Entries tagged with “Merchant Account”.

Trends in wallets have come and gone. Some people go for large sizes, others prefer the comfort and minimalism of a slim-line model. Fine grained leather drew some, while others have gone for fun and funky printed options. For a while, even wallets made with duct tape were widely popular. But, there’s one choice that many will be making as their current wallets wear out: whether to buy a new one at all. The mobile payment trend

The Mobile Payment Trend

More and more people are putting away their wallets in favor of simple and secure mobile payments. Last year, purchases made using a tablet or a smart phone rose by 48% to $8 billion during the second quarter of the year. That was the speediest increase in mobile spending since the first quarter of 2012 and three times the growth that desktop commerce saw during that same span of time. It is estimated that, by 2020, over three quarters of the world’s online transactions and 50% of money spent will be spent through mobile payments.

Our phones are taking the place of many common accessories. How many people do you know who still wear a wristwatch? Do you use an alarm clock, or do you use the alarm on your phone? Do you still use a paper planner, or have you, like many, switched all your scheduling to an app like Google Calendar? As more and more areas of our lives become concentrated on our favorite handheld devices, it only makes sense for payments to go there, too.

Gen-X Wants Mobile Payments

And, the groups that are most likely to do this are busy Gen-Xers and tech-friendly Millennials. Millennials, those people born between around 1980 and 1999, make over half of all mobile payments.

They are comfortable using their phones to split the check at restaurants with their friends, paying for goods at the farmer’s market, buying groceries, gas and more. Generation X is nearly as mobile-friendly, preferring a streamlined way to deal with payments and the ability to have all of their financial information in one easy place.

Mobile payments are more secure than ever. And, digital wallet programs give users a simple interface that allows them to access multiple accounts, gift cards and even loyalty programs all in one place.

Growing Businesses Need Mobile Payments

When your customers learn that you support mobile, you will give them one more reason to shop with you. They know that they don’t have to worry about having cash on them or about whether you take their card of choice.

When looking for a mobile payment processor, it’s important find a service that offers multiple ways to get paid. ProPay’s merchant account provides 10 different ways to accept credit cards, giving small businesses the freedom to find a solution catered to their customers and business. It is also vital to keep customer’s payments secure. ProPay offers end-to end data encryption and tokenization to keep your customers safe and happy.

Mobile payments are not just the future; they’re already here. And soon, physical wallets will disappear like the pocket watch. By adapting to this change early, you can be there when the bulk of customers catch up and give them what they want when they’re looking for a safe and convenient way to pay.

Owners of small businesses are a group of hard-working and dedicated people. Small business owners only come up for air when, well, do they ever come up for air? This can be one of the problems that several small businesses have. They are so bogged down with daily tasks and the pressure of running their own business that they forget that there are other things that need to be taken care of.

It is good to take a few steps back and review everything that is going on. If you have been going non-stop for months, now is a good time to take a step back to ensure your business has success for the remainder of the year and years to come. Here are some small business financial success tips that can help you achieve your long-term goals.

When Do You Normally Manage All Of Your Finances?

It is always important to set aside some time to manage and keep track of your finances. Getting accustomed to spending time each day reviewing and organizing your financial documents, such as your invoices, your billing statements, etc.

When you put together a plan like this, you will have a better understanding of where your small business is financially. It will certainly make things easier on you when you have to find documents at the last minute or when you need documents to file taxes.

What Happened Last Year?

If you were not pleased with what happened in 2014, then you may need to establish better habits for the rest of this year. It is always important to begin the year with good financial habits because you will become accustomed to those habits for the remainder of the year. How did you track your finances last year?

Whatever methods you used, did those methods work? Were you able to accomplish all of your sales goals that you set? Do you expect your business to grow this year? Do you expect to hire more people this year? These are all serious questions that needs answers. Take these questions into consideration when you are reviewing your business and financial plans.

We understand that constant time constraints can make it difficult to accomplish financial organizational tasks. However, we offer  multiple resources to serve as a guide as you seek to improve your business throughout this year. Feel free to contact us at any time.

Payment processors set up through your merchant services account are meant to help your small business make money. However, accumulating fees simply for processing payments will cause you to lose more money in the long run. Small businesses can’t afford to lose even a percentage on a payment without raising prices. Instead, a little research can go a long way toward protecting yourself from hidden fees.

