SMBs should be using their data to drive business.
These days it is common knowledge that big data is a humongous resource for businesses, and with that it is also well known that large corporations are utilizing the data they collect, and even buy, to their advantage to market more effectively to consumers and achieve exponential […]
SMBs should be using their data to drive business.
What is PCI Compliance and why do you have to do it?
PCI compliance applies to any merchant who wants to accept any kind of payment other than cash. For merchants, being PCI Compliant refers to maintaining the security standards set forth by the Payment Card Industry.
These standards are collectively referred to as the PCI’s Data Security Standards, or PCI-DSS. Every business that wants to accept credit card payments is required to comply with these standards for following best practices for secure transactions and for protecting their customers card data and private information.
As you can see, the ultimate goal of PCI Compliance is to make it much more difficult for hackers to gain access to the customer’s sensitive data by implementing multiple layers of security.
In addition to implementing security measures for safe transactions, merchants are required to fill out an annual Self Assessment Questionnaire (SAQ) as part of their compliance. eCommerce merchants are also required to complete a vulnerability scan which will perform an in-depth review of the merchants security environment each quarter. This questionnaire is generally where most merchants end up falling out of compliance and costing themselves a fine.
How to be compliant and avoid PCI Non-Compliance Fees.
A lot of people tend to think that the fee for non-compliance is just used as an expensive reminder for merchants or a convenient way for processors to make extra money. This is far from the case. Besides the fact that security measures are paramount for the customer’s safety as well as the business, fraud is extremely costly. But in the event that there were a data breach with a merchant who is not making an effort to maintain the security standards set forth by PCI, the card networks will actually charge the processor for the lack of compliance on the merchants part. In this way, a PCI Non-Compliance fee is a way for the processor to help to ensure that their merchants are maintaining a secure network, taking steps to protect cardholder information, and implementing strong access control measures in order to avoid being fined themselves. Especially since it is so easy to just be compliant!
Since the annual Self Assessment Questionnaire (SAQ) is where most merchants fall into the trap of non-compliance, it is important for processors and merchant service providers to help merchants realize that this questionnaire is important for them to take care of and not just a volunteer assessment, but it is also important for merchants to stay proactive and do what is necessary to ensure they are taking the security of their transactions seriously.
The SAQ is simply a collection of standard identifying questions about the business that will include the request for information such as all business locations that are accepting card payments, what type of business it is and the type of payments you are collecting, as well as basic vendor information. Since this questionnaire needs to be filled out annually merchants can easily set up a calendar reminder to help to make sure they are completing it on time each year.
How can we help our merchants become and remain PCI Compliant?
How does Bankcard Brokers provide merchants with support and guidance where PCI Compliance is concerned?
First of all, Bankcard Brokers never uses compliance fees as a revenue center. Any Non-Compliance fee is initiated by the acquiring bank, or their certified assessor, that our clients hold their merchant account with and are simply passed on to the merchant. It is always our main goal to help our merchants affordably accept credit card payments while maintaining the highest level of security for their customers and their own business.
Retail merchants have the majority of their security measures, and therefor compliance, built in to their secure payment processing solution. When it comes time for a merchant to complete their SAQ we will reach out by way of a reminder email as well as notifications on their monthly statement to help to remind them to complete the questionnaire on time. In the event that we receive notice that a merchant has failed to complete their SAQ and subsequently become non compliant, we will then reach out to them by phone and urge them to become compliant.
In addition to the SAQ, eCommerce merchants will also need to make sure they are completing a vulnerability scan. This scan must be completed quarterly with a company that is certified by their processor as a PCI SSC Approved Scanning Vendor. Bankcard Brokers makes sure to assist all of our merchants with communications with the vendor and the process to make it as seamless as possible to set up their quarterly scan schedule.
Yes, there is an additional cost that will come with completing the scan every quarter, however, that cost comes with the added security and protection from a breach that comes with knowing your vulnerabilities and being able to take action to fix them. More importantly, it also comes with added protection for the merchant in the event that there were a breach. Once the vendor has completed a detailed review of the merchants card data environment they will provide the merchant with their Report on Compliance (RoC) that can be turned into the PCI DSS as proof of PCI Compliance.
Merchants should view PCI Compliance as an ongoing process that will morph as technology advances and fraud adapts. Protecting sensitive data from fraudsters not only protects your customers, but also protects your reputation, brand and sales, as well as protecting your business from expensive lawsuits, insurance claims, and fines.
In the event that you ever find that you are being charged a Non-Compliance Fee, I urge you to give us a call right away. Our ETA-Certified Payments Professionals can answer any questions and advise you towards steps to become compliant quickly and as painlessly as possible. Likely, it is just that you haven’t filled out your questionnaire!! […]
Why do some businesses still not want to accept Discover cards?
Past perception is mostly responsible for many SMB owner’s hesitance when it comes to accepting Discover Card as a payment form. Both Discover and American Express operate on their own network, while Visa and MasterCard operate through the Visa Interchange Network. This gives them the […]
PSD2’s Strong Customer Authentication (SCA) requirement goes into effect on September 14th, 2019.
