If Merchant Accounts Confuse You, Read This

Sep 17, 2015 by admin

Merchant accounts are not an easy business decision to make, and they can be overwhelming for those who are just starting out in business. After all, you’re in business to make something. You’re not a bank and shouldn’t be expected to operate like one. Fortunately, there are some questions you can ask yourself that might help you determine which merchant account is best for your needs.

Are Loyalty Programs Important to You?

As businesses scale, they tend to find customer loyalty an important quality to maintain and nourish. Smaller businesses might be more reliant on the quality of their craft. Whatever stage your business is in, you need to determine whether loyalty programs are an important part of that growth. If so, you need to pay attention to the second tier in you pricing structure.

What About Volume of Transactions?

If you don’t expect to make many transactions every day, which is common with big-ticket establishments, then you might have some flexibility in taking a higher transaction rate for lower monthly minimums or lower batch fees. Pay attention to the variables offered by each solution, and don’t be afraid to negotiate a bit in order to find a plan that better suits your needs.

What About Termination Fees?

Some accounts come with a contracted term. It’s common to find merchant account contracts that extend one to three years, with some going as high as five. It’s also common to see those types of accounts include a one-year termination clause. You’ll also see annual fees as well. Be sure you carefully project the future of your business before you make this decision.

Bio: Firoz Patel directed and oversaw operations for AlertPay Inc., a company he founded in 2005. Currently, Firoz Patel oversees operations for the Payza platform and resides in Montreal, Quebec.

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Get a Shopping Cart That Makes the Sale

Apr 28, 2014 by admin

By Secure Net Shop

Every successful ecommerce website thrives on having the right shopping cart services. Without a quality ecommerce cart on their site, their customers simply couldn’t make their purchases. Anyone who runs an ecommerce website may have to find this out the hard way someday when their cart software stops running correctly.

But shopping carts are more than just virtual baskets for your customers to store their orders. If you don’t see it as anything more than that, you’re at risk for losing some important purchases.

So whether you’re in the market for a shopping cart or you may replace the software you currently use, make sure you select one that does more than just sit there patiently.

For example, you want one that always supplies an image of their purchase. Better still, it should be one that they can alter to zoom in, rotate and otherwise get a better look at the item they plan on purchasing.

You should also make it easy for customers to increase the quantity of the item they purchase. So if they decide they want two of the same item instead of one, make sure they can make that change easily. If you make this process frustrating, they may decide to go with a company that doesn’t. That will be less sales for you.

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With Secure Net Shop, you’ll be presented with a wide range of web site shopping cart options that not only help your ecommerce operation running smoothly, but also provide a number of security benefits too.

 

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Pieces for Your Business

Mar 25, 2014 by admin

Written by Cash Registers Online

Most, if not all, businesses these days, whether it is a big company or small alike, rely on cash registers to process transactions fast and effectively. This is particularly important for stores that have a wide variety of items and so manually going through a price list might not be the best idea. The most efficient solution to this problem is through the use of cash registers wherein the inventory is programmed into your cash register for easy check out, computation, and inventory update all simultaneously when a purchase is made.

But cash registers are just one item and normally goes hand in hand with other pieces of hardware to process a purchase. A scanner is also used to be able to identify the price of an item and sends that information to the register automatically. With the strict consumer rules, a sales invoice or an official receipt must always be present for all transactions. As such, a printer is necessary for print our receipts and invoices. But there are various types of printers in the market today. The thermal printer is one example of a printer that, unlike traditional printers, do not use ink, instead utilizes a heating head to transfer text onto a special paper. It is also said to be faster and more quiet than its traditional counterpart.

Don’t worry, all of these things can be found in your favorite cash register store so you do not have to worry about having to find these things individually.

Having difficulty understanding your new cash register? Cash register manuals for various models can be found in their website.

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Retail Businesses that Should Accept Credit Cards Online

Feb 18, 2014 by admin

Article Written by : Merchant Account Central

Do you own a retail business? While you might already have a credit card machine in your store, it’s also important to accept credit cards online. Whether you have a website or you’re in the process of designing one, your customers will appreciate a convenient way to pay for your products and services on the web. Here are some of the retail companies that can benefit from ecommerce credit card processing.

