The acquiring bank (or acquirer also known as merchant bank) is the financial institution that processes credit or debit card payments on behalf of a merchant and maintains the merchant’s bank account. The contract with the acquirer enables merchants to process credit and debit card transactions. The acquiring bank passes the merchant’s transactions along to the applicable issuing banks to receive payment.
An acquiring bank (or acquirer) is a bank or financial institution that processes credit or debit card payments on behalf of a merchant. The term acquirer indicates that the merchant accepts or acquires credit card payments from the card-issuing banks within an association
The issuing bank is the financial institution that issues credit cards to consumers on behalf of the card networks (Visa, MasterCard). The issuer acts as the middle-man for the consumer and the card network by contracting with the cardholders for the terms of the repayment of transactions.
There are several situations where the credit card payment terminology deviates from the norm, making certain concepts difficult to understand.
For example, issuing banks generally manage cards on behalf of the networks.
However, Discover and American Express are both the card network and issuing bank; the networks have their own financial institutions issue the credit cards to consumers.
Making things even more complex, some financial institutions are both acquirers and issuers. These banks operate on behalf of both the consumer and the merchant. Bank of America, Citi Bank, Barclays, Chase, and Wells Fargo are just some examples.
Payment Industry Terms
The processor is an organization contracted with the acquirer to process the credit card transactions.
The payment gateway is essentially the card-not-present version of the point-of-sale terminal. This service provider relays transaction information from the merchant to the processor. The payment gateway is responsible for acquiring transaction authorization and data encryption.
Other third-party service providers used by card-not-present merchants include web hosting, SSL certificates, shopping carts and more.
The acquirer assigns a Merchant Identification Number (MID). This unique code is similar to a bank account number. It’s used to identify the merchant while processing transactions.
Understanding the Essentials
If you’re struggling to master the confusing tasks and terminology associated with chargebacks, your management efforts won’t be as effective as they should be. You’re needlessly throwing away profits.
Let us help. Not only do we offer a turnkey solution that handles the entire chargeback process from beginning to end, we also make sure merchants are kept informed of the most essential elements that are affecting a business’s financial success. Call 888-996-2273 Now for all your payment processing needs.
Streamline Travel Transactions with Credit Card Processing
Have you ever wondered how seamless payment experiences can elevate your travel agency to new heights? These days, when customers expect instant bookings and secure transactions, credit card processing is more than a convenience…it’s a necessity.
No matter your needs, offering efficient payment options can set your business apart. Credit card processing not only simplifies transactions but also enhances trust and opens doors to a global customer base.
Read on to discover how optimizing your travel payment systems can revolutionize your operations and create lasting impressions in the competitive travel industry.
The Importance of Credit Card Processing in Travel
Credit card processing plays a pivotal role for travel advisors, acting as a cornerstone for seamless financial transactions between customers and travel agencies. Below are some benefits that underscore its importance:
Convenience
Today’s travelers demand fast and hassle-free payment options. Credit card processing eliminates the need for cumbersome cash payments and allows for instant confirmation of bookings, enhancing the overall customer experience. This level of convenience can be a deciding factor for travelers when choosing between competing service providers.
Global Reach
The travel industry is inherently global, catering to customers from diverse regions with varied currencies. A credit card payment gateway enables travel agencies to accept payments in over 100 different currencies, breaking down barriers to international sales.
This capability not only makes transactions smoother for international clients, but also positions your travel agency as a truly global service provider.
Security
In an era where digital transactions dominate, ensuring the security of financial data is paramount. Credit card processing systems employ advanced encryption and fraud detection measures to minimize risks associated with data breaches and unauthorized transactions.
For travel agencies, security features are essential to building and maintaining customer trust. Secure payment systems protect your customers’ sensitive information and your company’s reputation.
Operational Efficiency
Streamlined payment processes save time, reduce manual errors, and enhance overall business efficiency. Integrating credit card processing into your operations will allow you to automate many aspects of transaction management. Doing so minimizes the administrative burden on your staff and allows them to focus on delivering exceptional customer service.
Also, faster and more accurate payment processing helps prevent disputes, which ensures a smoother workflow for your business.
Customer Expectations and Competitive Edge
As consumer expectations evolve, offering credit card payment options is no longer a luxury but a necessity. Travelers expect the ability to use their preferred payment methods, and agencies that fail to meet these expectations risk losing out to competitors.
