ACH, PCI and other Payment Acronyms You Need to Know Now

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Owning a business comes with something of a learning curve, and it’s one reason why so many promising young businesses close before they’ve even gotten the chance to fly. Partnering with businesses that can help you achieve your financial goals is one way to help ensure that your company keeps its doors open.

At Y2Payments, we’re committed to helping our clients understand all of the different payment processing options they have available to them so that they can make an informed decision and discover what will work for their business.

An ACH payment processor (Automated Clearing House) is a processing option that processes large volumes of transactions, like debit or credit, in batches. If you add an ACH payment processor to your company, you’ll be able to open up your available payment acceptance options to a much wider group of people. You’ll be able to allow your customers to make purchases that are hassle-free from their checking or savings account.

In giving your customers an option like this you’re enabling them to have greater options to choose from when ordering your services or products. This means that you’ll have a much higher chance of completing sales.

At Y2Payments, we also can help our customers to become a PCI compliant processor. But what is a PCI compliant processor and how can becoming one help your business? PCI compliant stands for Payment Card Industry compliant. A PCI compliant business is one who is able to accept credit card information and safely store and process it.

The goal of being PCI compliant is to be able to protect any stored cardholder data that you may be handling with your business. No business owner wants to be responsible for credit card leaks. Not only will it anger your customers, it will significantly increase the possibility of losing any future customers as well.

At Y2Payments, we fully understand PCI compliance and will be able to help you bring your business up to speed and fully protect your customers credit card information.

To learn more about how we can help your business move forward, contact us today.

Credit Card Companies Dropping Signature Requirement

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Businesses are always looking for ways to make checkout faster. With advancing technologies and a need for faster credit card processing, many credit card companies have decided to drop the need for signatures on payment slips and checkout terminals. This makes your payment processing options even faster.

Dropping Signature Requirements

Mastercard, Discover, American Express, and Visa have all dropped the signature requirement as of April 2018. Technology and anti-fraud capabilities have advanced far enough that signatures are no longer necessary to fight fraud. This is because they’re no longer among the most effective pieces of evidence considered in anti-fraud work.

This isn’t a radical or sudden idea. It’s long been considered and weighed as an option. If anything, credit card companies have waited longer than they have to before doing away with the need for signatures.

What about Chargebacks?

The ACH payment system has no real use for signatures either. Regardless of ACH and the decisions companies are making about credit card processing, some businesses are still taking things step by step. This is especially true for high risk merchants, since signatures are still used as evidence when considering chargebacks.

There will likely be a period of time until the approach to chargebacks catches up with the dropped signature requirements. Many businesses have reported this, and so are still requiring customer signatures.

Chip cards help eliminate the risk of this, but not everyone uses them, and there’s still a need for some departments to get on the same page. When weighing whether to request customer signatures or not, try to balance your risk of chargebacks against your need for speed in your payment processing options.

Balance Your Needs

If you need to accelerate customers through credit card processing, dropping signatures achieves this. If your business risks a higher rate of chargebacks, you may wish to keep requiring signatures for the time being. Credit card companies should catch up on this sooner rather than later.

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

Streamline For Better Payment Processing

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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!