In major positive news for businesses all over Canada that accept credit cards, Visa and Mastercard have agreed to cut credit card transaction fees. Visa and Mastercard agreed to lower the interchange rate by ten basis points down to 1.4 percent. It is estimated that the change could save Canadian businesses C$250 a year. The last time Visa and Mastercard agreed to lower feeds was in 2014 when they lowered their interchange fees to 1.5 percent. The change in interchange rate
Canada is the global leader in credit use with credit cards accounting for more than 462 billion dollars in sales in 2016 alone. Yet, there are still businesses that are apprehensive about accepting credit cards. Some business owners chose not to accept credit card payments because they feel that accepting credit cards will not be worth the hassle or cost. However, when looking at the common reasons that prevent business owners from signing up for a credit card merchant acco
With cash and checks going to the wayside and more customers wanting to pay by credit card, businesses need to make sure they can accept credit cards. However, certain types of businesses may find it particularly difficult to find a merchant processing account that meets their specific and specialized needs. Certain types of businesses like small law firms and construction businesses face a particular challenge when looking for the right merchant account since they are likely
Mobile payments are payments that are made with a smartphone or tablet. According to Allied Market Research, the mobile payment market is predicted to grow 33.8% from 2017 to 2023. The majority of mobile transactions are in the retail market, and with the rise of mobile applications for renting everything from cars to hotels, hospitality and transportation are projected to have the highest rate of mobile transaction growth by 2023. Canada is one of several countries that has
The first POS system was introduced by IBM in the 1970s. These top of the line systems were simple and bulky and required terminals that were wired back to mainframes. It was not until the 1990s with hardware and software updates and advances that the touchscreen terminals we use every day when we shop began to grow in use. However, with the advent of the internet, POS systems and credit card processing has made another major advancement with the advent of virtual terminals.
Being a business owner is an extremely stressful and busy job. Business owners have to manage or at least be aware of several complicated features of their business including sales, payroll, taxes, inventory, employees, accounting, state and local laws and much more. Often with so many other important things on a business owner’s mind, the last thing they are thinking about is whether the structure of their credit card processing fees costs them money, However, understanding
Some Sales Reps will use any tactic to try to close a deal, and sometimes these tactics border on being scams. One new merchant sales scam that businesses need to watch out for is prerecorded messages that go right to their voicemail. These voicemails may include several similar themes to the ones mentioned below. They say their business merchant rates and or processing fees are going to increase. The call does not include the name of the company calling the business owner.
Online Canadian businesses are booming. Last year 76% of Canadian shopped online and a quarter of those that shopped online were considered frequent shoppers (source). As a business owner, you need to have an online presence, or your business will likely be losing out on a considerable amount of business and market share. Depending on your industry you may be selling services or products that can all be purchased or paid for online. However, being able to accept online transa
One of the chief causes of lost revenue for online merchants is chargebacks due to fraud, and the problem seems to be getting worse. Criminals that steal credit card information are upgrading their tactics through the use of sophisticated automated testing programs. Credit Card Fraud rings are buying thousands of stolen credit card accounts at a time with the goal of purchasing items online that are easy to resell. However, by the time they purchase the stolen accounts many o
When customers purchase products from your business using their credit card, debit card or checking account information they are trusting you with some of their most sensitive information. Unfortunately, there are individuals that are constantly working on methods to steal that sensitive information for their benefit, at great risk to you and your customers. According to the National Cybersecurity Institute, there are many negative outcomes for companies when their data has b
Verizon is the latest company to announce that up to 14 million subscribers’ records were potentially exposed to hackers. The exposed data included customers, names, addresses, cell phones, and account PINs. The hack was so comprehensive that the hackers could have potentially taken over customers’ accounts and hijack their phones (zdnet). The Verizon hack is just one of many high-profile data breaches that have been announced in 2017. Major companies such as Arby’s, Saks Fi
Canadian business owners are constantly looking for new revenue streams and ways of improving their business. One way to increase your sales and profit is to bring your business directly to your customers. While e-commerce websites attempt to bring a certain aspect of their stores into people’s houses, businesses are taking it a step further and bringing a version of physical stores to customers. Food trucks, pop-up shops, flea markets, and farmers markets are all options tha
To be a successful business owner, you need to know your business inside and out and constantly be looking for ways to lower your costs. If your business accepts credit cards one cost your business accrues every month is credit card fees that go to your credit card processor. With the stress and time involved in running a business, it can be hard to sit down and evaluate how much of your profit is going to your credit card processor and whether it makes sense for you to switc
Canadian businesses rely heavily on merchant accounts in order to accept credit card payments. With the introduction of companies like PayPal and Square the hassle of getting a merchant account was drastically reduced and the potential for more businesses and individuals to accept credit cards as a form a payment increased dramatically. While the introduction of more merchant account providers may seem like a win for business owners, many business owners fail to shop around f