Accepting Checks Using ACH


 

 

Accepting Checks Using ACH

One of oldest forms of payments to a business is the paper check. For years merchants have accepted paper based checks and hand carried them to the bank for depositing into their bank account. Fingers crossed that the check doesn’t bounce. The use of Automated Clearing House payments or ACH for short has improved cash flow by drastically shortening the time it takes the money to actually be in your bank account.

Benefits of Using ACH

For starters, using ACH gives you an edge of convenience for you customers. The payment is quickly processed without the need for an actual paper check. Merchants  receive funds faster and easier than waiting for a paper check to process through the slow moving process between banks.

How Does ACH Work?

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Accepting Credit Card Numbers by Phone


 

 

Accepting Credit Card Numbers by Phone

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 sound that more than one merchant has reported hearing while accepting a credit card by phone.

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What Is Level III Payment Processing


 

 

What Is Level III Payment Processing

Most businesses that sell directly to the consumer use Level I credit card processing for handing transactions with Visa, MasterCard and American Express. However, if you specialize in doing business with other businesses and your primary business model is conducting business with small to medium sized businesses, you might be using Level II processing or perhaps should be using Level II. This is ideal for ground transportation companies who do business between each other. We'll save that for another article and go right to Level III processing.

Level III payment processing is used for transacting business with larger corporate or government purchasers. Using Level III will help optimize interchange rates and save you money as a merchant. With Level III processing, there are many more fields of information to complete on each transaction that help the accounting department of the purchaser reconcile purchases. There may be anywhere from 15 to 100 fields of information to complete based upon the cardholder entity.

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What Is 3D Secure


 

 

What Is 3D Secure

The 3D Secure authentication is an additional fraud prevention program that allows shoppers to create a password to their credit card that is verified whenever a transaction is processed through a site that supports the use of 3D. The addition of password protection allows extra security on transactions that are processed online through eCommerce transactions. 3D Secure requires customers to enter an additional password after the checkout completion to “verify” they are truly the cardholder.

3D Secure stands for 3 Domain Server, there are 3 parties that are involved in the 3D Secure process : 

  • The business the purchase is being made FROM, such as yours.
  • The Acquiring Bank (the bank funding the transaction
  • The Issuing Bank who issued the VISA or MasterCard

The program is a cooperative effort of Verified by VISA (VBV) and MasterCard Secure Code (MSC).  It is the most recent fraud prevention program available at the moment and commonly used by most companies who have a lot of eCommerce orders such as pizza places like Dominos and Pizza Hut.

3D Secure is also the only fraud prevention program that offers companies liability coverage for transactions that are verified by the additional checks.  This provides additional protection to merchants who implement this program.

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