The Ultimate Guide to Accepting Credit Card Payments

Credit cards are a staple in the wallets of consumers today, and they will continue to be a payment method of choice for years to come, particularly as the adoption of mobile and contactless payments continue to grow.

In fact, ResearchAndMarkets.com forecasts the global credit card payment market to grow from $477.63 billion in 2021 to $762.16 billion by 2027—exhibiting a 7.8% compound annual growth rate over the next five years.

To give you some clarity, here’s a practical guide that answers the most common questions small business owners have about credit card processing.

Answering Your Questions About How To Accept Credit Card Payments

According to studies, the number of open credit card accounts in the United States stands at an all-time high of 537 million. With 83% of Americans owning at least one card (while the average American owns three), it’s safe to say that credit card purchase volumes have increased significantly over the last decade.

That means if your business shies away from accepting credit cards as a mode of payment, it can have detrimental effects on your business growth.

With Americans being 40% likely to pay for their purchases using a credit card, it’s easy to see why more and more small business owners are now turning to merchant services providers to start offering credit cards as a payment option.

In addition, as credit card transactions continue to grow due to digitization and other factors, many businesses are adding the ability to process payments made via debit cards, credit cards, and mobile wallets (like Google Pay, Apple Pay, PayPal, or Venmo) in order to be more accommodating to their customers.

Navigating the realm of credit card payment processing can be tricky because there are several entities and moving parts involved in facilitating transactions.

So let’s more about the basics of credit card processing including how it works, the entities involved, the fees you may have to incur, and how you can start accepting credit card payments easily.

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What is Credit Card Payment Processing?

Credit card processing refers to the series of steps involved to facilitate transactions made using credit cards. The process begins from the moment the customer makes a card payment to the point when the transaction is authorized and settled. This can be done through a variety of channels, which include but are not limited to:

Before you learn more about the more detailed aspects of credit card payments, such as the difference between traditional and integrated payment platforms, it is important to learn the basics.

This fundamental knowledge will help you learn more about the process to accept credit cards. It will also contribute to further realizations on how it works for your small business.

You can understand the relationship between credit card processing fees, the nuances of debit card and credit card transactions, and how it ties back to your business bank account.

These essentials will also enable you to work with payment service providers and credit card processors more seamlessly.

Ready to learn more? Let’s start with the mechanics of accepting credit card payments.

How Do Businesses Accept Credit Cards?

Some businesses choose a traditional payment solution to accept credit card payments, while others go with an integrated payment platform.

For example, businesses such as coffee shops may choose to use a point-of-sale system (POS system) or hardwired credit card reader to accept card payments at the counter. Or they could use a mobile credit card terminal if they prefer to collect payments at the table.

Mobile card readers are particularly suited for merchants that sell their products at farmers’ markets, fairs, trade shows, etc., as well as mobile businesses like dog groomers, food trucks, plumbers, etc.

Other businesses may consider a more feature-rich platform to account for the integration of a variety of online and in-store payments into a single payment platform.

Different types of businesses require various solutions ranging from mobile device options to the ability to accept credit card payments online.

But the common factor remains their pursuit to accept credit card payments, which lets them serve more customers and increase their revenues.

Credit Card Payments Are Not Limited to One Channel

Accept Credit Card Payments_Field Services Mobile Credit Card Reader_Body Image

POS terminals are present in brick-and-mortar stores. Further, more business owners are shifting to POS payment methods that are consistent with other payment solutions to keep their overall payments process simple.

Mobile solutions are becoming increasingly popular with popups, service professionals, and doorstep delivery services. They can use the typical method of swiping or dipping the card or also go the route of modern tap-to-pay or contactless payments. Essentially, swiping, dipping, and tapping are the three ways that customers can make in-person payments with a credit or debit card.

Swiping, of course, is the oldest of the three methods and is used with a card that has a magnetic stripe (or magstripe) on it. Both dipping and tapping require an EMV chip card that generates a unique one-time code for every transaction.

This adds an extra layer of security to these transactions. In tap-to-pay transactions, EMV combines with another technology called NFC (near-field communications) that makes it possible for the card terminal to read credit card information from contactless cards.

Mobile apps can also be used by service professionals to accept credit card payments directly into their app accounts. They are also used by businesses that accept credit card payments via modern methods such as QR codes, which are unique to each merchant account.

As the name suggests, online payment gateways are used by eCommerce stores and apps. These solutions require customers to process their credit card payments by manually entering their 16-digit number, expiration date, and CVV code.

Entities Involved in Credit Card Processing

Here are the key parties involved in processing any credit card transaction.

1. The Merchant

This is you or your business. You are also given a merchant account where your processed payments go for your usage. In essence, this is the business that accepts card payments from customers in exchange for their products or services.

2. The Customer

Put simply, the cardholder who uses their debit or credit card to pay for the products or services.

3. Acquiring Bank

The merchant bank that allows the business to receive money from card transactions and store these funds. Sometimes acquiring banks may also serve as the payment solutions provider that supply you with the required equipment/card readers and infrastructure to process credit card payments and deposit funds into your merchant account.

4. The Issuing Bank

The cardholder’s bank or financial institution that issued their credit or debit card.

5. Credit Card Associations

This is the card network or card brand that powers the credit card for the cardholder. Examples such as Visa and MasterCard will help you remember what credit card networks do.

6. Payment Processor

The credit card processing company that connects the merchant, card associations, and issuing banks to facilitate payments.

The Role of Credit Card Associations in Payment Processing

All major credit cards are connected to card associations in some way. Each association has its own interchange fee, so knowing what these fees are and how they are handled by your merchant service provider will help ease any potential confusion.

This component is a core part of your overall transaction fees and you will see this as a part of your processing fees.

Some providers will even allow you to “turn off” acceptance for American Express or Discover, allowing you to simply accept Visa and Mastercard as their interchange rates are typically lower.

This is beneficial if you discover over time that your customers are not really using either of those associations for payment and you want to save on those fees.

Keep in mind that while these are the most widely used payment card networks, they are not the only networks that you can encounter or use as a small business to accept credit card payments on behalf of your customers.

You Need an Acquiring Bank or Merchant Service Provider

Apart from credit card associations, the other key party involved in processing these payments is your merchant services provider or your acquiring bank.

The acquiring bank is a financial institution that accepts the payment and deposits into the business account. Further, they can play the role of the payments processor, making them a critical part of the transaction.

In essence, these solution providers or acquirers are the entity that helps you accept credit card payments via different equipment and software solutions.

How Are Credit Card Payments Processed?

When a card is present, you can swipe the card against a POS terminal. You can also scan it via a card reader. For scenarios where the card isn’t present, you can use its details to perform contactless credit card payments via online or digital payment gateways.

Through your acquiring bank or your payment solutions provider, you can use these methods to send the payment information to the credit card network.

The credit card network receives the information, verifies it, and then sends you its approval. When the transaction goes through, you can know right away and deliver your customers the products or services they have purchased.

It’s as simple as that.

But that’s just a surface-level description of credit card payment processing. The major part of the process comes after these services have been delivered.

Traditional vs. Integrated Payment Systems

Accept Credit Card Payments_Stax Pay Integrated Payment Processing System_Body Image

If you use a traditional POS method of credit card processing, then it goes like this:

  • Create a new sale in POS and scan the item.
  • Choose the payment method your customer would like to use (debit, credit, gift card, etc.).
  • Grab your terminal or card reader and manually input the sale amount into the terminal.
  • Start the process of authorizing and accept credit card payments from the merchant services provider/acquiring bank
  • In case the transaction is approved, retrieve the terminal and print receipts.
  • Go back to the POS, manually mark the purchase as paid and complete the checkout process.

In an integrated payment, the transaction amount is automatically pushed to the terminal instead of being manually entered. It is also automatically reconciled and marked as paid once payment has been processed.

As such, integrated payment solutions combine payment processing systems with feature-rich technology that helps automate the payments process. By using integrated payment services, you cut through the redundant work required by traditional payment systems.

That’s why most business owners now prefer using integrated payment solutions as opposed to traditional payment systems.

Apart from making credit card payment processing easier, integrated payment solutions also bring other benefits to the table.

If you use multi-channel payments, then integrated payment solutions also help you manage your transactions from different avenues. For instance, if you have multiple stores or if you sell your services at a storefront as well as online, then you can see all your transactions in one place.

What Are the Costs of Credit Card Processing?

Before you sign up with a merchant solutions provider, it is essential to remember that the charges for credit card payments are not set in stone.

While some merchant account providers charge you a separate fee to pay for credit card networks, others do not require you to do so. Some merchant service providers may ask you for a higher setup fee for your credit card readers while others may offer their equipment at a lower price.

All in all, the charges for processing credit card payments depend upon the merchant services provider. It is best to shop around and compare fees as well as services before you sign up with a provider.

This way, you can make sure that you are getting the best deal for your business.

It also helps to understand the pricing structure of different payment processors. These pricing structures include:

Tiered pricing. With this pricing method, the payment processor places transactions into three tiers: qualified, mid-qualified, and non-qualified.

How a transaction is categorized is based on factors like what card was used or where the transaction took place. Premium credit cards such as travel and reward cards are usually placed into the non-qualified tier, which incurs higher payment processing fees.

Meanwhile, transactions that involve debit cards and basic credit cards are usually placed in the qualified tier and get lower rates.

While it’s simple enough to understand, the tiered pricing structure lacks transparency. This is because the rules for how to categorize transactions are completely arbitrary and up to the processor.

As a result, this structure makes tiered models the least transparent. It’s difficult to figure out how much you’re actually paying, given that the processor doesn’t disclose their methods for how transactions are qualified.

Interchange-plus pricing. With this pricing structure, the payment processor separates the interchange fees for processing payment. Your payment processor adds a markup to the cost of interchange (and assessment) which is clearly indicated in your statements.

Interchange-plus pricing is a much more transparent pricing structure, as it enables you to see how much of your fees are paid to credit card networks/banks and how much goes to your processor.

Flat rate pricing. Sometimes referred to as blended pricing, companies that implement a flat rate structure charge you one easy-to-understand rate for credit card processing.

This pricing method blends that interchange rate and the processor’s markup into one competitive fee. Your processor will charge you a flat percentage for every card transaction—regardless of its type. Think Square.

While it’s easy to understand, you may end up paying a lot more for transactions that typically cost less to process.

Membership pricing. Payment processors that implement membership pricing give you access to direct interchange rates—regardless of your processing volume. And instead of adding a percent markup to each transaction, you’re simply charged a flat membership fee every month.

This turns out to be more cost-effective in the long run as your business scales and you process more (including being able to directly benefit from Level 2 and Level 3 interchange rates).

Stax is one example of a provider that implements membership pricing. Unlike traditional pricing structures, Stax’s fees are fully transparent AND we don’t take a cut out of your sales.

A note on payment processing fees

When determining the right merchant services provider, be sure to look beyond their payment processing fees. Some companies charge additional costs on top of processing expenses, so be sure to ask about any extra fees you may encounter.

Here are some of the most popular fees or costs that you will see during the process.

It is also prudent to remember that while not all merchant account providers charge you the same amount, most of them charge you for each transaction they process. Some of these fees are industry standard, but the actual fee varies on a case-to-case basis.

How to Start Accepting Credit Card Payments

Thankfully, advancements in the payments sector now allow business owners to obtain the required services for processing credit card payments easily. Business owners can simply choose between a traditional or integrated payment platform.

It is also straightforward to obtain online payment solutions or mobile payment solutions for your operations. You just need to find a provider that offers these services under one umbrella while also being known for their reliability.

At Stax, we offer an array of credit card payment processing services to help you take your business to the next level. Through Stax’ integrated payment solutions, we can help you manage your payments in a highly efficient way. We understand the needs of our merchants as we have been in the industry for a while and have served many partners over the years.

Stax offers a superior customer experience due to our excellent customer success, flexibility, and advanced processes and systems. Our seamless, reliable, and subscription-style solutions also keep affordability in mind and help business owners save more money as they scale.

Reach out to Stax for a consultation today.

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Everything You Need to Know About Credit Card Processing

Credit card processing can be overwhelming, expensive, and confusing. And yet, accepting non-cash forms of payments is more or less required to operate a modern business, at least in the U.S. Credit, debit, and digital payments have far and away become the most popular payment method. Cash has dropped to less than 20% of all US payments in recent years. And 80% of those transactions are under $25. If your AOV is above $25, you must accept credit cards.

The first step to creating a more positive payment processing experience is to gain a better understanding of exactly what you’re being charged for and what options are at your disposal. 

This article on the best credit card processing companies providing payment processing services will help you reach a better understanding of credit card processing. Here are the inside details about what defines a payment solutions provider, how processing works, the credit card processing fees, risks, and more.

TL;DR

  • There are several parties involved in credit card processing. They include: the merchant, cardholder, card associations, acquiring bank, issuing bank, and payment processor.
  • You also have to be mindful of the costs of credit card processing. Fees include (but aren’t limited to transaction fees, interchange rates, PCI compliance, and more. 
  • There are also risk holds—a routine procedure that most companies experience within the first few weeks of processing with a new merchant services account. It might sound scary, but they are put in place to ensure that fraudulent activity is not being conducted–ultimately protecting you and your customers. 

Credit Card Processing: The Parties Involved

There are several parties involved when your customers swipe their cards. The information below helps to summarize the essential roles involved in payment processing. 

Merchant: The individual business accepting the payment and in need of credit card processing.

Cardholder: The customer who owns the credit card being used for purchase.

Card Association: Visa, Mastercard, American Express, and Discover. These are not banks, but rather governing bodies that set interchange rates, and arbitrate between acquiring and issuing banks. They are also responsible for maintaining and improving their respective card networks.

Acquiring Bank: The business’ (i.e. merchant’s) bank. They hold the merchant’s funds and acquire the money from a sale. In this context, they accept the funds from the sale once a card is authorized and deposit them into the business’ bank account.

Issuing Bank: The cardholder’s bank. They issue cards to consumers and are a part of card associations. Issuing banks pay acquiring banks for the purchases their cardholders make. The cardholder is responsible for paying back that amount in accordance with their credit card agreement.

Payment Processor: The credit card processing company handles the processing and batching of purchases made with credit, debit, or gift card payments. They typically assist with technology needs and customer service as well, acting as an intermediary to the card associations and banks.

Stax Stripe Square PayPal Banks
Contract Required No No No No Yes
Early Termination Fees No No No No Yes
Card Present Processing Pricing $99/month

+ 8¢ per transaction

+ interchange

2.9% + 30¢ per transaction

(includes interchange)

2.6% + 10¢ per transaction

(includes interchange)

2.7% per transaction;

3.5% + 15¢ for

key-in and scanned cards

Varies;

1.8-3.5% per transaction

+15-30¢ per transaction

Card-Not-Present Processing Pricing $99/month

+ 15¢ per transaction

+ interchange.

2.9% + 30¢ per transaction

(includes interchange)

3.5% + 15¢ per transaction

(includes interchange)

2.9% + 30¢ per transaction

(includes interchange)

Varies;

1.8-3.5% per transaction

+20-30¢ per transaction

 

The Payment Process

Whenever your customers use a credit card to make a payment, each of the parties mentioned above gets involved. Here’s a brief guide on the payment process and where each entity plays a role.

Step 1: The customer purchases an item with a credit card.

Step 2: The credit card is swiped, dipped, or tapped at a POS system or a credit card reader, where the card gets recognized for charging. The terminal then contacts the credit card processing company for authorization.

Step 3: The card is authorized.

Step 4: The credit card processing companies send the payment to the business’s bank through a certified merchant services provider such as Stax.

Step 5: The business’ bank deposits the payment into the connected merchant bank account.

Step 6: At the end of the month, the statement is sent to the business that details the interchange for all transactions that month–which is the fee set by credit card companies for merchants to accept their cards as payment.

Typically, card transactions are authorized in less than a minute. And it generally takes two business days for banks to deposit payments into a merchant’s account—once transactions are settled. Some merchant service providers may offer same-day or next-day funding, while others might take longer to process payouts.

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Credit Card Processing Service Fees

Now that we have a pretty good understanding of the parties involved and how they all work together, we can take a look at what types of fees can be associated with a transaction. These vary based on your merchant services provider, so pay attention to your monthly bill to ensure you aren’t overpaying for your credit card processing.

Transaction Fees

Transaction fees are associated with each transaction you run. They can be broken down into interchange and cents per transaction. Both of these are the only mandatory fees associated with credit card payment processing since they are set by the credit card companies themselves. You are essentially paying Visa, Mastercard, Amex, and Discover for the ability to accept their cards.

Interchange rates vary based on the type of card you are running. The more expensive it is for the credit card company to maintain the card–rewards, cashback, perks–the more expensive the interchange. In other words, debit cards are more economical while business credit cards are typically the most expensive.

Recurring Fees

In addition to interchange, many providers make an extra profit by charging businesses non-mandatory merchant fees. These fees can be seen frequently on your monthly statement, but such monthly fees are never actually required in order to accept credit card payments.

Be aware of monthly minimum fees, statement fees, batch fees, next-day funding fees, annual fees, IRS report fees, and others on your statement each month.

One-Off Fees

One-off fees are those that occur only once. These can include terminal fees, early termination fees, setup fees, reprogramming fees, PCI compliance fees, address verification fees, chargeback and retrieval fees, and payment gateway fees.

Needless to say, there are a number of things you need to keep an eye out for on your credit card processing statement every month. Merchant services providers make significant profits off of the fact that most businesses aren’t even aware of what they’re paying for and why. 

With Stax, your payment processing statement is simple. All you pay is a monthly membership in exchange for the direct cost of interchange and cents per transaction. We pride ourselves in our transparency by never adding hidden charges or online credit card processing fees for the sake of profit.

Read on to the next section to learn more about pricing models and how companies increase savings using Stax’ innovative subscription-based system.

Credit Card Processing: Pricing Models

Not all card processing pricing models are created equal. It’s important for small business owners like yourself to understand the pricing plans offered by various credit card processors (or merchant service providers) in the market, so you can compare their processing costs before you decide who to sign up with. With that in mind, let’s take a look at the different pricing models offered by most merchant account providers. 

Interchange-plus Pricing

This pricing model is just how it sounds–providers will charge an additional percentage on top of the interchange fees for each transaction run. Since interchange varies based on card type, there is no good way to predict what you’ll be paying each month with this pricing model. The more you process, the more you’ll have to pay in markups.

Flat Rate Pricing

A flat rate is a variation on percentage markup models. Instead of charging a percentage extra on top of the interchange (which means each card’s final cost will be different), flat-rate models make each card the same percentage. The most popular example of this is Square. No matter what card is being used, you’ll always pay 2.6% + 10 cents with Square. 

This might seem like a good system at first, but the more you process, the more expensive it gets. This is especially true if you process a lot of cards with low interchange rates, like debit cards. These cards average around 0.5% interchange–so 2.6% is a very significant markup.

Tiered Rate Pricing

By far one of the most expensive pricing models to take credit card payments, tiered rates put different cards in various tiers and charge based on those qualifications. The important thing to remember with this model is that the tiers are arbitrary and determined by the provider. Providers observe the most popular card types, ensure they are in the most expensive tier, or add extra one-time or monthly fees for various and vague online credit card processing services.

These credit card processing services’ models are rarely questioned since businesses often believe there is some sort of reasoning behind the groupings. Since there isn’t, it pays to have an honest conversation with your provider if you see any terms like “qualified,” “mid-qualified,” or “non-qualified” on your statement.

Simple Flat Rate Subscription Pricing

Subscription-based pricing models are very often the best choice for companies. A monthly membership is paid in exchange for the direct cost of interchange. Essentially, no matter how much you process, you only ever have to worry about the direct cost of the cards you’ve processed and a flat membership monthly fee.

There are a handful of other companies that use subscription-based pricing, but Stax is the only provider that can guarantee unlimited payment processing with absolutely no hidden fees.

Talk with one of our solutions specialists today and we’ll discuss your current pricing model and how we can help your company save money.

Payment Processing Technology

Every business is unique, especially when it comes to accepting payments. The technology that you use to run your business is vital to your success, so it pays to really understand your needs and get the best payment technology solution possible.

Online Invoicing

Invoices are an essential part of billing for a majority of businesses. Many businesses still rely on very manual processes such as Excel templates, in order to create invoices. While this might seem like a cost-effective solution, the time wasted in creating your invoices and the lack of connectivity between your data can be highly detrimental.

EMV Smart Terminal

Credit Card Processing

Physical credit card processing terminals are great for businesses with brick-and-mortar locations. If your customers are physically coming to you and swiping (or dipping) their cards, this is the solution for you. An important thing to remember is to make sure whatever machine you decide to purchase comes with full EMV and NFC technology enabled. This means you’ll be able to accept chip cards as well as contactless payment methods like contactless cards and digital wallets like Google Pay or Apple Pay.

Mobile Payment Solutions

 

Perfect for the on-the-go business owner, mobile payment technology can be a game-changer for your business. Some businesses can get by with just a mobile solution, but a large majority use their mobile credit card swipers and apps for trade shows and field reps to be able to take payments on the spot.

Online Shopping Cart

Online shopping carts are powered by payment gateways and are essential for any eCommerce business. Even if you mainly operate a brick-and-mortar location, having an online store is a great way to increase your product’s visibility. Processing payments through an online shopping cart couldn’t be easier, and typically involves a quick phone call with your provider to activate the payment gateway.

Virtual Terminals

While countertop POS systems or card readers may be the obvious choice for card processing equipment for some businesses, they may not be suitable for all. Especially if your business takes orders over the phone, mail, fax, or in-person, you are going to need the help of a virtual terminal. Virtual terminals are simply web-based applications that can run on your laptop, desktop, tablet, or smartphone, transforming them into a POS system so you can process transactions anywhere as long as you have an internet connection. All you need to do is enter the payment info into your virtual terminal and it will then be encrypted, authorized, and submitted for online payment.

Point-of-Sale

Point-of-sale systems are huge for restaurant and retail locations. These are large, integrated machines with a computer monitor, cash register, and an online credit card processing solution. POS systems come in a wide variety of shapes and sizes, so make sure you do your research and choose one with all of the right features for your unique business.

API

If you’re needing a very specific payment solution for your website or app, a payment processing API is probably the way to go. Some merchant services providers offer their API technology to developers to integrate into their proprietary applications, making it the perfect online credit card processing solution for companies needing something more customizable.

Security & Compliance

Accepting credit cards means you’re responsible for the proper handling of your customer’s sensitive information. There are two major ways companies can make sure they stay secure and compliant with industry standards–PCI and EMV compliance. Read on to learn what each of these means and how your business can stay compliant. 

PCI Compliance

PCI, which stands for Payment Card Industry, is a set of standards put in place to protect the sensitive information of consumers and ensure proper security measures are being taken at establishments that accept credit cards. To become PCI compliant, you must complete a short questionnaire once a year.

If you are not PCI compliant, you run the risk of being charged a PCI non-compliance fee from the credit card companies themselves. This is not a fee associated with your merchant processor, which is an important distinction to make. Stax ensures all of our members are compliant within the first 60 days of membership with us, helping you avoid that fee and keep your information safe.

EMV Compliance

Most businesses are aware by now that EMV is the chip card technology that has been rolling out across the USA over the past few years. This change has been taking place due to the considerable security improvements that the chip technology provides. Magnetic stripes store information statically on the card–meaning that the information can be “copied” from the card by scammers.

Chips uniquely encrypt the card information each time it is used. This means that “skimmer” technology cannot pull your sensitive information from the card and use it to make unauthorized purchases.

EMV technology has gotten some pushback since its rollout in 2015, with business owners citing longer checkout times and frustrated customers. Improvements are being made continuously to improve the speed of the transactions, plus the added security is worth the few extra seconds at the checkout counter. To avoid frustration, make sure your staff is trained on chip technology so that your customers don’t accidentally take out their card too soon or insert the card incorrectly into the machine.

As of October 2015, all businesses that accepted credit cards were required to be able to accept chip cards as well. If you’re still not EMV-compliant at your business, you run the risk of being liable for any fraudulent activity. Before the EMV shift, that risk was put on the banks. Now, if you’re not accepting chip cards, the risk is on you as the business owner.

The only way to truly avoid that risk is to have EMV-compliant payment technology. Stax offers a full line of compliant terminals and can integrate with thousands more–we’d be happy to find you the perfect machine to help keep you compliant as well as efficient in your payment process.

Chargebacks and Risk Holds

No one likes it when things don’t go according to plan, especially when it comes to your business’s finances. That’s why it’s so important to understand the possibilities and what to do in case of a chargeback or risk hold. Step one in both cases is not to panic. Read on for more specifics.

Chargebacks

Chargebacks were created in order to protect consumers from fraudulent activity. They occur when a consumer disputes a certain charge to their account. If a chargeback is issued for a lost or stolen card, the bank will issue a reversal of funds. This means that your company is responsible for the cost of the chargeback.

If your company is not EMV compliant, meaning you do not have a chip reader, you’ll be held responsible for all chargeback liability. If you are EMV compliant, that liability typically falls on the cardholder.

Once you receive notice of a chargeback, it is important to remember that the process can take weeks to complete–during which time the funds from the transaction are held by the bank. The bank will typically ask for proof of purchase from the merchant and use this proof to make an ultimate ruling on the chargeback.

Here are some ways to avoid chargebacks at your company, or at the very least, avoid excessive penalties from chargebacks:

  • Follow proper credit card processing procedures.
  • Make sure to use an online credit card processing company with strong security standards and clear payment descriptors.
  • If your company provides a service rather than a product, it’s always a good idea to have a contract in place that details exactly what the payment is for, minimizing the risk of confusion over delivery and payment.
  • Always provide exceptional customer service and encourage your customers to try and resolve any issues with you directly before escalating them to the banks.
  • Train your employees to look for signs of fraudulent activity at your business to try and prevent chargebacks before they happen.

Risk Holds

Risk holds are a routine procedure that most companies experience within the first few weeks of processing with a new merchant services account. It might sound scary, but they are put in place to ensure that fraudulent activity is not being conducted–ultimately protecting you and your customers.

When you sign up for a new merchant services account, your provider will typically ask what your average ticket size is, as well as your highest possible ticket size. Your account will then be approved by underwriters for a certain amount of money per transaction based on your business type, processing history, and ticket size.

If you process sales that are outside of that approved range, the underwriters will issue a risk hold. This means the funds from the transaction are held until proper documentation can be provided for the sale. Once the sale is confirmed, the funds are released and your merchant services provider will work to re-establish your maximum ticket size with the risk department if necessary, in order to avoid a repeat occurrence. When trying to minimize the risk of this happening with your company, it is very important to be as accurate as possible on your merchant services application.

To Conclude

As you continue to learn and search for the best credit card processing company for your business, we encourage you to let us help. Stax’ all-in-one platform can be customized to fit the needs of businesses of all types and sizes. We offer subscription-based pricing which gives you access to the direct costs of interchange in exchange for a flat monthly fee and a small per-transaction charge—regardless of how much you process. Plus, there are no hidden fees, no contracts, and no markups. 

With Stax, you can offer a variety of payment options to your customers including swipe, dip, and tap payments, ACH, eChecks, mobile wallets, Text2Pay, payment links, recurring billing, and invoicing. You’ll also benefit from a host of optional add-ons such as a one-click shopping cart, two-way sync with QuickBooks Online, same-day funding, and custom branding tools, to name a few. 

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FAQs about Credit Card Processing

Q: What is credit card processing?

Credit card processing is a series of services that facilitates businesses in accepting debit and credit card transactions. It involves several parties including the customer, banks, and payment processing companies.

Q: Can you list the parties involved in credit card processing?

The parties involved include the merchant, the cardholder, the card associations such as Visa, Mastercard, Amex, Discover, the acquiring bank (merchant’s bank), the issuing bank (cardholder’s bank), and the payment processor.

Q: What are the fees associated with credit card processing?

Fees related to credit card processing commonly include transaction fees, interchange rates, PCI compliance fees, monthly minimum fees, statement fees, batch fees, next-day funding fees, as well as some one-time fees like setup and early termination charges.

Q: Can you talk about the different pricing models in credit card processing?

There are several pricing models such as Interchange-plus Pricing, Flat Rate Pricing, Tiered Rate Pricing, and Subscription-based Pricing. The choice of model can significantly alter the cost of processing credit card payments for a business.

Q: Could you explain the credit card payment process?

The process involves multiple stages, including the customer initiating a purchase, the card being authorized, the transaction being sent to the business’s bank, and finally, the funds being deposited into the merchant’s account.

Q: What security measures are essential in credit card processing?

Important security measures include adherence to PCI and EMV Compliance. PCI is a standard for protecting sensitive customer data, and EMV is a secure chip card technology that prevents information replication for unauthorized purchases.

Q: What is a ‘chargeback’ in the context of credit card processing?

A chargeback happens when a customer disputes a charge on their account. If the bank issues a chargeback for a lost or stolen card, it reverses the transaction, leaving the merchant responsible for the chargeback cost.

Q: What tools and technologies assist in credit card processing?

Some contemporary tools include online invoicing, EMV smart terminals, mobile payment solutions, online shopping carts, virtual terminals, Point-of-Sale systems, and APIs. These tools cater to various business needs.

Q: Can you name some renowned credit card processing companies?

Well-known companies offering credit card processing services include Stripe, Square, Stax, Authorize.net and PayPal. These companies offer distinct pricing models tailored to diverse business needs and sizes.

Q: What does ‘risk hold’ mean in credit card processing?

A risk hold is a precautionary measure initiated during sales outside the approved range set by the account’s underwriters. It’s done to ensure no fraudulent activity is taking place. Upon confirmation of the sale, the held funds are released, and the maximum transaction size may be re-evaluated.

Q: Why is credit card processing important for businesses today?

With digital payments taking precedence and cash transactions in the US dropping to less than 20% of all payments, it’s crucial for businesses to accommodate their customers’ preferences by implementing credit card processing.

Q: How can companies reduce the risk of chargebacks?

Companies can decrease the likelihood of chargebacks by following appropriate credit card processing procedures, using a reliable credit card processing company, having clear payment descriptions, providing excellent customer service, and understanding potential signs of fraudulent activities.

Q: What does it mean for a business to be PCI compliant?

PCI compliance refers to a business’s adherence to the Payment Card Industry Data Security Standard, a set of guidelines to safeguard sensitive consumer data. To achieve this, a business must complete a yearly questionnaire.