Beauty Industry

You might find it surprising, but a beauty salon, day spa, or massage parlor can benefit from accepting payments on the web. While you can’t ship a hair cut across town, you can book an appointment for one on the web and have your clients pay in advance. The ability to process payments on the web for services such as haircuts, massages, and beauty treatments will significantly boost your sales. In fact, many technology-savvy beauty parlors have already set up this service on the web. Customers can visit the website to book appointments, purchase in advance, and even buy gift cards for friends and family.

Supply Stores

Whether you own a beauty supply store or an office supply store, chances are your customers are buying supply products in bulk. For this reason it’s important to provide your customers with a convenient way to pay for your products on the web and have them shipped straight to their home or place of business. You will need a photo-rich website with an online catalog of products as well as an easy-to-use shopping cart and payment processing software.

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High Risk Merchant Account Facts and Fiction

Dec 18, 2013 by admin

Learn the truth about high risk merchant accounts. We separate the facts from fiction to give you a clear sense of your options if you have been flagged as a high risk account.

No two businesses are the same, especially when it comes to how they are treated by processors of credit card services. One example is when larger businesses receive a “volume discount” on their fees because of the high amount of transactions they do each month. Another example is when a business is flagged as a “high risk” by merchant banks. While it’s not impossible for a company like this to finding a solution to accept credit cards, it does become more challenging.

There are a lot of myths about high risk merchant accounts floating around. Some of them are based on assumptions and others are just speculation. In many cases, these myths keep businesses from taking the steps they need to secure merchant accounts that will allow them to accept credit card payments as part of their normal business.

Here are a few of the most common misconceptions about high risk merchant accounts and what the truth actually is:

Myth: It’s a business’ fault that they have been marked as a high risk merchant account. Chances are they are doing something shady.

Fact: While some businesses are considered to be high risk by merchant banks because of issues like previous credit issues, many legitimate companies are also placed on the list because of the industry they are in. Companies that are in industries with a high rate of credit card fraud are more likely to be considered a high risk. This can include businesses that do antiques, sports memorabilia, online gaming and ticket sales.

Myth: Individual merchant banks decide who is considered to be a high risk.

Fact: Many businesses are considered to be high risk after being placed on the MATCH list, which was originally developed by Mastercard and is considered to be a “black list” for credit card service providers to evaluate potential clients. A company gets placed on the MATCH list by a bank it has worked with for various reasons including suspected fraud and overcharges, bankruptcy or identity theft.

Myth: Once you have been flagged as a high risk merchant account, it will be impossible to secure credit card payment services.

Fact: While it does make it more difficult, merchant account companies  Payment Solutions, Inc. are often willing to work with companies that have marked as a high risk. Merchant bank credit card service providers will look at a potential client on an individual basis to determine their level of risk. In many cases, businesses are able to secure credit card services at rates that are the same or similar to other companies.

 

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Why you should watch your chargebacks

May 13, 2013 by admin

Article Written by : Manufacturing Strategy

Chargeback is the term used when a customer disputes a charge on her credit card bill. Generally, chargebacks will happen for one of several reasons:

• A clerical error, such as a customer being double-billed or being billed for an incorrect amount
• Customer dissatisfaction, such as not receiving a product or receiving a product different than what was paid for
• A customer not recognizing a purchase, especially if the merchant name that appears on her bill differs from the actual name of the store
• Fraud — when a customer claims she did not authorize a purchase or a purchase was made as a result of identity theft

For most transactions, customers have 120 days from the sale or when they discovered a problem with the product to dispute a charge.

The bottom line here is that whenever customers feel that they have been charged for something they shouldn’t have, they can file a dispute with their bank which begins the chargeback process. The entire process will be detailed in the next section, but it’s worth noting here that resolving these disputes can sometimes take more than two months — PayPal, for example, advises its merchants that the whole process can take up to 75 days. During this time, the revenue from the disputed sale is withheld from the merchant’s account.

Whenever a chargeback is initiated, a merchant will receive a code from its issuing bank that gives a reason for the dispute. Some of the most common Visa and MasterCard chargeback codes are listed below. Once a customer has disputed a charge, a merchant’s acquiring bank will begin going through a specific procedure to resolve the issue.

If a merchant has too many chargebacks that they loose, they could also use their merchant account and be placed on Terminated Merchant File (TMF), which means that they may not be able to open another merchant account under their own name.

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Alternatives to Merchant Accounts

Dec 4, 2012 by admin

Merchant accounts allow business owners to accept credit and debit cards to pay for transactions. Merchant accounts are not always easy to get, however. It may depend on the owner’s credit history or how much they have as a cash reserve. But there are alternatives to these merchant accounts where the requirements aren’t so harsh and the costs are not so expensive.

