Enjoy Wireless Credit Card Processing Today by Jeff Henderson
In today’s age of cutting-edge technology, credit card requitals are very common and their popularity is growing day by day. A credit card payment not only gives a professional look to your business but also allows transactions to proceed easy, no matter where you are, whenever you need it-without depending on the availability of phone lines.
Traditionally, card processing worked by dialing up your merchant account to approve the card which caused potential delays, due to the slowness of the connection. Wireless payment processing, on the other hand increases the effectiveness of accepting payments at your primary location as well as point of sale transactions on the road.
Some wireless credit card payment working units are small enough to fit in your pocket. These little payment processing units can be connected to small thermal printers, so you can even give your customers a receipt. The best thing about wireless service is that, it is uncomplicated and relatively easy to set up. The benefits of long-range wireless processing are many, as you can process payments anywhere due to the presence of your mobile provider or wireless provider.
Not only will your cost basis be lower, but you can also clear transactions more quickly than manual or hand entered transactions. You can eliminate any potential delays, speed up checkout times and keep your checkout lines moving more smoothly. By swiping credit cards you get lower rates. This one feature alone can save hundreds of dollars per month. Obviously, there is increased security because wireless processing reduces the amount of cash you and your staff handle.
So,what are you waiting for?Go ahead, expand your business,accept payments anytime, anywhere and watch your sales increase.A wireless credit card can surely increase your profits and you can save tons of money as well.
To read more about Car Insurance News visit Car Insurance News Learn more about How to File Your Car Insurance Claim
Thursday, July 30, 2009
Wednesday, July 29, 2009
Cash mobile payment
Mobile Cash Mobile Payment System unlike any other in the World! by Lynn Blazyk
With Mobile Cash a customer only needs a mobile phone; they don't need Cash, Credit Card, a Bank Account or even need to show ID to make a secure online purchase from your website.
With Mobile Cash a customer can be anyone with a mobile phone in 15 different countries using over 100 mobile carriers world wide. Totaling over 500 Million subscribers today and growing to over 1 Billion by early 2008. A list is on our website.
When a customer clicks to pay via their Mobile Phone, they'll simply select the country they are in and they'll immediately see the total purchase price in their own currency. The customer simply enters their mobile phone number and clicks continue. A few seconds later they'll receive a text message confirming the amount to pay, again in their own currency. They only need to click reply and enter Y for Yes and send. The Transaction will be verified instantly by Mobile Cash and the Mobile Carrier and the transaction is complete. The consumer is billed by the Mobile Phone Carrier. The Merchant is guaranteed a payment from the sale. With Mobile Cash it's not only simple, it brings many benefits to the merchant. As a Mobile Cash merchant you can increase your revenues from a customer source you never thought possible. You can now make the sale when a customer only has a Mobile Phone and no Cash, Credit Card, Bank Account or doesn't want to show ID. And the best part is your payment is Guaranteed without any additional Cost to the merchant. I'll talk about that in a moment.
As customers realize their mobile carriers are giving them instant credit to purchase online goods more will be taking advantage of this new form of credit, and you won't want to miss out on this new additional highly profitable revenue stream. With Mobile Cash you will also increase your market size and reach. Did you know there are more Mobile Phones than Credit cards and Bank accounts world wide? Substantially less than 50% of the population has a bank account or credit card and in many countries mobile phone ownership is reaching 100% of the population and in some countries in Europe and Asia it surpassed 100% multiple years ago.
With Mobile Cash merchants are paid via wire transfer in their currency of choice without currency exchange fees no matter where the customers are around the globe.) With Mobile Cash merchants have lower business risks than other payment options. For instance, once a reply from a customer is confirmed by the mobile carrier the payment is guaranteed to the merchant, this simply isn't available from credit card payments. The carriers don't give refunds to customers, and it is left to the merchant the customer to handle any issues.
The majority of merchants set up Mobile Cash so they have no transaction costs or fees and collect 100% of the sales price. Additionally, the merchant needs no special software, hardware or technology to set up an online merchant account. In addition to increasing revenues and lowering business risks, the merchants also increase profitability in the sales process. No Collection tasks, you keep 100% of the sales price by adding new higher profit customers and this new business doesn't cannibalize or take away and of your existing credit card or bank transaction business, as well as Mobile cash instantly makes you available to new customer in new countries around the globe without cost or additional marketing expense.
Mobile Cash payment process gives you an opportunity to make the online purchase almost as easy as swiping your card at the local retailer. It's easy for the merchant as well as the customers and more secure than credit cards for both the merchant and the customers.
Giving customers a secure option to pay without giving up ID and only using a mobile phone has increased businesses revenues by 20-30% immediately without changing they way do business. Ease of use and security are important items to give customers for most online merchants. Is it for you as well? Total Costs to set up a merchant account is ZERO. We don't charge a set up fee, you don't need any special equipment or software of any kind, no secure website licenses or certificates to acquire, you don't even need a special bank account. And if you set this up like most other merchants you will not have any transaction fees either. Nothing to lose and all to gain, wouldn't you agree? So, what can you sell with Mobile Cash?
Mobile Cash is currently set up for merchants selling to consumers online digital downloads, Online Services as well as online pay sites or those with membership or subscription fees for content, software or other technology.Here is a short list of those items: Digital Downloads of all types including audio, video, games, documents, ring tones, software and more... This includes services downloaded to computers as well as mobile phones. Pay sites with a membership fee or pay for use. We can manage almost any recurring billing format you wish to offer. Other Services not described above can also be purchased with Mobile Cash. Sorry, no hard good products that are either shipped or sold across the counter are approved by the mobile carriers at this time. Thank you for taking the time to review Global Mobile Cash
http://www.GlobalMobileCash.com
Lynn Blazyk reports on articles of interest for online merchants.
With Mobile Cash a customer only needs a mobile phone; they don't need Cash, Credit Card, a Bank Account or even need to show ID to make a secure online purchase from your website.
With Mobile Cash a customer can be anyone with a mobile phone in 15 different countries using over 100 mobile carriers world wide. Totaling over 500 Million subscribers today and growing to over 1 Billion by early 2008. A list is on our website.
When a customer clicks to pay via their Mobile Phone, they'll simply select the country they are in and they'll immediately see the total purchase price in their own currency. The customer simply enters their mobile phone number and clicks continue. A few seconds later they'll receive a text message confirming the amount to pay, again in their own currency. They only need to click reply and enter Y for Yes and send. The Transaction will be verified instantly by Mobile Cash and the Mobile Carrier and the transaction is complete. The consumer is billed by the Mobile Phone Carrier. The Merchant is guaranteed a payment from the sale. With Mobile Cash it's not only simple, it brings many benefits to the merchant. As a Mobile Cash merchant you can increase your revenues from a customer source you never thought possible. You can now make the sale when a customer only has a Mobile Phone and no Cash, Credit Card, Bank Account or doesn't want to show ID. And the best part is your payment is Guaranteed without any additional Cost to the merchant. I'll talk about that in a moment.
As customers realize their mobile carriers are giving them instant credit to purchase online goods more will be taking advantage of this new form of credit, and you won't want to miss out on this new additional highly profitable revenue stream. With Mobile Cash you will also increase your market size and reach. Did you know there are more Mobile Phones than Credit cards and Bank accounts world wide? Substantially less than 50% of the population has a bank account or credit card and in many countries mobile phone ownership is reaching 100% of the population and in some countries in Europe and Asia it surpassed 100% multiple years ago.
With Mobile Cash merchants are paid via wire transfer in their currency of choice without currency exchange fees no matter where the customers are around the globe.) With Mobile Cash merchants have lower business risks than other payment options. For instance, once a reply from a customer is confirmed by the mobile carrier the payment is guaranteed to the merchant, this simply isn't available from credit card payments. The carriers don't give refunds to customers, and it is left to the merchant the customer to handle any issues.
The majority of merchants set up Mobile Cash so they have no transaction costs or fees and collect 100% of the sales price. Additionally, the merchant needs no special software, hardware or technology to set up an online merchant account. In addition to increasing revenues and lowering business risks, the merchants also increase profitability in the sales process. No Collection tasks, you keep 100% of the sales price by adding new higher profit customers and this new business doesn't cannibalize or take away and of your existing credit card or bank transaction business, as well as Mobile cash instantly makes you available to new customer in new countries around the globe without cost or additional marketing expense.
