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Electronic Money Company

Why Your Regular Customers Are Worth 6X More—and How to Get More of Them

Your Regulars Are Worth 6X More — Here’s ”Where” You’re Ignoring Them

Let me tell you something every business owner needs to understand if you want to grow your revenue without constantly chasing new customers. Your regular customers are everything. New data shows that repeat customers generate six times more revenue than one-time or occasional shoppers. Six times. That’s not a small difference—that’s the difference between struggling month to month and building a predictable, growing business. And

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ISV Payment Processing Strategy Featured Image

ISV Payment Processing Strategy: How the Right Partner Boosts Revenue & Client Retention

Adding payment processing to your software matters tremendously because of the added revenue for your software company.  What matters also is your choice of processor. Gingergaye here with Electronic Money Company. Today I am going to discuss why choosing the right payment partner up front with a strong relationship manager sticks your software customers to you long term while allowing you to focus on software

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Why ISVs Make More Money from Payments Than Software (Full Breakdown) featured image

Why ISVs Make More Money from Payments Than Software (Full Breakdown)

Many ISVs initially think they are in the software business, but the real profit often comes from payments.  The Revenue from Payment Processing Outperforms the Software Revenue Here’s how the revenue model of payment processing works. The fees that the merchant pays to accept credit and debit cards are comprised of the following:   The banks who issue the cards to consumers earn the wholesale interchange

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How to Save Thousands on B2B and B2G Payment Transactions featured image

Visa CEDP Changes Explained: How to Save Thousands on B2B and B2G Payment Transactions

If your business accepts a lot of corporate or government credit cards, a major change is happening in the payments industry. Depending on how you handle transactions, this could either increase your costs—or help you save significantly. What Is CEDP? CEDP stands for Commercial Enhanced Data Program. It’s Visa’s new system for determining which B2B transactions qualify for lower interchange rates. Why Visa Introduced CEDP

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Understanding New Visa Rules for B2B and B2G Merchants in Order to Save Huge $ on Rates featured image

Understanding New Visa Rules for B2B and B2G Merchants in Order to Save Huge $ on Rates

What Is CEDP? CEDP stands for Commercial Enhanced Data Program. If your business accepts a lot of corporate purchasing or government credit cards, there’s a major change happening in the payments industry that could either increase your processing costs or reduce them significantly, depending on how you handle transactions. How CEDP Works Visa has introduced this new framework, CEDP. Merchants that process B2B transactions and

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Why EPOS Now POS Systems Are a Smart Choice for Modern Businesses – Part 1 featured image

Why EPOS Now POS Systems Are a Smart Choice for Modern Businesses – Part 1

If you’re a business owner looking for a point-of-sale system, you’ve probably noticed there are a lot of options out there. Some are complicated. Some are expensive. And some require weeks of setup before you can even start taking orders. One POS system that continues to stand out for many merchants is Epos Now. I’ve worked with many POS solutions over the years, and what

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Merchant Services Contracts that Scam the Merchant!

Most Merchant Services providers have a contract for 3 years.  The provider incurs expenses setting up your merchant account and therefore wants to ensure that you keep processing with them for a minimum of 3 years.   Should you want to switch to another processor and cancel your agreement before the 3 years is up, you incur an “Early Termination Fee”. Many times this fee is

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The Story About Running a Super Large Credit Card Transaction!

One of our merchants recently tried to run a $480,000 transaction! It got declined at the terminal. They had run $200,000 transactions before, but this new one wouldn’t go through! So why not? Doesn’t the processor want that amount of money running through their coffers? Not necessarily, here is the story. Credit card processing companies assume the risk of chargebacks if the merchant does not

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Merchant Services

Three Problems Stand Out in The Merchant Services Industry!

Dishonesty in Salespeople Presenting Merchant Fees for Payment Processing! 1-800-IGNORE-ME for Customer Service! Sneaky Rates and Fee Increases Over Time! Refer Us to Solve One of These Problems & Receive a $100 Gift Card by Filling Out a Message on our Contact Us Page  Dishonesty in Presenting Merchant Fees for Payment Processing  Every merchant wants low rates.  The challenge for merchant services is in understanding

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Credit Card Processing Rates

Credit Card Processing Rates – Are You Paying Tiered Pricing or Cost-Plus Pricing?

Tiered Pricing With this pricing format, the processor throws all transactions into three buckets with only three rates. Generally, one bucket is for swiped transactions, one for keyed transactions and rewards cards, and a third for business cards or keyed-in rewards cards. The buckets are called qualified, mid-qualified, and non-qualified. This pricing system allows for an easy to understand merchant statement because there are only

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Mobile Payment

Mobile Payment Processing for Item Pickup

During the COVID epidemic, and because of the concerns to maintain social distancing, consumers are looking for new ways to shop, purchase, and pay for the things they want to buy. Consumers want to order online,  pick up items, without getting out of their car, and they want a seamless way to use digital payment processing without having to pull their credit cards out of

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The Famous “Restaurant Server Theft“ Soda Pop Game!

The famous Soda Pop Game is played with a POS system, by splitting tickets. Only instead of splitting the cost between two people at a table, the drinks are split off to an open ticket. This server theft works when patrons are paying with cash. Let’s say Table #1 orders two meals and two sodas.  Before the server presents the ticket, he casually asks whether

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Should Merchants Accept Pin Debit Cards?

  It used to be cheaper to take pin debit cards via the debit networks instead of through the credit card interchange networks.  That means that you would take the card and the customer would enter his pin number.  The debit networks are Pulse, Maestro, Interline, Jeanie, NYCE, Star and others.  But since the Dodd Frank Act, it is cheaper to take debit cards just

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Merchants Taking Credit Card Deposits Online for Future Services Getting Cancelled

Do you feel like the guy walking the tight rope? Because of COVID 19, merchants who take deposits online for future services are now considered high risk. Merchants are getting their merchant accounts cancelled or required to deposit reserves to continue processing with their current merchant services provider. In March, many customers cancelled bookings and merchants who sell future services were experiencing a new world

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Square is WITHHOLDING Payments to SMALL BUSINESSES: During Covid-19 Epidemic for 120 Days!

From an article on charge.org Small Business Owners of America started this petition to Square Capital, LLC and 1 other Are you a small business owner that uses Square? BEWARE, SQUARE recently started WITHHOLDING funds from SMALL BUSINESSES: 30% for 120 DAYS Square, Inc. has recently started a process, whereas they are not releasing funds to their merchants for 120+ days, as they are having cash flow problems and their business

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