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Author: tushar

TIMES WHERE MOBILE PAYMENT COMES IN HANDY

Posted on by tushar

Mobile payment is something that has grown over the years, and it’s something that we have continued to see spread as small businesses pop up and more and more events get scheduled. This form of payment is something that has proven to be extremely beneficial for multiple businesses, in a variety of situations. As your primary payment processing provider, Impact Pay would like to go over a few of the reasons that considering a mobile payment processing setup is something that you should do. We’ll visit a few of the reasons that we run into most frequently, and are likely instances that you’ll see too.

TRADE SHOW

When you’re focusing on getting your business name out there, there’s a good chance that you’ll be making a few appearances at trade shows. These are fantastic ways to interact with potential customers, give samples of your product out, provide consultations to any services that you may offer, and more. In the case that you are offering any products or services for scheduling, you’re going to want to make sure that you have a reliable form of payment processing on hand. This is, after all, the first impression that some of these potential customers are receiving. Mobile payment is a fantastic option that is easy to setup, easy to use, and always reliable.

 

EVENTS

your beer going to have a booth at a local event? Maybe you’ll be selling your t-shirts at one of the high school football games. There are plenty of events that turn to local vendors, big and small, to help get some merch and catering set up for events. If your business is going to be hosting an event or is going to be contributing to an event, having a solid method of payment is something that you are likely going to be expected to have. When you consider how many people are going to be showing up to the event, and that you were selected or are being paid to be at the event, a reliable form of payment processing is necessary. Using mobile pay will be quick and easy to setup, and reliable through and through.

If you are constantly on the move or are attending events where you will be scheduling services and selling products, then you’re going to want to have a method of processing payments. Aside from the events above, you could also be participating in trunk shows, traveling to meet potential business partners, selling out of your home, or frequently moving offices. Staying ready is something that mobile payment processing allows for you to do, and we can help you get there.

The way that you prepare yourself to take payments is something that your customers will remember. Stay prepared by always having a reliable form of payment processing on hand. If you’re ready to set up your mobile payment processing, reach out to Impact Pay today and we can help you get set up. We’ve provided you with high-quality payment processing up until now, and we can continue to do that!

REASONS THAT CHECKS AREN’T GOING ANYWHERE – PART 2

Posted on by tushar

In our last blog post, we talked about some of the reasons that checks as a payment method aren’t going to be going anywhere, anytime soon. While these methods are older and less commonly seen, there is a need for having a system that can process these payment methods. Our blog post today is going to cover a few more reasons that you as a business owner should have a system that can quickly and effectively process these payments.

A PAPER TRAIL
For some people that are interested in keeping records of where their money is going, or even just balancing the money in their account, checks are a great way to do that. Checks allow for a paper trail to be created because it requires withdrawal and deposit on both ends of the system. You might be wondering how this differs from your statements that are tied to your card and the money that you spend with it, but there are a few differences. You see, checks have routing numbers as well as check numbers, making each individual check different than the next. This makes for an easy way to see where money is going and keep a solidified trail of the checks that you have handy.

Another way that checks can’t compare to other forms of payment is that when they are used to pay for a bill, the bank they are depositing the check into will take a picture of the front and back of the check. This serves as security in the case that they say you didn’t pay. When that happens, you can easily call the bank and they can pull up the image of your check as proof that you did pay. This is the only method of payment that can provide you with that form of security. There’s no other way for a bank to provide anyone with proof of your payment.

ADDITIONAL CONTROL
Online payments are easy and quick, and they do provide us with an updated ability to manage our finances, but the hard part is that it can take some banks a couple of days to process money, and for some accounts, payments can automatically pull or decline payments, which makes staying on top of your account, let alone balancing it, extremely difficult. With checks, the person paying is able to physically write down everything that is being paid for, and in doing so can have a better idea of where their bank account stands. This is something that people who enjoy being involved and who like a hands-on approach to their finances, and since there are plenty of people that do enjoy that, this method of payment isn’t going anywhere.

