Not so long ago, accepting cash and credit card payments was enough to keep the business going. However, these days, organizations offering their customers only traditional payment options risk being outplayed by their competitors. Think about it: in 2021, approximately 7% of people abandoned their shopping carts because the merchant didn’t offer enough payment methods.
Processing card payments is a great responsibility for businesses, especially when it comes to the transmission and storage of confidential information. Even with the modern security measures, in the first half of 2021 alone, there were 1,767 publicly reported breaches that exposed 18.8 billion records.
The 2021 Q2 volume of eCheck payments reached a 7.3 billion count with a value of $18.4 trillion. That’s a nearly 25% increase compared to last year. Such rapid growth makes more and more business owners consider offering this payment method to their clients. But what is an eCheck and how does it work? Read ahead to find out the eCheck meaning, how such payments get processed, and whether your business can benefit from them.
Smartphones and tablets are the mobile devices that the majority of consumers have at hand at all times, making them even more convenient to use for payment than a credit card or cash. Thus, no matter if you sell your goods or services online or in-store, integrating a way to pay via mobile in addition to traditional credit card processing methods is vital for offering a smooth shopping experience for your clients.
Online payments have become an integral part of everyday life. However, as e-commerce develops, so does cybercrime. To prevent fraud and protect user data, online payment services are implementing various security protocols.
For a nonprofit, every donation counts. That’s why it is crucial to provide the public with the most convenient ways of making contributions. Thus, if your organization is still not accepting credit card payments, it is about time to fix it. This comprehensive guide has all the information you need to get started with credit card processing for nonprofits, including an overview of its benefits and useful tools for implementing it.