As a restaurant owner or operator, your staff is the backbone of your business. Ensuring you have enough servers, cooks, and ancillary staff is essential for running your restaurant smoothly. Incorrectly staffing your business can lead to slow service, unhappy customers, and damage your establishment's reputation. That's why restaurant employee scheduling is so essential to the success of eateries of all sizes. Via https://www.emscorporate.com/news/restaurant-scheduling
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What is ACH (Automated Clearing House Network)?ACH payments account for more than $76 trillion in transactions annually, making the ACH network one of the most utilized payment methods in the country. However, as real-time payments become more prevalent within many businesses in the US and abroad, the ACH network faces potential challenges to its reputation as the leader of US bank-to-bank transfers. Understanding an ACH payment and how it works is essential for companies seeking the best bank-to-bank transfer options. Via https://www.emscorporate.com/news/ach-payment Today, just one in five transactions is made with cash, with more people transitioning away from cash every day. Your business may get left behind if you’re unprepared to accept non-cash payments with a payment gateway. Up to 42% of customers will change vendors to a competitor that offers their preferred payment method. (Source) Via https://www.emscorporate.com/news/what-is-a-payment-gateway Accepting debit and credit cards has become an essential part of modern business. Your customers expect to be able to use them, and declining that option can take a real toll. Up to 42% of customers will refuse to make a purchase if their preferred payment option isn’t available. (Source). So, the question isn't whether you should accept credit and debit cards but how much it should cost to access them. Once you understand credit card processing fees and rates, you can better adjust your pricing to meet your needs. So, let’s explore them in detail below. Via https://www.emscorporate.com/news/credit-card-processing-fees CLEVELAND, Jan. 30, 2024 /PRNewswire/ -- Electronic Merchant Systems (EMS), a leading payment technology provider, announced the acquisition of Los Angeles-based PaymentCloud. For EMS, this deal further strengthens its distribution channels. It marks a significant expansion of its technology stack, giving merchants more efficient onboarding and processing tools that can be utilized throughout the entire EMS ecosystem. This transaction provides PaymentCloud with continued investment to expand its sales channels while fully utilizing the EMS infrastructure. The deal solidifies the existing relationship between the two companies and sets EMS up to accelerate the expansion of its Inside Sales channels. Via https://www.emscorporate.com/news/ems-paymentcloud-acquisition With credit cards, debit cards, and mobile wallets comprising more than 80% of payments in the United States economy, it's more essential than ever to accept card transactions. However, while most US businesses now accept card payments, many don't understand the pricing structures underlying their payment processing fees. In recent years, flat rate pricing has emerged as one of the most popular payment processing pricing models, especially with merchants using payment service providers (PSPs) such as Square and Stripe. Via https://www.emscorporate.com/news/flat-rate-card-processing What Is a Virtual Terminal?In the context of payment processing, a virtual terminal is a web-based application that allows merchants to process credit card transactions online without any specialized computer hardware like a card reader. It's often used for card-not-present transactions, where a merchant doesn't physically swipe or insert a card but enters a customer's credit card information manually. For merchants, a virtual terminal is a way to charge a customer's credit or debit card when a customer is not physically present at the point of sale, with only an internet connection and web browser. Virtual terminals are commonly used for transactions such as mail and telephone orders (MOTO), general online retail and eCommerce, mobile pop-ops shops, and all sorts of businesses needing a convenient and flexible way to accept customer payments. Read on to learn more about virtual terminals and how to go about choosing one for your business. Via https://www.emscorporate.com/news/virtual-terminal Accepting payments from customers is the backbone of your business's revenue. Modern payment processing tools make it simple for businesses to set up online and in-person credit card processing. However, while business owners no longer need technical know-how to accept credit card payments, not understanding credit card processing and how it works leads to payment shortcomings. Likewise, it results in many business owners overpaying for credit card transactions. This guide explores processing credit cards, the participants in the process, the factors to consider when choosing a payment processor, credit card transaction fees, and a range of related topics. Read ahead to become an expert on modern payment processing! What Is Credit Card Processing?Processing credit cards is the electronic handling of credit card transactions. It involves the authorization, authentication, and settlement of payments. Credit card processing enables businesses to accept payments from customers using credit cards, ensuring payment convenience for customers and staff members. Modern payment processing offers efficiency, speed, and security. It enables swift transactions, reducing processing times. Enhanced security features like encryption and tokenization protect sensitive information, and integration with digital platforms fosters seamless transactions, improving user experience. Who Is Involved in the Process?While credit card payments occur almost instantly, behind the scenes is a complex network of stakeholders responsible for performing various tasks to ensure the transaction runs smoothly. The transaction process is automated and occurs without manual input, but to fully understand how payment processing works, it's essential to know which stakeholders are involved. Below, let's explore who is involved in the process:
How Does Credit Card Processing Work?While credit card transactions feel instantaneous to merchants and customers, they involve a multi-stage process. Below, let's explore the three stages of credit card processing in more detail: AuthorizationThe authorization stage of payment processing involves verifying if a transaction is valid and whether a customer has the available funds for a purchase. This process involves the payment processor requesting approval from the issuing bank. If the issuing bank communicates that the transaction is invalid or the customer doesn't have sufficient funds, the transaction will decline. AuthenticationNext, it's time to confirm the identity of the cardholder. Credit card processors will use security measures, such as CVV, zip code confirmation, and more, to determine whether the cardholder is the individual purchasing the product or service. Again, the transaction will decline if the authentication process fails due to incorrect information. SettlementLastly, it's time to finalize the transaction and transfer the funds. The payment processor submits approved transactions for payment and funds transfer from the issuing bank to the business's merchant account. Types of Credit Card Processing EquipmentTo accept credit card transactions, businesses require hardware and software to facilitate the process. Below, let's explore the various types of credit card processing equipment and software your business may want to consider: Via https://www.emscorporate.com/news/credit-card-processing EMV technology plays a pivotal role in enhancing the security and efficiency of credit card transactions. Understanding the ins and outs of EMV is crucial in a digital age where the threat of credit card fraud is ever-present. What is EMV? Join us as we explore the significance of EMV technology and EMV readers, how they work, their challenges, and how they compare to other popular technologies, such as NFC. Via https://www.emscorporate.com/news/emv |
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