Merchant category codes, or MCCs, are a 4-digit numeric value that is assigned to a business for the purpose of classifying its primary line of business. The North American Industry Classification System (NAICS) was established by the federal government to provide a common language for industry coding and standardization in...
What is an SBA 7(a) Loan?
An SBA 7(a) Loan is an easy and inexpensive way to finance your small business. The top level of this program provides loans of $150,000 or less; for more information on larger loan sizes see the SBA 504 Medium Business Loan Program . A maximum loan amount of $5M can...
How to find Stores that Accept Apple Pay, Google Pay?
It has been interesting to see how far Apple Pay and Google Pay have come in the few years they've been available. They did not start out very strong, with people complaining about their limited availability at retailers. Google initially had great luck with its Hands Free system which used...
What is payment tokenization?
Tokenization is the process of transforming sensitive data into unique tokens that retain all the essential information of the original data, but are secure and meaningless if accessed by unauthorized individuals. Tokenization can be used for a variety of purposes, including payment processing. When it comes to payments, tokenization replaces...
What is Facebook Pay?
Facebook has introduced a new payment system called Facebook Pay to enable its users to buy and sell goods on the World Wide Web. Users will be able to use their credit or debit card, PayPal or Apple Pay to purchase items from authorized businesses that offer the service. They...
What is a merchant account?
Merchant Account providers offer a payment solution that allows you to accept credit cards and debit card payments from your customers. Although this seems like a simple concept, there is actually a ton of stuff that goes into becoming an authorized merchant. This often leads people (especially those who are...
What is a 3D Payment Gateway?
3D Payment Gateway is a platform for secure storage and easy use of e-money all over the world. It provides an opportunity to make international payments for goods and services in a swift, cheap and transparent way. We use blockchain technology to increase the speed of transactions and improve information...
ACH vs EFT: Is There a Difference?
Although ACH and EFT are both examples of electronic funds transfer, they serve two very different purposes. With that in mind, it's important to understand when one may be better suited for a particular business case than the other. Below is a list of differences between ACH and EFT: ACH...
What is a retail POS System?
The retail point of sale system is used to track the inventory and sale of goods in a store or business. The retail point of sale system records transactions done by customers using credit cards, debit cards, checks, cash, electronic benefit transfer (EBT) cards, gift cards and other mediums. It...
Everything about Litecoin
The world's first altcoin, Litecoin, has a very interesting history. In this article, we cover everything you need to know about the coin , who founded it and what is up with all these forks ? Also, how can you buy some? What Is Litecoin? Litecoin ( LTC ) was...