Physical checks are one alternative to merchant accounts. Whereas the requirements are a lot less than a merchant account, the fess may be slightly higher. When using a merchant account that accepts credit cards, the transaction goes through immediately. Checks do take about 3 or 4 business days to clear the bank. When accepting a check, be sure to compare the signature on the check and the signature on the customer’s driver’s license.

Another alternative is third party providers. The most popular third party provider is PayPal. With PayPal, credit card and debit card transactions can be performed with online and offline purchases. This is ideal for businesses with low numbers of transactions or for businesses who don’t want to deal with the complex issues of merchant accounts. Third party provides are also the lower of the cost options.

Money orders are not very common in the business place these days but there are still some who use them, especially when ordering online. This can be a slow process if you have an online business and a customer uses a money order. The customer has to mail the money order, which could take several days to reach you.

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How to Avoid Credit Card Chargebacks

Dec 4, 2012 by admin

This article submit by How To Accept Credit Cards Online.

A credit card chargeback no doubt hurts the owner of a business. Say a customer walks into your store and makes a purchase with their credit card. They take their merchandise and leave the store. Then they get their credit card statement and do not recognize the purchase. At that time, they contact their credit card company to dispute the charge.

After doing some investigating, the credit card company sides in favor of the customer and charges back the money they paid. For instance, if they paid $75 for an item, that money is charged back to their credit card and you lose out on that $75. While these chargebacks can be time consuming and costly for you, there are ways to avoid credit card chargebacks.

If the customer is making a large purchase or if you think fraud may be involved, do not hesitate to ask for photo identification such as drivers license. Be sure the person making the purchase is the same person in the driver’s license. Also be sure that the credit card is signed. If not, ask for another form of identification.

One of the reasons that a customer may dispute a transaction is because the purchase they made from you shows up as a different company name on their credit card statement. It would be worth using a DBA, or Doing Business As, name that the customer will recognize.

It is important that you keep copies of your receipt for a minimum of two years. That way, if ever a transaction is disputed, you will have the customers’ signed receipt.

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Merchant Account Basics You Should Know

Dec 4, 2012 by admin

Article Written by : Manufacturing Stoke
New business owners often believe that getting a merchant account can be confusing and a bit overwhelming. But there are three basics that you need to know before getting an account. You need to know what a merchant account is, who offers an account and how much it will cost.

Whether have you have a physical store or you run an e-commerce site, you will need to be able to process credit cards. Many people these days are using credit and debit cards more and more. They are more secure and more convenient than cash. You will need to open a merchant account with a bank or through an online service. Once you sign up for an account, you will be given the correct equipment or software to run the customer’s card through.

Basically a merchant account is a system where you are able to handle credit card or debit card transactions in real-time. It makes things easier for you because it takes just seconds for a transaction to be approved or rejected. There is a contract that will exist between you and the provider. It is important to read and understand the terms of the contract.

You can obtain a merchant account through several financial service institutions. You will find that quite a few people will use a bank as their provider because it is secure and reliable. However, banks do usually have tighter rules and a strict approval process. Another popular option is an internet service provider. There are literally hundreds of them so you need to find the best one for you.

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How to Reduce Your Merchant Account Fees

Nov 24, 2012 by admin

If you have your own business, you most likely know by now that when you open a merchant account to accept credit and debit cards at your place of business, there are several fees associated with this. The good news is that there are ways in which you can reduce these fees to save you money.

The best way to reduce your merchant account fees is to compare services and rates of several merchant providers. You don’t want to sign up with the first account you come across. You may find out that a company will get you to sign with them at a lower rate but this turns out to be a trial rate and in six months, your rate goes up to the regular pricing. Be sure that each provider discloses what your rates will be and if you will save any money.

You can lessen the minimum amount that you pay for processing fees if you are not processing a large volume of sales each month. As a general rule, if you have over $1,400 a month in transactions, the minimum processing fee heads to zero.

You want to avoid any monthly service plans at all costs. There are a good majority of processors that will try and push these monthly fees on your, especially the higher rated plans such as the Platinum plan. The fact is that these plans do not save the merchant any money. These plans are supposed to include things such as paper for the credit card terminals. What many merchants aren’t aware of is that paper is very inexpensive to being with,

By following these simple tips, you can save your business money when having a merchant account.

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