Category: TruePay

Pricing has always been a tricky area for businesses to navigate, as profit margins and customer satisfaction must be maintained. Dual pricing is a strategy that has emerged as a way to provide customers with transparency in pricing and incentivize payment by cash or debit card. By displaying both card and cash prices, dual pricing ensures that consumers can compare prices easily before making their final purchase decision. In this blog, we’ll explore the benefits of dual pricing for businesses and consumers.

 

1. Increased Transparency
Once a customer swipes their card, the merchant’s terminal communicates with the payment processor to obtain authorization. The payment processor sends the authorization request to the issuing bank, which reviews the customer’s account for sufficient funds and puts a hold on the amount of the transaction. If the issuing bank approves the transaction, an authorization code is generated that the payment processor sends back to the merchant’s terminal.

 

2. Better Cash Flow
Once the authorization is approved, the merchant can proceed with capturing the funds. This involves transmitting the transaction details and authorization code to the payment processor, which then forwards them to the acquiring bank. The acquiring bank reconciles the transaction and deposits the approved funds into the merchant’s account, less any fees.

 

3. Incentivizes Payment by Cash
Settlement is the process of transferring funds between the acquiring bank and the issuing bank. The acquiring bank sends a settlement request to the issuing bank, which verifies the transaction details and approves the transfer of funds. This process can take up to several days to complete, depending on the types of cards involved and the amount of the transactions.

 

4. Improves Accuracy
Funding is the final stage of the credit card transaction process. Once the funds have been settled and deposited into the merchant’s account, they can be accessed and used to pay for business expenses. The speed at which funds are deposited depends on the merchant’s payment processor, with some offering same-day deposits and others taking up to one or two business days to process.

 

5. Enhances Customer Decision Making
Chargebacks occur when a customer disputes a transaction with their issuing bank, typically due to fraudulent or unauthorized activity. In such cases, the issuing bank investigates the matter and, if it finds the customer’s claims to be legitimate, reverses the transaction and debits the merchant’s account for the amount of the original transaction.

 

Dual pricing presents a win-win situation for both businesses and consumers. Merchants can save on transaction fees and encourage cash payments, while customers can make more informed decisions. As the benefits discussed in this blog are significant, it is no surprise that this pricing model is an increasingly popular choice for businesses of all sizes. By implementing dual pricing, merchants can foster greater trust with their customers, and customers benefit from cost savings and transparency.

 

Contact TruePay today to learn more about the advantages and benefits that Dual Pricing can provide for your business.

As technology advances quickly, businesses must keep up with the latest trends to stay up-to-date, competitive, and efficient. One of the most significant technological advancements for businesses, especially in the retail or service industry, is an EVM (Europay, MasterCard, and Visa)-compliant chip terminal. These terminals are designed to ensure secure payment processing, save time for businesses and customers, and increase overall customer satisfaction. This blog post will explore five benefits of using an EVM-compliant chip terminal.

1. Enhanced Security:
With an EVM-compliant chip terminal, businesses and customers can enjoy higher transaction security. These chip terminals allow customers to insert their credit or debit card into a slot, and the chip on the card uses an encrypted code to communicate with the terminal to authorize and process the transaction. This process is much more secure than the traditional swipe-and-sign card processing method because it reduces the chances of fraudulent activities like skimming and phishing attacks.

 

2. Faster Transactions:
EVM-compliant chip terminals offer faster transactions than traditional swipe-and-sign card processing methods. The chip technology used in these terminals allows for quicker processing and approval times, allowing businesses to complete transactions more efficiently and reducing customer wait time. The speed and efficiency of EVM-compliant chip terminals can also help businesses increase their overall transaction volume, thus improving their bottom line.

 

3. Improved Customer Experience:
An EVM-compliant chip terminal can improve the overall customer experience by speeding up transaction times, improving payment processing security, and offering a more modern payment system. Many customers prefer to use modern payment methods, and an EVM-compliant chip terminal can help businesses to reach that standard. Be it through instantaneous approval processing times or an advanced security system; customers shall undoubtedly appreciate the use of such technology.

