Archive for November 2017
Accounts Payable Definition
Accounts Payable (AP) are funds owed by your company to other businesses or service providers because of goods purchased or services rendered. Online businesses typically process invoices for third party services, but can also include bank loans. Online businesses use Accounts Payable transactions when they have obtained goods or services but have not yet paid…
Read MoreACH and Online Payment Processing
ACH or an Automated Clearing House is an electronic network for financial transactions in the United States. An ACH processor processes large volumes of credit and debit transactions in batches. Apart from direct deposits, payroll payments, insurance premiums and mortgage loans, ACH transactions also includes Point of Purchase (PoP) check conversion transactions. ACH transactions were…
Read MoreQA Processes
QA stands for Quality Assurance. When it comes to payment processing, there are three main areas of quality assurance. One is on the cash transaction itself, ensuring it goes off without a hitch. Two, the payment processor, to check that they are suitable for the tricky task of handling credit cards. The third quality assurance…
Read MoreThe Defnition of CRM
CRM stands for “Customer Relationship Management,” and it refers to using software to analyze customers’ interaction with a business in order to maximize customer retention and growth. In the past, businesses held all the power. There was a limited supply of goods on offer, so consumers would buy whatever you offered without complaint. Sometimes,…
Read MoreBank Identification Number (BIN) Definition
A Bank Identification Number (BIN) is the first four to six numbers that appears on the front of a credit card. The BIN number is a unique identification of the banking institution that issued the card. BIN numbers are also assigned to charge cards, gift cards, debit cards, pre-paid cards and benefit cards to identify…
Read MoreHow Online Credit Card Authorization Works
Surprisingly few people seem to know how credit really works. As children, money was something we took for granted. Kids don’t know where money comes from, how hard it is to find, or that it can run out. Unfortunately, many adults face the same ignorance regarding their cards. That’s how they end up with…
Read MoreSelling Online vs Offline
Whether to sell online or have a walk-in store depends first on your target market and next on the type of products or services that you are selling. Most products bought online are shipped to customers via post or courier service, so perishable goods are usually ruled out of online shopping. Perishable goods can be…
Read MoreTop Benefits of an Online Store
Opening an online store has several advantages. It has a very low entry point, and requires minimal effort. All you need is a compatible website and a merchant account. Both are available at minimal cost. If you’re still unsure about delving into the world of online sales, here are a few of the benefits. 1.…
Read MoreHow to Start an eCommerce Site
Are you thinking about taking your business online? Maybe you already have a physical store, and you’d like to expand your customer base. Or maybe you resell items, or mainly deal with digital items, making a physical store redundant. With eCommerce, you can: Offer faster delivery. Access customers in distant locations. Save time and money.…
Read MoreThe Cost of Accepting Credit Cards
Are you worried about the cost of accepting credit cards for your online business? Managing costs for any business owner is key to ensuring that your business remains profitable. Accepting credit card payments for purchases made online from your website is a must if you want your business to succeed. Customers want ease of payment,…
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