Credit Card Transaction Processing Flow is pretty standard in today’s payments acceptance environment but because it is so disparate and involves alot of areas for the transactions to flow it is important to monitor all your transaction from the card swipe all through to deposits in your bank and even the reconciliation points after deposit. However, given the disparate systems it is almost impossible to do this manually requiring many businesses to “hotwire” a home grown system to do this kind of reporting or purchase multiple third-party tools to monitor pieces separately.
Checks still continue to be a preferred method of payment for millions of consumers. In fact the Federal Reserve Bank of Boston, says that “32 million U.S. consumers today have checking accounts but do not have a credit or debit card.”
Chargebacks are always going to be the most talked about issue in payments. Now with the 100% liability shift occurring with EMV getting a full year under its belt chargebacks have now become even more nagging for merchants. In a new study, officially released in August, researchers with Boston-based Aite Group said 260.3 million chargebacks worth $5.8 million will hit merchants in 2016. The estimates amount to 17% more transactions and 21% more in dollar volume after (EMV) liability-shift dates for in-store point-of-sale terminals.
EMV and Mobile Pay continue to be the hottest topics in payments today. Retailers, convenient stores and more are looking at alternative strategies to EMV standards due to the insane cost EMV transition is becoming to merchants. Payment Week says that small businesses are simply opting out of the EMV standards by pushing mobile payments.
The ability for any business to accept credit cards is critical to being competitive, and achieving long-term success. However, managing the intricate and complicated system is a time consuming process that can distract business owners from more important activities. One of the issues faced by all credit card businesses is the potential for chargebacks.
Owning a business is filled with risks. Merchants that accept payment by credit card face risks every day that carry heavy consequences. The move to EMV (chip cards) has been slow and regulation has not kept pace. That hasn’t stopped card associations from moving fraud liability to merchants however.
Treasury Management and Finance teams are always slammed with data and transactions coming into the business.Sometimes that makes it hard to see beyond the day-to-day.
One of the premiere industry sites and marketplaces, Cardfellow.com, profiled Red Carpet Software. According to their website, “CardFellow is an advocate for fair and honest credit card processing fees that hosts an online venue where credit card processors compete for businesses.” Cardfellow.com helps all types of businesses secure the most competitive processing solution. Their guidance is not influenced by profit and the solutions available in their marketplace cover every major processing platform on the market today.
Chargebacks are a nasty cost of doing business when it comes to offering your customer’s electronic payment options. However, did you know that every chargeback you receive is accompanied by a reason code? These codes differ by the card network but serve the purpose of describing the motivation behind the transaction dispute that has led to your chargeback. What’s more impactful for your internal metrics and performance is using these codes to optimize your business for better