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Have you ever looked at a processing statement and thought about what it represents?
Sometimes you only see a service bill as a negative; it’s just another item taking away your hard earned cash. But what does a service bill represent? It’s not only an amount you owe but a reflection of work you received.
Payment processing services are like that. It feels like just another bill you have to pay, and yes, some processors are like that. Charge an amount, and do nothing to improve your business in how you receive payments.
But payment processing can go beyond buying a terminal and paying a monthly statement. Credit card processing can expand into protection and improve your daily company operations if you work with the right solutions.
There’s been a surprising amount of credit card fraud happening lately. As a business, it can be a very costly situation to find yourself in.
One case of fraud can be enough to put a hard stop on growth and can leave you struggling to make ends meet as you make up the loss.
The chance for fraud increases when the card is not present. Accepting orders over the phone or through an E-Commerce store can make you even more susceptible.
Instead of hoping your business never ends up in this situation, you can take control and protect your business from fraudulent charges and loss of inventory.
You’re going to come across some fraudulent charges in your time as a business owner, but knowing what to look for can minimize the chances of large costly, losses.
Here are some things to keep an eye out for when you’re handling payments over the phone or online.
Today we want to bring attention to a specific issue that could affect your business.
Lately, there have been a lot of credit card processors who have been charging fees for not having an EMV credit card terminal to accept payments.
The most recent one we’ve seen is a processor charging $299 yearly fee for not having an EMV terminal.
Which to put mildly, is a load of garbage.
There’s no justifiable reason for charging a merchant a fee for not having an EMV card reader, and we want to explain why this is nothing more than an excuse for credit card processors to line their pockets.
If you want to learn how to avoid paying $299 for not having an EMV terminal, stay tuned to the end!
Having a multi-location franchise is a fantastic thing. It means your business is growing and bringing in extra profits.
But managing how your franchise accepts payments can be a different story.
As you grow, it’s logical to think you need to use a big bank to handle all your payment processing requirements. But working with a larger bank means a lot of restrictions and a lot of waiting. Having a person who handles your accounts is a fantasy.
What’s worse is larger financial institutions traditionally want to give you a flat rate and give you one big statement for all your locations.
But that might end up costing you more money in the long run.
Do you run a project based business that requires a down payment and final billing at a later date?
Managing a project based business can be frustrating when it comes to the bill. Traditionally, you receive the down payment at the beginning of the project, and then send out an invoice at the end of the project.
When working on any project that requires you to be on-site, it can be difficult just to leave your client with the bill, and wait for them to pay it.
By and large, this is the status quo for project-based businesses. This practice can damage their growth, disrupt their cash flow and leave unpaid invoices from 30-60 days out.
Retail sales can be hard, especially when you have to consider the cost of a point of sale (POS) system mixed in the payment processing costs.
Payment processing and POS solutions go together hand in hand. However, it can be incredibly difficult to find a merchant service provider who will give you a quality piece of equipment and not overcharge you on processing fees.
When we originally looked into selling point of sale systems to clients, it was shocking to see how many of our customers were being overcharged with their rental equipment costs and processing fees.
When you rent a POS, you will have to sign a contract, because you are leasing an expensive piece of equipment, that’s pretty common. But if you don’t read the contract carefully to make sure there are no hidden fees, or that you are obligated to pay for any faulty equipment. Failure to do so can cost your business a great deal.
Nothing can be more frustrating than trying to run your point of sale system through a separate credit card processing company.
The likelihood of errors and payment malfunctions increase, as does the time it takes to manage two different payment processing companies.
Nothing ruins a visit to a restaurant or retail store like difficulty accepting credit card payments.
So is there a solution to this problem of running your point of sale machine and your payment processing through the same company?
I’ve talked a lot about PCI Compliance on this blog, primarily because it impacts all of our customers’ monthly processing statements.
Merchants are charged an extra monthly fee for every month they do not complete their PCI Compliance requirements for keeping customer data secure.
Once a year, your business is required to complete a questionnaire from your processor. If you don’t complete the questionnaire or you are not keeping sensitive payment information PCI compliant, you’ll receive a monthly non-compliance fee until you complete the questionnaire.
If you want to read more about the questionnaire and how to answer the questions, you can read more here. However, there’s are pretty simple rules to follow to become PCI compliant.
Selecting the right payment processing solution can be confusing. One of the most common misconceptions is understanding what the difference is between a payment gateway and a virtual terminal.
Aren’t they the same thing? Well no, but for your business to accept online payments with ease, you’re going to want a payment gateway.
So let’s talk about payment gateways, virtual terminals, and what they do for your business.
Everyone loves feeling like they’re in on an exclusive deal, so why not offer a loyalty program to your customers?
Lots of small business are finding the benefit of implementing loyalty programs.
You can use loyalty programs a few different ways, but here are some of the easiest ways to offer incentives.
EBT stands for “Electronic Benefit Transfer”, and is just another form of payment, so why wouldn’t you accept it?
EBT is basically the new replacement for Food Stamps, which work as a prepaid card for individuals to buy necessities.
Sometimes it’s not a matter of if you should or shouldn’t take EBT payments, but if your business even qualifies.
EBT payments come with some requirements your business needs to meet before you can start accepting this form of payment. But it’s worth seeing if your business qualifies since it draws in additional revenue.
So what kind of requirements does your company need to meet to accept EBT benefits?
Do you know the difference between signature or PIN debit transactions?
Debit cards are often the middle child of payments processing, critical, but overlooked. Most merchants only focus on the credit card and ACH rates or don’t realize debit cards are priced separately by payment processors.
But debit cards are the most used compared to other payment types, and your price points will vary depending on how you process the debit payment.
They say patience is a virtue, but waiting for money to be deposited into your merchant account doesn’t make you feel particularly virtuous.
Waiting extra days to see that money hit your bank account can be agonizing, and sometimes you need access to that cash quicker than a few days.
So many business owners wonder if they should try and apply for next day funding. But many have no idea what it costs or if it’s beneficial to their business.
Debit cards and credit cards are often misunderstood to be the same thing, but in regards to how they are processed and charged, they are two separate animals.
When you’re signing up for payment processing services, you might make a mistake by assuming your debit card processing rates will be the same as your credit card processing rates. However, they are not.
So how can you know the different costs associated between the two?
Fundraising is the lifeblood of all non-profits, and contributions are necessary to continue your work. So how can you broaden your horizon and work to gain more donations?
Facebook could be your answer.
In comparison with the other social media sites, Facebook has been ranked as number one when it comes to effective outreach tool for gaining donations.
So what steps should you take to get donations through Facebook?
A lot of small businesses are still struggling with the chip cards that came out a couple of years ago across the U.S. There are still questions and people can easily fall victim to fraud.
In our industry, we have a lot of merchants lose some money due to the switch to EMV technology by not recognizing the best procedures when dealing with the new technology.
One of the biggest mistakes we see small business owners make is trying to manually enter in a chip card.
It’s been over a year since the EMV liability shift was pushed onto merchants for theft, in hopes of adapting to the new chip card reader technology. Chip cards (which have been used in Europe for...
Owning an E-Commerce site is wonderful, isn’t it? You don’t have to worry about opening and closing a store every day, and have certain freedoms in managing your business.
Although running an E-Commerce site sounds like a breeze, handling payments can dampen the experience.
A lot of online stores handle payments by manually keying in a customer’s credit card information on a credit card terminal, an online virtual terminal, or a website shopping cart.
This typical method can lead to lots of paper to keep track of, along with the risk of payment information being entered incorrectly.
Whether you received an email notification from your processor, or noticed unfamiliar fees on your credit card statement, you’ve heard about it. PCI compliance is a bit of a confusing topic for merchants since they aren’t really sure what they should do to be compliant. Most probably think they are keeping their customers payment information safe, but probably aren’t in the eyes of the processor.
As 2016 comes to a close and the Holiday season is upon us, we wanted to go over some key guidelines to keeping your customer's data safe. Here are our tips for PCI Compliance security around the...