Learning About Cryptocurrencies And How They Work

cryptocurrencies Y2Payments

If you’ve done any reading in the last few months, you’ve probably heard the word cryptocurrency mentioned at least once or twice. If you are unfamiliar with its meaning, you’re not alone. The concept of cryptocurrencies is a completely new, especially for business owners, and understanding how to use it to your company’s advantage can be complex.

What Is It?
Cryptocurrency is another word for digital currency. The idea here is that a digital currency is issued, yet regulated by various encryption techniques to control the generation of units and verify the transfer of funds. They are completely independent of any centralized bank. The value isn’t set in stone. In fact, values have varied considerably over the last few months.

How Does it Work Within Your Business?
Many companies are beginning to accept cryptocurrencies as a form of payment, and there are several good reasons to consider it. Cryptocurrencies process quite quickly. Thanks to the fact that there are no banks slowing the payment process, your funds will be available almost instantly.

Moreover, it’s a currency that works worldwide, which makes it easy to do business in other countries. It’s also a good way to avoid fraud and chargebacks. The system verifies funds, which means you can’t spend more than you own. Accepting cryptocurrencies may also mean you acquire new customers because so many people are embracing this idea.

If you’re worried about legalities, don’t be. It’s not backed by the government because it only exists in the digital world. You can accept it just as you would any other method of payment.

If you plan to accept cryptocurrency, the first thing you need to do is to begin working with a payment processor that is familiar with this type of currency. Y2Payments has been working with Bitcoin, Ethereum, Dash and other cryptocurrencies since they came into the market. We’ll help you learn more about what needs to be done to help your customers understand how to pay with this type of currency.

PCI Compliance and Your Business – An FAQ

PCI Compliance Y2Payment Systems

Accepting credit cards within your company? You probably need to know a bit about PCI compliance. Take a look at a few of the most frequently asked questions now.

What Is PCI Compliance?
PCI Compliance is a 2006 global policy to help protect credit card holders. Major credit card brands, including American Express, Discover, Mastercard, and Visa, have mandated that businesses have to remain compliant the policy if they utilize credit cards.

Do I Need to Worry About Remaining Compliant?
Anyone who processes cardholder information has to be PCI compliance. It really doesn’t matter how often you do so. If you hold that information, or even if you exchange it, you have to be compliant. Even if you process a single transaction each year, compliance is an absolute must.

Are There Consequences Involved?
If your company isn’t compliant, there are several consequences involved. They typically start with a simple warning, but the Card Associations can fine your company or even revoke your right to process credit card transactions at all.

Is It Hard to Be PCI Compliant?
It’s easier than you think to become PCI compliant. Typically, it’s just a matter of working with a payment processing solution that helps you become compliant. Any provider will offer the multiple layers of defense and secure data protection model necessary to help encrypt the information going from one place to another, a must in the world of compliance.

There are four levels of PCI compliance, depending on the size and type of business you run, and we can help you decide which one is right for your company.

Learn just how easy it can be to become PCI compliant when you work with us. Contact Y2Payments today to learn more.

Y2Payments is Hiring!

job payment processor direct sales Y2Payments

We are hiring 2 or 3 direct sales professionals. Are you inquisitive, highly detailed and investigative when it comes to on-boarding quality, high volume CNP merchant candidates? Do you have a desire to learn new things and constantly improve your skills? Are you well-versed in the payments world (especially in CNP environment) and card network regulations? Do you have a solid background in fraud investigations, recovery and chargebacks management in various online payment processors and financial institutions? If so, then Y2Payments may be the place for you.

Y2Payments is a merchant account consulting company specializing in the delivery of government-style pricing to Main Street merchants. Y2Payments has been providing cost effective payment solutions to state, county and municipal jurisdictions and main street businesses of all sizes since 1985. We do this through a national network of experienced Referral Agents with core competencies in related business services.

Our team working towards minimizing losses, maximizing revenue and mitigating fraud and credit risk for our customers. You will be using your excellent skills in research and investigation to recover funds for your merchants while working with our exclusively licensed technologies to reverse/eliminate chargeback cases.

These are Independent contractor positions that pay up to 50% of revenues. Positions will offer a small draw that is offset by commissions.

This is a high-impact role that offers tremendous opportunities for growth, learning and leadership.

Primary Responsibilities

  • With minimal supervision and guidance, recruit and acquire high quality, high-volume CNP merchant candidates.
  • Educate those merchants about minimizing potential losses by using our next-generation, proprietary tools that result in substantial revenue enhancements.
  • Gather evidence, prior to submitting an application, from various data sources to prove the veracity of your prospects processing history.
  • Use appropriate judgment on when to escalate significant merchant issues to senior staff for consideration of exceptions to UW guidelines.

Required Qualifications

  • 2+ years’ experience in a role focused on CNP merchant onboarding and servicing.
  • Experience in ecommerce and payment platforms including electronic checks.
  • Knowledge of card networks’ Operating Regulations (Visa, MC, American Express and Discover) for both merchants and consumers
  • Excellent analytical skills with keen attention to detail
  • Strong verbal and written communication skills ensuring proper interaction with customers and colleagues
  • High level of computer skills to effectively use multiple systems and have advanced knowledge in MS Office and Adobe Acrobat Pro DC.
  • Self-starter and comfortable taking initiative while quickly grasping concepts, processes and ideas
  • Ability to work on routine tasks both independently and with the team
  • Highly professional with willingness to adapt to a constantly changing, merchant-focused work environment
  • Excellent time management skills with the ability to prioritize, multi-task or work flexible hours when necessary

Responsibilities include but are not limited to the following:

  • Internalizing that the Y2Payments rule number one is to become a trusted advisor to our merchants. That means keeping merchant priorities first.
  • Rule number two, then, is to never forget rule number one.
  • Adding new merchants to the Y2Payments portfolio monthly while limiting attrition of existing merchants.
  • The capacity to assist clients with all process, balance, and tracking of physical payments by accessing multiple reporting systems.
  • Responsible for handling all communication pertaining to assigned responsibilities that are sent to you directly whether from senior management or a Y2Payments approved vendor
  • Follow all standard operating procedures while communicating process failures and potential improvements to all merchants and your team lead or manager.
  • Assist merchants in posting payments to respective portals, as required, by following all client-specific requirements.
  • Review and validate all outbound mail to ensure the highest level of quality for all daily deliverables.
  • It is expected that all Y2Payments Referral Agents represent the highest level of professionalism, understanding that he or she will always be expected to act legally, morally and ethically.
  • Other duties as assigned.

Please send your resume to HR@Y2Payments.com or call 888.693.1850.

What are Interchange Fees?

Interchange fees Y2Payments

If you are a business that accepts credit card payments, there are fees you could be overlooking, and they may be costing you more than you think. They’re called interchange fees, and if you don’t understand exactly how much you’re paying each month to processors for these fees, you may not know where all of your profits are going.

A Definition
Interchange fees are essentially what a credit card sale is costing you. Any time you process a credit card sale with a customer, you’re paying a fee to do so. Take a moment to consider who is involved in a credit card sale.

First, there’s the merchant service provider – that’s your bank or financial institution. The financial institution that issues the card is the second party involved. That’s the company who actually issued the customer a card.

The last party involved is the credit card company behind the card itself like American Express or Visa. They set the interchange rate itself. For every card issued, a pre-set rate is also issued for merchant service providers to pay the bank that issues the card. That rate determines those fees that are costing you so much money.

Cards with points, airline miles, rewards, and so on have higher interchange rates. Debit cards tend to have lower interchange rates. The way you process a card also affects those rates. Swiped sales tend to have lower rates associated with them than online sales do. The important point to remember, though, is that the interchange rates set by the card company apply to every single merchant, even the smaller ones.

Lowering Your Rates
So, how can you keep those costly interchange fees in check? Work with us. With more than thirty years of payment processing experience, Y2Payments can help you save some of that money from your current statements and have it go directly to your bottom line! Contact us today to learn more.