Mike Eckler - Practical Ecommerce

Articles by: Mike Eckler

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Mike Eckler

Mike Eckler is an advisor and independent consultant on financial technology — providing leadership and insights on innovation, challenges, and product management. He has worked in the digital payments industry for 20 years, having held senior positions with PayPal and Moneris, the payment processor, among other firms.

Contact Mike via LinkedIn or email.

Payments
An Introduction to NFTs

September 15, 2021 • Mike Eckler

Non-fungible tokens are a hot topic. Some claim that NFTs are the future of artwork — viable, profitable investments. Detractors wonder if NFTs are a short-term novelty. In this post, I'll describe NFTs and how they are created, purchased, and sold.
Payments
The State of Cannabis Payments in U.S.

July 11, 2021 • Mike Eckler

How does the cannabis industry flourish when it is banned by federal law, shunned by the credit card networks, and rejected by most banks? How do cannabis retailers accept payments when credit cards and merchant accounts are unavailable? I'll examine those questions and more in this post.
Payments
Will Central Banks Replace Cryptocurrencies?

June 3, 2021 • Mike Eckler

Last month, I explained why cryptocurrencies are not ready for mainstream retail. The reasons include rampant volatility, lack of regulation, and extraordinary risk. Aiming to bring stability, governments worldwide are considering central bank digital currencies — CBDCs.
Payments
8 Reasons to Avoid Cryptocurrencies for Ecommerce

April 18, 2021 • Mike Eckler

Cryptocurrencies are hot news. Merchants may be wondering if cryptocurrencies are ready for mainstream ecommerce. The answer is no. Here’s why.
Payments
Pros, Cons of Credit Card Surcharges

March 3, 2021 • Mike Eckler

Credit card processing is expensive. "Surcharging" allows merchants to recoup some of the cost by passing a fee to customers at the point of sale. In this post, I’ll explain surcharging. I’ll address the rules and the pros and cons for merchants wishing to apply surcharges as a way of recovering processing fees.
Payments
Digital Payments in China Are Cheap and Convenient

February 2, 2021 • Mike Eckler

In "China Is Dominating Ecommerce," contributor Marcia Kaplan addressed that country's innovation in online shopping. Digital payments in China are equally innovative. I'll address what that could mean for North American merchants in this post.
Payments
What Merchants Should Know about ISOs

January 10, 2021 • Mike Eckler

The pandemic-induced shift to online and contactless payments has been a boon for credit card providers and their sales agents. The industry depends on those agents, called "independent sales organizations." In this post, I will examine the role of ISOs.
Payments
Does Buy Now, Pay Later Threaten Credit Card Issuers?

December 14, 2020 • Mike Eckler

Capital One recently announced that it will ban the use of its credit cards to fund buy-now-pay-later transactions. According to a Capital One spokesperson, BNPL transactions “can be risky for customers and the banks that serve them.” In this article, I will examine Capital One’s claim.
Payments
Visa Wants to Buy Plaid. U.S. Sues

December 10, 2020 • Mike Eckler

In January 2020, Visa announced it was acquiring Plaid for $5.3 billion. Before long, the U.S. Department of Justice began scrutinizing the transaction, resulting in the filing of an antitrust lawsuit to stop it. In this article, I will describe Plaid and explain why the Department of Justice is attempting to block the deal.
Payments
U.S. vs. Google: How the Antitrust Lawsuit Impacts Merchants

November 10, 2020 • Mike Eckler

On October 20, the U.S. Department of Justice and 11 states filed an antitrust lawsuit against Google. In this article, I’ll provide an overview of the case. Throughout, I’ll concentrate on what means for merchants.
Payments
Get Ready for Digital-first Credit Cards

October 25, 2020 • Mike Eckler

In September 2020, Mastercard announced the expansion of its Digital First Card Program. Introduced in 2019, the program is a series of systems and procedures that enable credit card info to be downloaded directly to a mobile wallet. The expansion aims to increase awareness and improve access to existing digital card-issuing technology.
Payments
The Wirecard Fiasco: Digital Payments Gone Wrong

October 14, 2020 • Mike Eckler

What would you do if your credit card processor and merchant account provider were fraudulent? That's the reality for many thousands of worldwide businesses that relied on Wirecard, the Germany-based financial technology firm that is now in bankruptcy proceedings, having committed, allegedly, sham practices for years.
Payments
The Potential of Real-time Payments for Ecommerce

September 29, 2020 • Mike Eckler

Real-time payments are immediate transfers of funds from a payor to a payee. The topic is trending and for good reason. The promise of immediate settlements and instant access to funds is compelling, especially for merchants frustrated by their bank's policy of holds and reserves.
Payments
Understanding P2P Payments for Merchants

September 9, 2020 • Mike Eckler

P2P payments occur between two people. The term stands for both "peer-to-peer" and "person-to-person." Instead of using credit cards, consumers are now purchasing goods and services with P2P apps, and merchants increasingly accept P2P payments. In a sense, many merchants have become “peers” to capitalize on the trend.
Payments
What Merchants Should Know about ‘Buy Now, Pay Later’

August 24, 2020 • Mike Eckler

"Buy now, pay later" allows consumers to purchase goods and pay in installments, similar to a credit card. Why is BNPL gaining popularity? I’ll answer that question and more in this post.
Payments
Is Apple Entering the Payment Acceptance Business?

August 11, 2020 • Mike Eckler

In July, Apple acquired Mobeewave, a relatively unknown payments-technology startup in Montreal, Canada for, reportedly, $100 million. For nine years, Mobeewave has been developing technology to convert conventional smartphones into payment-accepting devices without requiring additional hardware components.
Payments
Do Contactless Payments Impact Vulnerable Consumers?

July 23, 2020 • Mike Eckler

Many brick-and-mortar merchants have implemented tap-to-pay systems during the pandemic. Customers and employees, fearing the spread of the coronavirus, are wary of handling cash and coins. But refusing cash payments has societal implications as it assumes all consumers have access to a smartphone or credit card.
Payments
Are QR Codes an Option for Contactless Payments?

June 29, 2020 • Mike Eckler

Before the Covid-19 pandemic, many physical-store merchants considered contactless payments to be a fad. My previous article addressed near field communication, the technology that powers most contactless payment methods in North America. In this post, I will examine an NFC alternative: QR codes.
Payments
Covid-19, NFC, and the Future of Contactless Payments

June 2, 2020 • Mike Eckler

Once touted as the future, contactless payments never achieved mass popularity. Shoppers preferred the familiar swipe, dip, PIN-entry, and signature. The Covid-19 pandemic will likely change that as consumers are now more conscious of what they touch.
Payments
Primer on Merchant Accounts, Part 2: Providers, ISOs, How to Choose

May 20, 2020 • Mike Eckler

The digital payments industry is notoriously confusing. This post is the final installment of a 2-part series on merchant accounts, which are required for all businesses that accept credit cards. "Part 1" described the purpose of such accounts.
Payments
Primer on Merchant Accounts, Part 1: Roles and Functions

May 12, 2020 • Mike Eckler

The payments industry is difficult to understand, even for practitioners. My 3-part series on credit card processing hopefully demystified the jargon, pricing models, and fees. This post will explain merchant accounts.
Payments
Credit Card Processing FAQs, Part 3: Reducing the Cost

April 9, 2020 • Mike Eckler

Credit cards are the principal method of payment for ecommerce customers. But for merchants, the backend infrastructure of processing and collecting the funds is bewildering. This is the third and final post in a series in which I’ll answer frequent payment-processing questions.
Payments
Credit Card Processing FAQs, Part 2: Pricing Models

April 6, 2020 • Mike Eckler

Ecommerce merchants depend on credit card payments. But the processing fees associated with those payments are notoriously confusing. This post is the second in a series in which I’ll answer frequent payment-processing questions. The first installment, "Part 1: Learning the Jargon," contained an extensive glossary of common industry terms.
Payments
Credit Card Processing FAQs, Part 1: Learning the Jargon

March 22, 2020 • Mike Eckler

Credit card processing fees are a longstanding pain for merchants. This post is the first in a series in which I'll answer common payment questions. The first challenge is understanding the industry jargon.
Payments
Why American Express Pushes for Higher Merchant Acceptance

February 21, 2020 • Mike Eckler

American Express announced last month that the number of merchants accepting its card is roughly the same as Visa and Mastercard. In this post, I'll explain how American Express’s business model differs from Visa and Mastercard’s. I’ll also examine the programs that enabled Amex to achieved parity.
Payments
A Guide to Payment Tokens for Ecommerce

January 27, 2020 • Mike Eckler

Innovation in electronic payments has always balanced risk and convenience. Generally, a payment method that's convenient for consumers is risky for merchants. The use of "tokens" can reduce that risk by protecting credit card details.
Payments
New Electronic Disbursement Methods Save Time and Money

January 12, 2020 • Mike Eckler

Businesses have expenses to pay. “Paying the bills” might not seem interesting or new. but recent innovations make disbursements faster, cheaper, safer, and more convenient.
Payments
Mobile Payments Streamline Brick-and-mortar Checkout

December 27, 2019 • Mike Eckler

The checkout counter at brick-and-mortar stores can have long lines. Mobile payment acceptance allows merchants to process credit and debit card transactions from anywhere and not necessarily at a counter.
Payments
Ecommerce Strategies for a Whirlwind of ‘Pays’

November 26, 2019 • Mike Eckler

Facebook Pay is the latest entry into the world of digital payments, joining Apple Pay, Google Pay, Samsung Pay, WeChat Pay, Alipay, PayPal, Amazon Pay, Venmo, Masterpass, and Visa Checkout. It’s time to demystify all of these “pays” and to create a strategy that will advance your ecommerce business.