MCC Codes – Payments Explained

If you own a business that accepts credit cards, you have a Merchant Category Classification (MCC) code. An MCC is a four digit code that categorizes your business into industries for card brands and payment providers. For example, 0742 is the industry code for Veterinary Services. The document is over 15 pages long, but you […]

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What is Carding?

75% of Canadians say they are more concerned about fraud today than they were five years ago. And it’s no wonder why, with a 78% increase in fraud losses in the seven years from 2008 to 2015. Protect yourself, and your merchant account, by learning more about this fraudulent tactic below. What is Carding? There […]

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payment facilitator-vs-payment-processor

Payment Facilitator vs Payment Processor

As soon as you step into the world of payments, you are surrounded by new terminology that isn’t always self explanatory. For instance, a Payment Facilitator and a Payment Processor at a glance could look like they could mean the same thing, but it is never that simple in payments. What is a Payment Facilitator? […]

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What is Interchange Plus

What is Interchange Plus?

Interchange Plus, or IC+, is an alternative pricing model for merchant accounts, traditionally preferred by those with higher processing volume. Payment providers, such as Beanstream, are charged an interchange fee by the card brands (Visa, MasterCard, or AMEX) for every transaction processed. This interchange is set by the card brand, and every payment provider pays […]

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NFC Explained

Near Field Communication (NFC) Explained

Near Field Communication, or NFC for short, has swept across the payments industry over the last few years. There is no arguing that contactless communication, such as MasterCard’s PayPass is on the rise. In fact, in 2016 consumers will spend a total of $620 billion USD on all forms of mobile transactions globally. This is […]

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Foreign Currency Solutions

E-commerce is a beautiful thing that allows you to reach global markets from the comfort and control of your laptop. The top ten e-commerce markets spent over 1.3 trillion online in 2015, and many merchants want to increase their revenues by expanding into these thriving markets. While adding an additional revenue stream is never a […]

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Secure Socket Layer

What Is A Secure Socket Layer?

Even if you can’t explain what it is, most people are familiar with Secure Socket Layer (SSL). On the surface, SSL is the little lock you see on the url line, or the “s” that appears sometimes in the https://. Behind the scenes, SSL is an encrypted link between a server (eg. Beanstream) and a […]

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Fee Breakdown

If you process debit or credit card payments, you pay interchange fees. Have you ever wondered how this fee is determined and what exactly you are paying for? This week, we thought we would explain the breakdown of Beanstream’s interchange fees for card not present transactions in Canada. The fees we are breaking down today […]

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Settlement – Payments Explained

A lot happens between when a customer pays for a product or service and the money is deposited into the business owner’s account. No one likes waiting for money to be added to their bank account, but have you ever wondered how it happens? Settlement is how funds transfer from the customer to the business […]

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