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2019 October Blog Posts

By First American Merchant

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The Pros and Cons of a Cashless Business

If you’ve considered operating as a cashless business, you wouldn’t be too far in left field from consumer trends. In fact, according to the Pew Research Center, 29% of Americans aren’t using cash for their weekly purchases and the trend is only growing. With the availability and ease-of-use of digital payment methods, more and more Americans use cashless frequently. But does that mean that going 100% cashless is right for your business? Here are some pros and cons of cash vs. cashless to help you make an informed decision. The Benefits of Going Cashless Save time and money on cash […]

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Understanding the History of Fraud and How To Prevent It

The avenues of fraud are ever-changing. Fraudsters are continuously finding new ways to bypass security and take advantage of its flaws, keeping prevention specialists on their toes. In fact, according to a study conducted at the beginning of 2018 by the Center for Strategic and International Studies (CSIS) and in partnership with McAfee, internet fraud cost the global economy as much as $600 billion. That number is up from the study in 2014 that estimated global losses at $445 million, and it is only continuing to rise. Understanding the history of fraud can illuminate where we have been and where […]

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Credit and Debit Cards Gaining Up On Cash for Small Purchases

In July 2019, commissioned an online survey with 2,544 adult participants about their use of cash, credit, and debit cards.  What they discovered is that, overall, consumers prefer to use cash for purchases worth less than $10. It turns out that 49% of American adults are more likely to pay with cash. Debit cards come in second at 35%, and 16% with credit cards. For those who owned reward credit cards, 43 percent still preferred to pay with cash, 31 percent preferred debit and 26 percent credit. This was a drop from last year’s results, where 45% of adults […]

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Western Union Plans Layoffs In A Growing Digital Market

Western Union, is known as a global leader in cross-currency, cross-border money movement.  Through its “omnichannel” platform, it enables customers and businesses to send, receive money, and make payments easily and efficiently. As of June 30, 2019, its network included 550,000 retail agent locations. There they offered Western Union, Vigo, or Orlandi Valuta services in 200 countries and territories with the ability to send money to billions of accounts. Their website,, was their fastest-growing channel in 2018, available in more than 70 countries to facilitate moving money around the world. It reported a revenue increase by 18%. Despite its […]

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Good Time To Take Out a Restaurant Loan

If you’re in the restaurant business or food and accommodation services, now might be the best time to take out a loan. According to an August 2019 study, lenders are approving loans 51% of the time for restaurateurs. These are some of the highest approval rates for small businesses in any industry, making it a fantastic time to jump on the opportunity of restaurant growth. This is especially exciting news, given the high costs and various pitfalls that are part and parcel of owning a restaurant, including replacing broken equipment, resolving customer issues, and high employee turnover rates. Why Has […]

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4 Things to Consider Before Getting a Business Loan

Taking out a business loan can feel almost like a leap of faith. Business owners can be hesitant to pursue this option because of a worry that they won’t be able to handle the payments, a negative connotation of receiving outside help for their business or just an aversion to the whole process. It’s true that you shouldn’t go into taking out a loan blindly, but with the right planning, a business loan can go a long way in increasing your profits. In fact, NDP Analytics’ report on The Economic Benefits of Online Lending to Small Businesses found that for […]

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Should Your Business Get a Merchant Cash Advance?

If you’re a small business looking for a little extra financing, you may have considered a merchant cash advance (MCA) but aren’t sure if it’s right for you. An MCA is a lump sum of money given to a business in exchange for agreed-upon terms, including a percentage of future sales. It differs from a loan because it does not require collateral or fixed repayment terms. Read on for more information about merchant cash accounts. Advantages of a Merchant Cash Advance In the wake of the financial crisis of 2008, it has been harder for small businesses to get standard […]

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Feds Claim To Not Compete With Real-Time Payment Offerings

The Federal Reserve announced that a real-time payment service will be entering the market by 2023 or 2024.  The new service is called FedNow and set to reach every bank in every community within the United States. Four considerations were mentioned by Fed governor Lael Brainard that facilitate this service, they were, “equitable access to users, payments safety, increased competition for private-sector players, and a neutral platform for innovation.” Prominent private-sector player, The Clearing House Payments Co. or (TCH), introduced its real-time payments service in 2017. Based in New York and owned by 25 banks, TCH has been working on […]

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Legalizing Online Sports Betting Could Distress Payment Firms

In May 2018, the Supreme Court declared the Professional and Amateur Sports Protection Act (PASPA) unconstitutional in a 6-3 decision. What this means is that it will be left up to the states to decide whether or not to allow its residents to bet on sports. They will also be able to establish their own “regulated” sports betting. PASPA was signed into law by then-President George H.W. Bush in 1992 but went into effect in January 1993. It essentially banned states from both regulating and taxing sports betting. The act seemed ineffective, even dated as the rise and rapid growth […]

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Small Business Loans Are Approved by Banks Like Never Before

There comes a time in every new and seasoned business owner’s journey where they will need to take out a business loan.  Whether it would be to invest in new equipment, to purchase real estate for their expansion, or to increase their capital to handle their everyday operations, something will always be needed. The reality is that a little financial boost goes a long way in helping support business owners with growing pains, financial hiccups, and other challenges that are sure to come on their entrepreneurial journey. Historically, small businesses were denied bank loans 80% of the time. Especially since […]

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