Andy Drummond’s Post

Navigating the world of credit card acceptance can be perplexing for business owners. Here are six particularly confusing aspects: 1. Credit Card Processing QuotesUnderstanding and comparing credit card processing quotes can be challenging. Various fees, rates, and structures make it difficult for business owners to decipher the actual cost of processing credit card transactions. 2. Pricing ModelsThe diversity of pricing models employed by payment processors adds to the confusion. Whether it's flat-rate pricing, interchange-plus, or tiered pricing, deciphering which model best suits a business's needs requires careful consideration. 3. Contract TermsContract terms in the credit card processing industry can be intricate. Long-term contracts, early termination fees, and undisclosed clauses may catch business owners off guard. Clarifying these terms is crucial to avoid unexpected financial implications. 4. PCI ComplianceAchieving and maintaining Payment Card Industry Data Security Standard (PCI DSS) compliance is a confusing task for many. Understanding the requirements and ensuring adherence is essential to secure sensitive cardholder data. 5. NonpaymentsDealing with nonpayments and chargebacks can be a headache. Knowing how to prevent and address these issues is crucial for maintaining a healthy financial flow and avoiding potential disputes. 6. E-commerce CompatibilityFor businesses venturing into the online realm, ensuring e-commerce compatibility adds another layer of complexity. Integrating payment gateways, addressing security concerns, and providing a seamless online payment experience can be challenging. Navigating these six confusing aspects requires a careful examination of credit card processing agreements, a commitment to PCI compliance, and a strategic approach to handling nonpayments. By unraveling the complexities, business owners can optimize their credit card acceptance processes and focus on growing their businesses. Mx Merchant will make your business more Efficient, more Effective and more ProfitableI offer a complimentary 30-minute discussion to walk through what that looks like for you. www.calendly.com/jsaluk #strategy#business#creativity#innovation#40000hoursofmerchantservicesexperience

💼✨ Rethink Your Payment Strategy ✨💼 Protect against the frustration of a failed online payment with a multiple-payment gateway strategy! 🔹 Boost Success Rates: No more lost sales due to transaction failures. 🔹 Strengthen Security: Diversify your risk and enhance fraud protection. 🔹 Expand Globally: Reach new customers around the world with ease. 🔹 Optimize Costs: Manage fees smartly and maximize your margins. 🔹 Delight Customers: Provide their preferred payment methods for a smoother checkout. Dive into our blog for a deeper understanding about how this works! 🌟 https://hubs.la/Q02DtVc-0 #Payments #FintechSolutions #EcommerceTips #BusinessStrategy #BasisTheory

🚀 Exciting News in the Payment Industry! Explore the impact of the Credit Card Competition Act on merchants and financial institutions in our blog: "Credit Card Competition Act and the Evolving Payment Landscape." 💳💻 Discover how the CCCA could reduce interchange fees for U.S. merchants by up to 20% and the challenges it brings. Apexon is here to guide you through the complexities with tailored solutions and expertise. Let's thrive together in the changing landscape of payment innovation! Read more: https://buff.ly/3OTAY55 #PaymentInnovation #CreditCardCompetitionAct #Finance #Technology #ApexonInsights

🚀 Is Your Business Ready to Escape the Labyrinth of Payment Challenges? 🚀 In today’s fast-paced business landscape, payment processing is a critical aspect that can make or break your success. But navigating the maze of options can feel like being lost in a labyrinth. Let’s break down some common challenges and how you can overcome them: Confusing Rates: Many businesses struggle with deciphering complex pricing structures. Let’s face it, no one likes doing the maths. 🧮 🤨 Hidden fees, setup costs, and varying transaction rates can leave you scratching your head. The solution? Look for transparent pricing models that fit your business size and needs. Complicated PCI Questionnaires: Payment Card Industry Data Security Standard (PCI DSS) compliance is essential for safeguarding customer data. However, the questionnaires can be overwhelming. Consider partnering with a payment provider that simplifies PCI compliance. Slower Transaction Processing: Waiting for transactions to process can frustrate both you and your customers. Opt for modern card readers that offer speedy processing times. Slow Card Machines: Outdated card machines can hinder efficiency. Explore mobile card readers which allow you to accept payments anywhere, are user-friendly and cost-effective. Poor Access to Business Financial Data: Having real-time insights into your financial health is crucial. Having robust reporting tool is essential for businesses of any size. Remember, your payment system is more than just a tool—it’s a strategic asset. Choose wisely, stay informed, and escape the payment labyrinth to thrive in today’s competitive market! 🌟 Want to learn more about a payment processor that ticks ✅ all the boxes? DM or call 07472 583002. #pub #bar #restaurant #hospitality #retail #thecardmachinelady ©️🕊️

