Maximizing holiday profits is the name of the game this season. And whether you’re a retailer or a dentist this can be a busy time of year. The National Retail Federation is forecasting holiday sales this year to increase 3.6% over last year to $655.8 billion. Here are some tips to make the most of the hustle and bustle from a credit card processing perspective. There are some simple things you can do as a merchant that can lower your credit card processing fees and get customers back in the door after the New Year as well. Cheers to a busy holiday for you all!
Holiday sales for 2016 are expected to increase by 3.6 percent. This forecast number is above the 7-year average of 3.4 percent since the recovery began in 2009. According to the National Retail Federation "with retail's big weekend approaching, the latest consumer survey conducted by Prosper Insights found that 55.7 percent of shoppers have already started buying holiday gifts. More than six in 10 shoppers will buy clothing and accessories, 56 percent plan to give gift cards and 44 percent plan to give books.
In 2016 a high profile restaurant chain along with a clothing retailer and group of hotels have all reported data breaches arising from malware designed to swipe credit card numbers. Wendy’s, Eddie Bauer and Kimpton Hotels are now taking the advice of security experts who encourage several different approaches to keeping business transactions safe from point-of-sale-related attacks.
With the days of dial-up behind us, CardConnect has pioneered the latest generation of P2PE IP secured terminals, which all Singular Payments’ customers can now access free for the life of their merchant relationship. Furthermore, CardConnect will also be powering the technical support behind Singular Payments portfolio starting early next year since they have exceptionally well-trained support personnel. Beginning in January 2017, all of Singular Payments merchants will be directed to call CardConnect at 1.877.828.0720 (Opt 1 Tech Support/ Opt 2 Merchant Support) or email email@example.com for customer service and support questions.
MasterCard recently announced a new fee that will be billed on a per location basis. This Location Fee will be $7.50 per location for 2016 and will be billed to your account by the end of the year. Why? Because they can. The answer is that simple. Each year the card associations meet as new regulations come down on them, to review the interchange and make “what they deem” the appropriate adjustments to keep rates, rewards and fees all in line for all parties involved.
Here at Singular Payments we know that the ‘spookiest’ thing our merchants face is a laundry list of complicated fees and rates which is why we offer just one simple flat rate. Nevertheless, if you ever stray from us we want to educate you on the latest fees you may run into – it’s a fee-fervent jungle out there so you need to be aware. And unfortunately, in order to process credit cards at your business you have to use a merchant services provider so rather than paying these charges blindly, you might as well make an effort to understand them. That way, you can dispute any costs you think are unfair or get a better understanding of what your true overhead is. Hopefully, this guide will help you do just that.
Small business owners are great at what they do but sometimes they are not great at the other essentials involved with running a business. These may include financial decisions and budgeting, technology and managing customer data, marketing and more. After working with thousands of SMBs here is our take on the 5 most critical financial priorities to get a handle on to make your business run easily and grow quickly.
We haven’t shied away from pointing out the ins-and-outs of payment processing. We’ve touched on 10-facts SMBs need to know to Decoding payment processing lingo and more. Transparency has been the fuel behind our efforts in hopes of dispelling the very topic this post is about. Payment processing, and even more specifically, credit card processing, has become notoriously known to pad its prices and issue statements meant to confuse by design. From the lingo, to the statements, to understanding the capabilities of the technology you signed up for and more, the lack of customer service simply becomes the icing on the cake for the majority of merchants.
The PCI Security Standards Council has made compliance fairly easy by dividing it into four basic levels. Figuring out where you fit in isn’t difficult either.
There continues to be confusion regarding the important differences between the latest in credit card data security EMV, tokenization and P2PE. The conversation about data security has only intensified since the famous data breaches at retailers like Target, Neiman Marcus and others. And while these may have been the most newsworthy due to their scale they certainly weren’t the only ones. Small to medium-sized merchants experience a lot of fraud and data security breaches as well which is why embracing these latest technologies to protect yourself from the liability shift to you – the merchant – for instances of fraud, is more critical than ever. Statistics show that in the first quarter of 2014, there were nearly 200 million records stolen, which equates to 93 records every hour between January and March.