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Time to Jump on The Mobile Payment Bandwagon

Mobile payments on smartphonesAs mobile payment processing gains more and more of a toe hold in the market, and as smartphone usage continues to increase, more and more businesses are scrambling to accept mobile payments. Now, mobile payments are different from the idea of using an Internet banking service like PayPal via your smartphone, and they’re also different from accessories that allow you to create an iPhone credit card reader; rather mobile payment gives you the ability to read a customer’s smartphone and use it as a form of payment. And while there are systems ranging from Square to Google’s platform that are trying to get into the market, many businesses are still holding off and watching.

The benefits of iPhone credit card readers are directly proportional to smartphone usage among your potential customers. If you’re a broader merchant and you want to offer all of the potential payment options you can to your customers, then mobile payment processing with a service like Intuit might be just the thing to give you a leg up on the competition. On the other hand if your customers by and large don’t have smartphones, or they’ve indicated that using mobile payment processing (more…)

How the Credit Card Processing Flow Works

Credit card processing flows

Credits for this image go to Credit Card Processing Blog

Credit card companies are well known for being the provider of electronic charge cards to millions. However, these companies are not the only business entity involved in the actual processing a credit card transaction. The process involves multiple players, including merchants, credit card processers, credit companies that provide the related lending, and eventually the cardholder’s bank.

The credit card transaction starts well before any purchase occurs. The first player in the process is the issuing bank that provides the credit card to an individual buyer in the first place. The card is issued and synced with the credit card company once an account number is designated to the individual. The issuing bank will also be the collector of debt when the account balance comes due.

The Purchase Itself

With the card the buyer goes to a merchant and makes a purchase. The merchant already has a merchant account established with another issuing bank synced with another credit card company, allowing the merchant to accept credit cards. As the buyer’s card is swiped, the data is transmitted via specialized equipment to an authorization network. This allows an exchange and validation with the issuing bank (more…)

Cloud-Based POS Making Traditional Point of Sale Tools Superfluous

Cash registerIn a society where new innovations are marketed daily, it only seems expected that the manner in which items and technology are purchased would also be transforming. This is true in point of sale equipment. Point of sale, quite simply, is just that; it is the location that a sales transaction takes place, most commonly a checkout lane. Cash registers typically track and calculate transactions with software available to integrate several store locations together into a single system for easier account tracking. As high tech as this sounds, even this software technology has become outdated with the discovery of cloud point of sale solutions.

Just When You Thought You’d Seen It All

Now available online is cloud based point of sale, which has the same capabilities as a traditional point of sale system with less overhead, expense and hassle. The only requirements to access its features are an up to date computer compatible with LivePOS.com‘s system. A simple sign up will give you quick access to updates involving your business’s financials that are completed for you automatically, and, best of all, there is no lengthy set up process.

What Can Go Wrong?

We are all concerned with the “what if’s” in life. (more…)