 

4. Compatibility with other Technologies:
EVM-compliant (chip) terminals are so advanced in their customization and capabilities that they can be easily integrated with other technologies. EVM terminals can be integrated with point-of-sale (POS) software systems, which can help businesses better manage workflows and optimize operations, resulting in more significant revenue from better customer engagement.

 

5. Compliance with Regulations:
Many countries and regions have established regulations and requirements for payment terminals to protect businesses and customers from fraud. Adhering to these requirements can help businesses avoid legal issues, and an EVM-compliant chip terminal is considered a necessary component to remain compliant. Transactions with these terminals are also less likely to attract regulatory intervention and are secure and protected.

An EVM (chip) terminal is a great investment for any business that seeks sustainable success in the long run. By upgrading your business’s card-processing technology to EVM-compliant (chip) terminals, you can benefit from enhanced security, faster transaction times, improved customer experience, compatibility with other technologies, and regulatory compliance the platform offers. It’s time to make your business more secure, efficient, and reputable. Invest in an EVM-compliant chip terminal today!

 

Simplify payment processing for your business with TruePay’s EVM-compliant (chip) terminal. Rest assured, your transactions are both safe and secure.

Contact us today to learn more!

 

When running a business, accepting payments smoothly is a game-changer. But with the multitude of payment processing options, making the right choice can feel like a puzzle. That’s where flat-rate payment processing comes into play. In this blog post, we’ll dive into five fantastic advantages of flat-rate payment processing and why it might just be the perfect fit for your business.

 

No Sneaky Fees – One of the standout perks of flat rate payment processing is its transparency. Traditional payment methods can leave you scratching your head with varying fees, depending on card types, transaction locations, and other variables. With flat-rate payment processing, you always know what you’re paying, making budgeting a breeze.

 

Predictable Expenses – Besides fee clarity, flat-rate payment processing offers predictability. Business owners understand the struggle of dealing with unpredictable costs that can throw off their financial plans. Flat rate payment processing ensures you have a fixed monthly expense, helping you confidently manage your finances. No Strings Attached – Unlike traditional payment processing, flat-rate payment processing comes without the burden of long-term contracts. Traditional contracts can feel like a ball and chain, making it tough to switch providers if you’re not satisfied. With flat-rate payment processing, you can cancel at any time without penalties or headaches.

 

No Strings Attached – Unlike traditional payment processing, flat-rate payment processing comes without the burden of long-term contracts. Standard contracts can feel like a ball and chain, making it tough to switch providers if you’re not satisfied. With flat-rate payment processing, you can cancel without penalties or headaches.

 

Simplified Pricing – The beauty of flat-rate payment processing lies in its simplicity. You don’t need a degree in finance to grasp the pricing structure. Say goodbye to deciphering complex fee charts and spend more time on growing your business.

 

Time-Saver Extraordinaire – Last but certainly not least, flat-rate payment processing saves you precious time. Traditional payment processing often demands significant hours dedicated to administrative tasks, like fee analysis and reconciliations. Flat-rate payment processing lets you focus on what truly matters – expanding your business – while reducing the time spent on administrative hassles.

 

Flat-rate payment processing is gaining popularity among businesses and for all the right reasons. It offers a straightforward pricing model that’s easy to handle and budget for, with predictability and contract-free flexibility. Moreover, it frees up your valuable time, sparing you from the headaches of dissecting complex payment processing fees. It’s the ideal choice for any business seeking a hassle-free and cost-effective payment processing solution.

Most people don’t think twice about swiping their credit card for a purchase. Yet, the process of authorizing and processing a credit card payment is much more complex than meets the eye. From the moment a customer swipes their card to the time the funds are deposited into the merchant’s bank account, there are multiple parties involved in a complex series of steps. In this blog post, we will delve into the intricacies of the credit card payment process, shedding light on what happens behind the scenes of every transaction.

