article thumbnail

The Ultimate Guide to Accepting Credit Card Payments

Stax

How Do Businesses Accept Credit Cards? Some businesses choose a traditional payment solution to accept credit card payments, while others go with an integrated payment platform. Or they could use a mobile credit card terminal if they prefer to collect payments at the table.

article thumbnail

Glossary: 117 software-led payments terms to know

Payrix

Payment facilitator (PayFac) A merchant registered by an acquirer to facilitate transactions on behalf of sub-merchants. They provide the infrastructure necessary for their merchants to accept credit card payments. Automated clearing house (ACH) A system of the U.S. eCheck, PayPal, etc.)

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Merchant Underwriting: What It Is, How It Works, and Why It’s Important

Stax

Key steps include application review, risk assessment, credit checks, and compliance verification. Merchant account underwriting is the evaluation process payment processors use to assess whether a business meets the criteria for accepting credit card payments.

article thumbnail

Credit Card Processing for Small Business: Everything You Need to Know

Stax

Whether you are starting a new online store or looking to grow your existing brick-and-mortar small business, you must make provisions for accepting credit card payments. We have also put together a list of the top three best credit card processing platforms for small businesses.

article thumbnail

What Is Tiered Pricing in Credit Card Processing?

Stax

Accepting credit card payments at your business is a surefire way of increasing customer satisfaction and retention. Over 80% of American adults owned at least one credit card in 2023. Also, credit cards contributed to 27% of the spending at point-of-sale (POS) systems worldwide.

article thumbnail

Mobile Credit Card Processing Explained: What Business Owners Need to Know

Stax

TLDR Mobile credit card processing first hit the market 15 years ago and in that time it has risen to become one of the most popular methods for processing in-person payments, both with businesses and consumers. What is mobile credit card processing? Understanding what you want is the hardest part.

article thumbnail

Credit Card Processing for Small Business: 9 Tips for Accepting Payments Securely and Cost-Effectively

Stax

In today’s world, knowing how credit card transactions work is super important for any business owner, given that card transactions make up the bulk of all payment transactions. Avoid Non-Mandatory Contracts No one likes to be stuck in a contract, from cell phone contracts to credit card processing contracts.