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Now that credit and debit cards have become a popular way to pay for meals, customers often add tips for servers when they sign their credit card receipt. However, this common practice could have implications for your bottom line.
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By now, most people have heard of Apple Pay, a contactless option to pay using a credit or debit card through your iPhone or Apple Watch. But how does a business accept Apple Pay?
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Digital wallets (like Apple Pay) are a way to pay for goods and services using your compatible smartphone or smartwatch instead of pulling out a physical credit card.
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By now, EMV chip cards are commonplace in the United States. The major credit card companies announced requirements for processors and businesses to accept these chip cards because they had been shown to reduce fraud in card-present environments.
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American Express’s OptBlue program provides the possibility of lower Amex fees for businesses that know what to look for.
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As more information becomes available about credit card processing and more people with superficial knowledge write about the topic, interchange plus is often touted as the be-all end-all to opaque billing and high credit card processing charges. This is a dangerously expensive misconception.
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I get it. It’s easier to have your current credit card processor match lower pricing than it is to go through the application and set up an account with a new processor. But, like it or not, there’s no way to win the credit card processing match game, which is why no one ever does.
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Credit card processing rates are a decoy that distracts from the variables that really impact cost. The biggest mistake you can make when shopping credit card processing services is to ask a bunch of processors the fateful question, “What’s your rate?”
