I hope you enjoyed Subscription Show 2020 as much as we did. There was certainly a lot of great information shared over the course of six days between the keynotes, sessions and networking events. In case you couldn't make it or missed any, here are my 3 key takeaways that I know will be valuable to your business:
Selecting the right payment processing solution can be confusing. One of the most common misconceptions is understanding what the difference is between a payment gateway and a virtual terminal.
What is a Digital Wallet?
A digital wallet (or e-wallet) is a software-based system that securely stores users' payment information and passwords for numerous payment methods and websites. By using a digital wallet, consumers can make safe transactions without using cash.
During the past few years, payment gateways have stepped out from behind the scenes to play a leading role in how companies provide customers with improved methods for online and digital payments. This emergence is certainly driven by the increase in consumer adoption of online payments.
One of the simplest ways that subscription-based businesses can improve the shopping experience is by enabling a faster checkout. Tokenization makes this possible by storing customer payment details. Tokenization is a way of securing financial data. It replaces sensitive credit card information with a non-sensitive equivalent, called a token. Mobile payment providers such as Google Pay and Apple Pay are already using tokenization.
Anytime a small business considers adopting a new technology, they should consider the needs of their customer. Given the rise in mobile wallet usage, stores of all sizes will have to address the issue sooner than later - and decide if they will adopt it.
Point-to-Point Encryption (P2PE) is a critical technology used to protect credit card data from being breached. While P2PE has been around for many years, only PCI Validated P2PE technologies have been tested to rigorous standards and should be trusted to reduce risk and PCI DSS scope as a merchant.
Any part of running a business includes having a merchant account. You have to be able to make and take payments, and in turn, use those funds to pay your employees and vendors. But, what do you do if the money submitted isn’t going to your bank, but instead is being held for credit review?
As part of our series, "Understanding the Ins and Outs of Credit Card Processing" we explain who the primary players are in the payment process.
Why consider switching merchant/gateway partners this year? What are the benefits? There are several. To make it easy, we've highlighted the top four reasons: