Part II: History and Future of Contactless Payments
Formerly known as “card machines,” terminals have provided the general public with a reliable payment system that is both undervalued and overlooked. History’s first card machine revolutionized the payment system shortly after AMEX developed the first plastic payment card in 1959. Although it was not of the electronic variation, the machine “enabled merchants to produce an imprint on carbon paper slips intended for the bank, merchant and customer as proof of purchase” (Sorenson, 2019) for the first time in human history.
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Part 1: The History and Future of Contactless Payments
As with all elements in this evergreen society of progression, every evolutionary idea eventually runs its course. Within the financial sector, the 21st generation is spectating as paper currency hits the iceberg and sinks into the depths of the Atlantic. Prior to the devastating impact of a global pandemic, the use of cash had been on a steady decline, with cash transaction rates having declined from 40% in 2009 to 30% in 2019.
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Understanding the Differences Between Cash Discounting and Surcharging
There is a high probability you have gotten wind of cash discounting’s growing popularity post COVID. With its growth, the rules are becoming more clear as to how merchants can pass processing fees off to cardholders when using credit cards.
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A Priority I.S. Merchant Statement Breakdown: Part Two
This post is a continuation of a two-part blog series on Merchant Statements. We discuss what every processor should know about statements, how to uncover hidden fees, and a sneak peek into the Priority I.S. Statement Analysis process.
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Building An Attrition-Proof Book of Business
James Shepherd, CEO and Founder of CCSalesPro, interviews Gary Liu, President of ISV/VAR Channel, to discuss building a powerful, attrition-proof portfolio.
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A Priority I.S. Merchant Statement Breakdown: Part One
This post kickstarts a two-part blog series on Merchant Statements. What you will discover here is something every merchant should know about statements, a breakdown in pricing structures and how interchange can affect them, as well as a Priority I.S. Statement Analysis.
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COVID's Effect on PAX and Dejavoo Terminal Shortage
Due to the effects of COVID-19, the shipments for the PAX S300 and several Dejavoo devices appear to be on hold until May 1st, if not later. In this blog, we shed some light on the situation at hand, and share insight on terminals that could effectively be alternative options.
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Priority I.S. Benefits for Partners and Merchants (A Case Study with Total Merchant Supply)
This post is applicable to both partner processors and merchants. In this post, you will find examples of two case studies that show how impactful a switch to Priority I.S. can be. Learn more about how Total Merchant Supply swooped in to save “Smokers Depot” by collaborating with us.
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Information about PAX Technologies’ Plans for Terminal Replacements in 2021
As a continuation of the recent post about VX terminal replacements, Robert is bringing you additional information on PAX Technologies’ Plans for 2021.
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What to Expect in the VX Terminal Replacements
In this article, Robert is bringing you information on the latest VX Terminal Replacements.
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The Two Benefits of Owning a Merchant Portfolio with Priority I.S.
Imagine with us for a moment? Let’s say you are minutes into a card game, and you’ve strategically built up an incredible hand. Your numbers are looking exceptionally well, the value is unmatched, and you love the way control feels. When you have the upper hand, it feels nice doesn’t it? This is exactly what it’s like when you own a Merchant Portfolio with Priority I.S., and in this blog, we will be sharing the two benefits you receive when you do so.
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How Priority I.S. Provides Greater Control and Financial Gain Through Payment Processing Services
At Priority I.S., we strive to provide our partners with as much information, control, and features as possible. In the following blog post, we discuss what makes us unique and how partnering with us can provide your company with a larger financial gain than other processors.
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Meet the Pax A80, the S80's Predecessor
It is out with the old, and in with the new as PAX announces the End-of-Life (EOL) for the PAX S80 Countertop terminal.
In this post, we are keeping you up-to-date on some major changes in PAX Technology, as they migrate from the S80 to the A80.
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COVID-19 Effects on Merchant Processing- Dealing with Daily ACH and Reconciliation
It is no surprise that COVID-19 has dramatically impacted merchant processing. In this post, we will take a look at the major elements concerning Daily Discounts versus Monthly Discounts, and discuss ways we can be proactive in a season of uncertainty.
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There is No Better Time to Offer Cash Discounting
There has been a shift in merchant processing. As a result of the 2011 Durbin Amendment Act, Cash Discounting has evolved through various interpretations of what it means for merchants to remain compliant. It wasn’t until the beginning of 2020 that regulations from card brands started to take shape, which makes this a great time to offer Cash Discounting to your merchants.
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Four Ways Small Businesses are Finding Additional Revenue Sources During an Economic Shutdown
The world has changed, and so has the restaurant and retail industry.
Through no fault of their own, companies are scrambling to find ways to keep their business afloat. Many restaurants have had to completely shift their business model relying on ingenuity to generate revenue when patrons are forced to stay and shelter.
Priority I.S. is keeping a close eye on the events unfolding and the effects on our industry. This includes constant communication with our partners in hopes to share merchant success stories outlined below. While a few of these solutions may seem reactive given the current situation, it is important to consider the long term benefits these will have as consumer buying habits will shift when things get back to normal.
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The Best Replacement Terminals for the VX520, VX805, and iCT220
The merchant processing industry constantly changes, and so do the set of standards for the credit card terminals that we have grown comfortable using. For years, workhorse machines like the VX520, VX805 and ICT220 have been the go-to terminal for agents, ISVs, and VARs.
The PCI-Security Council recently announced updates to the new PCI-Standards (link) that have rendered these machines obsolete. Verifone and Ingenico have chosen not to recertify these machines to match the PCI-DSS requirements and have stopped production all-together. Thankfully, there are options.
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(Part III of III) How Priority I.S. Partner, Gorilla Technologies, Found Success Offering Merchant Services
Since 2014, Gorilla Technologies has delivered a suite of restaurant solutions including wifi marketing, failover internet, point-of-sale, and merchant processing. Over the years, Josh Carper, VP of Business Development, has crafted his message when introducing merchant services to his clients. “I learned early on that merchant processing is not a favorite discussion topic for business owners,'' says Josh. “The research alone can be overwhelming for business owners, so I needed to change my strategy.”
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Underwriting Guidelines: How to Avoid Application Pends
Underwriting is typically used in references to banks or insurance companies, but it simply means that an institution will receive a payment and, in exchange, they agree to cover any potential risk. With regards to merchant accounts, they are technically receiving a line of credit, so it is important that a merchant account provider evaluate the business credibility and credit worthiness for any & all potential clients.
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(Part II of III) How To Present Merchant Services to Your POS Clients
In the first part of this three part series, TITLE AND LINK, I covered different approaches to take when presenting merchant processing to your POS Prospects. In this series, Part Two, I will go over the steps I took to successfully offer merchant services to my POS clients that were using other processors. At the risk of sounding repetitive, the questions being asked are somewhat similar, but the delivery is much different.
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