 

Step One: Authorization
Once a customer swipes their card, the merchant’s terminal communicates with the payment processor to obtain authorization. The payment processor sends the authorization request to the issuing bank, which reviews the customer’s account for sufficient funds and puts a hold on the amount of the transaction. If the issuing bank approves the transaction, an authorization code is generated that the payment processor sends back to the merchant’s terminal.

 

Step Two: Capture
Once the authorization is approved, the merchant can proceed with capturing the funds. This involves transmitting the transaction details and authorization code to the payment processor, which then forwards them to the acquiring bank. The acquiring bank reconciles the transaction and deposits the approved funds into the merchant’s account, less any fees.

 

Step Three: Settlement
Settlement is the process of transferring funds between the acquiring bank and the issuing bank. The acquiring bank sends a settlement request to the issuing bank, which verifies the transaction details and approves the transfer of funds. This process can take up to several days to complete, depending on the types of cards involved and the amount of the transactions.

 

Step Four: Funding
Funding is the final stage of the credit card transaction process. Once the funds have been settled and deposited into the merchant’s account, they can be accessed and used to pay for business expenses. The speed at which funds are deposited depends on the merchant’s payment processor, with some offering same-day deposits and others taking up to one or two business days to process.

 

Step Five: Chargebacks
Chargebacks occur when a customer disputes a transaction with their issuing bank, typically due to fraudulent or unauthorized activity. In such cases, the issuing bank investigates the matter and, if it finds the customer’s claims to be legitimate, reverses the transaction and debits the merchant’s account for the amount of the original transaction.

 

In conclusion, every credit card payment involves a complex sequence of steps and a host of players, including the issuing bank, payment processor, acquiring bank, and merchant. Though the process happens in mere seconds from the customer’s perspective, there is a lot of work happening behind the scenes to ensure a seamless transaction.

 

Introducing TruePay: A secure payment processor for modern business owners.

 

As a business owner, you need a payment processor that stands firmly on transparency, accessibility and provides unparalleled value. Our ultimate goal is to provide modern entrepreneurs with a reliable partner who understands their unique challenges and works tirelessly in support of their goals.

 

We’re proud to be the first ever payment processor tailored specifically for the needs of small businesses. Try out our services today risk-free and see what unbeatable service looks like.

Point of Sale (POS) systems have come a long way since the days of manual cash registers and handwritten receipts. Modern businesses rely on sophisticated technology to streamline their operations and provide a seamless customer experience in today’s fast-paced business environment. This blog will take you on a journey through the evolution of POS systems, from their humble beginnings as cash registers to the cutting-edge smart terminals of today.

 

The Birth of Cash Registers
The story of POS systems begins in the late 19th century with the invention of the cash register. Before this, businesses had limited ways to track sales and prevent employee theft. The introduction of cash registers made it easier to record transactions and reduced the temptation for employees to skim money from the till.

 

The Transition to Electronic Cash Registers
In the mid-20th century, electronic cash registers began to replace their mechanical counterparts. These devices used electronic components to perform calculations and print receipts automatically. While they were a significant improvement, they were still limited in functionality compared to today’s POS systems.

 

The Emergence of Computer-Based POS Systems
In the late 20th century, they revolutionized the world of POS systems by introducing computer-based systems. These systems utilized specialized software and hardware to manage inventory, track sales, and generate detailed reports. Businesses could now access valuable insights into their operations, paving the way for data-driven decision-making.

 

The Rise of Cloud-Based POS Systems
As the internet became more accessible, cloud-based POS systems emerged. These systems allowed businesses to access their sales data and manage their POS system remotely from any internet-connected device. This shift not only enhanced convenience but also improved data security and scalability.

