Digitech Payments - Credit Card Payment Processing

New Post has been published on http://www.digitechpayments.com/canada-payment-processing-company-supplier-services/

Canada Payment Processing: Business Service Supplier

How does Payment Processing work in Canada? Many Canadian business owners lack the knowledge of what the process is of payment processing transactions and how the fees are implemented and by what companies in Canada?

We will do our best to try and offer credit card payment processing information that includes links to credit card supplier websites, Canadian banking institutions and other useful website links that will help you better understand credit card processing and the debit card processing process; as a consumer or as a merchant (Canada business owner).

Bank Of Merchant (TD Bank, Scotia Bank, Royal Bank, Cibc Bank, Desjardins Bank, HSBC Bank, National Bank of Canada, Laurentian Bank of Canada, Canadian Western Bank, ATB Financial, Bank of Montreal, ING Bank, Manulife Bank, First Nations Bank of Canada, Presidents Choice Bank, Bank of America, Bank of China, Bank of Tokyo-Mitsubishi, Citibank Canada, CTC Bank of Canada, Habib Canadian Bank, BofA Canada Bank, HSBC Bank of Canada, ICICI Bank Canada, Industrial and Commercial Bank of China ‘Canada’, J.P. Morgan Bank Canada, J.P. Morgan Canada, Korea Exchange Bank of Canada, Mega International Commercial Bank, Shinhan Bank Canada, Societe Generale Canada, State Bank of India ‘Canada’, Sumitomo Mitsui Banking Corporation of Canada, UBS Bank ‘Canada’, Walmart Canada Bank, Canadian Credit Unions Supplying Credit Cards)

Payment Processing Machine Supplier (Ingenico Credit Card Payment Terminals)

Payment Processing Company (Digitech Payments)

Point Of Sale (POS) For Business Transaction (E-Commerce Website, Mobile Payments, In Retail Store, Office Location, By Telephone)

Credit Card Issuing Company & Credit Card Suppliers: Visa, Mastercard, American Express)

Payment Gateway (http://www.authorize.net/)

Credit Card Processing Network (Interchange)

Knowing the who, what, where, when, how, why in payment processing, should help you understand the processing fees better so that you might in fact be able to save on costs of consumer-merchant transactions done by your business or also by you as a consumer when shopping for goods or services in Canada.

Let’s start with the transaction, no matter who’s making it, the transaction that is made is called the Point-of-Sale (POS), and this is what payment processing machines are commonly called POS Systems and Digitech Payments supplies POS terminals from Ingenico in Canada. The credit card or debit card issued for payment is now used to initialize a transaction for products/goods, and/or services from a business in Canada. The processing of the payment begins with credit card information being sent to the Payment Gateway provider.

What’s a Payment Gateway? A payment gateway authorizes credit card payments for online stores, internet businesses, and any traditional retail store or company location offering services or products that need to be paid for. The payment gateway is an application service provider for e-commerce transactions. The payment gateway is almost identical to the POS terminal itself. The terminals are used to encrypt the credit card information to protect your personal identity online. Gateways assure that credit card protection is at it’s highest against fraud when the processor information is being transmitted between a customer and a retailer, and further, between retailer (merchant), and the payment processing company in Canada or USA, whoever you have your credit card payment processing service set-up with. Digitech Payments is a proud Canadian company offering services to businesses and online retailers.

The next step in the process of payment processing is the payment gateway application now sends the business transaction information from transaction arena to the payment processor. The payment gateway information (credit card company, business name, customer info, transaction details) is collected by the payment processor and is now sorted into the proper channel or network, depending on who the credit card is distributed by.

New Post has been published on http://www.digitechpayments.com/canada-payment-processing-company-supplier-services/

Canada Payment Processing Company: Supplier, Services

How does Payment Processing work in Canada? Many Canadian business owners lack the knowledge of what the process is of payment processing transactions and how the fees are implemented and by what companies in Canada?

We will do our best to try and offer credit card payment processing information that includes links to credit card supplier websites, Canadian banking institutions and other useful website links that will help you better understand credit card processing and the debit card processing process; as a consumer or as a merchant (Canada business owner).

