The Durbin Amendment has reshaped the U.S. financial system since it began in 2010. Named after its chief advocate, Senator Richard Durbin, this legislative moved was designed to fix the increasing interchange fees charged by banks for debit card transactions.  By limiting debit card fees, the amendment tried to make a more fair financial ecosystem, promoting competition and benefiting small businesses and everyday debit card users.  Why the Durbin Amendment Exists Debit card transactions involve a set of players in the payments value chain: the issuing bank (that ..read more

The Payments Code of Conduct in Canada was created to bring fairness and transparency in the payment industry. It is structured into multiple sections targeting specific aspects of payment processing and merchant services for debit cards and credit cards.  This article covers the sections of the Canadian Code of Conduct, Interchange Plus Pricing, problems, controversies, and benefits of the conduct, and a list of important resources.  What is the Canada Payments Code of Conduct? In Canada, the Code of Conduct for the Credit and Debit Card Industry regulates the interactions betwe ..read more

We are thrilled to be featured on CardRates.com! A big thank you to the CardRates team for their thoughtful review of our services and commitment to providing transparent and low-cost payment processing solutions. This recognition motivates us to continue helping small and medium-sized businesses thrive.  Check out the full article to see how we’re making a difference for merchants across North America: Read more at CardRates.com. #Gratitude #PaymentProcessing #SmallBusinessSupport The post A Review of Clearly Payments by CardRates.com appeared first on Credit Card Processing and Mercha ..read more

Interchange rates are a cost for credit card transactions for merchants. Interchange is the revenue for credit card companies and issuing banks.  Canada and the USA have a big overlap in purchasing habits and trends in payments. The two countries also have some big differences on how payment processing fees work across debit cards and credit cards.  This article aims to provide an overview and comparison of the interchange rates in the United States and Canada. An Overview of Interchange Rates Interchange rates are often referred to as swipe fees or credit card fees. They are the ..read more

The financial services sector is at a pivotal juncture. The emergence of financial technology (FinTech) companies has sparked debate and some contention, particularly with the world of traditional finance (TradFi).  When you look under the covers, it is easy to wonder if Fintech is providing true disruption or if it is just incremental improvement that will simply get adopted by all players.  There is no question that fintech has had an impact, however the real question is about the future, what will be the prominent financial services, and can this evolution see the dying of a cer ..read more

Credit card transactions are a common occurrence in today’s digital world, providing convenience for both customers and businesses. However, one question that often arises for merchants is: “How long does it take to receive funds from credit card transactions?”  In this article, we will explore the various stages of credit card processing, factors that can affect the timeline, and what merchants can expect in terms of receiving funds. If you want the quick answer, it takes 1 to 3 days for a merchant account and sometimes several days longer for an aggregator (PSP/Payfac) account. The S ..read more

Payment processing is a critical component of modern commerce, facilitating the secure transfer of funds between buyers and sellers. This article provides an exploration of payment processing, including the definition of payment processing, its historical development, current market landscape, key players, and the intricate mechanisms that underpin its operation. The Definition of Payment Processing Payment processing is the sequence of actions that occur behind the scenes to facilitate the transfer of funds from a customer to a merchant in exchange for goods or services. At its core, it ..read more

Accepting credit card payments is no longer a luxury but a necessity for most businesses. People are using credit cards more while cash use is declining. As a result, choosing the right credit card machine for your business is crucial for ensuring smooth transactions and customer satisfaction.  Canada, known for its robust financial services sector, offers a wide range of credit card machines catering to various business needs. In this article, we will explore some of the most popular credit card machines in Canada, their features, and factors to consider when selecting the right one fo ..read more

In the rapidly evolving world of digital payments, QR codes have emerged as a top payment trend, revolutionizing the way transactions are conducted. This article delves into the realm of QR codes for payments, exploring their mechanics, widespread adoption, and the transformative impact they have on the financial landscape. We will explore the various facets of QR codes for payments, including their operation, benefits, challenges, and future prospects. We will also highlight notable use cases and the impact of QR codes on different industries, providing a overview of this transformative pay ..read more

In the landscape of commerce, mobile payments have emerged as a disruptive force, altering the way people engage in financial transactions. Gone are the days of clunky cash registers and cumbersome wallets. Instead, the sleek convenience of tapping smartphones or swiping wearables has become the new norm.  This transformation signifies more than just a change in transaction methods. It represents a paradigm shift in how consumers and businesses interact financially. As technology advances and consumer preferences evolve, the trajectory of mobile payments promises unparalleled convenienc ..read more