Impact PaySystem can help you and your business with a payment system that can quickly process checks so that they can be a reliable source of payment. Reach out to our team today and let us provide you with a quality system that you can rely on through and through. We can also help you with various other methods of payment so that your establishment is taken care of!

REASONS THAT CHECKS AREN’T GOING ANYWHERE

Posted on by tushar

Checks are one of the oldest forms of payment that can be processed, and while advances in payment options, like credit cards and online payment apps and programs, are coming around, there are a few reasons that checks will never fade as a method of payment. Impact PaySystem offers high-quality check processing services that make it easy to accept these payments in your facility, but very rarely do businesses take advantage of this because they believe it is a payment method that they won’t ever see.

In our blog post today we are going to cover a few of the reasons that checks won’t be going anywhere, anytime soon.

NOT EVERYWHERE ACCEPTS CARDS

While it may seem absolutely insane to think that there are still businesses that aren’t using debit or credit cards to process their payments, these options are extremely expensive to manage. For many small businesses, it is entirely unrealistic to afford these payment options for purchases Checks, however, are a great option to use that can make processing payments much easier. If you think that this is unlikely, then you’ll be surprised to hear that nearly 55% of America’s 27 million small businesses, still don’t use credit card processing when taking payments. While apps like PayPal and Venmo are coming out, this online transferring isn’t something that small business with a brick and mortar can utilize, so checks remain an option.

THEY’RE A RELIABLE FORM OF PAYMENT

Sending money as a gift or to pay at a restaurant or movie is a common task, but it’s unlikely that you’ll ever have your server asking you for your Venmo username or casually sending graduation money to your niece over PayPal. These applications are savvy, and they’re definitely efficient, but the ability to actually pay on the spot with a check is something that only a check can do. Checks are still commonly used when giving money as a gift, and if a restaurant or store accepts checks, they’re the more likely option to use when completing a payment.

AVOID THE FEES

Fees are a part of using credit and debit cards, both for the user of the card and that of the person processing the payment. In some cases, when you use a card to pay, there’s a chance that you might wind up having to pay an additional fee. This isn’t the case when you use checks because it goes straight to your account number. You’ll see this more frequently when you are processing larger payments online or when you visit facilities that don’t have the funds to pay off their card processing fees without a little extra charging. In these cases, using checks for payment methods can reduce the fees that you might have to pay.

mpact PaySystem has effective check processing services that make payment by check as easy as swiping a card. Learn more about this service if you or your establishment often receive check payments from our trusted payment processing company. We would love to provide you with a method that works well for you and your customers. We’ll go over a few more reasons that checks aren’t going out of style in our next blog.

PAYMENT TRENDS AFFECTING INTERCHANGE FEES

Posted on by tushar

Interchange is a factor that makes it possible for businesses of all sorts to function. The fee you pay in order to utilize this process of transferring money every transaction may seem outrageous when you pay it, but when you look at all of the purchases that it completes in a matter of minutes, it makes sense why you pay it. With technology making some serious strides, it goes without saying that there are plenty of trends that could affect the fees for your interchange look, but all for the better. Below is a list of trends that we are currently seeing with interchange fees.

SECURITY

This form of payment requires an increase in security when making payments. Because information of the bank account is transferred in so many different places, it makes sense that increases in security continue to be formed. We are seeing a big trend in the amount of security that is being pushed to various business of all sizes. This particular trend is one that can minimize issues with security down the road and is one that we’re excited to see the effects of throughout the implementation process..

COMPETITION

The ways that payments are processed vary on the method that was made. Impact Pay System finds a process that will benefit you the most, but there are plenty of competitors out there that will offer you a different setup, at a different cost. This competition is becoming a trend with the fees of interchange systems in order to create a more competitive field.

TECHNOLOGY

One of the things that continue to be worked on is the effort to minimize paper in this process. There are trends that are making this contactless, prepaid and micropayment schedules that will increase the chances of going paperless through this whole process. This may be a small step for this end goal, but it is one that is definitely one that is in motion.

