern businesses accept credit cards, debit cards, and other forms of electronic payments. In a world that is going increasingly paperless, this capability is more or less expected from customers.
How Credit Card Companies Make Their Money
Credit card companies make a lot of money. Most of us understand that using these pieces of plastic comes with a price tag, but how exactly do they make that money? The answer can vary dramatically from credit card to credit card
Biggest Security Concerns for Small Businesses
There is a common misconception that fraudulent activities hit large companies the hardest. In reality, scammers, defrauders, hackers, and other harmful individuals will prey on any vulnerable organization. While larger companies may have bigger targets on their backs, smaller businesses are actually
