Anna Lynn Dizon

Interchange fees are costs merchants pay to accept and process credit and debit card payments. They consist of a small fixed fee plus a percentage of total sales, set by card networks (Visa, Mastercard, Discover, American Express) to cover the costs and risks associated with processing card transactions. Typical interchange fees range from 1.29%-3.5%. How…

A merchant is considered “high-risk” when it runs a business that is highly susceptible to fraud and chargebacks. This can be due to the industry they belong to, the products or services they provide, or a history of high chargeback claims. When this happens, merchants go through a more rigorous process before being approved for…

Looking for a break from your nine-to-five job? Part-time business ideas are a great way to explore one’s hobbies and skills and turn them into income-generating activities. These businesses are often easy to set up and cost very little to start but don’t be surprised if they turn into a lucrative venture in the long…

Real-time payment (RTP) is the process of accelerating the transfer of funds between businesses and individuals from a few days to a matter of minutes. While this is the norm for credit card transactions, bank-to-bank real-time payments have been impossible until recent advancements in payment technology. For small businesses, this means faster payment processing, better…

Adding cryptocurrency as a payment method has become increasingly popular among small businesses with the availability of affordable, easy-to-use platforms and apps. To start accepting crypto and bitcoin as a business, you need to sign up for a cryptocurrency account (wallet or payment gateway) and integrate it into your online checkout. You can also use…

Evaluating Stripe vs Shopify can be tricky because it’s not an apples-to-apples comparison. Shopify is an ecommerce platform with integrated payment processing, whereas Stripe is a customizable payment processor that lacks a point-of-sale (POS) system and ecommerce software. Both, however, are easy to use, have excellent user reviews, handle international sales, and don’t require a…

PayPal is one of the first and most trusted names in online payment solutions, offering PayPal Business for ecommerce and PayPal Zettle POS software for in-store sales. Small business owners love PayPal’s easy setup, convenient payment methods, and recognizable brand that’s proven to increase conversions. PayPal often makes our list of best merchant services and…

Automated Clearing House (ACH) and electronic fund transfers (or EFTs) are both catch-all phrases for certain transaction types. The main difference between ACH and EFT payments is that EFT is a larger term that refers to any type of digital transaction funded by a bank account, including ACH. Meanwhile, an ACH payment is any bank-funded…

An e-check, or electronic check, is a digital alternative to paper checks. E-checks go through the same authentication process as paper checks but are faster and generally more secure because the payment moves electronically. Local businesses where credit cards are not a popular payment method may find e-checks more convenient. Unlike credit card transactions, e-check…

Statement descriptors are text used to provide customers with transaction information on their credit card bills. A standard statement descriptor includes the business name, phone number or location, and the transaction amount. However, some payment processors further customize statement descriptors to include additional information such as product or service name and invoice numbers. Customers use…

Convenience fees are charges imposed by merchants on credit card transactions that pass on the cost of accepting credit card payments to customers. However, only merchants whose primary method is anything other than credit cards can impose convenience charges. Some examples are accepting payment for bills, taxes, and event tickets purchased online instead of at…

Some small businesses, such as those that offer subscriptions, need to store customer credit card details. However, card networks take the security of credit card data seriously and employ strict merchant guidelines for storing credit card information. We provide an overview of the nature of credit card data plus tips on how to securely store…