How Growing Healthcare Providers Can Benefit From the Stax All-in-One Payment Platform

The easy-to-use payment platform makes accepting patient payments simpler than ever before.

As a successful healthcare provider, you’ve owned and operated a number of locations for your healthcare business.

In the past, you’ve used different healthcare payment solutions to handle payments. If you’ve been around for a number of years, you may have started with an old-school cash register and payment terminal. Over time, you’ve had to adjust to fit your patients’ needs as well as ensure that you’re keeping your own finances in order by adding in other types of payment tools and platforms.

Now that you’re set to expand your healthcare business again, you’re looking for something better. You want to emphasize simplicity and convenience for your patients and your business alike.

Here are some of the common issues that healthcare entrepreneurs have when it comes to payments, as well as why the Stax All-in-One Payment Platform fits your growing business’ needs.

Too Many Payment Tools

Let’s say you use a payment terminal to accept credit card payments, a cash register to store cash payments, a website for online payments, and an iPad/app for mobile payments. Collecting and adding up all those receipts just for one location takes a lot of time and energy. When you have multiple locations, accounting gets incredibly complicated. Plus, there is room for human error. What if your accountant accidentally forgets to add in the payments for one of these platforms? Your books could be off for the entire quarter or even year. Streamlining payments by using an all-in-one platform makes your accountant’s job easier and saves you time and money.

For example, the Stax Autosend feature within the QuickBooks Online Pro Sync will allow you to create your invoices inside of QuickBooks Online. Once saved, Stax will automatically send your customer the invoice to be paid. Then, when they pay, the invoice in QuickBooks Online will update to reflect the payment.

Reconciling transactions and deposits daily, or as often as you accept payments in a given week or month, is also simple with Stax. The Stax Platform shows a quick overview of your deposits in the last seven days. You can click on a specific day, see the payments list, and view every transaction included in the deposit.

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Difficulty Scaling Up

Investing in a number of different payment platforms can be expensive. A new payment terminal could cost you hundreds of dollars. If you’re using it day in and day out, it’s prone to wear and tear and, at the most inconvenient moment, breaking down. It could be difficult for you to open new offices because you need to raise more capital for payment processing. If you give customers options such as online or mobile payments, however, you won’t need to use your physical payment tools as much, meaning they will last much longer.

In case one of your tools breaks down, or you have a sudden influx of patients you need to get in and out of the office quickly, you must have backup options. Fortunately, Stax offers you the ability to accept a wide variety of payments including mobile, online, and over the phone, so you’ll never be in a bind.

Only Allowing Customers to Pay in Person

In an increasingly contactless world, your customers don’t want to come into the office and hand over cash, a check, or a credit card to pay their healthcare bills. Instead, they want to pay online via a secure link, call you up and give you their credit card number, or pay via text message. An all-in-one platform will give them the option to pay at their own convenience in the safest way possible.

Manually Sending Invoices

Manually sending customers invoices can be a big hassle for businesses with an ever-increasing number of patients. What may have worked for a practice of 50 patients is no longer practical for multiple locations and double, if not triple, the number of individuals looking for healthcare services. Not only would the amount of time needed to manually prepare, print, and mail the invoices increase, so does the room for human error. Your accountant could easily forget to send it or send it at the wrong time. If you’re using paper invoices, you’re wasting resources as well as space in your office.

An all-in-one platform gives you the ability to automatically send invoices at the right time and will track your invoices to make sure that you’re actually getting paid. You can also reduce the amount of time it takes to get paid. If you send an invoice via snail mail, it could take months for you to receive a payment. But with Stax, you could be paid instantaneously.

Slow Credit Card Processing

If you’ve had a payment terminal for several years, you have noticed that it’s slowed down. Sometimes, you have people lined up and waiting to pay, but the processing is taking so long that it’s holding them up. By upgrading to a better platform, you can get patients in and out of the door as quickly as possible and guarantee they have a good experience with your business.

Bringing Your Healthcare Office Up to Date

While expanding your healthcare business is an amazing opportunity, you want to ensure that it goes as smoothly as possible. To do this, you can invest in an all-in-one platform that will collect, store, and track all of your payment types. With this platform, you can accept numerous forms of payment like credit cards, mobile payments, payments over the phone, and more, as well as store them all in one place. Instead of being disjointed, your payments will be streamlined and you will have a much better handle on your finances. Your customers will be happier that payment is so simple and that you’re willing to offer flexible payment options.

Not to mention, you’ll improve patient experiences thanks to the all-in-one platform’s analytics, which will help you know and understand your patients’ needs. You can see performance across all your locations, manage staffing to ensure you have enough coverage to handle the number of patients coming in, welcome new patients and reward returning ones, and see which inventory is popular with patients and needs restocking. These are just a few of the deep-dive insights you’ll receive with Stax to constantly move your business forward.

Signing Up for the Stax All-in-One Platform

If you’re ready to open a new location of your healthcare business and you want to make payments simpler and faster, then try the Stax All-in-One platform. With Stax, you can manage invoicing, financials, sales data, inventory, and customers all in one place. All you have to do is contact Stax to speak with a Payments Consultant today.

To learn more about how the Stax all-in-one platform can help your business, fill out the form below to request a savings estimate today.

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What Is Text to Pay and How Can You Leverage It for Your Business?

Contactless payments are a growing trend that is quickly becoming a necessity for accepting payments.

One of the payment methods that’s rapidly gaining steam is Text2Pay (sometimes referred to as Text to Pay, SMS payments, or text payments). Recent studies have shown that 35% of customers prefer to pay by text messages. What’s more, 62% of buyers under the age of 35 frequently pay with a text if the store accepts that payment option.

With an average open rate of 98% compared to that of email, Text2Pay is a quick and easy way to charge customers, collect payments, and manage outstanding balances remotely.

In today’s digital culture, where websites and text messages can be accessed from nearly anywhere, accepting payments through text is a clear next step for your growing business.

So what exactly is Text to Pay and how can you leverage it for your business? Here is everything you need to know about Text to Pay payment processing.

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What is Text to Pay?

Text to Pay is the process of accepting payments through mobile text messages. As an innovative payment processing tool, SMS payments (Short Message Service Payments) improve overall payment accuracy and efficiency. The contactless payment solution is a great fit for any industry or business that features recurring billing but can also be used for one-time payments to businesses with individual payment requests.

Offering Text to Pay as a payment option is effective for several business types including salons, retail stores, restaurants, or any business that offers subscription-based products and services. The contactless payment solution provides security for your customers, while also eliminating paper waste and reducing late or missed payments.

Related Post: Contactless Payment Solutions by Stax

How Text to Pay Payments Work

With the Text to Pay feature, you can send an invoice to your customer via SMS, making it extremely convenient to get paid. By sending an invoice over text, your customer is more likely to respond right away. If they store credit card information on their phone, they can easily pay you with just a few taps.

Customers that have an ongoing relationship with your business are likely to buy 7% more and more often when electronic invoicing and Text2Pay options are available. Offering multiple payment options to your customers has proven to boost sales and increase revenue. It also provides flexibility and convenience putting more purchasing power in the customer’s hand.

There are two basic ways that a Text2Pay account can be utilized. One way provides your business with the ability to send payment reminders to your customers and the other establishes an online “wallet” for bill payment and reminders.

  • First, your customer opts in to accept text messages from your business account.
  • Your business can then send pay-by text prompts through text to the customer’s phone number.This includes notifications when payments are due.
  • The customer then enters their personal payment information deciding whether or not they’d like to save the card info for future purchases.

Within seconds, the customer receives a reply text confirming receipt of payment.

How Using Text2Pay Payment Processing can Benefit Your Business

Implementing Text2Pay helps your business unlock a number of benefits, including:

Speeds up bill payments. When you consider that the global average open rate on a text is more than 90% and it takes the average person 90 seconds to respond to a text message, building a text database for your business makes sense. Doing so speeds up your collection process and can even provide an active customer database that your business can use to retarget customers for future promotions and sales opportunities.

Reduces manual work. Text2Pay helps facilitate secure payments without all the admin and manual processes. You can automate bill notifications and reminders. And depending on your solution provider, you can even get real-time visibility into whether or not customers have opened your message or viewed the invoice.

Better communication. Depending on your provider, Text2Pay can also streamline customer communications. Stax, for example, gives you 2-way communication capabilities along with our Text2Pay offerings. You’ll be able to answer customer questions via text and make changes to their orders within the same payments interface, thus reducing back-and-forth.

Improves the customer experience. Text2Pay lets customers settle their bills with just a few taps on their mobile phone. Plus, they can do it wherever they are, so there’s no need to be in the store or in front of the computer. This enables your customers to have a more convenient payment experience—in turn giving them more reasons to purchase from you.

Text2Pay Pricing

How much does it cost to implement Tex2Pay? This depends on a number of factors, including the type of credit or debit card used as well as your payment processor.

Just like with mobile and online payments, merchants are subject to payment processing expenses (i.e., interchange fees) when customers use their debit or credit cards. Premium or rewards cards typically cost more to more to process compared to debit cards.

Your payment processor may also charge a markup per transaction, and some providers also bill you for every text message sent.

As such, be sure to carefully evaluate solution providers when you’re looking to implement Text2Pay. At Stax, we give you access to wholesale interchange rates without expensive markups. Instead of taking a percentage out of your sales, you simply pay a flat subscription fee and enjoy more cost-effective payment processing.

Final Words

Text to Pay transactions has become a very popular way for customers to submit payments. That’s why it’s important that you’re working with a payment processing company that offers secure, cost-saving, and hassle-free ways to accept those card-not-present payments.

With Stax, not only will your business have access to the wholesale card-not-present rates, you’ll also be able to schedule recurring payments, send Text2Pay requests, and monitor your invoices all within the dashboard.

Interested in streamlining your payments process and increasing flexibility in how you receive payments? Reach out to Stax for a consultation today.

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FAQs about Text to Pay

Q: What is Text to Pay?

Text to Pay is a contactless payment method that allows businesses to accept payments through mobile text messages. It is also referred to as Text2Pay or SMS payments.

Q: How does Text to Pay work?

The process starts with the customer opting in to accept text messages from your business. Your business can then send payment reminders via text, including notifications when payments are due. The customer enters their personal payment information and chooses whether or not to save the card info for future purchases. The customer then receives a reply text confirming receipt of payment.