Mobile Cash payment process gives you an opportunity to make the online purchase almost as easy as swiping your card at the local retailer. It's easy for the merchant as well as the customers and more secure than credit cards for both the merchant and the customers.
Giving customers a secure option to pay without giving up ID and only using a mobile phone has increased businesses revenues by 20-30% immediately without changing they way do business. Ease of use and security are important items to give customers for most online merchants. Is it for you as well? Total Costs to set up a merchant account is ZERO. We don't charge a set up fee, you don't need any special equipment or software of any kind, no secure website licenses or certificates to acquire, you don't even need a special bank account. And if you set this up like most other merchants you will not have any transaction fees either. Nothing to lose and all to gain, wouldn't you agree? So, what can you sell with Mobile Cash?
Mobile Cash is currently set up for merchants selling to consumers online digital downloads, Online Services as well as online pay sites or those with membership or subscription fees for content, software or other technology.Here is a short list of those items: Digital Downloads of all types including audio, video, games, documents, ring tones, software and more... This includes services downloaded to computers as well as mobile phones. Pay sites with a membership fee or pay for use. We can manage almost any recurring billing format you wish to offer. Other Services not described above can also be purchased with Mobile Cash. Sorry, no hard good products that are either shipped or sold across the counter are approved by the mobile carriers at this time. Thank you for taking the time to review Global Mobile Cash
http://www.GlobalMobileCash.com
Lynn Blazyk reports on articles of interest for online merchants.
Tuesday, July 28, 2009
Basics of Merchant accounts
Merchant Account - What You Need to Know by Wesley Gordon
A merchant account basically allows a business to accept credit cards or other forms of payments from customers or clients. It involves an interaction between you and a credit card processor. A merchant account or what is also known as the payment processing company, comes with a certain fee or charge and should first be approved before anything else.
Applying for a merchant account is simple. Merchants or business owners must apply through a merchant account provider. These providers allow the businesses to accept credit cards, debit cards in exchange for goods and services. Merchant account providers offer other services such as POS equipment rental, cashback, ecommerce solutions and anti-fraud measures.
There are different types of merchant accounts. The traditional merchant account or retail merchant account comes with an equipment mostly seen in retail businesses such as groceries and department stores. The MOTO or mail order/telephone order makes use of a phone to process direct orders from clients or customers. The Internet based merchant account or e-commerce is used by retailers in selling their products online. Meanwhile, a mobile or wireless merchant account are designed for professionals who are on the go and would want their payments processed right away.
Depending on the type of business that you will have, choosing the right type of merchant account will help you in so many ways. However, a particular business can make use of more than one type of merchant account. The only difference between merchant accounts are its fees and discount rates. However, choose a merchant account that best suits your business and is cost-effective.
Once your application for a merchant account is approved, you can then begin to process credit card transactions. The amount of approved transactions are automatically credited to your merchant account. The total funds in that account is then transferred to your bank account. You will also need certain methods to help process your transactions. Different ways involve the use of Point of Sale (POS) credit card terminal, credit card processing software or payment gateway.
If you are setting up your own business and you would want to have credit card transactions, applying for a merchant account is necessary. Merchant account application is very simple. Having one helps improve cash flow and attract more customers because of the convenience of paying using their credit cards. Just look for a merchant account provider that will make sure your needs are met and that the money you spent for it is worth it.
A merchant account basically allows a business to accept credit cards or other forms of payments from customers or clients. It involves an interaction between you and a credit card processor. A merchant account or what is also known as the payment processing company, comes with a certain fee or charge and should first be approved before anything else.
Applying for a merchant account is simple. Merchants or business owners must apply through a merchant account provider. These providers allow the businesses to accept credit cards, debit cards in exchange for goods and services. Merchant account providers offer other services such as POS equipment rental, cashback, ecommerce solutions and anti-fraud measures.