The Primary Features of Travel Payment Processing
Modern travel payment solutions are designed to meet the unique demands of the travel industry. Here are the must-have features:
Multi-Currency Support
Mobile Compatibility
Real-Time Payment Processing
Integration with Travel Systems
Overcoming Challenges in Travel Agency Transactions
The travel industry operates in a dynamic, but this comes with unique challenges in payment processing that demand careful management. Here are some of the key challenges faced by travel agencies and strategies to overcome them:
High Fraud Risk
The high value and frequency of travel transaction processing make the industry a prime target for fraudsters. Cybercriminals often exploit vulnerabilities in online payment systems, leading to unauthorized transactions and financial losses. To combat this, travel agencies must invest in advanced fraud prevention tools, such as artificial intelligence-driven fraud detection systems, tokenization, and multi-factor authentication (MFA).
Chargeback Management
Chargebacks-when customers dispute transactions and request refunds from their card issuers-are a significant challenge for travel agencies. Frequent chargebacks can lead to financial losses, strained relationships with payment processors, and reputational damage. To mitigate this issue, travel agencies should adopt chargeback management strategies.
Regulatory Compliance
Adhering to industry standards, such as the Payment Card Industry Data Security Standard (PCI DSS), is essential for maintaining a secure payment environment. Non-compliance can result in hefty fines and loss of customer trust. Ensuring compliance requires regular audits, employee training, and the use of compliant payment processing solutions.
Partnering with a payment provider that prioritizes regulatory compliance and offers built-in security features can simplify the process and reduce the administrative burden.
Global Transactions and Currency Conversion
Travel agencies often deal with international customers, which introduces complexities related to currency conversion and cross-border transactions. Fluctuating exchange rates and hidden fees can create friction for customers and impact their overall experience.
Agencies can overcome this challenge by working with payment processors that support multi-currency transactions and provide transparent exchange rate policies.
Seasonal and Volume-Based Challenges
The travel industry experiences seasonal fluctuations, with peaks during holidays and vacation periods. High transaction volumes during these times can strain payment processing systems, leading to delays and customer dissatisfaction. To address this, agencies should partner with scalable payment processors capable of handling increased transaction loads.
Customer Expectations for Seamless Experiences
Modern travelers expect seamless and convenient payment experiences across multiple channels, including online, mobile, and in-person. Failure to meet these expectations can result in lost business. To overcome this, travel agencies should adopt omnichannel payment solutions that provide consistent experiences.
The Advantages of Using a Credit Card Payment Gateway
A credit card payment gateway is the backbone of efficient travel transactions. Here’s why:
Speed: Accelerates transaction processing, reducing wait times for customers.
Reliability: Ensures payments go through seamlessly, even during peak booking seasons.
Flexibility: Supports various payment methods, including credit and debit cards, digital wallets, and more.
Analytics: Provides insights into payment trends, helping agencies optimize their offerings.
Enhancing Customer Experiences with Merchant Services for Travel
Customer satisfaction is paramount in the travel industry. High-quality merchant services for travel enable agencies to:
Offer Multiple Payment Options
Provide Transparent Pricing
Ensure Quick Refunds
Who Does National Transaction Help?
National Transaction provides tailored payment solutions that cater to various segments within the travel industry. Here’s how we serve:
Travel Agencies
Whether you are a host agency or a team of agents, National Transaction can help increase your cash flow and provide the tools your entire organization can use. Our services streamline processes, allowing agencies to focus on delivering unforgettable travel experiences.
Travel Agents
Individual travel agents can leverage our virtual terminal or our exclusive electronic invoicing platform to transform their businesses. These tools simplify payment handling and boost productivity, allowing agents to serve clients more efficiently.
Tour Operators
We understand the unique challenges that tour operators face when creating and delivering the adventures and experiences that travelers desire. Our payment solutions are designed to make tour operator transactions smoother, ensuring reliable cash flow and secure transactions.
Hospitality & Lodging
From car rental agencies to hotels, motels, and bed-and-breakfast establishments, we offer payment processing to enhance the revenue cycle. With National Transaction, you can get paid faster, enabling your travel business to thrive in the competitive hospitality sector.
Tips for Optimizing Travel Payment Processing
To make the most of your credit card processing system, consider these best practices:
Implement Fraud Detection Tools: Use AI-powered solutions to identify and prevent fraudulent transactions.