Bank Of Merchant (TD Bank, Scotia Bank, Royal Bank, Cibc Bank, Desjardins Bank, HSBC Bank, National Bank of Canada, Laurentian Bank of Canada, Canadian Western Bank, ATB Financial, Bank of Montreal, ING Bank, Manulife Bank, First Nations Bank of Canada, Presidents Choice Bank, Bank of America, Bank of China, Bank of Tokyo-Mitsubishi, Citibank Canada, CTC Bank of Canada, Habib Canadian Bank, BofA Canada Bank, HSBC Bank of Canada, ICICI Bank Canada, Industrial and Commercial Bank of China ‘Canada’, J.P. Morgan Bank Canada, J.P. Morgan Canada, Korea Exchange Bank of Canada, Mega International Commercial Bank, Shinhan Bank Canada, Societe Generale Canada, State Bank of India ‘Canada’, Sumitomo Mitsui Banking Corporation of Canada, UBS Bank ‘Canada’, Walmart Canada Bank, Canadian Credit Unions Supplying Credit Cards)

Payment Processing Machine Supplier (Ingenico Credit Card Payment Terminals)

Payment Processing Company (Digitech Payments)

Point Of Sale (POS) For Business Transaction (E-Commerce Website, Mobile Payments, In Retail Store, Office Location, By Telephone)

Credit Card Issuing Company & Credit Card Suppliers: Visa, Mastercard, American Express)

Payment Gateway (http://www.authorize.net/)

Credit Card Processing Network (Interchange)

Knowing the who, what, where, when, how, why in payment processing, should help you understand the processing fees better so that you might in fact be able to save on costs of consumer-merchant transactions done by your business or also by you as a consumer when shopping for goods or services in Canada.

Let’s start with the transaction, no matter who’s making it, the transaction that is made is called the Point-of-Sale (POS), and this is what payment processing machines are commonly called POS Systems and Digitech Payments supplies POS terminals from Ingenico in Canada. The credit card or debit card issued for payment is now used to initialize a transaction for products/goods, and/or services from a business in Canada. The processing of the payment begins with credit card information being sent to the Payment Gateway provider.

What’s a Payment Gateway? A payment gateway authorizes credit card payments for online stores, internet businesses, and any traditional retail store or company location offering services or products that need to be paid for. The payment gateway is an application service provider for e-commerce transactions. The payment gateway is almost identical to the POS terminal itself. The terminals are used to encrypt the credit card information to protect your personal identity online. Gateways assure that credit card protection is at it’s highest against fraud when the processor information is being transmitted between a customer and a retailer, and further, between retailer (merchant), and the payment processing company in Canada or USA, whoever you have your credit card payment processing service set-up with. Digitech Payments is a proud Canadian company offering services to businesses and online retailers.

The next step in the process of payment processing is the payment gateway application now sends the business transaction information from transaction arena to the payment processor. The payment gateway information (credit card company, business name, customer info, transaction details) is collected by the payment processor and is now sorted into the proper channel or network, depending on who the credit card is distributed by.

New Post has been published on http://www.digitechpayments.com/mobile-payment-processing-in-canada-on-a-smartphone/

Mobile Payment Processing In Canada On A Smartphone

Turning Your Smartphone Device In To A Credit Card Terminal In Canada

With VirtualMerchant Mobile payment processing, you can now accept payments anywhere at any time, simply by using your smartphone or tablet. The VirtualMerchant Mobile application is most compatible with Apple (iPhone, iPad, iPod) and Android devices.

The way this credit card app works is by key-entering payment information or by securely adding a card reader in which swiped transactions are processed. Once the payment is approved, customers sign the screen and then an e-mail of their electronic receipt will be sent to them. This app is the only source you will need to find information and support for all of your payment activity.

How to Get Started Today

It’s as easy as downloading any application, you start by going to your mobile app store, followed by downloading the VirtualMerchant Mobile app, once this is downloaded, you must configure your information with your VirtualMerchant account.