In this day of global eCommerce, any new security measures that are mandated for payment transactions can affect merchants and consumers, regardless of where the business is operating. Last year the EEA-European Economic Area experienced new security measures go into effect for all […]
For a millennia it seems, B2B payments have been facilitated through writing out and mailing paper checks every month to suppliers. While the rest of the world is embracing new forms of faster payments and digital payments the B2B world has been hanging out in their comfort zone doing things the old fashioned way.
There seems […]
Data has become one of the most valuable commodities on the market today (and the dark web), even more than the value of oil. Not just for insights into consumers for marketing means, but for cyber criminals too. The sheer value of a company’s data makes unsecured data the most sought after commodity for cyber […]
As a business owner, one of the first things to take into consideration when it comes to conducting daily business is what type of POS system should be invested in to manage the business, if any at all.
But maybe what you should be considering is a system that is not just a POS but an […]
Will mobile payments and pay-at-the-table options help restaurants finally step up and become EMV compliant?
EMV is a global standard. The U.S. has lagged behind most other countries only implementing EMV compliant payment technology since 2015, while the technology has enjoyed widespread adoption across the pond since the early 1990’s. With the roll out of […]
Within a very recent past there has been a time where consumers possessed a sort of unsavory perception of being involved in a recurring billing situation. They viewed it as somehow getting ”sucked in”. Like that protein powder that keeps showing up even though you haven’t even used the last one you got!
But times […]
Historically, the U.S. has lagged behind European countries’ adoption of more secure payment technology. We have only recently integrated to EMV compliance, years after countries like Europe, the UK and Poland. Our adoption of “tap to pay”, or contactless, payments is no different. Outside of the U.S. however, many of our surrounding countries are already […]
Most businesses and business owners do not realize that more than 80% of claims filed for a chargeback are attributed to “friendly fraud”. In other words, only about 20% of chargebacks claimed are due to actual theft and use of stolen credentials. However those numbers have been increasing and especially with companies who make it […]
As a business owner accepting payments you have probably heard the term “chargeback ratio” and may even be aware of what it means for your business. IF you happen to be operating in the Ecommerce realm you are most likely highly aware of the dreaded chargeback and the ramifications a high ratio can have on […]
Never mind that 33 of our 50 states now have some level of legalization for the use of cannabis for medical purposes, if you are a practicing physician who believes in the efficacy of the use of marijuana as a positive treatment for your patients, you are up for a challenge to say the least. […]
Visa is letting merchants know: clean house by Oct 1st, or else.
Visa and MasterCard both set thresholds for the amount of chargebacks and fraudulent incidences they will allow a business to have, before action must be taken. Now they are tightening the noose so to speak on just how much they will allow merchants to […]
And What Do They Do For Me Anyway?
As a merchant have you ever wondered how credit card processing really works? Probably not.
But, what you probably have wondered at least once in your life as a business owner is why you have to pay so much, or why it is hard to get approved for […]
If you are a regular reader of our blogs you know we are always speaking about transparent credit card processing. We preach Interchange plus pricing ad nauseam. You may also know that we strive to bring only the best, most innovative processing solutions to our clients that also meet our commitment to industry best practices.
The Cannabis industry has no doubt made a permanent impact upon the national economy. There are currently 47 states with legalized cannabis, in one form or another, and still we are trying to gain access to banking and payments for the industry.
As the cannabis industry steadily plows forward it is likely there will be […]
It can be confusing to a merchant just how all this accepting credit cards and payment processing works let alone understand all the terminology and where all the players involved in accepting credit cards fit into the puzzle.
It’s enough work for a merchant to undertake and understand the inner workings of each aspect of […]
As one wall crumbles it leaves a slew of new hurdles in its wake.
In this article:
Is CBD legal? Depends on who you talk to…
What exactly did the 2018 Farm Bill really do?
What does it really mean for CBD to be legal? Legalization means oversight and regulation.
Why is it hard to get payment processing for a […]
The short answer is yes.
However, nothing is 100% effective. Biometrics is just one layer but combined with multiple layers of authentication it has the potential to seriously up the game. Anytime you make it more difficult for an online fraudster to bypass a certain authentication you make it difficult for them to achieve success. […]
The new payments directive in the EU has the potential to affect global eCommerce players right here in America.
There are big changes to follow in the coming years in the world of eCommerce payments in Europe now that the final elements of PSD2 (the Payments Services Directive #2) will become fully implemented later this summer. […]
First let’s talk about what we actually mean by “PrePaid Card”.
Oftentimes what we think of when we say prepaid card is something like that $50 Visa gift card you pick up at your neighborhood supermarket for your nephews birthday, but the term “prepaid cards” actually encompass a rather large group of loadable cards intended for […]
Where our society is headed over the next few years in the world of brick and mortar retail and the world of eCommerce sales will be intertwined like an elegant waltz with its graceful and constant, wide-sweeping turns each in tune with the other, circling yet inexplicably drawn together.
One of the hardest things to do […]
At the start of every new year professionals all across the various markets like to talk about, and even make predictions about, what we can expect in the year ahead. We in the payments arena always, always, have our eye on the advancements being made to help merchants and consumers alike enjoy a frictionless experience. […]
A trend is sweeping the nation and that trend is that merchants are getting tired of how much it costs them to accept credit cards. Merchants are beginning to stand up fight for the right to pass on the costs of accepting credit cards to their customers by introducing a credit card surcharge to […]
There’s been a lot of chatter around the web since last Wednesday when MasterCard announced new rules and requirements for merchants running recurring billing subscriptions that kick in right after a so called “free trial” ends.
Offering a trial version of your product is a great way to introduce customers to your product and increase […]
The State of EMV Compliance In Restaurants.
The fact of the matter is restaurants are the number 1 establishment plagued with credit card theft next to gas stations. Skimming of the magnetic stripe to extract the data needed to create counterfeit cards is fairly simple. Chip cards, however, utilize unique digital data to complete transactions that […]
How to keep those sales pouring in.
When you are in the business of retail or Ecommerce sales you know that you live in a season driven world. We have just popped out of what is arguably the busiest and most lucrative time of year and landed in a sea of busy-ness, none of which is […]
Everyday, we as consumers are accepting and integrating more and more “things” into our daily lives without even a thought. Things that are connecting us to other things and people. There was a time when people first started using a device, a desktop or laptop, to connect to the internet. Now we have multiple devices […]
Did you know that shopping cart abandonment accounts for about 35% of sales losses? That means that if you can practice a few tweaks to your site to reduce the incidence that people leave the site without purchasing the items they have added to their cart you would be able to increase your sales by […]
In such a fast moving world it can seem like physical retail stores have no chance against the online retail world. There are any number of conveniences people tout as why they like online shopping – large selections of items, lower prices, the perceived savings of gas and time, having the item just show up […]
Your POS system is arguably one of the most important elements of your business. Many business owners spend a lot of time and effort developing their actual business model and product but look at their POS system and merchant account as almost an after thought. It takes patience and due diligence to pick the best […]
Holy Cow! CBD merchants can legally get a merchant account to accept credit cards!!
It’s true, we now have a major domestic acquiring bank willing to board CBD merchants for accepting credit cards transparently! No offshore processing, no work-arounds, no huge reserves.
If you are a CBD merchant this is likely one of the most exciting things […]
If you’re not looking to increase sales and gain new customers don’t read this!
We’re smack in the middle of the largest gift card buying time of the year! Did you know that gift card giving accounts for $100 billion in sales annually? But more importantly half of all of those sales happen during the holiday […]
Merchants are finally standing up to credit card brands.
There have been a couple of new developments in the credit card issuing and processing industry lately, developments that will undoubtedly affect merchants.
The thing is everything effects the merchants. The question is: will they affect merchants in a positive way? Merchants truly are the cog that makes […]
Dilemma: You can’t make more money until you expand your business, you can’t expand your business until you make more money.
The unfortunate truth in the business world today is that banks prefer to lend large amounts and only to businesses that are of a considerable size. This leaves small and medium sized businesses who […]
Merchants are sick and tired of paying the high cost of credit card processing.
There’s this new, exciting (not really new by the way) program for saving money on credit card processing that Merchant Service Providers and their salesman are pushing more and more these days. Industry mags are calling it the wave of the future […]
Wait! What? What now am I supposed to be doing for my business?
Maybe you are a business owner who has been operating your business for 40 years or maybe you just finally opened your dream business in the recent years. Either way, how familiar are you with the concept of Omni-commerce in the marketplace and […]
Every part of operating a business in the nutritional supplement or nutraceutical industry is plagued with rules, regulations and red tape. There are very strict rules around labeling, rigorous advertising regulations, laws around health claims, it goes on and on and the topic of accepting payments, or accepting credit cards in your nutraceutical company is […]
What if I told you there is a way to save up to 30% on your merchant service fees?
Would that interest you enough to keep reading? As a service that most merchants cannot run a business without, we are always striving to help show our merchants various ways to help keep the costs associated […]
And really a banking solution for ALL of the under- and un-banked (not just cannabis)…
Some business are just between a rock and a hard spot. They’ve got goods to offer that people of the world want and need but they keep coming up against road blocks hindering them from getting them into their hands. Because […]
There’s finally a light at the end of the tunnel for CBD merchant accounts and accepting credit card payments at retail and online CBD stores!
If you know us you know that we strive to remain transparent about what we can and can’t do in terms of credit card processing especially where CBD, legal retail […]
If you are reading this article you are probably involved in The Foreign Exchange Market in one way or another. I don’t have to explain to you what Forex is, how it works, or talk about how difficult it is to acquire a merchant account to commence business transactions the way all other merchants are […]
While every type of business may someday find themselves in a situation where they need more capital to move forward, expand or get through a slow season, not every business can just pop on down to their local bank and apply for a loan. Bank services such as loans and equipment leasing are just not […]
So, you say you want free credit card processing?
There’s a ton of credit card processors offering it nowadays. But, how can they really do that? Is anything really ever free?
Is there actually such a thing as free credit card processing?
There is no such thing as free credit card processing. Unfortunately, there is just no way […]
Your Point Of Sale system is the like nervous system of your business. It literally controls everything. Any business owner with long-term success in mind realizes that their Point of Sale system is truly a fundamental building block in the business strategy. You need to be strategic in choosing a POS that will drive the […]
Running a restaurant is hard. It’s probably one of the hardest businesses one could have a dream of opening. Having a dream, amazing food and a vibrant atmosphere aren’t the only things a budding entrepreneur needs on their side to run a successful restaurant. Whether it’s a full service restaurant, quick serve, or a cute […]
A merchant account is an important part of owning and running a business successfully. Much like applying for a loan, a merchant account is a type of business banking account. It is underwritten and approved, and subject to monitoring and oversight for any problems over the life of the account. It isn’t something to be […]
For the medical marijuana industry accepting credit cards, or any kind of payment really, is a tricky business. Unfortunately due to the disparity of laws between the states and the federal government medical marijuana dispensaries often end up accepting payments through a series of loopholes and procedural grey areas. Not all credit card processors operate […]
How to navigate the nuances of online merchant services…
It’s hard enough to operate small and medium-sized (SMB) retail businesses online today without having to worry about accepting credit cards online too. Are you going to sell to some sort of mass marketplace like Amazon, or try to make a more personalized connection with your customers […]
As a business owner, you know you need a merchant service provider. What you may not know, however, is whether or not your merchant services are out of date. If your business has been around for a while and you can’t remember the last time you updated your merchant services, or saw your processor’s field […]
So you know you need to be able to accept credit cards if you want your business to be a successful one and to do this you realize you will need a merchant account. You may even know that in order to get one you need to find yourself a decent merchant service provider (MSP). […]
Build it and they will come. In today’s world consumers have so many choices of where and how they want to shop for their goods, you can no longer just open the doors and assume your customers will come and you can just sit back and let the business do its thing. It’s not enough […]
With so many options out there for making our payments consumers have more choices than ever. It is easy to assume that paying for items with a check has become something of the past. While the check payment has evolved along with new technology, it is still as strong as ever a form of payment. […]
There are a multitude of everyday problems facing any auto body repair and mechanics shop and many other businesses in the automotive industry. Finding spare parts for older model cars, studying the advancements in the newest models being built, the quandary of all the new connected cars, like Tesla and GM’s Onstar, and the affect […]
Being informed that you will have to “resort” to offshore credit card processing doesn’t have to come across as if it were a death sentence. Many business types, mostly the type considered high risk by local banks such as IT Tech support, nutraceutical, and travel, will find it hard to get approved for a domestic […]
WE understand that finding a Merchant Service Provider who is both reliable and reputable to accept credit cards for your adult business is a daunting task. To an adult sector business owner it feels like that you just have to take what you can get no matter how unsavory the terms. To add insult to […]
CBD merchants are having a tough time these days. Operating in legal grey area between state laws and federal black cloud making it difficult to sell, accept payments, even market their products. But now, many merchants offering CBD products are even finding trouble just keeping their websites up and operating. It seems that recently Shopify […]
As a business owner who accepts credit cards I am fairly sure you are at least familiar with the chargeback, but let’s briefly explain it anyway. When a customer files for a reversal of a payment made to a merchant with their credit card issuing bank it is called a chargeback. The bank forces […]
Operating an Ecommerce site is a fantastic way to have a business of your own while also maintaining more control over your own work schedule. The dream looks something like this: You can work however much you want and from wherever you want. You’re spending more time with your kids and income comes in while […]
Why aren’t more cannabis companies utilizing this legal loophole for accepting payments?
Walking the tightrope between legal state laws and illegal federal law has made it impossible for Cannabis businesses to open a traditional merchant account for accepting credit cards. I know, I know, there are some who will say you can. Let’s try to focus […]
Surcharging VS Cash discount – pros/cons should your business do it?
While credit card surcharging seems to be all over payments news lately it really is nothing new. We have been talking about and working towards educating our clients about the option for credit card surcharging as well as better alternatives for quite some time now. […]
Operating a Cannabis dispensary means you are operating a business in a very juvenile market. It means you will be paving the way (still) and experiencing all of the growing pains of a new and emerging market. It also means you get to be the ones to suffer through and fight for some things that […]
To an acquiring bank an online gaming business represents a multitude of less than appealing situations. The rules and regulations are inconsistent from state to state and are continually changing. These types of sites are generally an easy target for credit card fraud. Unfortunately, online gambling sites fall victim to a higher instance of data […]
As we find we are incorporating more and more technology in our lives, were are also finding more need for the tech support companies that service the industry. And they are not just needed when something goes wrong. Tech support is also who you call when you need to get certain parts of your business […]
Opening an online store, or just ready to monetize your existing website? Maybe you have a brick and mortar shop and you’d like to start selling some of your products online as well. Sure you can accept PayPal on your website and even take payments through ACH, but there are a lot of studies that […]
How Banks Are Blacklisting Nutracuetical Companies And What They Can Do About It.
A few months ago we published an article about how difficult it is for companies in the Nutraceutical Industry to qualify for and keep a merchant account to allow them to sell their goods and take payments for said goods. One would think […]
If you’re a merchant in the United States you’re probably already well aware of the new credit card signature requirements, or lack there-of, coming into effect next month. But, if for some reason you’ve been too busy, haven’t paid attention to the news, or maybe you’ve just been on vacation-since last October- and have not […]
Is credit card fraud something that crosses your mind when you think about what it takes to run your business?
Well if it isn’t, it most definitly should be. Various different types of credit card fraud costs businesses billions of dollars annually and has been increasing every year since 2013. It is estimated that fraud […]
There’s a new lawman in town, and his name is PCI Compliance. If you’re one of those merchants that like to treat the rules surrounding PCI compliance like the mall cop of credit card processing you’re soon in for a rude awakening. Ignore this one thing and all your payment transactions will come to a […]
**UPDATE** Not only are the laws changing with regards to CBD but so are the payments options, since the passing of the 2018 Farm Bill much has changed for merchants selling CBD. For the most up to date information and options for accepting payments for CBD see our newest article here!
FACT: No E-commerce site selling […]
If you think the EMV chips cards are impervious, think again.
Where there’s a will there’s a way. Criminals will always find a way to get what they want. Everytime we add another layer of protection against credit card fraud, adept criminal minds will set out to crack it. When credit and debit cards were switched […]
If you go around and ask people how often they use their mobile payment technology they’d probably say “What?”, or try to go out in your hometown and interview half the merchants asking them if they accept mobile payments and you’d probably hear “Oh we’re not set up for that.”
It seems like this is a […]
Recently, I read through an article written by an irritated employee who realized she was being grossly overcharged for her credit card processing and decided to take on the daunting task of finding better credit card processing rates for her dental office. What she ended up finding was an industry ripe with underhanded tactics and […]
You may have heard California won the lawsuit on the state’s ban on credit card surcharging, but what does that mean?
A little history first…..
A prohibition on adding a surcharge to credit card purchases went into effect in California in 1985. The statute states that it is meant to “promote the effective operation of the […]
Trust me. We are well aware of how business owners feel about paying for credit card processing fees!
Most businesses don’t just look at them as paying for a service or just part of the cost of running a business, some merchants absolutely loathe paying for them. So, that being said, I’m here to tell […]
**While there is still great information here with regards to payment options available to the industry, the payments landscape is an ever changing regulatory entanglement. For the most up do take options read our newest article here.
Payment options for cannabis dispensaries? Options? What options?
If you’re in the cannabis industry you are always looking for a […]
What if I told you that you could increase sales by 35% just by making a few small tweaks ?
Can you imagine if people were to walk into a store and start filling their cart with a bunch of items they like and might want to buy, but then got a phone call they “just […]
The use of cryptocurrency is on the rise but are merchants ready for mainstream adoption?
As for as its use in the world of commerce there are quite a few benefits to consumers and merchants alike. It’s decentralization makes it easier to complete cross border transactions, transactions that are also much more secure than our current […]
What is this 1099-k and why am I receiving it? How to button up the end of the year..
The 1099-k “Payment Card and Third Party Network Transactions” form is a form required by the IRS to inform them of the amount of credit card transactions a business has processed and includes “the gross amount of […]
Getting a merchant account for Nutraceutical companies just got a little bit harder thanks to the banks.
If you’re in the nutraceutical industry you are no stranger to how difficult it is to get a merchant account so you can take payments for your products. For many years now it has been notoriously difficult to even […]
Could the idea of lowering, or even eliminating, your credit card fees be more than just a pipe dream? Is there a world where the costs associated with merchants accepting credit cards, and customers enjoying the convenience of using their credit cards, are bore more equally? There was a time when consumers paid with both […]
It’s true there is no shortage of various different POS systems to choose from already making narrowing the field an intimidating task, but it seems like these days there is a fancy new one on the market everyday. Clover POS system is one of those exciting solutions that has long been capturing a well earned […]
It would be easy to disregard the importance of the role your POS, or Point Of Sale system, plays in your business. Because they tend to go hand in hand, many business owners regard their merchant processing and POS system as necessary evils, just some of the extra headaches you have to deal with when […]
What kind of roll does Artificial Intelligence (AI) play in your everyday life? Does AI really have any affect on us yet? We are actually exposed to artificial intelligence everyday without really thinking about it. Most people think of Artificial Intelligence, if they even think about it at all, as something that only exists in […]
Consumers as well as ancillary businesses to the cannabis industry sometimes need a little help navigating such a unique industry. Cannabis is now legal in 8 states, but it is legal for medical uses in 25 states. People who are looking to try this path of treatment need to be able to make an educated decision […]
I don’t have to tell you about the multitude of ways that CBD oil benefits people all over the world. As a business owner who markets CBD oil products you know very well what your products can do for your customers and how they can literally change their lives. But you can’t help anyone if […]
The Timeshare industry gets a pretty bad rap doesn’t it? I mean first of all, even though it’s a perfectly legal business it is often viewed by many as some sort of scam. Then doing business is made immensely more difficult due to being shunned by domestic banks who view Timeshare companies as high risk […]
The Holiday shopping season is roaring towards us at full speed. Is your business prepared to handle the pressure? It is never too early to start preparing for the “most wonderful time of the year”.
Summer is just behind us and the holiday season is peering around the corner, this shoulder season is the perfect time […]
It’s kind of ridiculous that an industry that contributes $1.5 trillion U.S. to the total GDP and creates more than 5.5 million jobs in the U.S. alone has a difficult time getting a merchant account so they can accept credit cards.
This is an industry that is forecasted to increase that contribution to more than $2.6 […]
It’s the Holiday (gift card) Season! Labor Day is behind us and the holidays are coming at us fast. Sept, Oct, and Nov are three of the biggest gift card purchasing months of the year.