Regularly Update Security Protocols: Stay ahead of emerging threats by updating encryption and security measures.
Train Staff: Ensure your team understands the nuances of secure payment processing and customer service.
Selecting the Right Partner for Travel Payment Processing
When it comes to managing payments in the travel industry, selecting the right partner can significantly impact your business’s overall customer experience. Here’s why choosing the right partner and working with us can make all the difference:
Industry Expertise
The travel industry has unique challenges, from managing fluctuating exchange rates to accommodating diverse payment preferences from global travelers. With years of experience, National Transaction has developed a profound understanding of these complexities. We provide solutions specifically designed to meet the demands of travel businesses.
Global Capabilities
In a world where international travel is more accessible than ever, your customers expect seamless payment options no matter where they are from. National Transaction enables you to accept payments in over 100 different currencies. This feature enhances the customer experience by allowing travelers to pay in their preferred currency.
Secure and Reliable
Payment security is a top priority for businesses and their customers, especially in the travel industry, where transactions often involve significant sums of money. At National Transaction, we utilize state-of-the-art security measures, including advanced encryption and fraud prevention technologies, to protect your transactions.
Why Choose National Transaction
Dedicated to the travel industry
Secure, reliable transactions from any device
Support for over 100 currencies
Competitive rates tailored for travel agencies
Exceptional customer service and support
A Unique Approach to Travel Payment Solutions
National Transaction takes a unique approach to travel payment processing by focusing on the specific requirements of travel agencies. Our solutions are designed to:
Enhance Competitiveness
Reduce Costs
Improve Customer Satisfaction
Partner With National Transaction Corporation
At National Transaction Corporation, we understand that our success depends on your travel agency’s ability to compete effectively in a demanding market. That’s why we offer secure, reliable credit card processing solutions.
Join countless travel agencies that trust National Transaction for their payment processing. To learn more about how we can help your business thrive, call us at 1-888-996-2273, or visit our website.
In the age where technology is practically king, and your business needs to run. We have decided to share with you, apps that can help your business today.
1. OfficeSuite : Free Office + PDF Editor. OfficeSuite lets you view, edit and create in Word, Excel, and PowerPoint documents, and perform advanced PDF operations. Many find the app easy to use while on the go; however, do keep in mind that many found a need to purchase the paid version to get the best out of it. As of this post, the app rated 4.3 stars out of 5 in GooglePlay.
2. Slack: This app brings your team together and maintains communication a breeze. This app helps you check off your to-do list and move your projects forward by bringing your team, conversations, tools, and information you need together. The app is great for big and small business and as of right now it rated 4.4 stars out of 5.
3. Google Drive: This app can help you manage your projects, documents, and photos with ease. Better yet, you can start working on a document from your computer and continue on the go if needed. Google Drive is a safe place for all your files and puts them within reach from any smartphone, tablet, or computer. Currently, is rated 4.4 stars out of 5.
4. Evernote: This is another note app but with more features! This app can help you jot down a few notes, create to-do lists, scan your hand-written notes, add images, web links and even audio. And best yet, this app can be accessed from your computer or on the phone making it extremely versatile. Rated 4.5 out of 5.
5. DocuSign: Save time, money and the environment with this app. Docusign allows you to send contracts to your clients while on the go. This app also complies with the e-sign act, the documents are encrypted and is ISO 27001 SSAE16 compliant. Rated 4.5 out of 5.
6. aCalendar: We love Google calendars but this app takes it to a new level of organization. It syncs your phone and Google calendar, has agenda and widget view, 48 colors per calendar, moon phases, mini month or graphical week overview in a day and week view. Currently rated 4.4 out of 5.
7. Google Ads: With a business, you got to market. Google is usually a good way to get started a managing your Google Ads from your phone is even easier. You can view your campaign’s performance when you are not near your computer and it’s free. Rated 4.3 out of 5.
8. Google Analytics: Google tools can be your friend and Google Analytics can help you learn how your website is performing. While on the go, this is a good app to have. It helps you see how your ad campaign is doing and what you can do to improve, for free. Rated 4.5 out of 5.
9. ZOOM Cloud Meetings: Growing your business can mean lots of meetings in your future. When you are not able to meet in person, ZOOM Cloud can help. This app brings video conferencing, online meetings and group messaging into one easy-to-use application. People can connect through the app or via computer. Rated 4.4 out of 5.
10. Mailchimp: Chances are, if you have a business you are doing e-mail marketing. Up your game with Mailchimp and manage your e-mail marketing efforts on the go. Rated 4.1 out of 5.
For financial institutions of all sizes, real-time transfers are likely to be a competitive necessity. But small banks must work out how to balance operational headaches with potential advantages.
It has been generally acknowledged that real-time payments can provide some significant benefits to financial institutions. But for smaller FIs, they come with some very real challenges.
Unlike the case with the current standard for automated clearing house daily payment fulfillment, supporting real-time or near real-time payments requires a true 24x7x365 environment. In addition, companies need to have the appropriate reserves on hand and the necessary staff to support real-time payments monitoring and administration.
It is important for smaller FIs to understand the true requirements, costs, and solutions associated with real-time payments adoption. Additionally, they need to know what is available now for real-time payments, and what could be coming down the road.
The Landscape
Today, real-time payment networks are being deployed around the globe. These networks allow financial transfers to occur in near real time, permitting a recipient to have access to funds transferred by a remitter within seconds of transfer initiation.
An important aspect of this process is that the recipient will have unrestricted access to transferred funds. What this means is that after a remitter has initiated a funds transfer, possession of those funds is controlled completely by the recipient. In other words, the remitter cannot recall them. What’s more, settlement of the whole transfer operation is immediate.
This capability contrasts sharply with traditional settlement methods, which delay settlement completion for hours or even days after a transfer.
This is a model typically followed by most funds-transfer operations. For instance, payments via checks or most wallet based payment networks are settled via the ACH network. Historically, ACH settlement files are swapped among FIs on a nightly basis. Until this occurs and the involved banks or credit unions have adjusted their internal balances to account for ACH transactions, transferred funds cannot be used by recipients without restriction.
The main reason recipients can’t fully take possession of the funds is that, until those nightly settlements have occurred, remitters can implicitly cancel the transfers. A remitter could, for example, write a check to a recipient and then simply withdraw all funds from the source account. Thus, the nightly settlement for the associated transfer will fail because there are no funds available to support it.
This basic remitter cancellation feature is part of many funds-transfer approaches that cause delays in settlement for a period of time. There have been some attempts to shorten the delays. For example, NACHA is offering same day settlement, permitting ACH settlement to occur on the same day as the transfer initiation. NACHA has also proposed an additional daily settlement window to allow multiple ACH settlement operations to occur each day.
However, despite these efforts, there is still a delay that could possibly result in interrupted funds transfers.
The RTP Network
Until recently, the only “true” real-time funds-transfer network in the United States was the Real Time Payments (RTP) network. Created and operated by The Clearing House Payments Co., which is owned by most of the country’s largest banks, this solution provides customers of member institutions access to RTP services. These include support for real-time transfers and payments with immediate settlement of all transfer operations.
Rather than directly using ACH settlement, RTP member banks instead settle among themselves using a common general ledger. This ledger is, in turn, supported by a common reserve account maintained by the Federal Reserve, to which all member banks contribute. Its members are required to maintain minimum reserve levels. If these reserve levels fall below a certain amount, additional funds must be deposited.
Since most RTP member banks tend to have large numbers of deposit holders, a sizable number of U.S. customer banking accounts can participate in the real-time payment capabilities it offers.
However, there is a significant number of accounts associated with smaller FIs across the nation that are not affiliated with RTP. For these customers, access to real-time payments may not come as easily. While RTP does offer real-time payment services to smaller FIs that partner with one of its larger member banks or authorized portal organizations, its outreach efforts have been marginally successful at best.
Unsurprisingly, many smaller FIs have reservations about joining a network operated by their larger banking competitors. Though RTP has offered assurances to smaller FIs to further entice them to join, many continue to be reluctant to do so.
FedNow
Recognizing the need to extend real-time payment services to all of the nation’s FIs regardless of size, the Federal Reserve last year announced the creation of its FedNow network. Initial estimates by the Federal Reserve suggest the network will be available by 2023 or 2024, though some industry experts have been skeptical of this timeframe.
The FedNow announcement was greeted enthusiastically by most smaller FIs, as the Federal Reserve is generally considered to be more of an “honest broker” or impartial operator of the payments network as compared to a private company or group.