PRICING FACTORS

There are plenty of things that will be included in the pricing of your interchange fees in the next couple of years. If you don’t currently have an interchange system and are looking to invest in one, you can count on pricing varying on the size of your establishment and how often you’ll be using on an average account. You will also find these prices fluctuating with compliance and registration requirements over time and as those factors change.

Having an interchange system that you are confident can be difficult to find, but it doesn’t have to be. We know how important this decision is and we can help you manage this system even after it’s been installed for your establishment.

Impact Pay System can provide you with a secure and effective method of payments coming into your establishment. Reach out to us today for more information so that we can help your business get set up on this efficient pay method. We would love to provide you with this credit card processing system!

SURCHARGING FAQ – PART 2

Posted on by tushar

If surcharging confuses you, you aren’t alone! Until recently, ambiguity about surcharging has caused a bunch of confusion in the payment processing industry. The good news is, due to litigation in 2012, merchants can surcharge transactions done with credit cards. As a merchant, it’s important for you to understand how surcharges work. At Impact Payment Systems, we know our services are foundational to your business, and we take that responsibility very seriously. Let us share some of our knowledge with you!

In our last blog. we discussed surcharge basics, including the two different types, brand level and product level. Today, we want to look more closely at these two levels and share the general rules around them.

BRAND LEVEL SURCHARGE RULES

Remember, this surcharge blankets transactions done with specific credit card brands (e.g. Mastercard or Visa).

  • No surcharge can go over 4% at any time.
  • It doesn’t matter who issued the credit card; the surcharge must be identical for all credit card transactions of an individual brand.
  • If you accept more than one brand of credit card, you have to meet additional requirements.
  • The surcharge can’t be greater than your average discount rate for that particular brand of credit card.

PRODUCT LEVEL SURCHARGE RULES

This surcharge blankets transactions done with specific credit card products (e.g. Visa Signature Preferred, Visa Signature).

  • No surcharge can go over 4% at any time.
  • It doesn’t matter who issued the credit card; the surcharge must be identical for all credit card transactions of an individual product.
  • If you accept more than one credit card product, you have to meet additional requirements.
  • The surcharge can’t be greater than your average discount rate for that particular brand of credit card. On top of this, you have to subtract the regulated debit interchange rate.

Making sure you’re following regulations is one of the best ways to make your business stronger. Let us further your goals with the best credit card processing and beyond. We are here to give you the tools you need to grow and thrive. Learn more today!

SURCHARGING FAQ – PART 1

Posted on by tushar

If your business accepts card payments, you get to deal with surcharging. Until recently, surcharging caused a bunch of confusion in the payment processing industry. The good news is, we now have standards that allow merchants to implement surcharges correctly. At Impact Payment Systems, we work hard to stay on top of policy, because we understand our services are foundational to your business.

We believe that knowledge is power, and we want to enable you to run your business with confidence. In the next two blogs, we’re going to discuss surcharging and answer the most common questions about it

WHAT IS A SURCHARGE ANYWAY?

You may know it as a checkout fee. It is an extra fee a merchant can add to a customer’s bill when he or she uses a credit card.

CAN SURCHARGES BE USED ON OTHER FORMS OF PAYMENT?

No. Surcharging is limited to credit cards, which means prepaid card and debit transactions are surcharge-free.

ARE THERE DIFFERENT TYPES OF SURCHARGES?

Yes. There are two different types. If you decide to apply surcharges, you will have to choose between “brand level” and “product level.” You can’t have both.

  • Brand level surcharge: This type of surcharge applies an identical surcharge to all transactions for a particular brand of credit card (e.g. Mastercard or Visa).
  • Product level surcharge: This type of surcharge applies an identical surcharge to all transactions for specific types of credit card, (e.g. Visa Signature Preferred, Visa Signature).

As you can see, figuring out which type of surcharge to apply requires careful consideration. In our next blog, we will talk about the rules around brand and product level surcharges. Keeping your i’s dotted and your t’s crossed is easier when you understand what you’re dealing with, so it’s important to have the best of all payment processing companies in your corner. Let Impact Payment Systems be your ally!