Q: What kind of businesses can benefit from Text to Pay?

Text to Pay is effective for several types of businesses, including salons, retail stores, restaurants, or any business that offers subscription-based products and services.

Q: How can Text to Pay improve efficiency in payments?

Text to Pay can speed up bill payments, reduce manual work, enhance business and customer communication, and improve the customer experience by allowing them to settle their bills with just a few taps on their phones.

Q: Does offering Text to Pay as a payment option have an impact on sales?

Yes. Research has shown that customers who have a business relationship and are offered electronic invoicing and Text2Pay options tend to buy 7% more and more frequently, which can potentially boost sales and increase revenue.

Q: What are the charges for implementing Text to Pay?

The cost of implementing Text2Pay varies, depending on several factors like the type of credit or debit card used and your payment processor. Merchants might have to incur payment processing expenses, and some providers charge for every text message sent.

Q: What do I need to consider when choosing a provider for Text to Pay?

When looking to implement Text2Pay, consider aspects like the type of credit or debit cards accepted by the provider, whether they offer wholesale interchange rates without expensive markups, their invoice tracking features, and the ability to schedule recurring payments, among others.

Q: Can Text to Pay facilitate better communication with customers?

Yes. Some Text2Pay providers give businesses 2-way communication capabilities, which means they can answer customer questions via text and make changes to orders within the same payments interface.

Q: Does Text to Pay allow for recurring payments?

Yes, Text to Pay is especially beneficial for businesses that offer subscription-based products and services since it facilitates recurring payments.

Q: Is Text to Pay a secure payment method?

Yes, Text to Pay is a secure method of payment that helps reduce paper waste and minimize late or missed payments.


 

Pearle Vision’s Journey Towards Achieving Massive ROI Each Year

As the owner and operator of Pearle Vision stores and vision centers in Minnesota, Dr. Lawrence Siegel works to provide the most suitable eye care solution possible for his patients. With over 30 years of experience as an optometrist, Dr. Siegal assists his patients with everything from providing annual exams to prescription lenses. He and his team at Pearle Vision are dedicated to helping their patients get the care they need and want most.

The Challenge

In an effort to increase cash flow, Pearle Vision in Minnesota needed a new, cost-effective payment processing solution that would provide insight on their finances while also lowering the expensive credit card processing fees they were being forced to pay monthly.

The Solution

Stax’ customizable, all-in-one integrated payments platform and transparent pricing

The Results

Real-time insight into Pearle Vision’s finances while achieving massive ROI and eliminating thousands a year in fees.

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How Pearle Vision Made the Switch to a Better Way to Process

While his practices weren’t being charged exceptionally high percentage markups, it wasn’t long until the costly hidden fees from using a traditional payment processor and long waits for funding began eating into Pearle Vision’s bottom line. A closer look revealed that he was paying almost 3% extra per transaction in hidden fees and the excessive fees were driving up Pearle Vision’s credit card processing bills every month.

With his practices continuing to grow, Dr. Siegel knew he needed a processor that could support his ability to scale his practice and increase his bottom line. “I was in negotiations to acquire another Pearle Vision franchise. There were going to be more transactions and more revenue generated… I wanted a company that could handle all of this seamlessly.”

The Solution: Add Stax’ Integrated Payment Platform

Dr. Siegel’s primary goal was finding a company that had a great reputation, and fair pricing to lower the fees he would be charged. During his search, he learned about Stax’ analytics dashboard—a unique feature that provides him with an insightful snapshot of the health of his practices directly within the Stax Platform.

Not only would he be able to see how even the smallest change impacted his locations over time, the unique Stax feature would also allow Dr. Siegel to find areas he could increase greater cost efficiency on top of eliminating thousands of dollars in transaction and processing fees—and at no additional cost.

“They have wonderful charts to see how your business finances compare from one month to  the next or even year to year,” Dr. Siegel said, “They have made my life a lot easier.”

He also learned about his ability to receive his funds in less than 3 days through the platform, allowing him to eliminate his long wait times and get paid quickly for his patient services.

After seeing just how much he could save, Dr. Siegel made the switch. And the transition, he said, “was painless and simple. The staff has always been pleasant and friendly to work with.”

The Results: Pearle Vision Saves Thousands Per Year Per Location and Improves Cash Flow

Since the switch, Pearle Vision has been able to save over $4,000 a year per location in transaction and processing fees alone. These savings have helped Dr. Siegel successfully scale both practices while also keeping an eye on their health. Additionally, he was getting paid the following day after his patients paid for their visits.

“I am now receiving my transactions the next day and have saved hundreds of dollars each month,” he said.

With Stax’s commitment to transparency, Dr. Siegal’s practices have been able to continue processing as much as they want without any hidden fees or contracts.

Recap: Why did Dr. Siegel choose Stax:

  1. The Stax Analytics Dashboard provided Dr. Siegel with a singular view of transaction data so that he could quickly and easily see how his locations were performing without charging him any additional fees such as Activation Fees, Analytics Fees, etc.
  2. Next Day Funding gave Dr. Siegel the ability to access funds allowing him to quickly manage and predict cash flow
  3. Savings of almost $350 a month in processing fees at a single location through Stax’ subscription-style pricing and unlimited access to direct interchange rates

Take the Next Step with Stax

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How Stax Connect Provided Value To Hindsite Customers

We sat with Hindsite’s CEO, David Crary, to uncover how partnering with Stax Connect, has positively impacted their business and delivered significant value to their customers. 

The Vision: Adding Integrated Payments to the Hindsite Platform

A year ago, Hindsite was at a crossroads. They had done an incredible job helping their 800+ users simplify operations through their field services software, but had yet to address adding integrated payments to their platform. While their technology helped solve important pain points for their customers, they knew that the next step was figuring out how to create a comprehensive solution inclusive of payments. 

They saw integrated payments as their way of increasing brand value and adding an additional revenue stream for the company. The ultimate goal was to add value to their current customers while establishing Hindsite as the central hub from which all field service contractors operate their business. With that in mind, it was increasingly important for them to find a partner who understood customer service, had technical expertise in the space, and held user experience at the core of their business.

The process of searching for the “right” partner proved to be strenuous, however, their uncompromising value of “customers first” ultimately led them to Stax Connect. 

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The Challenge: Communication and Visibility 

Hindsite realized that the road ahead would prove to be challenging if they did not find a partner who was committed to “go[ing] through the trenches with them.”  “Stax Connect has been great to partner with because there are a lot of back-end pieces that have to work in order for the integration to take place,” said David Crary. 

While choosing a payments partner, it was exceedingly important for Hindsite to find a company that would offer them the level of support that was required by their development team, because payment technology wasn’t their area of expertise. “The communication and visibility that the Stax Connect team continues to provide is outstanding and is a very big part of the reason why we chose them in the first place.”

RELATED: Deep Dive Into ISV Partnership 

The Solution: Stax Connect’s Step-By-Step Payments Integration and Implementation Support

In their evaluation of other integrated payments providers, Hindsite very quickly realized that the support offered from a technical perspective was very limited. Where other companies simply offered to provide them with API documentation and little to no technical support, Stax Connect stood above the rest. From the beginning, they “offered us support every step of the way and had a dedicated team to help us through the integration process and beyond.” In fact, “they helped us see why we hit a wall [in development] and even showed us how to get past it.” 

It was extremely important for Hindsite to find a partner that fit their DNA and was customer-centric above all else. “Although Stax Connect had superior technology, the relationship and alignment on core values were the primary reasons we [Hindsite] chose to go with Stax.” Stax Connect and Hindsite ultimately had the same core values and cared deeply about putting the customer first, giving them the support that was needed, and delivering the best possible service. 

How Adding Integrated Payments Technology Added Value To Hindsite Customers

“The problem we set out to solve when including integrated payments in our value offering has for the most part been addressed.” In fact, since the integration, Hindsite has witnessed improved user experience and has been able to save its users significant time, as they no longer have to operate from a separate platform for payments. Where before Hindsite customers had to spend countless hours reconciling their revenue, and working from two systems, this is no longer the case. Hindsite has also been able to help its customers tackle their accounts receivable problem through its new feature, ProntoPay, powered by Stax, which gives users the ability to store payment information and pre-authorize payments.  

In fact, according to Hindsite user Michael Rose, owner at Suburban Lawn Sprinkler, 

“The ability to accept payments through my Hindsite platform has been an absolute game-changer. Hindsite and Stax are constantly adding features and functionality to improve my experience. As a business in the service industry, we struggle with having a high accounts receivable balance, and thanks to Hindsite’s new feature ProntoPay – that’s no longer something I have to be worried about. For all those, struggling with high accounts receivable balances, I cannot recommend ProntoPay enough!”

 

Recap 

  • Accelerated integration of an all-in-one payment solution using the Stax Payment API and mobile SDKs, with full support and assistance from Stax payment experts at every stage
  • Easily consolidated credit card and mobile payments into their platform, with quick user enrollment capabilities through Stax Connect’s pre-built enrollment platform
  • Leveraged Stax Connect’s Command Center to deepen insights and understand enrollment, activity, and payment volume as their platform scales
  • Instant access to direct interchange rates through Stax allowed them to personalize their integrated payment pricing and create an additional revenue stream
  • Able to offer award-winning support services to their users with a partner who is also dedicated to creating and delivering top-level customer experience

Facilitating the Road Ahead

The Hindsite team plans on continuing to optimize the customer experience and adding more features to support their users from a payments standpoint, with the help of Stax’ technology suite. Hindsite’s ultimate goal is to continue to position its platform as the central hub for field service contractors. 

They recognize that payments are an integral part of a business’s DNA and they hope to further enhance their software (specifically their payments functionalities) to continue solving their customer’s pain points. “Getting paid is the biggest thing we can help our customers do and by partnering with Stax Connect we are on the path to creating a powerful solution for service contractors.” 

About Stax Connect 

Stax Connect is an award-winning payment technology leader in FinTech focused on empowering established businesses and software companies to streamline payment acceptance, simplify operations and grow their business. With its all-in-one integrated solution Stax Connect, traditional software companies have access to an entire payments ecosystem at their fingertips. This comprehensive solution equips software companies with the ability to accept payments from within their platforms to help create an overall integrated experience for their users. Stax Connect brings together all of the necessary payment processing tools and services into a single platform, thereby allowing a software company to own and monetize the entire payments experience.

