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2020 January Blog Posts

By First American Merchant

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A Brighter Future for Mobile Contactless Payments as PCI Rolls Out New Standard

The PCI security Standards Council has rolled out a new regulation that could increase contactless adoption rates and transactions. This newly crafted standard is special because it will enable customers to pay through a retailer’s off-the-shelf smartphone or mobile device. Contactless payments enable customers to buy items or services with their debit, credit or smartcard (a.k.a. chip card) through RFID tech — or, smartphones and mobile gadgets like tablets using or near-field communication (NFC). All contactless-ready banking applications used in smartphones and mobile devices rely on near-field communication. PCI’s new regulation is titled Contactless Payments on COTS (commercial off-the-shelf devices), […]

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Recovering from a Rejected Business Loan Request in 4 Steps

Declined loan requests are one of the cases in business when expectations can lead to serious disappointments. After believing against all the odds, it can be heartbreaking when your loan application finally gets rejected. That’s why you need a plan B for when things turn sour. Therefore, as you toil to gather credentials and prepare your application process, always think about what happens if you fail— and plan for it. Borrowing with this kind of mentality and preparedness can help you pick up your pieces and act swiftly in the case of a denial. So what can you do if […]

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US Consumers Now Pay More with Debit Cards than Cash

Paying with Debit cards is the favorite payment method among US consumers, according to a report from a survey supervised by the Fed Reserve. It seems customers in the US are paying more with debit cards than they are doing with cash or other e-payment options. The report – titled Diary of Consumer Payment Choice 2018—is the fifth edition of an annual survey and is usually based on an all-inclusive customer-base with consumers who keep a record of all their transactions –including bills and purchases— over a couple of days. 2018’s edition featured more than 2870 US customers who kept […]

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Stay On Top Of Your Small Business Finances With These Tips

It is no mystery that running a small business has its fair share of challenges. The myriad of tasks that a business owner must perform in a single day can include seeking potential customers, keep spending under budget, keeping customers happy, as well as keeping your employees happy. It’s only natural that the stressed and time-starved business owner would rather shy away from analyzing and managing the financial health of their organization. However, not managing your finances will spell disaster for your small business. Here are eight tips to get you motivated to stay on top of your small business […]

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Powerful Motivation Techniques to Inspire Your Whole Team

Team members respond best when they know they are contributing to a larger purpose, greater than themselves. They crave a work environment where their input is taken with respect and consideration. They want to continue to grow and develop their skills and creativity. Since people differ in what truly drives them, a leader’s prime responsibility is to identify what those motivational tactics are. Keeping both team members and leaders fully engaged in the organization’s goals is what will guarantee long-term success as well as weather the storms. Here are 13 powerful motivation techniques to take your team to the next […]

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Retail ATMs, Prepaid Cards, & Banks Closing Rural Branches

Banks are closing their rural branches. What’s with retail ATMs and prepaid cards? If you’re seeking answers to these questions, you’re at the right place. Prepaid Cards & Closed Bank Branches Let’s start with credit cards. You can find them in various shapes and forms. Prepaid credit cards are among the most convenient options available these days. They enable the user to be safer and responsible for their spending. Consumers can use this type of card to purchase from any corner of the world where credit/debit cards are accepted: both offline and online places. One of the differences between a […]

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eCommerce Expected to See Record-Breaking Returns

UPS (United Parcel Service), the American multinational package delivery and supply chain management company, reported that it is expecting to process an unprecedented 1.9 million returns on January 2, 2020. “National Returns Day” is considered a peak day for returns. This was an increase of 26% from the previous year. It is the seventh year in a row that returns have hit an all-time record high. The success of UPS is down to its offerings of both convenience and transparency in its return process. This process benefits both retailers and consumers. In years past, consumers hurried back to brick and […]

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The Fed’s Approval for Payment-Services Fees in 2020

The Federal Reserve (the Fed) Board has given its approval to the new payment-services fees schedule for this year. It’s 2.4% higher as compared to the previous year. If you want to learn more about the topic and discover an exceptional merchant services provider, keep on reading this post. Payment-Services & Credit Card Processing Fees Credit card processing fees represent the cost that merchants pay for credit card payment processing. The total cost is based on more than one piece such as transaction fees, flat fees, and incidental fees. In Q1 of 2019, the annualized rate of real GDP growth […]

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Documents Small Businesses Need To Keep Hard Copies Of

Apart from the daily operations of a business, small business owners must also contend with keeping important documents accessible at a moment’s notice. From taxes to financials and critical customer information, these documents must be easily pulled for reference. Although using a cloud storage system may be all your business needs for easy access, having hard copies are sometimes necessary. In most states, for example, it’s a legal requirement for a limited liability company (LLC) to have a copy of its operating agreement in its “primary place of business”. Business licenses and permits should also be available in hard copy […]

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How Small Businesses Can Lower Credit Card Transaction Fees

Accepting credit cards is crucial to your business success. However, you must pay for this since credit cards come with transaction fees. Importantly, you should be careful about these fees. This article will help you be smart about transaction costs associated with small businesses. Credit Card Transaction Fees for Small Businesses Small business owners are well aware of how accepting payments online is important for their growth. As you know, card transactions come with associated fees. On average, processing fees vary from 1.5% to 2.9% for swiped credit cards. Thankfully, you can use several ways to save on fees. Before, […]

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