The Strawhecker Group’s (TSG) recently released their 2016 Directory of U.S. Merchant Acquirers, which contains rankings and profiles of U.S. merchant acquirers, as well as information on processor relationships, merchant vertical specializations, mobile wallet support, eCommerce/gateway offerings, corporate structures, sponsor banks, partnerships and more.
Aliant is proud to be listed in this directory among other top payment processing companies.
A few interesting takeaways from the report:
-240 acquirers and independent sales organizations processed more than $5 trillion in payment volume
-Coming in at the top of the list was JPMorgan Chase & Co.’s Chase Commerce Solutions, which posted $1 trillion in U.S. volume last year, followed by First Data Corp.’s direct acquiring business with $770 billion.
The full directory can be purchased here. The 2016 Directory of U.S. Merchant Acquirers is an excellent tool for competitive awareness, M&A activity, potential partnerships and general reference purposes.
Good morning (or afternoon or evening). Here are some of the biggest stories you need to know about in the world of credit card processing and merchant services today:
LG Launches New Mobile Payments Service
LG is taking on Apple and Samsung with the launch of its new mobile payments service. The company plans to start offering the service, named LG Pay, through its G6 smartphones which went on sale in South Korea on March 10.
Study: Mobile Pay Adoption Remains Low, but Incentives Motivate
A new study found that while just 25% of U.S. consumers with an eligible smartphone are using mobile payments, customers offered incentives were about 50% more likely to use mobile payments at the retail point of sale. The survey also addressed financial institutions’ concerns about cards’ status in customers’ digital wallets.
Facebook Uses AI To Tell Users What To Buy, How To Pay
Facebook may soon be affecting when and how users make payments, with new messaging technology that uses artificial intelligence to detect language for recommending things, like getting an Uber or sending a reminder to pay a friend back money from the last hangout time. Facebook claims this new feature is meant to not be invasive but merely a way to help improve the private chatting experience.
The new payment future: 3 technologies leading the way
According to a recent article on Mobile Payments Today, contactless payments, fingerprint technology and voice activated transactions are the payment methods of the future. These methods will serve to make consumers’ lives easier, and also protect them from security problems.
Millennial Payment Trends Merchants Need to Know About
A recent study from Accel and Qualtrics provided surprising insight on the payment habits of millennials. It found that more millennials are using cash than debit cards, and 42% of millennials still write checks. On the contrary, millennials are 16 times more likely to use new technology like Apple Pay than baby boomers, and six times more likely than older generations to make payments through Venmo.
Over time, payment methods have evolved from bartering to cash to the bitcoin. Making up one-fourth of the U.S. population, millennials are expected to be early adopters of the latest technology, abandoning cash and embracing mobile and other new and innovative payment methods. However, a recent study from Accel and Qualtrics provided surprising insight on the payment habits of young people.
While millennials seem to have one foot firmly planted in the future, one is still in the past, particularly when it comes to how they shop and make payments:
Cash is Still King
The study found that more millennials are using cash than debit cards, with 80% reporting that they use cash, and 64% reporting that they carry cash a majority of the time.
Checks Are Still Alive
Here’s a big shocker: 42% of millennials still write checks. What’s even more surprising is that there’s more millennials writing checks than owning a video game console, which comes in at just 34%. Who would’ve thought?
Millennials= Early Adopters
On the contrary, millennials are 16 times more likely to use new technology like Apple Pay than baby boomers, and six times more likely than older generations to make payments through Venmo. According to a recent Accenture survey, 23% of millennials use contactless payments at least once a week.
How Millennials Shop
When shopping for groceries, books and clothing, millennials prefer to visit brick and mortar stores. They also prefer to shop in person for cars, jewelry and sport equipment. For electronics, the majority shops online.
What Does This Mean for Merchants?
It’s important for merchants to accept the forms of payment that their customers prefer to use, and to make the payment process as seamless as possible. If merchants want customers to visit their website or place of business and make purchases, they must provide an easy way for them to pay. As technology continues to advance, retailers must keep up with the trends or risk getting left behind.
Here at Aliant, we are proud to offer technology that supports credit, debit, electronic check, chip cards, and mobile wallet applications like Apple Pay and Google Wallet. To learn more, or to get started, contact us or call us at 888.638.6103.
It’s no secret that here at Aliant we love our clients, and we strive to provide the best customer service experience in the credit card payment processing industry. Earlier this year we launched the No Limits Contest, a monthly drawing that Aliant clients can enter by reviewing us on Facebook, Better Business Bureau, Top Credit Card Processor Ratings and Card Payment Options for a chance to win some great prizes.
The drawing for our March winner was held outside our Fort Lauderdale office on April 4 via Facebook Live. This month we had a special celebrity guest drawing the winner’s name: the UFC’s Hayder “Hulk” Hassan! We’d like to wish a big congrats to Aleta from Hamachi Swim Warriors for being the winner of the $100 Visa gift card and Aliant swag!
For your chance to be our next No Limits winner, be sure to follow Aliant Payment Systems on Facebook, review us on the links below (1 review=1 entry), and tune in to Facebook Live on Tuesday, May 2 at noon!
It’s no secret that when employees are happy, they’re more motivated to work harder and perform better. Employing the best, and keeping them happy is part of Aliant’s secret to being successful for almost a decade and a half. On Friday, March 10, 2017 the company celebrated its 14th anniversary with a team lunch to Houston’s in Fort Lauderdale. Our employees had a chance to kick back and have some fun with one another (and take selfies, of course) while enjoying good food!
A survey by Gusto found that what a majority of people like most about their jobs is “working with a great team.” Here at Aliant, we like to work hard and play hard, and reward our employees for the company’s success. We are excited and proud to be celebrating 14 years of success, as well as also recently being named the #1 High Risk Processor in the United States by TopCreditCardProcessorsRatings.com! Here’s to another 14 years of international merchant services and credit card processing success with a great team!
Are you interested in getting started with Aliant? Click here to receive a personal consultation and pricing quote for your merchant service needs!
In the credit card processing world, some business types and industries are considered “risky.” These businesses are often turned down by merchant account providers, as they feel that the high risk industry is just too difficult to work with. Aliant is proud to be a high risk merchant account provider that specializes in exactly what these companies need.
What Are High Risk Industries?
Generally, high risk industries are those with high chargeback rates, lots of fraud, or ones that are heavily regulated. Some examples of high risk industries are e-cigarettes, gambling, telecom, firearms, travel services, electronics, event tickets, dating websites, adult entertainment, direct marketing, nutraceuticals, web software development, international business, and furniture and jewelry online.
One thing to understand is that while one provider might consider you high risk, another may not. It all depends on their risk department (underwriting) guidelines, as some are stricter than others.
Misconceptions About High Risk Credit Card Processing
One misconception about high risk credit card processing is that it’s related to the business owner’s credit score. The truth is that some businesses are considered high risk because of the industry that they’re in- not the owner’s personal credit score. If your business is in an industry that is known for increased chargebacks or fraud, prepare to be placed in the high risk category.
While a business owner’s personal credit score is considered when opening a merchant account for a new business, it is not the primary consideration for businesses deemed high risk. If you are told that your business is high risk, do not take it personally.
Aliant: A High Risk Processor
While some credit card processors turn down merchants in high risk industries, we work with a broad network of financial approval networks to provide assurances in accepting them. We can provide flexible terms and conditions enabling you to run your business effectively while monitoring fraud and chargebacks, and assisting in keeping your costs down.