New Post has been published on http://www.digitechpayments.com/mobile-payment-processing-in-canada-on-a-smartphone/

Mobile Payment Processing In Canada On A Smartphone

Turning Your Smartphone Device In To A Credit Card Terminal In Canada

With VirtualMerchant Mobile payment processing, you can now accept payments anywhere at any time, simply by using your smartphone or tablet. The VirtualMerchant Mobile application is most compatible with Apple (iPhone, iPad, iPod) and Android devices.

The way this credit card app works is by key-entering payment information or by securely adding a card reader in which swiped transactions are processed. Once the payment is approved, customers sign the screen and then an e-mail of their electronic receipt will be sent to them. This app is the only source you will need to find information and support for all of your payment activity.

How to Get Started Today

It’s as easy as downloading any application, you start by going to your mobile app store, followed by downloading the VirtualMerchant Mobile app, once this is downloaded, you must configure your information with your VirtualMerchant account.

New Post has been published on http://www.digitechpayments.com/cost-of-payment-processing-canada/

Cost Of Payment Processing In Canada: Visa, Mastercard, Amex, Interac

Searching online for the true cost of processing payments by credit cards (Visa, Mastercard, American Express) and Interac purchases in Canada? This will answer your questions and help you understand the processing fees better. Much needed clarity if you are a restaurant in Toronto, a clothing store in Vancouver or a nightclub owner in Montreal, or other retail shop in Canada or USA. Understanding the interchange pricing will help you save on payment processor rates by being able to streamline payments from your U.S. & Canadian clients and consumers.

Credit Card Payment Processing Costs:

Number 1: Interchange Rates (Interchange Fees & Interchange Assessments)

 *See here for more information on what the definition is of the “interchange fee” from Wikipedia, if the article doesn’t explain what you are looking for.

90% of the cost of a transaction are the interchange fees and the interchange fee is made by the card brand (ex: Mastercard or Visa), these payment processing fees are not negotiable with your card processor in Canada or the United States. There can be many factors for this and we can’t exactly get into the politics of industry in North America, but we can do our best to give you a few examples.

processing costs vary by the type of business and the industry that it serves

the type of credit card being used is a factor

how the card is read (mobile payments cost more and generally process at 2.75%, usually, the best rate )

In the break-down of payment processing, fees and assessments make up the next 9% of the total cost.

luxury and high priced items would be in this category of transaction fees

accessing the network fees

over the border transaction fees (ex: USA/Canada Customs)

the brand’s usage fees

1% would go to the payment processor (ex: Digitech Payments)

Number 2: Process Charge Backs & Fraudulent Activity

Chargebacks are an import factor in the total cost as well. The merchants will always be charged a transaction fee when processing a chargeback. Another factor in chargeback fees is the amount of the purchase for the merchant’s service or product that was originally processed. The average charge back is about $15 to $30 dollars.

If a business owner or company has many charge backs, then the brand corporations like American Express, Visa, and Mastercard may in fact give them a fine up to $25,000 for breaking the agreement’s rules. Many Canadian business owners would pay about $50 on average in overhead and employee costs, just to process a chargeback! Unfortunately, mistakes happen and a write-off can generally be forecasted by business owners when creating their budgets for credit card processing and Interac payment processing for the next year.

Fraud is the next cost that a merchant can expect of their total payment processing costs. E-Commerce website owners, and other online merchants in Canada or the States that offer sales of products and/or services will be most affected by this processing fee. The cost of fraudulent activity online has been researched to cost online business owners and merchants almost 3.5 billion dollars yearly. Be safe and take the proper precautions with online consumers and sales transactions. Between 50 and 90 basis points are lost due to fraud, online payment processing can cost 1% of the total sales for a year for a merchant!

