What Are Credit Cards on File?

Woman hand holding blue credit card and using modern laptop

Key Takeaways Card-on-file (CoF) transactions store customer card details for future payments or recurring billing, offering a seamless customer experience. CoF transactions can be used by both retail and subscription-based businesses, providing convenience and efficiency. CoF transactions can be consumer-initiated (customer provides payment details) or merchant-initiated (merchant charges the customer without additional authorization). Types of…

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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…

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What Is an Electronic Check?

atm card

Key Takeaways Electronic Checks (eChecks): Digital versions of traditional checks offering a secure, efficient, and cost-effective method for online payments. Benefits: eChecks are cheaper to issue, have enhanced security features, and are suited for large or recurring transactions. Processing: The eCheck process involves customer authorization, inputting payment details, and processing via the ACH system, taking…

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person using laptop

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 –…

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What Is Recurring Payment? Definition, Types & Benefits – Essential Guide

Recurring payment

Key Takeaways Recurring payments are regularly scheduled payments, often used for subscriptions or regular expenses, and can be either fixed or variable in amount. Both consumers and businesses benefit from recurring payments, offering businesses predictable income and improved customer retention, and consumers time-saving convenience and improved credit scores. The process of setting up or canceling…

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The ABCs of Same-Day ACH Payments

Same-Day ACH, Electronic Check, NACHA, 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…

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