This helped alleviate the concern that smaller FIs would be disadvantaged if they allied with RTP. However, though the news was positively received, some smaller FIs were disappointed with the four-to-five-year projected lead time before FedNow would be available. As a related correlation, RTP announced an upsurge in interest from smaller FIs following the Fed’s announcement.
Although FedNow seems to provide a promising path forward for smaller FIs, banks and credit unions with fewer resources will be challenged to take advantage of the services provided by the solution.
One of the key problems is the issue of reserves. All FedNow settlement will be real-time gross settlement (RTGS), not net settlement. This means that every single transaction will be immediately and irrevocably settled by FedNow.
This is a stricter process than net settlement, which permits a financial institution to be deficient in required reserves for individual transactions as long as proper reserves are available at the end of a specified settlement window.
Thus, each FedNow participant must monitor its reserve level on a constant, round-the-clock basis to ensure reserves are adequately maintained at all times. If an FI does not have the reserves, the FedNow platform will automatically fail the attempted transaction.
For those FIs not currently required to maintain reserve accounts with the Federal Reserve due to their size, there is also an additional consideration. For these smaller FIs, maintaining a reserve account to support RTGS would be a new operational obligation with additional costs to acquire and commit the necessary funds to cover the new reserve requirements.
Staffing may also be a major issue. Maintaining the staff to cover both normal banking hours as well as the additional 24x7x365 operations will present an increase in workforce and attendant training.
To fully accommodate the FedNow processing demands, these institutions must not only maintain 24x7x365 monitoring staff, they must also have the authority to refresh FedNow reserves if or when those amounts drop below certain levels.
Additionally, there are service expectations to consider with the extended hours. For example, does 24x7x365 operations mean that customer support will also be extended for related issues? FIs will need to decide how they will handle this from both a staffing and training angle.
Anticipating that this would likely be a burden for smaller banks and credit unions, the Federal Reserve is planning to allow participating FedNow institutions to designate service providers that can act on their behalf. These third parties will be allowed to submit or receive payment instructions as well as settle accounts of correspondent institutions.
FedNow regulators have not issued any rules or requirements governing the types of organizations that would qualify to be service providers and the type of oversight that they would be subject to by the Federal Reserve. However, these guidelines will presumably be updated as the availability date for FedNow approaches. Regardless of the regulations ultimately issued, smaller FIs that choose to outsource their FedNow operations will also incur the additional fees associated with it.
Another key concern with FedNow is its proposed interoperability with other systems, like the RTP network. While the Federal Reserve has confirmed this is a high priority for the network, it has also admitted to its complexity and that it may be difficult to have this functionality available during FedNow’s initial release.
In addition, though the Fed has suggested it is open to exploring solutions for true interoperability between FedNow and other payment networks, The Clearing House has expressed its intention to continue expanding RTP to minimize the need for FIs to sign up for FedNow. Smaller FIs will need to keep this interoperability conflict in mind as they consider their long-term real-time payments strategies.
Do They Need FedNow?
Ultimately, each community bank or credit union will need to decide if FedNow makes sense for its institution.
The Federal Reserve has indicated that FedNow participants will each be assessed a portion of the network’s overall operating costs so it can run as a financially self-sustaining platform. Therefore, regardless of the other FedNow issues that smaller FIs must address, there will be additional costs to offer FedNow.
For some FIs, these additional costs could potentially price them out of the network, especially if they have current services that may help provide a semblance of real-time payment capabilities. For example, some FIs currently offer same-day ACH services as their “real-time payments solution,” with the expectation that account holders will be satisfied with unrestricted access to funds if they can be available on the same day as payment initiation.
What’s more, this service could become an even more compelling option after NACHA adds the additional settlement window to its daily processing. Some smaller FIs may determine that “reasonably fast payments,” while not truly real time, are good enough.
It is easy to see how smaller FIs that position themselves as service leaders or innovators may view FedNow services as a marketing advantage, one that distinguishes them in their local markets. However, it is also just as likely that the more conservative FIs may only embrace FedNow if their customers or members demand the service.
The Future
Many of the challenges associated with FedNow are still conjectural. However, it does seem safe to assume that the Federal Reserve is monitoring issues that could diminish its capabilities—or attractiveness—for those FIs that may wish to access FedNow services.
For example, the after-hours liquidity to support RTGS has been suggested as a possible stumbling block for smaller FIs. This could be addressed in a number of ways. One idea would be to use existing reserve accounts as sources to replenish FedNow reserve accounts.
