Will We Ever Be a Cashless Society?

With over 80% of our payments being non-cash transactions, it appears that we are moving towards a cash-free society.  You can often here people say things like “I never carry any cash” or “I use my debit and/or credit card for everything.”  More and more people have gone cashless, even with smaller purchases.

The biggest question we want to tackle is “why do we like plastic?”  The number one reason why is that using the plastic is quick and convenient.  Using a debit or credit card has become more and more friendly.  Rewards have also become a common feature with credit card which encourages consumers to spend more in order to get more rewards.

Paying for bills can also be completed online from any computer or smart device – which makes things quick and simple.  The automatic record keeping that comes along with using your credit or debit card is instant proof of purchase on your bank or credit card statement, which can be an added perk for some people.  Cash often requires you to hang onto a receipt.

Technology and digital developments are accelerating the move away from cash.  The innovation around mobile wallets and wearable technology is transforming the traditional view and relationship between cash and shopping.

Although we are headed towards a cash-free world, there are still some obstacles to overcome.  Older generations are less confident when it comes to using modern technology, so they often prefer to use cash.  On the flip side, most millennials say that they never carry cash and use their cards for every purchase.  Security can also be seen as an issue.  Many people simply do not trust technology.  Cyber fraud is also a huge red flag for many people to purchase online.  With the increase of online purchases, we can only suspect that security will only get better and better.

In all, we really don’t know if we will ever see the day of a cash-free world, but we do know that it cannot be ruled out.  Like many things, only time can tell!  Contact Apex Payment Solutions today to see how we can help set your business up to accept credit card payments - we can serve as your total merchant service provider whether you are a brick and mortar business or an e-commerce.

The Greatest Spectacle of Racing: 10 Fun Facts

Being from Indianapolis, there is nothing like the month of May and the celebration that takes place for the Greatest Spectacle of Racing!  We thought that we would have some fun on the blog this week and look at some fun facts about the Indy 500. As we gear up for the 100^th running this Sunday, we take a look at some fun facts about the race that you may or may not know.

Fun Fact 1: The Indianapolis Motor Speedway is the world’s largest spectator sporting facility with more than 250,000 permanent seats (It’s been said that the Rose Bowl, Churchill Downs, Yankee Stadium, the Colosseum in Rome and the Vatican City can all fit inside the 253 acre Indy oval).

Fun Fact 2: The sterling-silver Borg-Warner Trophy cost only $10,000 to produce in 1935.  The trophy is now valued at over $1 million.

Fun Fact 3: The average speed of the first winner of the Indy 500 (originally called the “International Sweepstakes) was 74.6 mph, while the average seed for 2016 qualification was 227 mph.

Fun Fact 4: In 1911 Speedway leader Carl Fisher and his partners envisioned a race that would last approximately seven hours.  A distance of 500 miles was settled upon.  Ray Harroun was the first winner of the Indianapolis 500 – which lasted over six hours.

Fun Fact 5: Three-time Indianapolis 500 winner Louis Meyer always chugged a glass of buttermilk in Victory Lane as a matter of habit after winning the 1936 race. A Milk Foundation executive was excited to see the moment captured in a photograph and vowed to make it happen in coming years.  There was a small period between 1947-55 when milk was apparently not offered, however the practice was revived in 1956 and has been a tradition ever since.

Fun Fact 6: Although the pre-race tradition of singing “Back Home Again in Indiana began in 1946, Jim Nabors belted the classic 32 times – only missing one year from 1972-2014. Last year it was performed by Straight No Chaser in 2015, and Josh Kaufman (season 6 winner of the Voice) will take center stage this Sunday to perform the classic.

Fun Fact 7: The closest margin of victory was in 1992 when Al Unser Jr. edged Scott Goodyear by .043 of a second.

Fun Fact 8: Two drivers have lost the lead on the 199^th lap – Marco Andretti in 2006 and Robby Gordon in 1999.

Fun Fact 9: Eight different rookies have won the Indianapolis 500

1911 – Ray Harroun (inaugural race)

1913 – Jules Goux

1914 – Rene Thomas

1926 – Frank Lockhart

1966 – Graham Hill

2000 – Juan Pablo Montoya

2001 – Helio Castroneves

Fun Fact 10: If you were to lay out all of the hot dogs and bratwursts sold on race day in Indianapolis, they would circle the oval more than three times.

