Blog

Category: credit card processor

October 17, 2018

Top Trends Driving the Future of Payment Processing

Future of Payment Processing

The payment processing industry has changed over the last years, and it will continue to do so even faster in the future, considering the constant change in the customers’ behavior and habits, plus the rise of mobile payment platforms. Technology has reinvented commerce, and it opened doors to new ways of engaging with customers. The universe of payments is continuously evolving. A significant number of changes have shaped the payment industry in 2018. The question is: is your business prepared for the future? The more you know today, the more you can prepare for tomorrow. Here are some of the...Read more


October 3, 2018

Downgraded Transaction

downgraded transaction

What is a Downgraded Transaction A “downgraded” transaction actually costs you more money to process than it should have. Downgrades are completely avoidable if you know how to catch them. We will share at least three areas that can save you money on your transactions. While we may be talking pennies on the dollar, those pennies add up over the course of the year and can easily amount to a steak dinner for two.   How a downgrades works Every time you process a debit or credit card, the transaction is assigned an Interchange category with its own rate and...Read more


September 26, 2018

Accepting Credit Card Numbers by Phone

credit card

Accepting credit cards by phone is risky business to begin with. Almost all fraud involves taking a credit card by phone. Unfortunately, accepting credit cards over the phone is a common practice so we must recognize the risks associated from your point as a vendor as well as the risk to your customer.   Safety First Fraud isn’t the only risk from a phone order. Never accept a credit card from someone when you know they are driving a vehicle. Ask them to call you back when they are no longer driving. The sound of metal crunching is an awful...Read more


September 19, 2018

Bank Accounts and Credit Card Processing

credit cards

Have you ever wondered why you were asked to provide a blank voided check to establish your Merchant Account with Chosen Payments? Has your bank account balance ever been cause for a review? There is good reason for the specific type of bank accounts used in processing credit cards. The balance you carry in your bank account is periodically reviewed with good reason. And, there is a reason why the money from your Merchant Account cannot be deposited into a Savings Account.   The Blank Voided Check You may wonder why we were insistent on getting a blank voided check...Read more


September 12, 2018

Merchant Cash Advance – Need Money Fast?

credit card

Whether you need a quick loan for an emergency situation or you just can’t pass up a once-in-a-lifetime opportunity to buy something, Chosen Payments can loan you money quickly through a Merchant Cash Advance. These are also known as Merchant Loans. Either way, we are loaning you money based upon projected credit card transactions in the future. Whether you need to borrow $1,000 or $100,000, Chosen Payments can advance money for your business and fund your loan much faster than a traditional bank. While your personal credit is a consideration, we don’t place as much value on a personal credit...Read more


September 5, 2018

Credit Card Processing for Auto Repair Shops

credit card

Chosen Payments is a preferred credit card processor of ATRA (Automatic Transmission Rebuilders Association). We earned this status by having years of serving the automotive industry and having staff with years of experience working in the automotive industry. Hiring experts with experience in the vertical industries we serve allows us to provide our famed White Glove Service by having the knowledge of the unique needs are of auto repair shops. Because we serve many auto repair shops across the country, we know what is important, what should be important and what shop owners are missing when shopping for a credit...Read more


August 29, 2018

About Venmo and Privacy

venmo

You may remember last week that Chosen Payments shared information with you about the risk of using peer-to-peer networks such as Venmo for making payments. We strongly suggested that you know who you are exchanging money with because each transaction carries a significant risk that is much greater than simply using or accepting credit cards. While the cost of using a company like Square to accept credit cards is significantly higher than using a traditional processor like Chosen Payments, the transaction is much more secure and private and virtually anyone can accept credit cards using an aggregator. Venmo not only...Read more


August 22, 2018

Hazards of using Venmo

venmo

Using money exchanging apps like PayPal, Venmo and Zelle have become commonplace in our electronic society. They are great for transferring money between friends, family members and complete strangers. All one needs is a bank account, email address or phone number. But, how safe are these apps? The Federal Trade Commission added online payment systems to its complaint database last year as more scams appear on social media sites. An example of a scam is someone pretending to have concert tickets they are selling with a promise to mail them or provide an electronic code once the money is received....Read more


August 8, 2018

We Are Mobile Payments

We Are Mobile Payments

What is a Mobile Payment? When you hear the term, “Mobile Payments”, what does it mean to you? Is it when you use your mobile phone to make a payment with Apple Pay? Does it mean you can wave your phone near a reader to pay? Does it mean you are buying something online using your mobile phone and paying for purchases in your eCart? In summary, it means all of these things and more. If you are not accepting mobile payments, you need to be and we will explain why you should accept mobile payments.   NFC Mobile Payment...Read more


August 1, 2018

Interchange Rates

money

Interchange Rates – Who Gets the Money? There is no doubt that accepting credit cards costs money. Money that comes right off your bottom line profit. There is also no doubt that Merchant Services Providers or more simply known as Credit Card Processors want your business. It’s a very competitive market out there. When any kind of vendor competes for your business, it results in favorable pricing for you, the “consumer” of the product or service. As the competition tries to undercut the price of competitors, this results in lower pricing for you. However, not all pricing can be negotiated...Read more

Recent Posts