ACH (Automated Clearing House) payments have become popular largely because of their convenience, reliability and cost-effective solutions. ACH is a payment solution that accepts payments by moving funds from one bank account to another electronically through routing numbers. If your business is utilizing direct deposit to pay employees, whether you know it or not, you’re already using a form of ACH and are aware of these benefits. But how can ACH payments actually increase sales for your business?
The formula for improving cash flow is simple: collect account receivables as fast as possible, and slow down your accounts payable without jeopardizing your relationship with suppliers and partners. Knowing that most businesses, and even individual consumers, operate with the same ideology in mind means the challenge to get paid faster may seem insurmountable. Which is why an industry exists to create products that focus on helping businesses get paid faster. When cash flow slows, the likelihood of survival decreases. In fact, the lack of cash is one of the top reasons that small businesses fail.
PayPal continues to evolve and strive to make payment acceptance simple. As the most innovative SaaS based ERP company in the world, NetSuite made the decision to support PayPal natively within their two eCommerce platforms (SiteBuilder and SuiteCommerce Advanced) early. As PayPal has continued to evolve, with Express Checkout and other advanced features, the need for broader support and functionality for PayPal within NetSuite emerged.
Topics: NetSuite SuitePayments
It’s no secret that many consumers have lost trust in financial institutions, especially millennials. This is underscored by the fact that the people in the age bracket of 25-35 years old carrying credit card debt is at its lowest since 1989.A recent survey conducted by Affirm, the financial service brainchild of PayPal co-founder Max Levchin, found that 64% of respondents worry about the final cost of items bought with credit due to a history of deceptive practices in the industry. In fact, more than half also said that the uncertainty of the final price—due to interest and unclear terms—made them enjoy their purchase less, which is never a good thing for a retailer. But is this reason enough for merchants to abandon financing? Absolutely not. It is, however, reason for merchants to look at more modern financing options that appeal not only to the millennial buying power, but to the masses.
Over the course of the year, the number of merchants using chip-enabled terminals more than doubled, with 39 percent (or 1.81 million) of all merchant locations using EMV technology. The majority of these merchants - 82 percent of them - were small and medium-sized businesses. Chip transactions comprised just about half (49 percent) of total payment volume in card present transactions.
Does your business operate on a monthly subscription basis? There are many types of monthly billing subscriptions, from standard subscriptions to metered (or usage-based) billing, base plus per user pricing, multiple subscription billing and more. No matter how difficult your subscription model may seem, being able to automate the billing process is possible and can save you time and money. Many of the shortcomings that previously were prevalent in Recurring Billing plans are no longer an issue due to advances in technology, such as Account Updater.
Topics: Recurring Billing
When it comes to payment authorizations for your online sales, the growing need for advanced security is often times at odds with the customer experience. While consumers are aware of cybersecurity risks, the perception that there are too many obstacles during the checkout process can often lead to abandoned carts. For consumers who order from you often, the friction at checkout can lead them to look elsewhere. How can e-commerce merchants achieve the necessary security to keep their data, and their client's data safe, while still satisfying a speedy, frictionless checkout process with less false failures?
Topics: Card Security
With CNP fraud on the rise since the EMV chargeback liability
It's a mighty thought to ponder given the latest data released from JP Morgan, but the state of all commerce is posed to take advantage of today's shoppers. The internet has opened up a wealth of product knowledge, consumers can research products, compare specs and read reviews well ahead of buying time. But, will the desire for instant gratification and a hand's on in-store buying experience ever disappear?
Report Confirms EMV Expectations: Counterfeit Fraud Down, CNP Fraud Up
According to a July 2016 Card Fraud Control Benchmark Study from Auriemma Consulting Group, counterfeit card fraud has reached its lowest level since 2013, falling 18 percent in Q1 from the previous quarter. Counterfeit fraud losses have declined steadily relative to other categories since the industry’s EMV liability shift took effect late last year, and have decreased by nearly one-fourth since their peak in late 2014.