If you’re in the B2B industry, the chances are that you’re paying the majority of bills with checks. Merchants in this vertical tend to prefer check payments to avoid credit card processing fees on high ticket items. Regardless, paper has become antiquated and inefficient; most businesses have opted to switch to digital payments, otherwise known as e-checks.  E-checks maintain a considerable advantage over physical checks in simplicity, speed, cost and security.

Recent surveys conducted by Atradius and CFO.com revealed some shocking statistics about accounts receivable:

• 39 percent of invoices in the US are paid late.
• 48 percent of customers will try to delay payments.
• 11 percent of customers never receive their invoices.
• Invalid or incorrect purchase order information leads to 49 percent of disputes.

Cash is not going away in the foreseeable future, but people are carrying a lot less of it around.  The Nilson Report estimates that cash payments will be 24 percent less by 2018, and that card payments will rise over 50 percent. If you own a business and are not set up to accept credit cards yet, it is time to get started.  

Collecting and processing payments is a basic yet essential function of any business.  Payments are the center of business growth and development, and it is essential for business owners to understand the options available to them.

Merchant services is a broad term that refers to the various payment processing options. While most people associate merchant accounts with credit card processing, the term encompasses other payment options as well.

We talked about the availability of a QuickBooks integration with Fidelity’s payment processing.  Here is a bit more about how a QuickBooks plugin can benefit your business, specifically in terms of lower rates, customization options, and convenience.

1.  Will they meet my particular business’ needs?

When it comes to payments, business size, industry and personal preferences create unique needs for every merchant. For example, a restaurant’s processing needs are not at all comparable to those of a school or nonprofit.  Make sure that your payment services provider is knowledgeable about and has experience in your particular field. An experienced provider will be able to advise you on the optimal setup that will lower your costs and increase your business efficiency.

A processing company and sales rep that understand your unique business needs will go a long way in creating value for your business.

Many merchants have recently been receiving an error message on their PCCharge account, which has stopped processing transactions. Fortunately, Fidelity has a solution that can be completed quickly and easily, without the help of an IT professional.

Subscription commerce has recently demonstrated significant growth, as consumers have embraced the convenience and efficiency that subscriptions deliver. Companies and shareholders love it too, because it ensures repeat customers on a regular basis, without the necessity and hassle of pitching and closing a new sale each time.

Some companies will replenish customers’ supply of a particular product, such as the Dollar Shave Club. Others attempt to delight and surprise their customers with a new and unique selection, such as Birchbox. But it is not a new phenomenon; magazine companies, nonprofits, and phone companies have long found great success using the subscription billing model.

Unfortunately, it can be complicated for subscription-based companies to obtain processing for a merchant account, and even once set up the overhead cost and efforts can be staggering. Subscription services are considered “high risk” processing accounts because they present an  increased chance of chargebacks for the following three reasons:

Kosherfest is an annual trade show where the global kosher industry does business. From chain supermarkets to corner groceries, food service establishments to caterers, kosher decision makers gather to find opportunity at Kosherfest.  Fidelity Payment Services has established a highly anticipated presence at the show, where they meet their kosher clientele to give them premiere payment advice from industry experts. This year, Fidelity plans to treat its visitors to a complimentary professional shoe shine at Booth 137.

More Kosherfest vendors are clients of Fidelity Payments for their payment needs than any other payments company. Food-related companies, in particular, have an innate nature to appreciate low prices, value, and service. We are proud to be the payment processor of choice for so many Kosherfest participants.

If you’re processing credit cards, you’ve most likely heard of PCI compliance. What is it and how do you become compliant? We’ll walk you through it.

What is PCI?

The Payment Card Industry Security Standard is a set of guidelines that protect merchant and cardholder security.  If a merchant intends to accept card payments, the data must be hosted securely with an approved provider.