It’s the art of doing what you do so incredibly well that others will want to share ‘who’ you are with their family and friends. It starts with nurturing your relationships with your customers in order to grow your business. With automation and innovation rampant across all platforms these days, nurturing your database has never been more important. Take Twitter for example, or even Facebook. All it takes is making someone unhappy one time and they can flood/share their opinion to the masses and leave a lasting impression that could possibly make or break your business.
Late last year Singular Payments joined forces with a new technology partner, CardConnect. Based in King of Prussia, Pennsylvania the CardConnect team has two important arms to their service offers which are CardPointe and CardSecure. CardPointe allows Singular Payments’ merchants to: accept payments, manage transactions, create billing plans, build receipts and more. CardSecure highlights the measures that CardConnect has taken to assure the highest level of security available in the payment processing industry today which is completed by a combination of EMV and P2PE technologies. PCI-certified P2PE is the foundation of their platform, protecting every transaction at the point of interaction. The patented, intelligent tokenization available through this platform is irreversible as tokens are randomly generated making it impossible to decrypt. This same process is ‘persistent’ meaning the tokens can be used for recurring charges. This platform is also merchant specific as the tokens used are unique to organizations.
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.
The patient billing revenue cycle is the biggest challenge we hear from our healthcare provider merchants and it’s easy to see why. Between chasing co-pays, deductibles and dealing with insurance company bureaucracy getting that final balance due collected can be a costly and very time consuming task for medical businesses who have overhead and bills to pay like any other business. According to a recent survey conducted by Navicure, “63 percent of healthcare business participants recognized that patient payment processes were a “high priority” for the healthcare revenue cycle.” This is to say the need to streamline and improve the efficiency of how patients pay and how bills are sent out needs to drastically improve to close the gap.
Cyber-criminals are always lurking to find the best place to hijack some legitimate deal in an effort to sell illicit goods and services online…where these crooks breed. One of the latest popular scams is transaction laundering through payment processors and in recent months it has become a favorite of drug dealers, sex service procurers and other similar corrupt dealings. The problem is many people have yet to hear about this and studies at EverCompliant indicate that “as many as 6%-10% of additional unauthorized ecommerce sites that banks are processing may not know the illicit activities they are backing without their consent or awareness.”
So EMV is in full swing and many merchants are feeling its effects. We hear frequent complaints about how slow it is to process payments, how confused sales clerks and customers alike are with using the EMV chip readers and how frustrated merchants are with having to update their credit card reader which may be perfectly good/new and in excellent working order. We get it and here’s what’s going on.