Local banks offer online merchant accounts that are tailored for big companies. The high cost of online merchant accounts is a strong disincentive for smaller entities to use the service. Below is a quick examination of the fees charged by local banks for online merchant accounts. Setup Fee The charge ranges from USD 100 to […]
Chargebacks are unavoidable once you accept credit card payments. Chargebacks are similar to refunds where a customer returns an item and the business refunds the purchase amount. However, there are major differences between the two. The Banks – Judge and Jury A business has the discretion to accept a return or not and the leeway
Getting an online merchant account from a local bank is like pulling teeth. In the other countries businesses can accept payments online quite easily. Services like PayPal make the process quick and seamless. Locally, it is faster and easier to get a merchant account from PayPal than from the local banks. In my previous article,
Banks are responsible for both the cardholder and the merchant in a credit card transaction. As a cardholder, your bank is responsible for paying the merchant for your credit card purchases. On the other hand, the merchant’s bank is responsible for your refund claims against the merchant, for credit card purchases. By issuing a credit
Payment options for brick and mortar businesses are set in stone. Typically, they accept cash, LINX (debit and credit cards) and probably a manager’s cheque. Customers make payments in person over the counter. On the other hand, if you are a newbie (a business that leverages social media and some semblance of ecommerce tactics) then
Further to our previous article Cash is King, we take a closer look at the ATMs and point-of-sales (POS) usage. See the table below (Comparison of ATMs and POS Usage). In 2010, the value of POS payments exceeded the value of cash withdrawals. However, by the end of 2014 our insatiable appetite for cash-in-hand had
Cash is the preferred payment instrument for retail and personal transactions. Payment cards (credit and debit cards) and electronic payments (over the LINX system) run second. Other payment instruments like cheques are relatively insignificant as a widely used means of payment by the public. The table below represents the value of point-of-sale (POS) transactions and
There are several ways to receive payments. Payment options range from the traditional cash to modern day electronic payments. In this article we examine payment instruments and the payments systems available to local businesses. PAYMENT INSTRUMENTS The main payment instrument is cash. Non-cash payment instruments are debit cards, credit cards, cheques and bank drafts. Despite
A more open minded attitude to business is needed in Trinidad and Tobago. There are many accounts of entrepreneurs having bad experiences with third parties. These experiences have fostered a fear of partnerships, co-founders and even financial institutions. Today, the fear persists but more startups being created with partners and co-founders. In addition, there are
Recently, I purchased an item on Amazon that took only four days to arrive in Trinidad and Tobago and be ready for pickup. Wow! In the past, this would have taken 2 – 3 weeks. Some deliveries my still take that time but it is a clear where delivery times are headed. This is a