Billsby has everything you need to introduce automated recurring billing to your business. Explore our billing features below or get in touch to find out more. Comprehensive Billing Solutions Discover the Billsby Vault: a secure, PCI-DSS compliant storage for all your payment data. With card tokenization, you never have to touch, process, or store cardholder data—we handle it all for you. Seamless Payment Industry Compliance Our fully compliant system ensures your payment tokens are stored securely, bridging the gap between you and your gateway. Effortless Migration Moving to Billsby is a breeze with our secure storage and compliance features, making your transition smooth and hassle-free. Flexible Gateway Options Don’t see the gateway you need? Reach out to us! We support a wide array of payment gateways and are always open to adding more to suit your business needs. SCA Compliance If SCA compliance is a requirement for your business, our SCA-enabled gateways ensure smooth 3DS2 authentication for relevant transactions, keeping you compliant and secure. ACH Payments Benefit from ACH payments, a powerful, US-based bank-to-bank payment method that offers lower processing fees, reduced fraud risk, and higher payment acceptance rates. No matter your commercial requirements, Billsby has a gateway for you! Get in touch to learn more about how we can support your business needs. #AutomatedBilling #RecurringPayments #Billsby #PaymentGateway #CardTokenization #PCICompliance #PaymentSecurity #SCACompliance #ACHPayments #BusinessSolutions #SeamlessMigration #SecurePayments #FlexiblePayments #CustomerSupport #TechInnovation

Transforming Payments with eChecks 💳 Thanks to the Check 21 Regulation, by enabling digital check processing, businesses can: ✅ Speed up payments ✅ Cut operational costs ✅ Reduce fraud risks eChecks are no longer just a trend—they’re necessary for businesses looking to thrive in a digital-first world. Whether in retail, hospitality, or professional services, embracing this shift can streamline your accounts payable processes and boost efficiency. At CashCloud, we empower businesses to make the most of this revolution. #CashCloud #eChecks #DigitalTransformation #PaymentSolutions #Check21 #BusinessPayments #AccountsPayable 💡 Learn more about the Check 21 Regulation and eChecks here:

Why Simplicity in Payments Leads to Complacency, Costing Payments Companies and Merchants Millions in Overpaid Fees Every Year. Having spent the majority of my 20-year career in Payments, developing reporting, analytics, and better systems to provide deeper insights into this complexity, I believe that this simplicity has led to so much complacency and mistakes. Because ISOs and PSPs lack the data required to build better calculations, they tend to become complacent and focus on selling more, always trying to negotiate rates. Acquirers have also become complacent, relying on third-party legacy players to calculate their fees and using Excel spreadsheets to manage their margins. The downside of this is that as the Payments industry continues to evolve, and the Schemes continue to introduce new Scheme Fees, change Interchange rates based on changes in regulations, or try to compete against Alternative Payment Methods and Local Schemes, the parties that have to deal with it end up making more mistakes. As most of the providers who provide Acquirers with their technology are outdated and inflexible, they need 6—to 12-month projects to update simple fee changes. This leads to faulty calculations, which affect Acquirers' bottom lines. This causes them to raise their fees (either transparently or secretively) without providing proper justification for their ISOs and PSPs. To help ISOs, PSPs, and Acquirers step up their game, I have decided to share some of the frameworks I have developed over the last 20 years, allowing them to decide to step up their game. Check out my latest newsletter for the first part, which explores the Interchange & Scheme Fee Capability Maturity Model, and how to develop logic in the Intial Stage. https://lnkd.in/d2gDkyKj

The shift to real-time payments is here, driven by the rising preference for digital transactions. This shift offers businesses a chance to streamline operations, enhance security, and improve customer experience. Find out more about the operational impacts and regulatory requirements to navigate this transition smoothly: https://okt.to/xa5InN #DigitalPayments #BECS #Cheques

We’re halfway through our series on the 🍎 ABCs of payment processing 💰 ! For letter M, we’re going to talk about something that sits at the very heart of Pagos and the work we’re doing to help global businesses with their payments: Metrics 📈 Metrics are central to not only Pagos’ products and mission, but to your payment processing operations, as well. Establishing key performance indicators (KPIs) means defining what success looks like for your business and ensuring you’re always on track. Approval rate, effective cost per transaction, and chargeback win rate are just a few examples of the metrics you’ll want to monitor. But it’s not one-size-fits-all—your KPIs should reflect your business goals and might vary by business, market, or customer segment. For example, you may establish a desired or expected approval rate for each payment method you accept, or track costs per processor (or both). Once you’ve set KPIs and goals, the real value comes from monitoring your metrics on a regular and ongoing basis. Payment metrics are never static and by keeping an eye on them, you can quickly identify issues—outages, misconfigured fraud rules, or processor problems, to name a few—before they snowball into something that seriously hurts revenue or customer trust. Consistent tracking can also turn your payments data into a strategic business asset by highlighting opportunities to streamline costs, improve efficiency, and grow revenue. With the right metrics and regular monitoring practices, you can transform payments from a background operation into a powerful tool for growing your business. If you’re not sure where to start, Pagos has your back! Using our no-code connections to most major processors, you can send all your payments data to Pagos, and we’ll aggregate and harmonize it across data sources. Without any developer work required, you’ll have a single source of all your payments metrics for easy benchmarking and monitoring in no time at all. Contact us today to get started! Which KPIs matter most to your business? Share your thoughts below! #payments #paymentsdata #optimization

Peek under the hood of each payment transaction and better understand payment gateways and their function. Explore the most important considerations when you're picking one for your business. Read more: https://lnkd.in/gkHjHkQ8 #payments #paymentgateway #gateway