Posts by Eli Smith
What Are Credit Cards on File?
Card-on-file (CoF) payments are taking over the payment processing industry. This payment method is slowly becoming a standard among both retail and subscription-based businesses, offering a more seamless and convenient customer experience. Essentially, card-on-file transactions allow merchants to charge their customers’ cards without them having to perform any action. And while they have been used…Read More
Downgrading Credit Card
If you are one of the ten million-plus American businesses with a merchant processing credit card account, the chances are you are aware of an industry term known as interchange. As with many aspects of banking and merchant processing among credit card issuers, the term represents something slightly confusing (at best) and incredibly bewildering (at…Read More
What Is an Electronic Check?
If you’re familiar with traditional check processing, where banks manually process physical paper checks and deposit funds into the appropriate bank accounts, then you probably get the idea of electronic checks. Their goal is the same, although the method of processing them turns from manual to digital, bringing a range of benefits along. Beyond reducing…Read More
ACH SEC Codes
When it comes to the financial world, there are a lot of terminologies that someone who isn’t a part of it might have difficulties with understanding. That’s because, while financial institutions are a big part of our lives, we usually don’t look deeper than confirming whether the payment was made or received or not –…Read More
What Is Recurring Payment? Definition, Types & Benefits – Essential Guide
A recurring payment is a payment that is made on a regular basis. It can be used in many different scenarios, such as paying for a subscription to an online service or paying rent each month, or utility bills. There are many different types of recurring payments, but they all follow the same logic: they’re…Read More
The ABCs of Same-Day ACH Payments
As the saying goes – time is money. Many business owners agree deposit times for electronic payments are outdated, especially in the world of 24/7/365 delivery. While consumers receive goods and services delivered the same day, why is it the payment network finds the same speediness for a business to receive their funds impossible? Thankfully…Read More