Earn Recurring Revenue from Retail Digital Signage as a Service

MIKE MONOCELLO | January 25, 2019

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If you cater to the retail market and aren’t currently offering digital signage solutions, you could be missing out on a significant opportunity. Long gone are the days of digital signage being nothing more than a promotional video playing on loop. Today, there are a variety of integration opportunities that create a compelling business case for your customers to invest in not only displays, but a variety of other technology. Here are just a few examples of how digital signage is being used today and how you can create a unique and powerful as-a-service bundle for your customers. Retailers with IP video surveillance systems might be able to extend the value of their investment by integrating the cameras into analytics software that drives signage content. Rather than in-store signage playing random ads and messaging, cameras can be used to tell the CMS to deliver specific and targeted content.

Spotlight

iyzico

Founded in 2013, iyzico is the brainchild of German-born Turks, Barbaros Özbuğutu and Tahsin Isın, who moved from Germany to Turkey to set up the business. Started out with 3 people, iyzico is now Turkey’s fastest growing fintech company composed of more than 130 people providing secure payment solutions to online sellers of different sizes as well as online shoppers.

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How To Avoid Overpaying On Your POS Processing Fees

Article | May 19, 2021

Running a small business requires a tight eye on profits. More than likely, you will face scenarios in which you incur higher transaction fees you didn’t expect and could have avoided in the first place. Knowing how to navigate processing fees is a key part of your success. Whether you run a single location, a multi-location business, or even a mobile business, avoiding unnecessary fees should be part of the game plan. Unfortunately, less-than-reputable POS providers are out there, and understanding fees associated with taking payment from customers isn’t easy, but knowing what to look for will help. In this article, we cover fees to keep an eye on and how to save more on your processing fees. How To Avoid Paying Unnecessary Credit Card Processing Fees Unfortunately, if you want to accept credit and debit cards as a form of payment in your business, you’re going to experience processing fees. 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Interchange Plus Fee Pricing This option offers different transaction rates for different card types, bank issuers, methods of transactions, and more. By understanding these fees when processing transactions, you can benefit financially by encouraging the usage of certain cards or procedures that are least costly. Tiered Pricing In this scenario, you are charged different rates for different tiers created by your provider. It’s important to evaluate this option carefully because most transactions can fall into a less favorable tier rate. Flat-fee Structure Pricing This fee allows for one charge for card-present (CP) transactions and another for card-not-present (CNP) transactions, regardless of card type. This predictable, one-rate pricing model is easy to follow, allowing you to encourage a lower cents-per-transaction option and formulate special pricing deals. However flat-rate can sometimes come out as more expensive than interchange-plus pricing. 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There may be companies that don’t charge for compliance, but they are rare and may be suspect. In most cases, any free compliance is covered with higher fees in other areas. How To Avoid Chargeback Fees Chargeback fees should be avoided since they are more expensive than traditional transaction fees – especially if you are categorized as a “high risk” client. The first step is to avoid chargebacks in the first place. Chargebacks can be the result of sales errors by you and your team, a misunderstanding by the customer, or the result of identity theft. Here are some ways to combat each. Reduce Transaction Errors Know when to stop a transaction. If an error occurs, push the cancel/hold button inside the transaction. If you are unable to do this, the transaction has already been claimed by the processing company. Accurately process credits as credits and sales as sales. Receive an Authorization Approval Code (AAC) before running a transaction. 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This type of processing is considered a high-risk factor, and processors charge accordingly. When Possible, Run Orders On Debit Cards Debit cards are considered a lower risk than credit cards and, in turn, the transaction rates are quite a bit less. This has mostly to do with the fact the purchase is a direct bank-to-bank transaction, but other factors make a difference such as PIN verification and signature requirements, bringing these purchases into a lower risk category. And typically the rates hold. You will still experience rate differences among debit cards related to how the purchases are conducted and who the issuing bank is. Special incentives such as loyalty programs for debit card users help to easily boost profits. A Final Thought On Keeping Processing Fees Low As you can see, several variables can affect your processing rates. From fines to the pricing model your merchant service provider recommends, there’s a lot to consider. As tempting as it can be to just try and find the cheapest option, be careful going with the lowest bidder. Remember, all POS and payment processing providers have to make some money to cover the costs of support their merchants. If you choose a processor with incredibly low fees, you run the risk of getting what you pay for when it comes to supporting your business. If you’re not sure if you’re overpaying on your processing fees and want a free analysis, let our team review your current monthly statements and we’ll let you know if you’re getting a good deal or not.

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Spotlight

iyzico

Founded in 2013, iyzico is the brainchild of German-born Turks, Barbaros Özbuğutu and Tahsin Isın, who moved from Germany to Turkey to set up the business. Started out with 3 people, iyzico is now Turkey’s fastest growing fintech company composed of more than 130 people providing secure payment solutions to online sellers of different sizes as well as online shoppers.

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