We hope that you enjoyed some great history and fun facts surrounding our favorite race of the year.  Even if you are not a true racing fan, you can appreciate the history.  Ladies and gentleman, start your engines!!!

6 Things You Should Ask A Merchant Service Provider When You Are Trying to Find the Right Fit for You

In today’s business arena, over 85% of businesses process credit and/or debit cards, and the percentage keeps climbing. Choosing a merchant service processor can be an overwhelming task. Each provider has a unique set of fees and contracts, and it’s vital to understand the numbers so that you find a merchant service processor that feeds your business model needs. To prepare for this complex marketplace, here are five questions to ask to make sure you're making the bet decision for your business.

.   How quickly will I see my transaction funds?

The goal for any business is to make the sale and see the funds hit your bank account, right? Before committing to working with any merchant-processing provider, be sure to inquire about the speed of the process. With some providers, it may take four or five days to see the funds hit, whereas many other merchant service providers deliver funds in as few as 24-48 hours. Cash flow is vital to any growth plan, so funds availability is an important factor to consider when making a decision.  Apex Payment Solutions prides themselves on next day funding - We know that it is important for a business to receive those funds as quickly as possible!

2.   What type of support is offered?

We all know that when things go wrong, they don’t go wrong between the hours of 9 a.m. and 5 p.m. Monday through Friday. If you operate a 24-hour business and you experience a glitch at 3 a.m. on a Sunday morning, it’s essential that your provider is available immediately to help you get through the issue quickly.  You need to talk with your provider to make sure that there is a solution for when glitches happen.  At Apex Payment Solutions, we make sure that your Sale Rep will be the first point of contact in order to help with a solution.  However, we know that they are not always available at every moment, so we are backed by First Data that offers 24/7/365-day support team for all clients.

3.   Will your payment solution integrate easily with my website?

Again, whether you’re handling the back end yourself or you’ve hired a consultant to do it for you, this question is incredibly important. You (or your technical consultant) probably don’t have time to go looking around for documentation on integrating the payment solution into your custom shopping cart. Your provider should help you find a solution that fits best with your online business.  There are several options out there, and your provider should be well versed on what should work for you!

4.   What equipment do I receive and for how much?

Many merchant services providers will try to convince you to lease a terminal.  Some merchants end up spending nearly $1,000-$1,500 per year on leasing a terminal when in most cases they could outright buy a standard machine between $175-$350.  You also want to make sure that your machine is EMV compliant since in the future it will be a requirement in order to accept credit cards.  Once again, this should be something that your provider explains to you.  They should be working on a way to save you money now and in the future.

5.   What are your rates and what do they mean?

This can be a tricky question, because you need to search for the right balance when it comes to rates and fees. The best advice that we can give here is to make sure that you have a provider that will take the time to explain the rates and fees line by line.  You want to make sure there a no hidden cost.  If a provider does not want to sit down and explain this to you, there is probably something that he/she is hiding.  It is important that when you are shopping around that you find a provider that will do a complimentary cost analysis for you based on your statements.  This will give you a better handle on knowing what you are currently being charged and what a different provider can offer you.

6.   Is there a cancellation or early termination fee?

Ideally, you want a processor that won’t charge a termination fee. But if you must pay a fee for leaving before your contract expires, you should make sure that it isn’t more than $200-$400. You also want to avoid processors that stipulate a “liquidated damages” termination fee – this means you'll be charged for the estimated amount of the full contract, if you cancel before it expires.  Apex Payment Solutions believes whole-heartedly in their service and rates that we do not have an early termination fee as long as a business gives us a 30-day notice before termination.

These six questions will help you find a solution that will become an integral piece of your merchant processing needs and overall business growth plan. This list is in no way complete - it rather provides a baseline for early research and knowledge for what you should be looking for when trying to identify a provider for your business.  After all, the right processor can make a pretty significant difference to your overall bottom line.

Contact us today to find out more about our service and how we always put our client’s needs first.  At Apex Payment Solutions, we are not only a merchant service provider; we are a part of your integral business team.  We want our clients to know that we are here to help them with their overall business goals – we want to see them succeed and help save their bottom line.