Accounting and Finance
What is Affirm? Understanding Purchase Financing
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Affirm loans are a short-term loan option for financing purchases at the time of sale, with a simple application and no hard credit check.
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Credit Card Processing
Switch: Automatic Card Updating for Businesses
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Every time a new card is issued, the information and security credentials change slightly. Whether it’s the card number, expiration date, or the card security code, these differences matter.
Credit Card Processing
What is PIN on Glass for Debit Card Processing?
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There’s a solution for businesses that accept debit cards but don’t have a PIN pad for customers to enter PINs: PIN on glass. The technology allows for secure PIN entry without a PIN pad.
Credit Card Processing
Mastercard Acquirer License Fee
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The “Acquirer License Fee” (ALF) is a Mastercard assessment fee that gets passed to businesses as part of the cost of credit card processing. The fee varies, but is often listed explicitly on processing statements. Let’s take a closer look at the fee and when it will be charged.
Credit Card Processing
Kilobyte Access Fee (Visa and Mastercard)
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Visa and Mastercard both charge a Kilobyte Access Fee as one of their assessment fees for credit card processing. As of 2018, Visa’s fee is set at $0.0047 while Mastercard’s is $0.0035. The fee is charged for each authorization transaction submitted to the card network for settlement. Let’s look at what that means and how to determine your costs for the Kilobyte Access Fee.
Credit Card Processing
Mastercard’s AVS Fee
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There are actually two ‘versions’ of the Mastercard AVS Fee: Card-present and card-not-present. The fee is charged when your business utilizes the Address Verification Service to check that the address provided by a cardholder matches the address on file with the credit card company.
Credit Card Processing
All Four Major Credit Cards to Go Signature-Free
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As of 2018, signatures are no longer required for credit card purchases. The four major credit cards let go of the requirement for cardholders to provide a signature for purchases when using a chip-enabled card.
Credit Card Processing
Mastercard Card Validation Code (CVC2) Fee
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Mastercard’s Card Validation Code 2 (CVC2) Fee is a charge that applies when you submit the CVC2 (three-digit code on the back of a customer’s card) with a transaction for authorization.