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Watch Trends in Online Payment Processing

payment processing trends y2payments

The world of online payment services has changed rapidly. Many of these changes could be seen coming years back. Others seem to take hold at surprising speed. What are the biggest online payment processing trends that can be seen taking shape today?

Methods of Payment

Credit cards are still popular in the realm of online shopping, but they no longer dominate the field. They account for 42 percent of online shopping payments. Electronic payments are just behind at 39 percent. The remainder is taken up by debit cards, but you can see just how much electronic payments have narrowed the gap with credit cards.

Third Parties

Younger shoppers continue to support third parties. They have more knowledge about how to protect their bank account information in online payment services settings. This makes them better equipped to identify safe ways of doing this, which makes them more flexible and more intelligent spenders online than older generations.

Interchange Pass Through

 Interchange pass through pricing has clearly become the most transparent form of credit card processing pricing. Interchange pass through allows the actual processing cost to be passed directly to your business.

Cryptocurrency & Blockchain

You’ll continue to see cryptocurrency normalized as a form of payment. Be careful with how and when you accept these forms of payment. Cryptocurrency values are extremely volatile and represent a high risk. Many online payment systems will still decline their use, but cryptocurrencies will only continue to expand into the realm of online payment methods.

When new technologies enable new approaches to online payment systems and online payment methods, they really do take hold fast. Expect blockchain technology, the digital ledger in which cryptocurrency exchanges are recorded, to reshape much of the field in the next five years. It’s estimated it will reduce the cost of accounting reconciliation up to 70 percent in that time.

There are a number of online payment processing trends that you’ll see coming. You also need the flexibility to adapt quickly to the ones you don’t see coming. Ensure that you trust reliable online payment systems that offer interchange pass through, accountability, and provide thorough service.

For more information on payment processing, contact Y2Payments today.

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Streamline For Better Payment Processing

better payment processing y2payments

Credit card processing fees aren’t always fair. Payment processing can seem limited, and built to punish small businesses, low volume sellers, and the business-to-business industry. These businesses need better payment processing options that can fully cover a range of payments, including ACH/EFT payments.

Better Credit Card Processing

The solution is interchange plus pricing. This model is less complicated and more straightforward than traditional credit card processing. It’s also more flexible in terms of satisfying many modern requirements that businesses have.

The best approach is to compare the two options. For many large volume sellers or large franchises, they see beneficial credit card processing deals with friendly rates. Their payment processing options are beneficial to them because processors want to secure their business long-term.

Even Footing for Small Businesses

For most businesses outside this range, they just don’t see the same benefits offered to them. Processors are less confident in these businesses and so they look to make more money out of them in the short-term, unconcerned with the impact on a long-term partnership. This benefits them, but not your business.

Interchange plus pricing is an approach to credit card processing that relies on giving you the information you need to make a decision up-front. You can even see an audit of your current fees and compare these to what they’d look like under Y2Payments.

Y2Payments Conduit

Our platform is called the Y2P Conduit, manages these payments. It’s fully PCI DSS compliant. You can securely run transactions across six payment channels. This includes payments made by internet or phone, by mail, or at point-of-purchase, whether it’s through credit, debit, or ACH. Reporting according to your organizational structure is rolled into this. This allows you the benefit of increased analytics and reduced risk on purchases, transactions, and chargebacks.

With the Y2P Conduit, you don’t have IT implementation expenses or changes in how your staff performs their jobs. Other credit card processors aren’t concerned with your quality of service.

The Y2Payments method of better payment processing, payment structures and the Y2P Conduit’s ability to quickly reduce transaction fees, gives you more control over your business and gives your business a better deal than with other processors.

Contact Y2Payments today at 888-693-1850 for a free no risk statement review & audit!

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The Different Types of Credit Card Processing

different types of credit card processing y2payment systems

No matter what the industry, you need a fast, convenient way to accept credit card payments. These days, almost everyone carries a credit or debit card, and whether you’re working online or you have a brick and mortar location, customers expect the ability to pay with their cards.

Businesses that don’t accept cads lose a huge chunk of the market. Nearly half of all transactions last year involved a card, and those are sales numbers you don’t want to ignore.

For example, Visa has done studies where they conclude a merchant will experience a 30-40% sales increase merely by accepting cards as payment. When it comes to credit card processing, though, what are your options?