In fact, gift card sales account for about $100 billion in sales annually. And 50% of all gift card sales happen […]
Are you ready to expand your cannabis business or take things to the next level? Is money the only thing holding you back because you believe there is no cannabis industry financing?
Sure, many entrepreneurs have innovative ideas of how to improve their business, bolster sales or dream of being able to expand. If they don’t […]
What’s holding you back? Are you wanting to expand your business and take things to the next level?
Many entrepreneurs have dreams or innovative ideas of ways to improve their business and bolster sales but don’t quite have the capital to do it.
Even though there are many alternative loan options available now that are becoming much […]
Do you offer your customer’s the option of payment with NFC or contactless mobile payments? IF not, why? If you do, are they using it and are you using it to its full potential?
Apple Pay, Samsung Pay, and Android Pay are leading the industry in digital wallets which allow consumers to use their smartphone to […]
There are so many ways for a business to take payments these days it is almost dizzying. Of course you take credit cards but can you integrate with mobile wallets? Can people pay with their phones? Can your customers pay you online as well as in person, how about over the phone? Credit card us […]
As a legitimate business in the 21st century you have to be able to accept credit cards. There are no if, ands or buts about it. It is just what consumers expect these days. Accepting credit cards can help you increase your customer base by adding convenience for them and lending a professional image to […]
We’ve had a slew of data breaches in the news lately, both big and small. From cloud based login manager OneLogin to Deep Roots Analytics, who store millions of American voter’s information. From the worldwide cyberattacks WannaCry and the more recent ExPetr, both demanding bitcoin ransom, to the Verizon debacle just a few days ago. […]
Every merchant, no matter how big or small they are, needs a way to take payments in exchange for whatever wares they are offering. Whether you are as big as Costco or small as, well, as small as the single one-man-show operating his/her Etsy account.
Long gone are the days where a shop owner flips the […]
Take a walk through Haight-Ashbury in San Francisco, and you’ll find plenty of “head” shops. These stores, which usually sell tobacco products and other items related to smoking and vaping, now have competition from online tobacco resellers. E-commerce opportunities have opened up a whole new world for this industry.
Why is the tobacco industry labeled “high […]
Once upon a time, Indian tribes created revenue streams by producing interesting crafts and trinkets. Nowadays, a small percentage of tribes have Indian casinos which rival those of Las Vegas. In addition, there has been a significant increase in tribes generating revenue by providing online short term lending solutions. These loans usually allow for installments, […]
Since ancient times people have been trading currencies or trading a form of currency for valuables or commodities. Finding some sort of currency and then using it to exchange for something that was needed were important elements of trade in the ancient world. People needed to be able to acquire items like food, pottery and […]
Online gambling is becoming more popular than ever. Everywhere you look, on TV, within your mobile apps and the vast Internet, you see commercials for the gaming industry tempting to come play some “adult” games. Especially since the laws have been updated a bit since the Interstate Wire Act of 1961 was signed into law. […]
For many lawyers, especially new lawyers, trying to run your practice can be more difficult than actually practicing law. The rigors of running the office itself can be extremely time consuming leaving you little time to actually grow your practice.
When considering the average attorney’s receivables, it can take at least 30 days and even up […]
Multi-Level Marketing can be a very rewarding and exciting business to be involved with as well as quite profitable if you put your mind to it. But it also comes with a reputation. There are some great entrepreneurs who really believe in their product and believe that direct marketing is the absolute best way to […]
Why is it so difficult for the E-cigarette industry to operate and acquire a merchant account? This a booming industry that despite it’s relative infancy has skyrocketed to a more than an $8 billion market. And in 2015 the U.S. accounted for about 43% of that market. It would be easy to assume that this […]
We all know how important it is for a business to be able to accept credit cards as a form of payment in this day and age. If you want to own a successful business in these modern times where consumers are always in a hurry, expect the ultimate in convenience and efficiency then you […]
What is a credit card surcharge and how did it come about?
As we get closer to a cashless society, as more and more people stray away from using cash on an everyday basis and pulling out the plastic is commonplace, merchants have had to keep up with the times. If you don’t accept credit your […]
Keeping up with the ever changing security requirements of the payment industry.
If you’ve been in business for a while you are probably well aware of your PCI compliance requirements as a business and that you have to verify them annually. But the laws and requirements are in constant update mode and it can be difficult […]
Think like your shoppers think and you’re bound to increase your sales.
What is the goal of every e commerce shopping site? Create happy customers that return over and over and increase sales. The consumers of today have lives that are increasingly busy and overbooked. People are on the go and on their devices and all […]
E-commerce and MOTO- You’ve got a target on your back.
Fraudsters are very adaptable types and they are ever searching for new and unique ways to get what they want. It seems like they are always one step ahead of any safeguards people are using to keep themselves safe and they are quick to adapt to […]
If you own a Head Shop or a Smoke Shop you are probably no stranger to how difficult it can be to retain a merchant account, let alone find affordable credit card payment processing. You can get rejected or cancelled in an instant, whether because they realize you are selling “paraphernalia” or just see the […]
Are biometrics just a fun new way to unlock our Iphone or is it a yellow brick road to a cashless society?