New Post has been published on http://www.digitechpayments.com/cost-of-payment-processing-canada/

Cost Of Payment Processing In Canada: Visa, Mastercard, Amex, Interac

Searching online for the true cost of processing payments by credit cards (Visa, Mastercard, American Express) and Interac purchases in Canada? This will answer your questions and help you understand the processing fees better. Much needed clarity if you are a restaurant in Toronto, a clothing store in Vancouver or a nightclub owner in Montreal, or other retail shop in Canada or USA. Understanding the interchange pricing will help you save on payment processor rates by being able to streamline payments from your U.S. & Canadian clients and consumers.

Credit Card Payment Processing Costs:

Number 1: Interchange Rates (Interchange Fees & Interchange Assessments)

 *See here for more information on what the definition is of the “interchange fee” from Wikipedia, if the article doesn’t explain what you are looking for.

90% of the cost of a transaction are the interchange fees and the interchange fee is made by the card brand (ex: Mastercard or Visa), these payment processing fees are not negotiable with your card processor in Canada or the United States. There can be many factors for this and we can’t exactly get into the politics of industry in North America, but we can do our best to give you a few examples.

processing costs vary by the type of business and the industry that it serves

the type of credit card being used is a factor

how the card is read (mobile payments cost more and generally process at 2.75%, usually, the best rate )

In the break-down of payment processing, fees and assessments make up the next 9% of the total cost.

luxury and high priced items would be in this category of transaction fees

accessing the network fees

over the border transaction fees (ex: USA/Canada Customs)

the brand’s usage fees

1% would go to the payment processor (ex: Digitech Payments)

Number 2: Process Charge Backs & Fraudulent Activity

Chargebacks are an import factor in the total cost as well. The merchants will always be charged a transaction fee when processing a chargeback. Another factor in chargeback fees is the amount of the purchase for the merchant’s service or product that was originally processed. The average charge back is about $15 to $30 dollars.

If a business owner or company has many charge backs, then the brand corporations like American Express, Visa, and Mastercard may in fact give them a fine up to $25,000 for breaking the agreement’s rules. Many Canadian business owners would pay about $50 on average in overhead and employee costs, just to process a chargeback! Unfortunately, mistakes happen and a write-off can generally be forecasted by business owners when creating their budgets for credit card processing and Interac payment processing for the next year.

Fraud is the next cost that a merchant can expect of their total payment processing costs. E-Commerce website owners, and other online merchants in Canada or the States that offer sales of products and/or services will be most affected by this processing fee. The cost of fraudulent activity online has been researched to cost online business owners and merchants almost 3.5 billion dollars yearly. Be safe and take the proper precautions with online consumers and sales transactions. Between 50 and 90 basis points are lost due to fraud, online payment processing can cost 1% of the total sales for a year for a merchant!

More Debt On Canada's Consumers, However, Paying It Off

Canadian consumers are paying off their debts, but are carrying more debt than 1 year ago. The following is a great article from CTV.

Linda Nguyen, The Canadian Press Published Monday, November 25, 2013 6:15AM EST Last Updated Monday, November 25, 2013 7:44AM EST

TORONTO — Canadians are carrying more debt now than a year ago, but it seems like many have a better handle on paying it back, says a newly-released study.

Statistics from credit monitoring firm Equifax Canada show that consumer debt, excluding mortgages, rose 3.7 per cent in the third quarter to $507.1 billion from $489 billion a year earlier.

Despite the increase in debt load, however, the overall delinquency rate — bills more than 90 days past due — dropped to a record low of 1.13 per cent in the three months ended Sept. 20. That was down from 1.22 per cent in the same period last year.

“People are gaining confidence and they see they can maintain more or less their lifestyle yet are more aware of the financial choices they’re making,” said Regina Malina, director of modelling and analytics at Equifax.

Meanwhile, overall consumer debt, including mortgages, continues to grow. In the third quarter, Canadians owed $1.36 trillion, up from $1.3 trillion a year earlier.

Malina said the data shows that Canadians have more control over their debt — from car loans to credit card purchases — even though debt levels have continued to increase over the past few quarters.

“It’s not like we can relax and not pay attention to the pattern because delinquency is low, but the conclusion is that consumers have learned to behave more responsibly,” she said.

