Anna Lynn Dizon

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…

Omnichannel payments allow customers to complete their purchase (or even request a refund) on any one of a merchant’s selling platforms—in-store, online, mobile, or over the phone—regardless of where they started their buying journey. Omnichannel payments are a key component of omnichannel sales. The omnichannel sales strategy, including omnichannel payments, focuses on improving the customer…

The Payment Card Industry Data Security Standard (PCI DSS) is a 12-point security standard that regulates the technical and operational requirements of credit card transactions to protect cardholder data. Merchants who intend to accept credit card payments are required to submit to an annual PCI compliance evaluation. The 12 PCI DSS Requirements PCI DSS v3.2.1…

A payment gateway is a customer-facing platform that collects payment information during checkout. The gateway then encrypts the customer’s data and sends it to the payment processor to initiate the transfer of funds. Payment gateways are used by: Businesses selling remotely, on a website, on social media, or on mobile. Checkout counters in brick-and-mortar stores…

Mobile payments are transactions and purchases completed using a mobile device such as smartphones, tablets, or smartwatches. Mobile payments are popular for both consumers and businesses for their convenient setup, ease of use, and security. Types of Mobile Payments & Examples The types of mobile payments are categorized by the platforms being used. Users can…

The short answer is yes—you can legally pass on credit card fees to customers. However, this is not as easy as it seems. Credit card fees are governed by regulations from card networks as well as federal and state laws, which make passing on credit card fees to customers available for one merchant but limited…

A digital wallet, also known as ewallet or mobile wallet, is a type of mobile payment service that allows consumers to securely store information for multiple credit and debit cards and even hold a fund balance on a mobile app. The same app can then be used to complete transactions without the need to present…

Chargeback protection is a service that shields merchants from excessive, unauthorized, and fraudulent customer chargeback claims. While credit card chargeback policies are put in place to protect customers, certain programs and technologies identify, manage, and ensure merchant rights against fraudulent transactions. Chargeback Protection: How It Works & Various Types Businesses that have a merchant account…

A payment facilitator (PayFac) is a service business that provides merchants with a sub-merchant account. Payment facilitators like Square, Stripe, and Stax serve as an intermediary between a merchant acquirer and a business owner (or merchant) to make merchant account applications easier and provide better terms for small businesses. Payment facilitators came about as a…