RELATED: Stax Connect vs. Stripe Connect

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FAQs about Hindsite partner

Q: What led Hindsite to partner with Stax Connect?

Hindsite sought to add integrated payments to its platform as a means to increase its brand value and add an additional revenue stream. Stax Connect was chosen due to its understanding of customer service, technical expertise in the space, and commitment to superior user experience.

Q: What were the challenges Hindsite faced in adding integrated payments to their platform?

Hindsite’s main challenge was that they lacked expertise in payment technology. They faced difficulties in finding a company that could provide the necessary support to their development team for the payment integration.

Q: How did Stax Connect help Hindsite overcome these challenges?

Stax Connect offered Hindsite unprecedented technical support. They assisted Hindsite’s team at every step of the integration process, helping them understand and overcome development hurdles.

Q: What value did the integration of Stax Connect’s payments technology add to Hindsite customers?

The integration simplified operations for Hindsite users by allowing them to operate from a single platform, saving them significant time. They also introduced a new feature, ProntoPay, which eased the process of reconciling revenue and managing accounts receivable.

Q: How did Stax Connect and Hindsite align on core values?

Both companies put customer service at the forefront of their operations. They shared the same objective of delivering superior service and ensuring extensive customer support.

Q: What is Hindsite’s plan for the future with Stax Connect?

Hindsite intends to further optimize customer experience and add more features to support their users on the payments front with the help of Stax’s technology suite.

Q: What is Stax Connect’s role in B2B operations?

Stax Connect is an award-winning payment technology leader in FinTech that helps businesses and software companies simplify operations and grow their business. They provide an all-in-one integrated solution for streamlining payment acceptance.

Q: What is the primary benefit of an integrated payment solution for businesses?

Integrated payment solutions, such as Stax Connect, facilitate consolidated credit card and mobile payments into a single platform. They offer quick user enrollment capabilities, deep insights into enrollment, and activity and payment volume as the platform scales.

Q: What is ProntoPay, and how does it help Hindsite users?

ProntoPay is a feature enabled by Stax Connect that allows Hindsite users to store payment information and pre-authorize payments. This feature greatly assists businesses, especially those in the service industry, struggling with high accounts receivable balances.

Q: How has the partnership between Stax Connect and Hindsite impacted Hindsite customers’ experience?

The partnership has extensively improved the user experience for Hindsite customers. The integrated payments solution by Stax Connect has led to time-saving, improved revenue reconciliation, and efficient handling of accounts receivable balances.


 

How Digital Gift Cards Generated Revenue for Ambushed Salon

Amy Bush is the owner and operator at Ambushed Salon, a hair salon located in Gahanna, Ohio. At Ambushed Salon, Amy and her team provide non-heat or chemical services to clients with naturally textured, curly hair.

In addition to hair services, clients can also purchase retail hair products for use at home. Between the services and retail sales, Ambushed Salon traditionally processes around $28,000 in monthly credit card sales.

The Problem: Covid-19 Closure Eliminates In-store Revenue

When Covid-19 started to make its way across the United States, Amy had to make the difficult switch to close her business for an undetermined amount of time. This resulted in a complete halt in income for Amy and the salon.

To continue to bring in revenue, Amy started hosting virtual hair and product consultations with her clients. She would charge $1/minute for the consultation and ultimately sell hair products at the end of the call. In order to bill for these consultations, Amy uses the Stax platform to allow her clients to pay online.

In addition to hosting virtual consultations, Amy knew that she could also bring in additional revenue for the salon by selling gift certificates. Clients could always purchase gift certificates in person at Ambushed Salon, an offering that typically generates $2000 in sales annually, but Amy now needed a way to sell these certificates online since her clients were unable to visit in-person.

The Solution: Add Integrated Digital Gift Cards Option

That’s when Amy Bush learned about the ability to add the features of Gift Up!—a digital gift card platform that connects directly with the Stax dashboard—for no additional cost.

“When we learned that you released Gift Up! and I received the information on what it was, I thought ‘I’m in’. I’m all about making things easier for the client. We were considering activating a similar program with our point of sale, but your program made it so much easier because it was all done for us”.

Why did Amy choose Gift Up!:

  1. The Stax Marketplace included a link directly to Gift Up! so Amy could immediately sell digital gift cards right from her Virtual Terminal
  2. The Stax All-In-One connects with Gift Up! without charging Amy any additional fees such as Activation Fees, Hosting Fees, etc.
  3. Gift Up!’s drop-in checkout form gave Amy the ability to embed the form right on to her website, without needing help from a developer
  4. Gift Up! waived the 3.49% transaction fee for her first $5000 in digital gift cards sales to support businesses during Covid-19

Once Gift Up! was live on her website, Amy informed her clients of the new digital gift cards product by sending an emailed newsletter. The Newsletter also announced the gift card promotion she launched alongside Gift Up!

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The Results: Digital Gift Cards Generate Revenue to Continue Salon Operations

In 30 days, Ambushed Salon has processed over $7000 in gift card sales without ever seeing a client in person. This new form of income has helped Amy continue to pay her employees while also keeping up with other expenses even during Covid-19.

This has been extremely successful. We started towards the end of March (2020) and since then we have sold over $7000 in gift cards. So that has helped us get another month of expenses and I can still hold money back to help make payroll and cover costs once we do go back to the salon.”

Recap

Here is a quick recap of what Amy and Ambushed Salon were able to accomplish with Gift Up!

  • $7000+ in digital gift cards sales over 30 days
  • 4,216% increase in monthly gift card sales
  • 65 digital sales processed when the salon was closed
  • Simple and immediate setup
  • Ongoing engagement with clients

Conclusion

Amy and Ambushed Salon will continue to sell digital gift cards with Gift Up! even after the salon reopens.

“Gift Up! has definitely solved a problem for us. Our sales went way up when people could just purchase from home. Customers are so used to ordering online and now they can easily purchase a gift card from us without having to stop their day and come to the salon. We are also able to re-route some of the activity at the desk. Instead of selling gift cards in person, we are able to answer the phone or assist with other questions”.

Stax Pay secures in-person and online credit card payment processing with an all-in-one platform to help you run and grow your business. Stax Pay lets you improve your customer experience with over-the-phone ordering and curbside pickup, create and manage digital invoices, and modernize your business overnight with comprehensive contactless solutions.

Take the Next Step with Stax

Fill out the form below to request a quote and see how you too can achieve growth at scale.

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Subscription vs. Markup: Which is Better for Your Business

With a multitude of payment processing companies available to choose from, finding the right fit for your growing business can feel like an overwhelming task. When securing a payment processor the question of whether a subscription or markup pricing plan is best for your business will ultimately arise.

So what is the difference between a subscription-based payment processing plan and a markup pricing option? Each payment processing company comes with its own set of rates, fees, and contract terms. A merchant services provider that qualifies as a good deal for a small business might be too expensive for a larger one. So what is the cheapest way to process credit card payments?

In this blog, we break down the difference between subscription vs. markup and which is better for your business.

What is the best way to accept credit cards?

Using a merchant services provider instead of a bank can help you save hundreds of dollars a month in payment processing fees. Banks typically use a markup pricing model. They then contract out to a third-party merchant service provider to process transactions for them and charge you additional fees just to hand your business to someone else.

Merchant services providers offer additional pricing formats with the offer of better pricing for businesses wanting to accept credit card payments. Even with the perceived savings, many providers have their own markup model – meaning your business needs to pay close attention to smaller details to make sure you’re really getting the best payment rates.

What is the Average Credit Card Transaction Fee?

The transaction fee Is an additional per swipe fee that is charged on top of the interchange and percentage markup. These fees can range from $0.08 to $0.30. It’s important to consider that a processor who has a low rate may end up charging you just as much or more than another processor by charging a higher per-transaction fee.

This can be especially expensive for merchants with low average transaction size. There are also certain processors who do not charge any transaction fees, however, this typically comes with a higher markup percentage and additional hidden fees that end up offsetting any potential payment savings. This is why it’s important to evaluate processors based on the effective rate which accounts for all payment processing costs.

Comparing Subscription Versus Markup Rates

Subscription (Stax) Flat Rate (Square) Tiered Rate**
Card Present

(CP)

$99/month + 8¢ per transaction

+ interchange

2.6% + 10¢ per transaction

(includes interchange)

Qualified: 1.9% plus 25¢ per transaction

Mid-Qualified: 2.4% plus 31¢ per transaction

(can include or be charged in addition to interchange)

Card-Not-Present

(CNP)

$99/month + 15¢ per transaction

+ interchange.

3.5% + 15¢ per transaction

(includes interchange)

Non-Qualified: 3.35% plus 31¢

 

** Due to the variable nature of tiered rate pricing models, the number represents one pricing scenario. Actual rates and card category qualifications will vary widely from each tiered pricing merchant services provider.

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Flat Rate

Flat rate pricing is a variation on percentage markup models. Instead of charging a percentage extra on top of the interchange (which means each card’s final cost will be different), flat-rate models make each card payment type the same percentage. The most popular example of this is Square. No matter what card is being used, you’ll always pay 2.6% with Square for card-present payments.

This might seem like a good system at first, but the more payments you process, the more expensive it gets. This is especially true if you process a lot of cards with low interchange rates, like debit cards. These cards average an interchange around .5% – so 2.6% is an extremely large markup.

Tiered Rate

By far one of the most expensive processing pricing models, tiered rates bundle different card payment types within set tiers and charges based on those qualifications. The important thing to remember with this model is that the tiers are arbitrary and determined by the provider. Your business should instead focus on “interchange plus” models such as those found in the flat rate/subscription realm.

While on the surface the rate may seem to look attractive and competitive, the reality is that your business is actually losing money. Providers offering tiered pricing models are focused on making the most profit for themselves, not the best savings for the merchant. Tiered rates are extremely variable and can also be paid on top of interchange instead of blended into the rate like those in flat tiers.

Make sure to have a consultation to determine if a business is being charged a blended tiered rate on mark-up tiered rate.

Subscription

Often the best choice for merchants is subscription-based pricing models. A monthly membership is paid in exchange for the direct cost of interchange. This means that no matter how much you process, you only ever have to worry about the direct cost of the cards you’ve processed in addition to a flat membership.

