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Tighten Up Your Payment Processing System Before Your Next Fundraising Appeal

With the vast majority of museums in the United States being non-profit, most are no stranger to planning a successful fundraising campaign. It's safe to say the future of your museum often depends upon prosperous fundraising ventures and strict adherence to budget guidelines. It prompts the question, though; in addition to pursuance of funding from outside the walls of your museum, how often do you look within your museum and review existing vendor relationships? It's likely you may uncover savings which could (and should) be applied to your bottom line.

Use Prepaid Cards to Reward Employees and Incentivize Customers

Prepaid MasterCard or Visa gift cards are an ideal way to reward your employees and incentivize customers and prospects.

Employers use the cards, pre-loaded with value, for employee recognition, wellness programs and bonuses. Many businesses find them very useful in providing incentives for customers and prospects to purchase new products and services, for test drives, holiday gifts, as rebates for purchases of a certain value, or just to say “thank you”.

These cards can also be branded with your company’s name and logo, providing additional marketing power.

Service Excellence Matters

Any good business knows that service excellence matters.  You can have the best products and services but if you don’t support them with a great customer experience, sustainability and profitability will be elusive.

At Thrive, we work hard to create great customer experiences, providing each client with their own service contact and striving for resolution on the first call. We analyze every service request, making improvements to avoid future issues – our #1 service objective is to make our services so easy and reliable, our clients never have to call!

Preparing for EMV®-Chip

As most businesses know by now, the major card networks have established a shift in liability effective October 1, 2015. As of that date, whichever party (the card issuer or the merchant) does not EMV-chip capabilities will be responsible for counterfeit fraud in a card-present transaction. ATM’s and unattended fuel pumps have an extra two years to achieve compliance.

Card issuers have been issuing millions of chip cards and it is expected that a majority of cards in circulation by October 1, 2015 will have EMV-chips embedded.

Why PCI Compliance Isn’t Just About Payments

Many businesses view compliance with data security standards established by the Payment Card Industry Security Standards Council (PCI-SSC) as just related to the acceptance of credit and debit cards. While these standards are designed to protect cardholder data, the standards are really about the basic IT security of your business, regardless of whether you accept payment cards.

Large businesses have internal IT teams that handle a wide array of functions, including managing their computer systems and maintaining a secure environment.

How Pricing Varies Between Credit Card Processing Providers

Credit card processing invoices are as complicated as telephone bills – arguably even more difficult to understand. There are a mind-boggling number of line items, most of which are cryptically described and mean nothing to the average businessperson. So when approached by a potential new provider, how does one compare pricing?

The first step would be to ask the salesperson for a detailed comparison between your current invoice and their services.

Credit vs. Debit

The question has long been, “credit or debit?” when a customer presents their bankcard to you, the merchant. You’re giving the customer the choice, and, often the reply is simply, “oh, whatever.”

You shouldn’t be as casual about it. It helps to understand the difference between credit and debit card transactions.

There are different ways to look at this. We’d like to outline two for you, which yield a similar result as far as answering, “what’s better for you (the business)?”

The first is this: