When you have young children, they tend to have their own way of talking when they’re still learning how the English language works. Today we will look at the system POSLavu. That’s where Lavu’s quirky name comes from: Developer Andy Lim’s child coined the term, a toddler’s abbreviation of “I love you.” Lim probably chose the...
Before starting any online business, owners need a merchant account service provider to be able to accept certain payment methods. Very well, but what is a merchant account exactly? A merchant account is a special type of bank account allowing people to send and receive funds through certain means of payment (bank card, credit card,...
There’s no shortage of problems when you’re running a business. Not being able to process your customer’s credit cards can cost you so many sales that you’re driven out of business. Almost no one carries checks or more than a modest amount of cash. Many people rely on using their debit or credit cards to...
Banks and credit card processors retain the right to determine which merchants they wish to work with. Some merchants find they are deemed high risk by these organizations, and this may occur for a number of reasons. The bank or credit card processor may label them high risk due to poor credit or because of...
Most people have a pretty clear understanding of how credit cards work. By putting items on a card they can have more purchasing power by paying the balance later. In essence, it’s a small loan from a bank and several other financial entities. Banks and other creditors charge fees for processing these transactions. There are...
Consumers today are searching for the best ways to save money on the products they buy daily or weekly. Credit card rewards programs are an excellent way they can do that. Companies also realize that rewards programs create loyal customers and are willing to pay shoppers for the purchases they make that they might otherwise...
Does everyone really know all the true costs of owning and using a credit card when they sign up for one? All too many people skip the fine print and go for a card that sounds good on the surface, then get slammed with surprise charges later on. Even if a person does not want...
Virtually everyone using credit or debit cards to make purchases, especially at gas pumps, has been asked to provide a zip code prior to the purchase being approved. Since gas purchases made at the pump don’t require the purchaser to enter a store and deal with a cashier, many people enjoy the speed and convenience...
With margins often slim, even in good times, it pays merchants to explore ways to minimize their expenses. While some business fees and expenses are beyond the control of merchants, there are some expenses where available options make it possible to trim costs. That’s true, to a certain extent, with credit card processing fees, so...
For retailers, the acceptance of electronic payments comes with an expense not linked to check or cash payments—an interchange fee, which is a percentage of the sale paid by the vendor as transactions are processed. While most know that the prices of services and goods typically include these fees, processors continually work with suppliers to...