Biometrics describes the unique biological measurements of a person that can be digitized and turned into a traceable record. Some of the most common types of use are fingerprint scanners, voice verification, or retina […]
Many of the payment processing rules and regulations that are in place to protect consumers and businesses alike are also the same issues that make it difficult for some business owners to operate within those constraints. Many businesses can have a hard time getting and/or keeping a domestic merchant account. Are you a brand new […]
Consumerism is an increasingly competitive marketplace. Studies show that over 133 million people own at least one credit card and these days customers prefer the convenience of using credit/debit cards over cash. Many small business owners want to just continue with ease of only accepting cash. They believe that shopping for merchant services is just […]
Yes, actually, they do. In a time where electronic payments have become commonplace everywhere from online purchases to using your cellphone’s e-wallet to pay it’s hard to believe that many companies still write and accept paper checks. For many small and medium sized businesses it’s difficult to take advantage of the benefits of the faster […]
Friendly fraud and chargeback fraud is so common these days you might think it’s just a necessary evil when running a business.
Chargebacks are every business’s worst nightmare and chargeback fraud costs eCommerce businesses billions of dollars a year. Loss of sales revenue aren’t the only costs. There are also fees associated with each chargeback as […]
It happens every day. Someone calls your business and explains in seemingly logical terms that your merchant account provider is gouging you and there is no reason why you shouldn’t pay just one low flat rate for all your transactions – say 1.75%. Of course that sounds pretty good to you and before you know […]
The tiered pricing scheme is evil whether being used with a high risk merchant accounts or traditional “retail” merchant account to accept credit cards. I say it is evil because tiered pricing is designed to deceive and maximize the profits of your payment processor. Whether your business is a restaurant, an eCommerce business, or a […]
This Holiday season has seen, as predicted, an astronomical increase in online merchant account fraud. If you accept credit cards online your customer’s data is being targeted – so what can you do to protect them and your business? As the US converts brick and mortar locations to the more secure EMV payment standard, many thieves […]
Most offshore merchant accounts to accept credit cards that are provided by high risk merchant service providers are generally a last resort option for many businesses.
Offshore merchant accounts are generally provided to high risk industries, business owners with bad credit, Terminated Merchant File merchant accounts, MasterCard Alert To Control High-risk Merchants (MATCH), or accounts that […]
Operating a firearms business is difficult enough without constantly having to worry about paying outrageous high risk merchant services fees or worrying that you will wake up to find your FFL merchant account has been shut down! FFL and Ammo dealers often times find that reliable merchant services can be difficult to find. This is […]
Nutraceutical merchant accounts can be difficult to find and are often littered with hoops to jump through. Sometimes the hoops are even on fire! Then after all the work of getting approved for a nutraceutical payment processing account business owners often times find their accounts closed without notice. It seems that you cannot turn on […]
Often times in order to get approved for a high risk merchant account to accept credit cards, businesses are required to establish a reserve account. Discover what reserve account is and how to get the best possible rates and terms for your business. High risk payment processing doesn’t have to be expensive and daunting – let Bankcard Brokers […]
Shopping cart abandonment was a $4 Trillion dollar problem for eCommerce business owners last year. Learn 3 simple fixes that will reduce your shopping cart abandonment by 54% or more! Need a dependable and affordable merchant account to accept credit cards online? Get a quote today!
Many times business owners are confused as to why their business is required to establish a high risk merchant account in order to accept credit card payments. One of the most common questions we hear is “Why should I need a high risk payment processing account?” After all selling furniture, SEO services, or magazines doesn’t […]
Data breaches have unfortunately become commonplace in the ever growing world of e-commerce, retail data storage, and online transactions. If you’re a merchant who accepts credit card, you are probably well aware of the need to protect your customers’ personal and financial data as well as the term PCI Compliance. However, you may not be […]
The way people pay for goods and services has been transforming rapidly in the last half of the 20th century. Many moons ago, people simply used cash, or even that old dinosaur known as the personal check, to pay for items at the store. Then, credit cards such as Visa and MasterCard became increasingly popular. […]
Many people do a majority of their shopping online these days. Most users are accustomed to finding a great item and placing it into a “shopping cart,” often with the intent to complete the purchase. However, statistics show three out of four consumers don’t follow through to actually purchasing the item. This is known as […]
Coming up on the 1st anniversary of the EMV Liability shift many merchants are still left confused, frustrated, and watching margins shrink. Some merchants are reporting astronomical increases in chargebacks due to counterfeit card usage while other have seen little in the way of liability. Most of us understand why the EMV transition is necessary – […]
When searching for a dependable high risk merchant account provider many business owners make one or all of 5 crucial mistakes. Whether you have been a long time high risk business owner or if you are just starting a business there are 5 common mistakes high risk business owners make when looking for a new […]
The search for a high risk merchant account can be full of hurdles but with a dependable high risk merchant account provider these hurdles are easily jumped. One hurdle that is often times difficult to overcome and/or manage is the rolling reserve. What is a rolling reserve? How will it effect your high risk merchant […]
Ever wonder how to securely accept credit cards online? Learn about what a secure gateway is and how it protects not only your customers but your business. Whether your business is considered to be a high risk merchant or low Bankcard Brokers has the dependable merchant account you need and the free secure gateway […]
Learn about how to sell gift cards to increase your sales and profits while streamlining your business. Gift cards can be the single most effective and affordable marketing tool in your business arsenal. Bankcard Brokers makes selling and accepting gift cards easy – give us a call today!
