If you purchase a hardware and/or software that requires you to use a specific merchant services provider, you may find yourself stuck down the road after investing quite a bit to get up and running. Always make sure you can take your solution with you if you leave your payment processor. BEGIN TRANSCRIPT: Ladies and…
If you’re a business trying to run a card-not-present transaction on your customer’s card, Visa and Mastercard have specific guidelines about how you should proceed if the initial transaction is declined: A card should always be run for the full amount owed, splitting a charge into lesser amounts on the same card simply increases the…
If you regularly order carryout from a local restaurant, considering ordering from them directly through their website or over the phone as opposed to using DoorDash, GrubHub, Uber Eats, and the like. These companies can charge 30% to the business for orders that come through their platform even if the customer is coming to pick…
While we’re all stuck inside, let’s take a look back and remember how much fun we had celebrating our 5th birthday back in September of 2019 before masks and social distancing were a thing.
While the world is still amidst a global pandemic, many of us in the payment processing industry are seeing the effects on the business community in a way that no one could’ve predicted. BEGIN TRANSCRIPT: Good afternoon. Jaron Rice, founder and CEO of Magothy Payments. Today is April 17th and I wanted to give you…
Have you ever heard the saying, “One bad apple spoils the barrel?” It’s true, ya know. An overripe, spoiled apple will emit significantly higher levels of ethylene gas causing other apples around it to overripen as well. We often use this saying or variations of it to describe how low character people can be bad…
There are a number of reasons your customer’s card is declined. Maybe they don’t have the funds available. Perhaps you keyed in the card number wrong. It’s possible that the AVS (address verification service) failed because the billing address entered is incorrect and your gateway is setup to decline such transactions. There are a host…
Sometimes, you have to ask your prospective clients tough questions. When you work in a retention industry like I do, the only thing worse than not landing an account is landing the account with margins so thin you’re basically working for free. In today’s economy, we’re seeing the commoditization of almost everything. This is due…
Now, I didn’t say you have to like it. But you should definitely learn from it. As a payment processor, I work in a retention industry. So, while getting a sale is great, maintaining a relationship and keeping a client is much, much better because we make money every month off of our clients based…
If you’ve ever taken the time to read through a credit card processing statement in it’s entirety, it’s often reminiscent of Shakespeare in high school English. It’s not quite a foreign language, but it feels like it is, and just when you think you know what’s going on, you’re thrown for a loop that makes…