The Federal Reserve has indicated that it may allow existing reserve accounts that currently must be maintained by FIs to be used as sources of funds to automatically maintain the FedNow minimum reserves. If approved, this arrangement could help smaller institutions cover the funds needed for after hours FedNow processing.
Additionally, relaxing the current RTGS requirements for those institutions deemed “well operated” could also provide relief for smaller FIs. As previously mentioned, the Federal Reserve has confirmed that all FedNow settlement operations will be based on individual transaction settlement, which requires FIs to always have the reserves to support each individual transaction.
But the Federal Reserve already allows those FIs with good operating track records to incur “daylight overdrafts.” These overdrafts occur when a bank or credit union is allowed to withdraw more money than it has in its Federal Reserve account to make a payment with the requirement that the overdraft be corrected by the end of a processing day.
With RTGS adopted as the standard for FedNow, offering a “nighttime overdraft” would ease the reserve burden on smaller FIs by allowing their FedNow reserves to temporarily drop below the minimum required levels. For this to occur, however, minimum reserve levels would have to be reset within a specified period of time.
Due to the costs and complexity, many smaller banks and credit unions will be unable—or uninterested—in providing their own additional after hours staff for maintaining 24x7x365 operations. If the Federal Reserve still wants to attract these institutions, a key question becomes who will provide the needed support?
If the Federal Reserve ends up only allowing FedNow processing to be outsourced to correspondent FIs, then the situation becomes very similar to RTP affiliation. That is, smaller FIs will be forced to outsource at least partial operational responsibility to their larger competitors—something that FedNow has otherwise alleviated.
FIs of all sizes outsource various types of processing to outside companies that are non-banks. Fiserv, Vantiv, Jack Henry, and FIS, to name a few, perform several different types of payment processing services for FIs of all sizes. These organizations are not FIs and, consequently, are also not direct competitors.
In turn, it is not hard to surmise these, and similar organizations, will most likely offer after-hours FedNow processing services if the Federal Reserve allows it. This will certainly be a Federal Reserve consideration when drafting final FedNow rules and regulations.
A Question of Value
As mentioned, there is some debate on whether smaller FIs actually need the real-time payments capability that will be offered by the FedNow network. The short answer is some will and some will not. Frankly, many community banks and credit unions are not seeing much demand for real-time payments from their account holders. However, a truly national banking system should provide the same service opportunities to FIs of all sizes competing in comparable market segments.
While the RTP network can provide similar services to those proposed for FedNow, RTP is not generally perceived as a neutral network operator. Many smaller FIs have serious concerns about whether it will treat all its clients impartially.
Real-time payments networks are becoming increasingly available throughout the world. The United States is virtually alone in not having a national fast-payments network operated or directly supervised by its national banking authority. FedNow addresses this imbalance.
This is perhaps the greatest value of FedNow to smaller FIs; namely, it will be a neutral, trusted provider of real-time funds transfer services to all financial institutions, regardless of size. Because of this, many smaller FIs will see the network as an opportunity to better compete with their larger rivals in the world of faster-payment service offerings.
However, for smaller FIs, making the jump to implement these services may not be an easy process. Rather than adopting real-time payments processing for its own sake, community banks and credit unions must look to their own specific situations—their strategic business plans, pain points and accountholder needs before making a decision.
Only by understanding the true costs and impacts of issues like 24x7x365 operations and increased administrative complexity can they best choose the right path for their institutions.
It’s true that the travel agencies are high risk. This is because of the high chargebacks by travelers who fail to complete their trips or stays due to a variety of reasons. It also has to do with the nature of delayed delivery where items or services are sold today but not used/consumed for a delayed period of time. Using the right merchant solutions can make a difference.
You want merchant solutions that help you to manage chargebacks, errant transactions, and terminal messages. Additionally, you should be able to integrate your software with services such as Sabre Red, Sabre, Trams or other accounting programs such as QuickBooks and Peachtree.
With NTCePay, simply create a pay button for any dollar amount. Then send this digital link to your customers via email. The customer reviews the invoice details and enters their payment information to complete payment. You can also create custom links that can be added to your web site or posted to your social media accounts for payment collection. With advanced invoices, you can easily break down payments into installments.
With this service, you avoid the complexities of integrating the software with your shopping cart, point of sale, or accounting system yet still collect your travel payments in a seamless manner.