Learn how easy Bankcard Brokers can make it to accept credit cards online. Whether you are a high risk merchant or low we have the stable merchant account solution that your business has been looking for. GET STARTED TODAY! and get your free secure gateway!
Having a merchant account to accept credit cards in the payday loan and check cashing industry can make the difference between staying in business or not! However, a vast majority of the acquiring banks that fund credit card transactions will not offer merchant accounts to the payday loan industry. For the payday loan industry, merchant […]
Applying for a high risk merchant account can be an incredibly frustrating process.
This is especially true if your high risk business is dealing with an inexperienced high risk merchant account sales representative. Before you start shopping for a new, additional or replacement high risk credit card processing account there are a couple of very important […]
Bill and Sue have been dreaming of owning their own business for years and were finally able to save enough money, find the perfect location, and secure the support of their community. The hundreds of hours spent developing, debating, and planning are finally getting ready to pay off. After Bill and Sue proudly walk into […]
Did you know that people have practiced the craft of exchanging currency for a fee since biblical times!? There are documented currency valuations and exchange, for profit, since different cultures created legal tender. In today’s global economy there is a central “warehouse” that facilitates the exchanging of international currencies. This warehouse is known as Forex […]
To quote Vince Vaughn from Wedding Crashers…. It’s wedding season! Wedding season equals lots of planning and also spending (and hopefully not crashing weddings). The bride and groom, as well as the wedding party, are purchasing items such as the dress, gifts, bridal accessories, flowers, the cake, and of course – the wedding rings.
Technology is […]
Understanding what the true cost to accept credit card is can be a tricky game. Most merchant services sales people don’t even understand it so how can you? Let Bankcard Brokers make it easy.
In Part 2 of our video series we look at the various billing methods that merchant account providers use to hide rates and fees, appear competitive, and maximize their profits. This will help you understand the cost of your credit card processing and help you to negotiate a good deal.
All too often Merchant Account rates are designed to confuse. Learn how to understand the true cost of your merchant services and how to make sure you are getting a good deal!
Understanding what the value of a Basis Point is will help you to understand the true cost of your merchant account. So, What is a Basis Point?
Tiered Pricing is the most common pricing model for merchant accounts but is it the most cost effective way to pay for your merchant account rates? Learn what is tiered pricing and whether or not there is a better way to reduce the cost of your credit card processing.
Interchange rates and fees can account for over 95% of the total cost for your merchant services. Learn what Interchange is and how it effect the merchant account rates that you pay.
The term beacon is often used to describe something that guides something else.
Webster’s Dictionary defines a it as “ a strong light that can be seen from far away and that is used to help guide ships, airplanes, etc.” This terminology is becoming well known in business marketing as well. A beacon, in this sense, is […]
You finally just got set up with EMV so now – Are you ready for SelfiePay?
In January 2007 the iPhone was released as the first smartphone in the world and Steve Ballmer called it “the most expensive phone in the world” yet by March they claimed 18% (just over 3 million handsets) of the […]
Have you ever had this happen….? You’re late for work and run into the driveway put the key in the ignition and start your car. Just another typical Monday except today you forgot you were low on gas. Grudgingly you run to the nearest station slam your debit card into the pay at the pump […]
In today’s marketplace obtaining a merchant account for debt collection businesses is next to impossible.
If you are in the debt collection industry then you know that there has been a shakeup in the banking policies that are making it very difficult to find a dependable merchant account to accept credit cards. So what is a […]
Over the last few years, despite ever more rigorous PCI compliance requirements, there has been a notable increase in data breaches. Large companies such as Target and Home Depot have been hacked and information about transactions and customers has been stolen. However, the problem of data theft isn’t limited to large companies. Small businesses have […]
In today’s modern world, it’s nearly impossible to keep a business going if you don’t accept credit cards. People just don’t use cash that much anymore and who carries around personal checks these days? Whether it is debit or credit, it’s more often than not its a bankcard world when it comes to paying for […]
Finding a merchant provider when your business is considered high risk can seem like a daunting task, what with rejections and often high fees. Bankcard Brokers has experience working with high risk industries and offers payment processing you can trust. Our infogrpahic below shares statistics on the top high risk industries, what contributes to a […]
There is no question that the business world has been undergoing nonstop changes over the last decade or so. In many industries, people perform tasks in a different way than in the past. We have gone from hardware based computing technology that took up entire rooms to cloud based tablets more powerful than ever imagined. […]
Payment processing is a competitive business. There are plenty of people who get into the industry without really understanding what is involved and how to best service clients’ needs but they certainly do want to get out there and sell! There are many facets to running a payment processing business and those who wish to […]
At Christmastime, workplaces often have White Elephant gift exchanges where gag gifts are passed around. Sometimes, a gift makes an appearance year after year – for example, in my workplace, a Justin Bieber backpack just keeps returning, like a bad dream.
Chargebacks are kind of like that – a transaction comes back around and just like […]