“At one point, the debt can get to the point where the delinquency rate can reverse course.”

Previous Equifax studies have shown that consumers tend to take out more loans, and do not pay them back as quickly, during a volatile economy or periods of high unemployment.

Regionally, those from Quebec had the lowest delinquency rates, while those in the eastern provinces had the highest.

The study also noted that like the previous quarter, seniors continued to accumulate debt at the highest rate, yet still carried the least amount of debt of any age group. It said debt levels for those aged 65 years and older were 6.4 per cent higher than in the same period a year ago.

The Bank of Canada has repeatedly warned that as interest rates rise, Canadians may become vulnerable to an economic shock if they are carrying too much debt.

More Debt On Canada's Consumers, However, Paying It Off

Canadian consumers are paying off their debts, but are carrying more debt than 1 year ago. The following is a great article from CTV.

Linda Nguyen, The Canadian Press Published Monday, November 25, 2013 6:15AM EST Last Updated Monday, November 25, 2013 7:44AM EST

TORONTO — Canadians are carrying more debt now than a year ago, but it seems like many have a better handle on paying it back, says a newly-released study.

Statistics from credit monitoring firm Equifax Canada show that consumer debt, excluding mortgages, rose 3.7 per cent in the third quarter to $507.1 billion from $489 billion a year earlier.

Despite the increase in debt load, however, the overall delinquency rate — bills more than 90 days past due — dropped to a record low of 1.13 per cent in the three months ended Sept. 20. That was down from 1.22 per cent in the same period last year.

“People are gaining confidence and they see they can maintain more or less their lifestyle yet are more aware of the financial choices they’re making,” said Regina Malina, director of modelling and analytics at Equifax.

Meanwhile, overall consumer debt, including mortgages, continues to grow. In the third quarter, Canadians owed $1.36 trillion, up from $1.3 trillion a year earlier.

Malina said the data shows that Canadians have more control over their debt — from car loans to credit card purchases — even though debt levels have continued to increase over the past few quarters.

“It’s not like we can relax and not pay attention to the pattern because delinquency is low, but the conclusion is that consumers have learned to behave more responsibly,” she said.

“At one point, the debt can get to the point where the delinquency rate can reverse course.”

Previous Equifax studies have shown that consumers tend to take out more loans, and do not pay them back as quickly, during a volatile economy or periods of high unemployment.

Regionally, those from Quebec had the lowest delinquency rates, while those in the eastern provinces had the highest.

The study also noted that like the previous quarter, seniors continued to accumulate debt at the highest rate, yet still carried the least amount of debt of any age group. It said debt levels for those aged 65 years and older were 6.4 per cent higher than in the same period a year ago.

The Bank of Canada has repeatedly warned that as interest rates rise, Canadians may become vulnerable to an economic shock if they are carrying too much debt.

New Post has been published on http://www.digitechpayments.com/download-free-app-iphone-credit-card-payment-processing-accept-cc-on-phone-canada-usa/

iPhone Credit Card Payment Processing - Canada Free Mobile App Download

Use your mobile browser on an iPhone to offer credit card payment processing in Canada to accept payments from clients and customers. Free mobile app download for iPhone owners. Accept and process credit cards (Visa, Mastercard, American Express) on your smartphone. Our processing company offers service for all types of business owners offering services and companies offering sales of products on the go.

  The iPhone turns into a portable payment processing service for a very low fee to process a Visa card, Mastercard and the American Express credit card. At a rate of only 2.75%, you can accept credit card payments from virtually anywhere with a cell phone signal in Canada or USA.

Canadian business types and American companies that generally use our mobile payment processing services are:

General Contractors: Carpenters, Painting Companies, Flooring & Wood Floor Refinishing Services, Drywall Contractors, Electricians, Roofing Companies, Interior Designers, Home Framing Companies, Window and Door Installers, Siding Companies, Landscapers, Snow Removal Companies, Garbage Removal And Scrap Metal Contractors, Lawn Care Services, Cleaning Companies, Concrete Contractors, Home Builders, Basement Renovation Companies, Bathroom Renovation Companies, Kitchen Renovations Contractors, And Other Types of Contractors In Canada.