For Electronic Payment Set Up Call Now! 888-996-227
The PCI DSS (Payment Card Industry Data Security Standard) is a set of security standards designed to ensure that all companies that accept, process, store or transmit credit card information maintain a secure environment.It was created by the major credit card companies (Visa, Mastercard, American Express, Discover, etc.) and is administered by the Payment Card Industry Security Standards Council.
The PCI DSS has 12 main requirements and over 300 sub-requirements that fall into 6 categories:
Build and Maintain a Secure Network and Systems: This includes installing and maintaining firewalls, changing vendor-supplied defaults, and protecting stored cardholder data.
Protect Cardholder Data: This involves protecting stored data and encrypting transmission of cardholder data across open, public networks.
Maintain a Vulnerability Management Program: This includes using and regularly updating anti-virus software and developing and maintaining secure systems and applications.
Implement Strong Access Control Measures: This involves restricting access to cardholder data by business need-to-know, assigning a unique ID to each person with computer access, and restricting physical access to cardholder data.
Regularly Monitor and Test Networks: This includes tracking and monitoring all access to network resources and cardholder data and regularly testing security systems and processes.
Maintain an Information Security Policy:This involves maintaining a policy that addresses information security for all personnel.
Compliance with PCI DSS is mandatory for all organizations that handle cardholder data.Validation of compliance is performed annually or quarterly, depending on the volume of transactions, and can involve self-assessment questionnaires or audits by qualified security assessors.
The goal of PCI DSS is to protect cardholder data and reduce credit card fraud by ensuring that companies that interact with credit cards maintain a secure environment.
By adhering to the PCI DSS requirements, organizations can help to ensure the safety of their customers’ sensitive information.
With National Transaction Corporation, your merchant account is a direct connection to a world of commerce. Accepting debit and credit card transactions today is a must and National Transaction can help your business grow. Increasing your sales and cash flow while lowering your rates and fees is our main focus.
With One account you can combine your cash, retail credit card, e-commerce and over the phone transactions for a consolidated, all-in-one approach to performing and tracking your business transactions. Accept Credit Cards and Grow Your Business with a Merchant Account from National Transaction Corporation and increase your bottom line, speed up your cash flow position and expand the reach of your business. We’re here to help you all along the way. Read more of this article »
The credit card processing industry is about to experience an infrastructure shift. The terminology reads like alphabet soup so we’ll start with a list of the (not so) new technologies. Essentially magnetic swipe readers are going to be phased out and new Chip & PIN cards or chip-based payment cards will slowly replace them over the next few years. The key date on the radar is October 2015. Read more of this article »
Yet another payment solution on the horizon is the MCE initiative for smartphones and tablets. The new solution is being led by 7-eleven, BestBuy, CVS Pharmacy, Darden Restaurants, Lowes, Publix, Sears, Shell Oil, Sunoco, Target, Dunkin’ Donuts, Bed Bath & Beyond and WalMart. According to their website, “Development of the mobile application is underway, with an initial focus on a flexible solution that will offer merchants a customizable platform with the features and functionality needed to best meet consumers’ needs.” The company intends to make their application available on all major smartphone platforms.
This latest solution is a mobile wallet that has serious potential to change the way consumers fulfill their mobile payments. The mobile app links a customers smartphone directly to their bank account allowing merchants to accept non-cash payment without involving credit card processing fees.
Though this is a significant shift from other mobile digital wallet schemes, the biggest difference might be in Loyalty Card programs used to entice existing customers to stop and shop. The creative potential for these types of programs go well beyond gift card processing and extend to e-mail and social networking. Customers could receive special offers based on the word of mouth, social sharing they do for the large retailers.
This mobile payment solution is initially just for the big boys though. They are catering to their own needs currently and there is no future consideration for small to medium size business in their digital wallet. With how fast things change in the mobile payment industry, this too could change and usher in new currencies for universal digital wallet payments.
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Yet another payment solution on the horizon is the MCE initiative for smartphones and tablets. The new solution is being led by 7-eleven, BestBuy, CVS Pharmacy, Darden Restaurants, Lowes, Publix, Sears, Shell Oil, Sunoco, Target, Dunkin’ Donuts, Bed Bath & Beyond and WalMart. According to their website, “Development of the mobile application is underway, with an initial focus on a flexible solution that will offer merchants a customizable platform with the features and functionality needed to best meet consumers’ needs.” The company intends to make their application available on all major smartphone platforms.