There are a handful of other companies that use subscription-based pricing, but here at Stax, we are the only provider that can guarantee unlimited payment processing and absolutely no hidden fees.

Subscription vs Markup Pricing Scenario 1:

Let’s say your business processes $18,000 CP payments per month with four $150 sales purchased using a rewards debit card per day for thirty days. How much will each pricing model’s credit card processing costs affect you?

Cost of Processing $18,000 per Month

4 sales per day x $150 per sale x 30 days = $18,000

Stax* Square Tiered Services Provider
$306.60 $480.00 $442.20<

Say you take payments through online invoices or over the phone. Your business keys in three $500 sales per day for a total of $45,000 per month in CNP processing. How much would this cost your business?

Subscription vs Markup Pricing Scenario 2:

Cost of Processing $45,000 per Month

3 sales per day x $500 per sale x 30 days = $45,000/month

Stax* Square Tiered Services Provider
$974.70 $1,588.50 $1,535.40

*Interchange is set by the card associations like Visa and Mastercard and is a required cost for taking credit cards. The exact interchange rate for each transaction is affected by dozens of factors. Interchange can be less than 1% for certain in-person debit cards and over 2.7% for some keyed-in rewards credit cards.

For these examples, we averaged a number of common interchange rates and applied 1.65% for card-present transactions and 2.15% for card-not-present purchases.

What is a good rate for credit card processing?

So what is a good rate for credit card processing? Whether you’ve experienced percentage markups, tiered rates, or other programs designed to inflate profits for the payment processing vendor, there is a better option for your business. Checking your effective rate (the total processing fees divided by total sales volume on your payment processor’s statement) is one of the quickest ways to discover if you’re paying too much for your merchant account.

The average effective rate is around 2.75% – 3.25% however, certain processors and transaction methods can end up charging costs of up to 5% through a combination of high rates, hidden fees, and expensive equipment and leases.

Reach out to Stax for a consultation today.

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Stax vs PaymentCloud

PaymentCloud Merchant Services stays true to its name and offers credit card and debit card processing solutions to its clients. With services that are spread throughout the point of sale (POS), online payments, and virtual payments, the company brings its offerings to businesses of all scales.

The company also facilitates automated clearing house (ACH) transfers that are suitable for large-scale businesses. Additionally, it specializes in processing high-risk transactions, making it quite popular in specific industries such as those that are rife with chargebacks. These high-risk solutions are welcome in a world where fraud might continue to grow.

In order to cater to this wide variety of businesses in the payments industry and minimize high-risk issues, PaymentCloud distributes its offerings in several divisions. These PaymentCloud divisions range from high-risk solutions to general payment processing. For instance, while the company’s retail payment segment caters to POS terminals and in-person card processing equipment, its eCommerce merchant account provides support for online transactions.

Despite its specialization in large scale and high-risk payments, these specific merchant services’ availability brings PaymentCloud in direct competition with providers such as Stax. Since Stax also offers its solutions in these areas to businesses of all sizes, it’s natural to think about how the services of both payment processing companies fare against each other.

Related Content: What is a Payment Gateway?

PaymentCloud vs Stax Payments

While PaymentCloud and Stax both offer the same slew of enterprise services in various divisions, the main factor that sets them apart is their overall cost.

Whether you are choosing the merchant services provider, PaymentCloud services, for in-store payments, or an online shopping cart, the company’s rates are often higher than what Stax brings to the table.

However, this difference in rates does not translate to contrasting levels of quality or security of their solutions. Both business providers deliver intuitive solutions and offer optimal grade security, such as compliance with the Payment Card Industry Data Security Standard (PCI DSS).

To see a direct comparison of both PaymentCloud and Stax, here’s an overview of their similar services and how they stand apart from each other.

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In-Person Transactions Through POS and EMV Terminals

Through its card-present processing and POS systems equipment, PaymentCloud allows you to accept magstripe as well as EMV-chip credit cards and debit cards for your business transactions. The company accepts all major payment card processors across various devices, which optimally powers your solutions.

These card-present devices are available in the form of traditional POS equipment and modern EMV terminals that are typically used in an in-person setting. This allows you to efficiently process transactions at your brick-and-mortar store or other physical premises. If you choose a wireless EMV terminal or card reader, you can accept payments anywhere you want without being stuck to a physical address.

With various options that are sourced through third-party manufacturers, PaymentCloud allows you to choose this equipment according to your needs. This gives you a certain level of flexibility while moving forward with your payment card transactions.

However, the overall price point of these solutions can often fall out of your budget. This is especially true when you compare these costs to a highly affordable provider such as Stax.

It’s because Stax offers the same range of services in terms of POS solutions and EMV terminals. But it does so at an accessible price point that makes its services more suitable for your business’ bottom line. For typical POS transactions, Stax charges a flat subscription pricing plus minimal per-transaction costs that are within reason.

To add to the service’s value proposition, Stax offers its prices in a transparent and straightforward way, while PaymentCloud reveals its quotes upon request.

Digital Transactions Through Online and Virtual Payment Gateways 

For businesses that need to obtain their payments over the web, PaymentCloud offers online payment gateway solutions. For instance, if you run an eCommerce store, you can use this online payment gateway through your shopping cart. Similarly, if you sell your products through an app, secure payment services can be integrated into your application.

This online payment gateway accepts payment cards that are powered by major payment processing companies. This allows your customers to process their payments without any hassle and complete their transactions on their terms.

In case you deal with customers over the phone or need to have another option for card-not-present (CNP) transactions, PaymentCloud also offers a virtual payment gateway for these requirements. Through this solution, you can key-in your client’s card details over the phone or even do so in person where a card is not available.

Once again, PaymentCloud is able to bring plenty of convenience to you through these solutions. However, it falls a bit short when trying to emulate the same experience in its pricing. While the actual fee is available to each client after a quote, it goes a little beyond the point of affordability for many businesses.

On the other hand, Stax offers its online and virtual payment services at competitive prices.

The Stax Platform enables several payment options. Merchants can key in payment information and even hold it for regular use. That means that recurring payments become more of a pleasant experience where you don’t have to go through the same processes over and over again.

Everyone, from your employees to your customers, will appreciate the convenience of not having to worry about continuously entering payment information.

This saves time and improves the overall experience for everyone involved in the process.

What else does the Stax platform offer? The ability to send electronic invoices. Invoices sent direct to text, enabling more simplicity.

Of course, it also allows for payment tracking, customer behavior, and swiped payments.

This is yet another service that falls under the comprehensive monthly pricing plan where you have direct exposure to interchange costs and a minimal fee per transaction. You can count upon the company to offer you next-generation services without costing a fortune.

Mobile Payments Through Specialized Devices

PaymentCloud also entertains mobile payments across a variety of modalities. These solutions work in multiple ways. In one form, they allow you to accept payments executed by your customers’ mobile devices. Through their other iteration, they turn your own mobile devices into wireless payment processors.

For mobile payments, the company makes it a point to integrate contactless payments in its modern POS and EMV terminals. This allows you to accept touch-to-pay transactions through NFC and lets you enter the next generation of digital payments without any added hassles.

When it comes to turning your own mobile devices into payment processing equipment, you can use PaymentCloud mobile card readers to accept credit card and debit card payments without traditional POS equipment. This is especially helpful for those businesses that either does not have a large capital to set up their payment infrastructure or which want more affordable solutions to consistently grow their operations.

Whether you are trying to welcome more customers to your business or working to bring more simplicity to your operations, this selection of mobile payment solutions can help. With that, PaymentCloud price points can often make them more expensive as compared to Stax.

In contrast to PaymentCloud, Stax delivers the same level of credit card processing solutions, but it does so at a far more affordable cost. No matter if you are going with POS equipment that accepts mobile payments or card readers that pair up with mobile devices, you don’t have to break the bank for it.

The merchant account company provides the system to manage and process the payments while also providing the devices you need to ensure that you are getting the most capabilities and features that you need to run your business.

As a merchant account company, Stax understands the importance of improved and effective mobile payment solutions in this day and era where everyone is always on the go. The company also realizes the need for minimal cost in an era where costs continue to rise for businesses in many parts of the economy.

That is why, again, with a straightforward monthly pricing plan and variable but minimal fees per transaction, Stax lets you enjoy these services in a stress-free way.

So which credit card processing solution is perfect for you? It is not a simple decision for many enterprise merchants when dealing with credit card processing solutions and merchant accounts.

How should an enterprise come to a decision when it comes to mobile payments, gift card acceptance, and the right payments industry partner?

Which Company Offers a Better Payment Solution?

With their overall solutions and related services, PaymentCloud and Stax can be suitable choices for various businesses. While the similarity of their offerings puts them head to head in many aspects, picking out a winner isn’t difficult when you take a closer look.

One of the main distinguishing factors between both companies is the pricing of their products. The second factor that differentiates the two is that of customer service. Stax prides itself on fantastic customer service. From minimal wait times to talk to someone who is personable and there to help you 24/7, Stax ensures to provide fantastic customer service so that merchants can get back to business with ease.

These are two of the most critical points for both businesses, and it helps you choose easier.

If you are trying to cut back on your costs without compromising on the quality of your payment services, Stax can fulfill all of your goals. Through its robust infrastructure, expansive solutions, and proactive customer services, the company can meet all your requirements with the utmost ease.

The Stax Difference

Stax holds expertise, experience, and has significant relations with a vast base of merchants. This trifecta helps Stax minimize high-risk issues and helps it to understand merchants’ needs. It’s what compels it to provide services and solutions that meet merchant’s unique needs. Whether businesses need help with high-risk solutions or other general services, the payment processor can help in some way.

The merchant services company focuses on one core component, simplicity. Stax knows that simplifying the payment processing experience helps merchants focus on elevating their customer experience.

Now that we know how Stax offers compelling payment processor experiences let’s look into a few more characteristics of the company.

The credit card processing company provides a simple subscription-based pricing plan where businesses can access the direct cost of interchange and minimal transaction costs.

Stax chose this simple subscription pricing plan because it would help businesses understand their costs and save them funds over the long-term.

In addition to simple pricing, the merchant services company also offers zero markups, no additional fees, and a no-contract subscription plan. That’s right; you can leave whenever you want to, the choice is up to you.

