As trade turns virtual, most entrepreneurs realize that their businesses are unable to enjoy normal transactions like other regular merchants. While other businesses qualify for low-risk accounts, you may find most banks classifying your services/products as high-risk. Business owners fear this classification because it comes with its set of difficulties. Besides increased fees and transaction caps, high-risks are also prone to account terminations, for one reason or another. That being said, let’s get into the nitty-gritty of high-risk transactions to prepare your risky business for success. What is a High-Risk Transaction? It is a transaction that is most likely to […]

When most small business owners look at payment processing, they’re thinking of it as a line item on their operating budget. Something that must be checked off of the list, a necessary part of doing business. Yes, it does have a big impact on revenue, but it is so much more than that. Good payment processing can help your business grow. In fact, payment processing should be a big part of your overall growth strategy. More payments obviously mean more revenue for your business, but if used correctly, it can actually help your business scale strategically over time. The key […]

A Covid-19 relief loan for Services industries hopes to alleviate the effects of the pandemic. Due to the Covid-19 outbreak, many businesses are keeping a skeleton crew to keep operations going while other businesses have halted their operations entirely. Very few industries have been spared from the catastrophic, economic damage that this pandemic has caused. One of the hardest hit of all industries is the service industry. As a result of stringent social distancing regulations by the local and federal government, the service industry businesses that have suffered a massive blow include restaurants, computer services, accounting services, tourism, and the […]

If you’re eager to learn about the small business landscape amid the 2019-nCOV, then these stats from Card Flight Inc. will help get you up to speed. Figures from its Small Business Impact Report shows transactions for small and medium businesses plummeted through March as shoppers continue to keep distance and opt for ecommerce deliveries. CardFlight investigated 60,000 micro-businesses, and part of the report indicates that “sales went down for the 3rd week in a row, in March.” Sales for Mar 23 – 29 (week 3) dipped nearly 12 percent week-after-week, and approximately 27 percent between Mar 2 and 8 […]

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 […]

Did you know that Costco doesn’t even provide credit card processing? What the company does it to outsource merchant services to a company called Elavon. If you want to learn more about Costco payment processing and know where you can find a reliable merchant account to grow your business, just read below. Costco Payment Processing: Time to Turn to FAM If you want to sign up for Costco credit card processing being sure you’re going to work with a direct processor, that’s not the case. In fact, Costco Merchant Services is a reseller of Elavon. The latter is among the […]

As a businessperson looking to set up a card payment service, you might view your account provider as only a vendor that provides business solutions and charges a fee. But these companies are more than just payment processors. Both the merchant and the provider shake hands with the same goal in mind: to realize more credit card purchases. For the payment service company to be successful, the merchant has to be successful. This shared focus means that both sides have to work together. A merchant account relationship is, therefore, built on more than just a signed document. It is a […]

There is no doubt that merchants have embraced mobile commerce. However, in trying to open a new and increasingly lucrative sales channel, many merchants have failed to see the risks involved. From a risk management standpoint, mobile devices present a real challenge. In the 2016 Mobile Payments & Fraud Survey released in April by CardNotPresent.com, Kount and The Fraud Practice, it was revealed that – even though more merchants than every support mobile transactions – more than 40 percent shared they have no idea what portion of their total fraud losses took place on a mobile device. In the words […]

A credit card processing loan can help you pay to accept credit cards. While many merchants accept plastic card payments, loans that are available to credit card heavy merchants are few and far between. These businesses are known as “high risk”, because they have a higher risk of fraudulent activity and chargebacks. These issues can cost you cash, and even your merchant account in some cases. While it can be hard to find a processor who offers credit card processing loans, it is possible with the services of FAM. FAM, or First American Merchant, can help you obtain the funds […]

All small businesses that want to survive have to be able to process credit cards. It can be difficult to find a credible payment processor, or one that is the right fit for your business. This process can be even more difficult if you don’t know what to look out for. The following are a few tips to guide your merchant account comparison, and help you find the perfect credit card processor. What are the Fees and Costs? Credit card processing fees can go all the way up to 5%. However, some companies may charge far less than this. Before […]