Here are 6 tips to help you keep the money you make:

1. Be highly selective when choosing a payment processing company. Even companies who advertise “no fees” may have some caveat such as no fees for certain credit cards, additional fees for debit cards, etc.

2. One of the most common “hidden fees” is charging extra, as much as 20 cents per transaction, for credit cards that are entered manually versus “swiped”. When setting up a merchant account, remember part of the overall cost involves investing in hardware that can “swipe” a card. Mobile card readers may be a good investment if this fee can’t be avoided.

3. Most payment processing companies require a “monthly minimum”, usually hidden way down at the bottom of your contract in the very fine print. How much business do you expect? Can you reliably meet the minimum requirement? Remember, the minimum is counting credit/debit card transactions only – not cash or check sales.

4. Payment gateway fees refer to how sales are made, typically online or at a brick-and-mortar location. E-commerce sales may have more hidden fees for providing connection services.

5. Almost all processors will have an extra fee for paper statements as opposed to receiving your statement via e-mail. On that same token, they may offer small discounts for setting up “auto-pay” options.

6. Some credit cards have higher fees than others. Weigh the risks and benefits of accepting all major credit cards or deciding not to accept one or two in order to avoid those fees.

Ultimately, your decision affects not just your bottom line but your customer experience as well. Some small businesses are forced to pass on fees for credit cards or require a minimum purchase in order to use a credit card. With credit and debit transactions becoming the norm, small businesses have a tough choice to make. The moral of the story here is to do your research, ask questions, and examine the contracts closely.

Contact us to learn more about global payment solutions that are simple, secure and affordable.

Starting a business can be hectic. There’s a tsunami of administrative tasks to do, such as getting licenses and any needed office space. You also need to set up contracts with suppliers, figure out how you’ll ship everything, and of course, find a way to accept payments. With all of this going on, it’s easy to make financial mistakes that can cost a surprising amount of money. Keep these small business financial success tips in mind to prevent surprise losses before and after you open your doors:

- Don’t buy a huge amount of stock on speculation. While some wholesale deals require you to buy in large quantities, you don’t have to pick one of the largest quantities. It’s better to start by purchasing a minimal amount of stock so that you can see which options actually sell. When you’ve found out which items are the clear winners in your market, you can go ahead and up the amount you buy from your suppliers.

- Avoid high-cost merchant accounts. Not long ago, there was only one real way to accept credit card payments at a business. You would have to get a merchant account with a payment processor. This typically involves a variety of fees that can easily destroy a start-up’s profit. These setups typically have statement fees, transaction fees, set-up fees, gateway fees, and a grab bag of other fees that add up to substantial amounts each month. Now, accepting payments for your business has never been easier or more affordable. With some of the most modern processors, you can accept credit cards and checks, set up subscription payments and more – all for one low annual fee and a reasonable per-transaction charge. Even better, these solutions aren’t just for e-commerce sites. They work through a variety of physical methods, as well.

- Get professional tax advice. There is a huge amount of misinformation about what can be deducted, how much tax has to be paid, how to handle taxation on employee wages, and other things concerning how taxes affect small businesses. To get the real facts about how your taxes need to be handled, hire a tax accountant and have him or her explain everything. Of course, the accountant can prepare your return as well.

For more ways to save money and avoid financial mistakes with your new business, just contact us. We’ll be glad to help you avoid high merchant account fees and other pitfalls.

A recent security breach of one of the largest American banks was not the result of sophisticated software or malware. Instead, the data breach that exposed the information of 76 million households and 8 million small businesses came down to an overlooked server and insufficient security controls.

Details of an investigation into the hack traced the breach to a neglected server as the hackers’ entry point.

That breach could have been avoided with a relatively simple fix – two-factor authentication. Double authentication requires users to enter a second, one-time password in order to gain access to the system. That second password can be provided by a text message to a phone or another device, such as a key fob.

While breaches of retailers have made headlines and are immediately recognizable to consumers, the latest bank breach should be even more disconcerting. That’s because banks retain more sensitive financial information for their customers and banks are supposed to have more robust security compared to retailers.

To learn how to avoid similar vulnerabilities in your business we invite you to contact us here at ProPay. Our team of experts stays up-to-date on industry news and how to support your business in having the most robust payment processing security system available.