Now, you know that you won’t have any future headaches from the pricing plan, what else does Stax offer?

The credit card processing company brings about comprehensive data and analytics offerings through the Stax platform that simplifies the overall payment processing experience.

Yet another critical feature of the Stax service is the PCI compliance assistance and statements.

But don’t forget about the superb customer service that Stax offers with an in-house customer service team that will help you solve your problems as quickly as possible.

Let us view a few of their simple features that make a world of difference.

Stax Features

Here are the primary features that Stax brings to the table.

  • No Switching Costs
  • Zero contracts or additional costs
  • A Comprehensive Real-Time data and analysis system
  • Priority Customer Service at all times
  • A wide array of software integrations
  • Quickbooks integrations
  • PCI Compliance collaboration
  • Mobile Processing
  • Payment gateways
  • Fast funding for the right businesses
  • Point of sale system integration for most providers

Stax provides a seamless payment processing experience, helping you stay focused on your business.

From software to hardware and continued support from experienced customer success representatives, Stax is there for support. Stax supports and enables businesses to be at their best when it comes to payment processing. We are available to answer any inquiries and assist with your payment processing needs.

Reach out to one of our revenue consultants today to find out how Stax can collaborate with your business to elevate your operations.

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Stax vs Talus Payments

Founded in 2006, Talus Payments is a financial services firm with a focus on payment processing services.

Through its solutions, the company offers payment services to help small businesses accept electronic transactions. With its expertise in various industries, the firm supports an array of clients with several digital solutions to process and manage their funds.

Talus payment services are based out of Dallas, Texas, where the payment processing company has racked up a significant following through its connections to local businesses. But its overall expansion has gone beyond the area, where the company continues to serve a large list of organizations through its targeted payment solutions.

Talus Payments offers various products to its customers that include but are not limited to point of sale (POS) terminals, POS equipment, and digital solutions. The company also allows its customers to accept payments through mobile devices.

Through these solutions, Talus Payments has set itself apart from many other companies that offer credit card and debit card payments.

While Talus Pay’s tools remain quite impressive, the firm falls short of offering accessible solutions to its customers. As such, its products and services often come at average market prices and do not allow its clients to gain access to vastly affordable solutions. This particular aspect of the business is in line with the usual payment services providers.

However, it is a stark contrast compared to value-driven payment services such as Stax.

Stax provides the same level of payment services to its clients and prioritizes cost-effective solutions. As a result, Stax ensures that its services remain accessible for small and medium-sized businesses alike. But the company also makes sure that its solutions are robust for more prominent businesses to rely on.

No matter if you run a growing business or an established corporation, it’s essential to see whether Talus Pay’s or Stax’ solutions will fit your needs. It is also critical to determine the difference in costs for both companies and the overall quality and value of their services.

To help make this process easier for you and other business owners, here’s a Talus payments review and a side-by-side comparison of both Talus Payments and Stax’ credit card processing services.

How Does Talus Payments Compare To Stax?

As mentioned above, Talus Payments and Stax offer relatively similar services to each other. These solutions mainly focus on processing credit card payments and debit card payments through electronic mediums such as a POS terminal. But they also extend to mobile payment services and online transactions while meeting with the Payment Card Industry Data Security Standard (PCI DSS).

This wide variety of services ensures that business owners can accept payments through various payment solutions. As a result, every startup and general business can rest assured that they will never lack compatibility with modern payment solutions causing them to turn away any potential customers and lose out on additional revenues.

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POS Terminals for Retail Stores

Catering to the essential payment processing needs of brick-and-mortar stores, the core of Talus Payments’ solutions starts with POS terminals and equipment.

To power these solutions, the company starts with its own POS equipment by Talus Payments Point of Sale’s name. With its ability to swipe magnetic stripe cards and read EMV chip cards, this sleek version of a cash register meets essential payment needs.

Talus Payments Point of Sale also comes with additional features such as cloud-based reporting that can be accessed anywhere. It also offers other features, such as data analytics and inventory management.

Talus processes its solutions through the PAX A920, a compact POS machine that comes with its touchscreen system. This provides you with a slimmer payment solution that still packs a punch. To add to its value, the PAX A920 doesn’t have any equipment fees.

While Talus Payments mentions that its POS solutions are offered at accessible prices, it only provides its quotes for transactions and related fees upon request. This means that if you are shopping around for these services, you may have to jump a few hoops to determine whether you are being offered the most competitive price at all.

On the other hand, Stax opens up a variety of options with it’s all-in-one integrations and also offers the PAX A920 terminal. This lets you accept all types of credit cards and debit card payments. The payments app included with the Stax membership also comes with additional features that let you stay informed about your business analysis and strategies no matter where business takes you. All of these solutions remain simple to install and easy to use. Additionally, they offer great value at an accessible price point that is often lower than what Talus credit card processing brings to the table.

Stax ensures that its services strike the required balance between accessibility and transparency. This makes sure that you can leverage the solutions that work best for your business without having to worry about your bottom line.

Online Payments for eCommerce Operations

If you run an online business or a hybrid solution that traverses both in-person and virtual transactions, you must have an online payment gateway. With its online payment solutions, Talus Payments presents this offering.

Talus Payments’ online payment gateway can accept all types of major credit cards and debit cards, so your customers can process their payments without any problems. The payment processing platform comes with a simple design for your customers and an intuitive interface for your employees, ensuring a seamless experience at both ends of the proverbial aisle.

Talus Payments’ online payment services can be integrated within your business’ website and allow recurring payments, so your customers don’t have to run into any hurdles to complete their transactions. The solution also comes with analytical reporting for your business so you can stay on top of all of your payment channels.

Talus Payments’ online payment service has the ability to integrate with your POS hardware. This is a beneficial feature especially if you run a hybrid operation where you have a brick-and-mortar location along with an online business.

With that being said, Talus Payments only offers its prices upon request. This once again adds more steps to the process before you can acquire these solutions for your business.

On the other hand, Stax offers the same level of online payment solutions with more affordable and straightforward pricing plans. Due to the company’s overall fee structure, it becomes clear from day one how much you would need to pay for their robust payment solutions.

Stax understands the importance of online payment gateways, simplicity, and transparency and offers top-of-the-line solutions at affordable price points that will meet your business’s needs.

At the same time, Stax’ solutions stay on par with the quality of services you expect from your online payment provider. With the ability to integrate with your hardware, these online payments come with the benefit of being multichannel-ready. This makes sure that your customers can complete their transactions and you can receive your funds seamlessly.

Mobile Payment Solutions for Modern Business Needs

Whether you are just starting your offline business or run your operations on the go, you need accessible yet dependable payment solutions that can process credit card and debit card transactions alike. That is where the compact and wireless connectivity of mobile payment solutions can help.

Through Talus Payments’ integration with SwipeSimple, you can accept payments anywhere, anytime. With this handheld device that can work wirelessly, you have the power of a POS machine right in the palm of your hand.

The SwipeSimple card reader can pair with any modern iOS or Android phone or tablet, which lets you process magstripe and EMV chip cards at a moment’s notice. With Talus Payments’ integration, you can also use this device with a computer or web browser to access a virtual payment gateway.

Apart from mobile device integration with SwipeSimple, Talus Payments also accepts mobile payments in their other variation, which is through contactless payment providers such as Apple Pay and Google Pay. This tap to pay feature is available in Talus Payments’ associated POS terminals.

In comparison, Stax’ solutions excel at both fronts. Through Stax’ card readers, you can use your mobile devices to accept payments on the go. The payment processing company’s associated POS equipment lets you accept tap to pay transactions to make contactless payments a reality. This gives you the best of both worlds and ensures that your business continues to grow with the support of these solutions.

The firm seeks to provide you with the best solutions for hardware and other requirements affordably and simply. That is why you will find that Stax works to provide you with several hardware solutions so you can choose the one that meets your needs the best.

Which Solution Should You Choose?

Since Talus Payments designs its solutions for small businesses, its services remain relatively easy to use and stay in line with modern requirements for the most part. However, when it comes to pricing, it lags behind in terms of affordability. Even with its promise of competitive pricing, the charges can remain a bit out of reach for some organizations.

On the other hand, Stax surpasses Talus Payments in the pricing department. At the same time, it maintains the quality of its solutions, whether you are accessing its POS equipment or its online payment services. This makes sure that you can maintain your business’ budget while benefiting from modern technologies.

Stax understands that genuine innovation comes from delivering quality and efficient services with a lower price point, thus increasing the merchant provider’s quality of life.

Still, Stax is a clear-cut winner on many fronts; you may still appreciate Talus for one reason or the other.
The decision to choose between these services depends upon your preferences. However, if you are looking for the perfect mix of accessibility and quality, look into Stax and its offerings.

The Stax Difference

Stax offers a simple subscription-based service to businesses of all types and sizes. The firm doesn’t hide its pricing behind difficult processes. You have a full understanding of what you will pay for when choosing Stax.

With Stax, you’ll gain access to the direct cost of interchange for a simple monthly fee. Take advantage of a simple monthly pricing plan accounting for interchange costs and the cost per transaction.

That is all that business owners will have to worry about with regard to pricing. There is no opacity in pricing; you have full knowledge of what you will pay for when using Stax.

Businesses that choose Stax appreciate the full transparency that it provides. They also appreciate access to comprehensive data and analytics with the Stax Platform. From simple payment experience to management to PCI compliance, statements, and flexibility in transitioning to other providers, Stax has it all.

Key Features:

  • Subscription-based pricing
  • No contracts or markups
  • Real-time data and analytics dashboard
  • 24/7 in-house customer service
  • Over 200 available software integrations
  • 2-way QuickBooks integration
  • Free PCI compliance assistance
  • Mobile processing
  • Payment gateways
  • Next day funding for approved businesses
  • Integration with most established POS systems

Stax is simple throughout the entire setup process and minimizes stress throughout all of it. Take advantage of accessing vital data, understanding sales trends, and knowing more about your outstanding payments.

You will never worry about bi-annual or yearly contracts with Stax; you can switch at any time.

Finally, Stax has best-in-class customer service that is always available to assist you seven days a week. You can take comfort in the fact that Stax Solution Specialists will help you solve your problems without a significant wait time. They understand that your concerns matter and appreciate the opportunity to work alongside you in moving your business forward.

Find out what Stax is all about today.

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