What is FedNow? Federal Reserve Payment System Explained Platforms like Venmo and PayPal have transformed the world of instant payments from one person to another. While these services are designed for peer-to-peer (P2P) payments, the Federal Reserve wanted to...
Payment Processing Industry News - November 2023 Part of helping businesses save money on credit card processing means keeping our ear to the ground on all news in the payments world. Every month, we recap some of the biggest headlines, noteworthy announcements,...
Credit Card Decline Codes (2024) Declined credit cards are simply part of doing business. They’re even more prevalent for businesses that process a high volume of transactions—particularly in B2C environments. But not every credit card decline is the same. When a...
How Does Apple Pay Work? Understanding how Apple Pay works and how to use it is essential for consumers and businesses alike. Apple users get a quick and convenient way to pay for goods and services using their Apple devices, and merchants can broaden their payment...
How Do Card On File Transactions Work? In today’s modern world, businesses are constantly looking for ways to improve the customer experience. Streamlining the checkout process is just one example of this—and card-on-file transactions help make this possible. The...
Payment Processing Industry News - October 2023 Beyond helping companies save money on credit card processing, our team here at Merchant Cost Consulting is constantly keeping our eye on all the latest news, updates, new fees, rate increases, partnerships, industry...
Top 11 Hidden Fees in Payment Processing Credit card processing fees are simply part of doing business in the modern era. If you want to provide your customers with a smooth and convenient way to pay for goods or services, then you’re going to pay processing fees...
Credit Card Authorization Explained Credit card authorization is required for every credit and debit card purchase. So if you’re a business that accepts credit cards or a consumer that uses credit cards to make purchases, you’ve been involved in the credit card...
Most Common Interchange Downgrades If your business accepts credit cards, you probably have a basic understanding of interchange fees and rates. Interchange rates are set by the credit card companies. The fees are based on the category of each transaction, which...
Card Present vs. Card Not Present Transactions On the surface, the difference between “card-present” transactions and “card-not-present” transactions may seem obvious—the card was either present when the payment was processed or it was not. But the differences...