Take a look:
– A Standard Terminal:  This is the type of credit card processing almost everyone considers. It’s typically a cash register with a credit card machine build into it. The payments industry refers to this as the Card Present environment. This is the best option for business owners who have a physical location and do plenty of credit card sales each day. Most of them are equipped with swipe and chip capabilities. This means additional payment options for customers. The technology can be an expensive investment, but it can also be worth it if you know you’re going to have customers who need your services and products, and you know they’re coming to you to get it.
– A Mobile POS System:  Mobile phone technology has been nothing short of amazing for business owners, and it’s developed to the point where you can now use your phone to process payments. If you have a smaller business, or you do quite a bit of trade show business, this is the best option for your company. It’s small, inexpensive, and you can literally turn any of your devices into a credit card processor instantly.
–  E-Commerce Processing:  Doing quite a bit of business online? You’ll still need to accept credit cards, but you’ll need to do it virtually instead of swiping the card. E-commerce is a great way to reach customers who can’t make it to your location, but they’re still interested in your goods and services. Here the industry identifies this as Card-Not-Present (CNP) since your sales staff does not make visual contact with the cardholder. As one would expect, CNP fees are more expensive than their Card Present cousins. The best credit card processor will often help you navigate the murky waters of privacy legislation, even if you’re accepting cards online.

No matter what type of credit card processing you want to do, we can help. Contact us today to learn more about our merchant services and payment Conduit.

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Should I Accept ACH/EFT Payments?

ACH Payments electronic checkbook y2payments

If you’re like many merchants today, you may be searching for one more way to allow your customers to pay for your goods or services. Offering your customers an extra option or two can sometimes mean the difference between completing a sale and losing out to another merchant. ACH/EFT payments are one choice to consider adding to your current payment processing menu.

What Are They?

First, it may help a bit if you learn more about this type of payment. ACH stands for Automated Clearing House. It’s a system of moving money between banks, and it is federally regulated. It began as a system to replace paper checks, and sometimes, it’s called an e-check. Employers use it to directly deposit payments to an employee account.

This type of payment can be used, though, to move money from a customer to a business in almost any industry. EFT is an acronym that is used almost interchangeably with ACH, and for good reason. EFT stands for Electronic Funds Transfer, and  it’s a broad idea that includes any type of electronic payment, including ACH.

The Benefits of ACH Payments

Besides offering your customers one additional payment choice, there are a number of reasons to consider accepting ACH payments. It’s typically fairly quick, but you can also set up recurring billing cycles with ACH payments. More than that, though, it’s also quite a bit cheaper to process this type of payment versus a credit card payment. While the exact amount depends on your card processor, it usually ranges from about .5% to 1% of the overall transaction. Sometimes, it can be as low as $0.25 per transaction.

Not all potential customers have a valid credit card account, but most of them will have a bank account. If that’s the case, they may choose your company over another if you offer ACH payment processing.

Learn more about our ACH/EFT payments service and how we can help you. Contact Y2Payments today.

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Y2Payments Secure Payment Solution Processes Six Unique Payment Channels

Y2Payments Conduit Payment Processing payment channels

There are numerous issues for companies with today’s payment processing options. From excessive fees to slow processing time, it’s tough for many businesses to keep up with card payments, and that can mean real budget difficulties. Y2Payment Systems, though, is offering a better solution – Conduit 3.0.

Conduit 3.0 simplifies the entire transactional life cycle. With the ability to run transactions multiple payment channels and turn them into one concise report, businesses get the help they need to make credit, debit and ACH/EFT payment processing virtually seamless.

“The real benefit here is that Conduit translates practice management systems output file data into the format of the gateway provider, executes absolutely all of the transactions, and coverts it back to the native file format in just a few seconds. It takes other systems hours to do the same, and that’s lost time you could be using elsewhere,” said Ron Viemont, Exec Chair of Y2Payment Systems.

With real time payment processing, the speed involved here is the major selling point, but there are a number of other advantages to this system as well. You can either process bulk/batch transactions or one-at-a-time transactions in both HTTPS format and FTP submission format. There’s built in support for the software used across industry lines, and it interfaces with absolutely any credit card processor. The reporting features in this are amazing as well. Available reports are extensive, customizable, easy to download, and they include robust research tools to help companies do more.

Here’s a payment industry first—Conduit 3.0 now captures and reverses credit card chargebacks before they are debited from the merchants bank account. The system effectively becomes a revenue enhancement to our clients—and it’s an exclusive feature of Y2Payments.

As expected, it is 100% secure and PCI DSS compliant, helping to protect businesses from fraud and the hefty fines that come with noncompliance. Moreover, there’s no IT implementation expense, and companies don’t have to change their current job functions. With a minimized learning curve thanks to the intuitive interface, this is easily the best way to change the way you process transactions and simplify your life now.

Y2Payments is working to ensure customers have access to an easy to use payment system that cuts transaction fees, and the Conduit system certainly demonstrates that.

 

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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.