Maverick SLiDE™ is a mobile payments solution that enables you to accept payments on a mobile device. With a SLiDE credit card reader, which hooks straight into your iPhone, iPad or Android and processes transactions over your cellular data network on the Internet.
More than just mobile credit card processing, SLiDE can also help merchants manage cash transactions, calculating the change and adding the transaction to the reports. Even if you don’t use the credit card swiper (because it’s lost, forgotten or hasn’t arrived yet), you can still process credit cards using the mobile credit card processing app to key in the card information.
Actual credit card information isn’t stored on the merchant’s device but is transferred and stored with 128-bit encryption (SSL certified by VeriSign). As required by law, SLiDE is PCI-DSS level one compliant. The app is password protected.
A recently released ABI Research report estimated that near-field communications (NFC) mobile payments are set to dramatically increase in the next few years. Worldwide mobile transactions will break the $100 billion mark in 2016 and will nearly double to $191 billion by 2017. On mobility, Gartner predicts that Android and iOS will dominate smartphones, but Windows Phone will gain “substantial share.”
By year end 2014:
Accept PIN-based debit cards from all of the major debit networks, including Interlink, Maestro, NYCE, Pulse, and STAR. Debit card/ATM processing is almost like accepting credit cards except for the fact that your customers are using their existing funds to complete an order. Funds are deducted from the customer’s checking account for purchases.
Interactive Voice Response Terminals, also referred to simply as IVR, are a method of being able to process credit cards, check cards (debit cards with Visa or MasterCard logo on them), and checks (ACH) via any touch-tone telephone.
Accept And Process Checks From Customers Over The Phone
Checks by Phone enables merchants to accept and process checks from customers over the phone. Accepting checks by phone and/or accepting checks online as a electronic payment via the ACH processing network reduces costs and paperwork while increasing your cash flow. Check by Phone software, a Virtual Terminal also gives you the ability to accept checks by fax and online. Merchant can initiate transaction through a Web-based virtual terminal, certified third party payment gateway, Web services API, or batch file upload. Since electronic checks by phone and checks online are Web-based, only a computer and Internet connection are needed. Encrypted data such as the bank routing number and account number is transmitted via ACH to a secure server, the customer’s account is automatically debited and funds are deposited directly into the merchant’s business account.
Electronic check and ACH services, include check conversion, guarantee, Remote Deposit Capture and ACH debit, risk management tools, check writer negative, activity databases and risk-scoring techniques and tools.
e-Checks or Checks by Phone/fax/e-mail are a good additional payment solution to Credit Card Acceptance , which allows you to collect payment via check over the phone, by fax, and even off your order form on your Website.
How it Works:
Micropayments are used to process small transaction amounts (from a few cents to $10 USD) that would otherwise severely limit your amount of profit if processed the same as credit cards.
Check guarantee is a program in which you are guaranteed to be paid on your checks. There’s no need to worry about accepting checks or collection on returned checks. Usually, the cost for this solution is about the same as credit card acceptance, however, some may offer it for a lower price.
EFT is a method for transferring money automatically by using the facilities of the Automated Clearing House (ACH), an entity associated with the Federal Reserve Banks. EFT is the only system by which a merchant can initiate a transaction to collect money from the bank account of a customer located anywhere in the USA. In addition, it can be used to transfer money outwardly to pay bills.
It is most often used to process low-dollar repetitive retail payments. Financial Institutions that are members of the FED ACH System send batches of credits and/or debits into the system, and the system sorts the items from all batches submitted, and routes them to the appropriate receiving financial institution. The system is used primarily for pre-authorized recurring payments such as payroll, corporate payments to vendors, Social Security payments, insurance premium payments and utility payments. Section also covers ACH Services like Electronic Check Conversion (ECC), Accounts Receivable Truncated Checks (ARTC/Lockbox), and Returned Check Collections (RCK).
Grocery shopping is one of the most widely performed activities around the world. If you are food merchant, you probably know that not everyone pays for their food with cash or credit cards, but many use food stamps as well. Now that paper is becoming a less and less common form of the food stamp, many purchases are made with the use of a single card called Electronic Benefits Transfer card.