 

Smart Terminals: The Future of POS Systems
Today, we find ourselves in the era of smart terminals. These advanced POS systems combine the power of cloud computing, mobile technology, and intuitive software to offer businesses an all-in-one solution. Here’s how they are shaping the future of point of sale:

 

1. Mobility and Flexibility
Smart terminals are often tablet-based, allowing businesses to take payments anywhere within their establishment. This mobility is especially valuable in the hospitality and food service industries, where table side ordering and payment processing have become the norm.

 

2. Integration Capabilities
Modern POS systems integrate seamlessly with other business tools, such as inventory management, customer relationship management (CRM), and accounting software. This integration streamlines operations, reduces manual data entry, and enhances the overall efficiency of the business.

 

3. Customer-Facing Features
Smart terminals often feature customer-facing displays that enable customers to see their orders, confirm pricing, and even provide digital signatures. These features enhance transparency and create a more interactive and engaging shopping or dining experience.

 

4. Enhanced Security
With the rise in data breaches and cyber threats, smart terminals prioritize security. They offer features like end-to-end encryption, tokenization, and EMV chip card support to protect sensitive payment information and reduce the risk of fraud.

 

5. Analytics and Insights
One of the most significant advantages of smart terminals is their ability to collect and analyze data. Businesses can gain valuable insights into customer behavior, popular products, and peak sales, allowing for data-driven decision-making and targeted marketing efforts.

 

The evolution of POS systems from cash registers to smart terminals is a testament to the rapid advancement of technology and its impact on how businesses operate. As we look ahead, it’s clear that smart terminals will continue to play a pivotal role in helping companies streamline their operations, provide exceptional customer experiences, and stay ahead in an ever-changing marketplace. The journey from cash registers to smart terminals is fascinating, and it’s exciting to imagine what the future holds for this essential business tool.

Small and medium businesses (SMBs) are crucial in driving economic growth in today’s rapidly evolving business landscape. As these businesses strive to stay competitive and meet customer demands, their choice of payment systems becomes paramount. This blog post will delve into the significance of modern Point of Sale (POS) systems for SMBs, highlighting how these advanced terminals transform the way transactions are conducted, enhance customer experiences, and boost overall business efficiency.

 

Streamlining Transactions for SMBs: A Closer Look at Modern POS Systems

Running a small or medium business often means juggling numerous responsibilities. One critical aspect is managing transactions efficiently – making sure customers can pay smoothly while minimizing any hiccups that might slow down the process. This is where modern Point of Sale (POS) systems step in, acting as the unsung heroes behind the scenes of every successful sale.

 

Traditionally, SMBs have relied on manual cash registers or outdated card readers, resulting in longer lines, frustrated customers, and potential errors in tallying up purchases. While functional in the past, these systems need help to keep up with today’s fast-paced business environment.

 

Enter modern POS systems designed to streamline transactions and simplify the entire process. These systems combine cutting-edge technology with user-friendly interfaces, creating a seamless experience for customers and business owners.

 

Moreover, modern POS systems are equipped to handle various payment methods. Whether it’s a credit card, a mobile payment app, or a contactless transaction, these systems can process them all without missing a beat. This versatility is essential in catering to the diverse preferences of today’s customers, who expect convenient payment options.

 

Beyond the checkout counter, modern POS systems also offer features that benefit SMBs in the long run. They can automatically update inventory levels as items are sold, keeping stock management accurate and efficient. Plus, many systems provide sales reports and insights, giving business owners a clear view of their best-selling products, peak hours, and overall performance.

 

Modern POS systems shine as a beacon of efficiency in a world where time is of the essence and customer expectations are higher than ever. They help SMBs smooth transactions, ensure accurate payments, and provide valuable data for informed decision-making.

 

Modern POS systems are not just transactional tools but pivotal in reshaping how SMBs operate, serve customers, and drive growth. By embracing these advanced payment systems, SMBs can unlock new avenues of efficiency, data-driven decision-making, and enhanced customer experiences, ultimately leading to their sustained success in an ever-evolving marketplace.