"PayPal vs. Merchant Account:

What's the Difference?" by Jennifer Dublino

Don't limit your business's potential with a single online payment option. Merchant Accounts offer the listed benefits.

1. Lower processing costs: As the article mentioned, merchant accounts typically charge a percentage fee based on the transaction amount, which can be lower than PayPal's flat fee per transaction. Depending on your business's transaction volume, this could result in significant cost savings.
2. Greater control over security and fraud prevention: Merchant accounts may offer more tools and features for managing and preventing fraud, such as the ability to set up filters, alerts, and authorization requirements. This can help protect your business from chargebacks and other forms of fraud.
3. Customization and branding opportunities: Depending on the merchant service provider you choose, you may have more options for customizing your checkout page and branding it with your logo and colors. This can help enhance the overall customer experience and build brand recognition.

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What Are the Major Pain Points for B2B Payments? by Finance Magnates Staff

Businesses can streamline payment processes and stay ahead of emerging payment trends by leveraging automated payment solutions and exploring alternative payment options. This can address the complexity and visibility issues of B2B payments, while negotiating transaction fees can help reduce processing costs, which is a benefit of using merchant services highlighted in the article. Therefore, implementing these strategies could help businesses tackle the challenges associated with B2B payments and foster growth.

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$$ Money saving tip of the day $$

Did you know that collecting all the required information during phone transactions can save you money?

Recently, a receptionist failed to collect the CVV code and zip code during a $1000 payment, resulting in a "downgraded" transaction with additional fees of up to 0.90%. Don't let this happen to you! By training your staff to collect all necessary information and ensuring it's entered correctly, you can avoid unnecessary fees and potentially save money in the long run. So set up your payment system to require all the data and make sure your team understands the importance of getting it right.

Trust us, your bottom line will thank you!

About the Author

I have 14 years of experience in payments and specialize in helping local businesses stay competitive with Payment systems that grow sales and minimize costs.

At CMS we offer faster funding, local service, and more payment options for your customers.  Let’s connect and improve your bottom line. I'm happy to be a resource for you!

Nathan Ralls