Solomon S.’s Post

How Credit Card Rewards Impact Merchants In 2022, businesses watched as the top six credit card issuers doled out $67.9 billion in rewards, funded largely by interchange fees—the same fees merchants pay every time a customer swipes their card. While consumers enjoy the perks, it's the businesses that bear the cost, contributing to a complex ecosystem where banks benefit significantly, netting $31.9 billion after rewards. This highlights a crucial aspect of our operations: understanding the impact of these fees on our bottom line. As merchants, staying informed and exploring efficient payment solutions can help mitigate these costs and enhance profitability. Let's discuss strategies to navigate this landscape and turn potential losses into gains. #MerchantFees #PaymentSolutions #CreditCardRewards #Interchange

Find the perfect match for your #dating card processing. I can offer : Recurring billing Chargeback mitigation Access to #highrisk banks with an appetite for the vertical and industry expertise to help you navigate the unique challenges of accepting card payments for your dating site. Book a date here - https://lnkd.in/exMK9ZYg #dating #cardprocessing #merchantaccount #cardpayments #ecommerce #adult

Here’s how each party in the card payment process makes money: Say I buy a product for AED 500 from a store (the merchant). The merchant works with Bank 123 for card processing (acquiring bank). The merchant doesn’t receive the full AED 500. They pay a 'merchant discount fee' to Bank 123 for handling the payment. So, the merchant gets AED 500 minus this fee. Here’s how this fee (merchant discount fee) is shared: - Part of the fee stays with Bank 123 as their profit (say AED 1.25 for this transaction). Called acquirer markup.  - The rest (AED 8.75 in this case) goes to the bank that issued the card (the issuer). Called Interchange Fee. The card schemes set the rules for the interchange fee for each issuing bank. So the acquiring bank passes the interchange fee to the issuing bank and keep their profit. Then the card schemes charge the issuing bank a network fee (called assessment fee) for every transaction. These are normally paid at the end of each month by the issuing banks. #CardProcessing #InterchangeFees #MerchantDiscountFee

Seeking a well-needed upgrade for payment processing? Check out our latest episode of Talking Wealth, featuring Natalee Wedderburn, Head of Merchant Acquisition and Card Sales at JN Bank, who introduces the JN Pay Point of Sale machine for business owners. Watch the full episode on the Jamaica National YouTube channel. #JNTalkingWealth #Savings #JNPay

Have we mentioned how Relay Payments supports both customers AND merchant partners? 💪 When time and money are on the line, Relay is the solution that keeps you moving. 💸 #GoDigital #GoRelay

The first online credit card transaction happened in 1994, paving the way for today's seamless digital payments. Now, we can order food, book flights, and even manage subscriptions with just a click! 🍕✈️📲 #CreditCardFacts #DigitalPayments #1994Milestone #SeamlessTransactions #DidYouKnow #FintechEvolution #ConvenienceAtYourFingertip #CreditCard #Kreditwala

Think cashback is king? Think again! According to Marigold, 70% of cardholders say they value loyalty programs that offer a variety of redemption options. This is a major opportunity for banks and credit unions to engage cardholders beyond just cashback. By offering a wider range of rewards, you can tap into what your cardholders truly value and create deeper connections that drive long-term loyalty.

Exciting partnership news! 🎉 Onbe has joined forces with TAB Bank to transform how account balance refunds are processed, replacing traditional checks with secure, digital-first payout solutions. With 92% of consumers preferring digital payments, this collaboration meets the growing demand for faster, safer, and more convenient payment options. By leveraging Onbe’s innovative payouts platform, TAB Bank customers will enjoy the flexibility of selecting their preferred refund method, including instant virtual cards. At the same time, TAB Bank benefits from reduced costs, minimized fraud risk, and improved compliance. Together, we’re making refunds smarter, more secure, and tailored to modern customer expectations. 🌐 Read the full press release here: https://bit.ly/3OZwGsB

PSPs 🤝 Pay by Bank ️🤝 Merchants In episode 3 of #PayByBank explained, Fredrik Bergström lists seven reasons why so many Payment Service Providers, like our partner Adyen, are adopting this fast-growing payment method 🚀 #openbanking #payments #fintech

CrowdPay is a cashless ATM Provider that has been facing some serious disruptions over the last day or two. Dozens of retailers and other merchants have lost their processing already! I know this is an issue that plagues our industry. If you want more info, education, and alternatives, reach out to Chad Beverly who is always keeping me up to date on cash and merchant processing issues that could affect our businesses and clients. Thanks as always Chad! Chad@cushmanconsult.com