Catering Companies: Mobile Catering, In-Home Caterers

Mobile Pet Groomers & Dog Walking Businesses

Disk Jockey (DJ)

Event & Party Planners

Towing Companies

Taxis

Clothing Designers

Grocery Stores & Suppliers

Seasonal Food Trucks & Hot Dog Vendors

Traveling Sales Professionals

Farmers

Used Car Dealers

Insurance Companies

Travel Agencies

Brokers

Other Business Service Types In Canada and the United States.

Download the Free iPhone App now!

New Post has been published on http://www.digitechpayments.com/the-pain-in-chargebacks/

The Pain in ChargeBacks

There are two scenarios when chargebacks can occur, the first one is when a credit card is fraudulent in other words when the cardholder claims not to have made the purchase. The second one is when the cardholder isn’t satisfied with his purchase. Most of the time, the cost of that chargeback is absorbed by the merchant. Chargebacks can be costly and time consuming, that’s why we assembled some easy tips on how to avoid them and keep you protected.

One tip that could be very useful is adding to the security steps the address verification. This ensures that the cardholder’s billing address matches the address given at the time of the transaction. Another useful tip to take note of is making sure that you have a return policy, either on the bill or somewhere visible in your business. This return policy will help you fight back the charge in the case where a client may have contacted his credit card provider for a refund. If the client asked for a refund after the return date, you will likely be able to keep the funds of that transaction.

If you are accepting credit cards face to face then it is always good to ask for a signature and ask for piece of ID to validate the information. If you’re business is accepting credit cards through IVR or ARU (calling in your transactions) or a virtual gateway you must be cautious in when taking orders. Credit cards from foreign countries can result in complications and chargebacks may occur.

In the case of merchants using POS Systems or Basic terminals, it’s important to make sure that your equipment is Chip & NIP compliant. Otherwise your chances or winning a chargeback are slim to none. The Chip terminals ensure and guarantee a safe and secured transaction for both, merchant and cardholder.

In any case, if you were to get a chargeback dispute, take the time to respond as quickly as possible. This will show the credit card company that you aren’t neglecting the dispute and that you are showing good faith.

New Post has been published on http://www.digitechpayments.com/canadas-interest-rates/

Canada’s Interest Rates

As reported before In our blog section we mentioned how towards the end of 2012 Canada’s economy wasn’t in the shape we were hoping it to be but none the less it did not lose too much momentum. Today RBC Claimed in a conference call that if an improvement in America’s economy follows through, this would mean higher interest rates before the end of 2013.

RBC Indicated that if The U.S economy gains momentum it would allow Canada to boost its economy with it. Needless to say that this would mean that the Bank of Canada would have no other choice but to raise interest rates to a half percent. RBC predicts that this could happen by the end of this year but other banks like TD and BMO predict the interest rate hike could only happen in 2014.

Economist predict  that in the latter half of  the third quarter America could be gaining momentum leading Canada’s exports demand to climb. Even though we had a slow late 2012 this has not stopped the optimism of some of the economist and large financial institutions.

New Post has been published on http://www.digitechpayments.com/canadian-code-of-conduct-bill-s-215/

Canadian Code Of Conduct: Bill S-215

  In December 2012 Bill S-215 was under consideration in the Canadian Senate that could possibly lower credit card processing fees for charities across the nation.  The bill could just mean that merchant service providers would have to lower rates for non profit organizations.

So what does Bill S-215 in detail for these organizations and the credit card processing industry? Well charities could possibly be looking at 0.5 percent for commercial and 0.3 percent for governmental transaction. The bill also hopes to waive processing fees for charities and Non-Profit organization.

What does this mean for Digitech Payments? Well, it is pretty simple as of 2010, the code of conduct in our industry was implemented. We have been one of the first to follow the code to ensure our customers have the best service with the most transparent pricing. We will continue to follow the regulations set out by the  Canadian Government implements and ensure that our service is impeccable.