There are different types of merchant accounts. The traditional merchant account or retail merchant account comes with an equipment mostly seen in retail businesses such as groceries and department stores. The MOTO or mail order/telephone order makes use of a phone to process direct orders from clients or customers. The Internet based merchant account or e-commerce is used by retailers in selling their products online. Meanwhile, a mobile or wireless merchant account are designed for professionals who are on the go and would want their payments processed right away.
Depending on the type of business that you will have, choosing the right type of merchant account will help you in so many ways. However, a particular business can make use of more than one type of merchant account. The only difference between merchant accounts are its fees and discount rates. However, choose a merchant account that best suits your business and is cost-effective.
Once your application for a merchant account is approved, you can then begin to process credit card transactions. The amount of approved transactions are automatically credited to your merchant account. The total funds in that account is then transferred to your bank account. You will also need certain methods to help process your transactions. Different ways involve the use of Point of Sale (POS) credit card terminal, credit card processing software or payment gateway.
If you are setting up your own business and you would want to have credit card transactions, applying for a merchant account is necessary. Merchant account application is very simple. Having one helps improve cash flow and attract more customers because of the convenience of paying using their credit cards. Just look for a merchant account provider that will make sure your needs are met and that the money you spent for it is worth it.
Wesley Gordon is a 42-year old Online Marketing Director for a Payment Processing Industry. He's been in the business for over 15 years now, traveling around the world, attending lectures and seminars. Aside from spending time with his wife and three kids, he also blogs. His blog can be seen at http://acceptcardsnowblog.blogspot.com. He is also currently updating http://www.acceptcardsnow.biz.
Monday, July 27, 2009
Tool for business owners
Are You Losing Business by Only Accepting Cash and Checks? by Chris Rempel
Many mobile business owners and professionals struggle with payment options. While on the road, moving from one job site (or client) to the next, it can be difficult to keep things organized. Most small business owners have the luxury of a storefront, cash register, and credit card processing terminal. For them, there's no guesswork or potential "run-around" involved - either the card has funds, or it doesn't.
Mobile business owners, such as landscapers, trades people, merchants at craft fairs, and others simply do not have these luxuries. Most are limited to accepting cash or check; the latter with no guarantee that there are funds in the account. It can be difficult for them to find a payment method that is convenient for both them and their customer, especially for big-ticket items. Unfortunately, this may often mean that the sale goes instead to the brick and mortar merchant, simply because they accept credit cards and/or provide a financing option that doesn't involve some sort of collection arrangement.
(In other words, the credit card company acts as the "creditor" for them, in a sense, and gives the customer a self-directed financing plan on their own terms.)
Are you losing sales because you don't or can't accept credit cards? This is a problem shared by many mobile business owners. Imagine the sales you might have had at your last trade show or job fair, if payment of a large sum had been easier and more convenient for your customer.
Customers are carrying less and less cash around. We are quickly becoming a plastic consumer society and few people like to bother any longer with the hassle of cash or check books. They prefer the ease and convenience of their credit or debit cards. Are you losing valuable sales because you don't accept this most convenient method of payment?
Many business owners also prefer credit cards. They offer the advantage instant approval. There is no waiting for days for a check to clear and money to be deposited in your account. Credit cards provide 24-hour payment in a 24-hour world. Payments can be processed quickly, on demand.
What if there was a way for you to accept credit cards from your mobile office or job site? This would enable you to build your business from anywhere, any time. Why should brick and mortar businesses get all the customers?
What would this do for your business? Your business could potentially grow by leaps and bounds - and you'd be making life a lot easier for both your customers, and yourself.
Here's the good news - you do, in fact, have options. Here are two solutions you should consider:
1. Use a Wireless Credit Card Terminal.
If your typical business day consists of a large number of smaller sized transactions (for example, a pizza delivery business with an average of 40 sales under $30 a day), then you should seriously consider getting a wireless credit card processing machine.
Your monthly fees for the merchant account (and equipment, if leasing) will be average, as will the discount rate per sale, but the convenience factor in addition to the potential increase in sales from customers who don't necessarily have cash on hand will likely more than make up for the monthly fees, and then some.
2. Accept Credit Cards by Phone
Now, if you run a business where you're only closing on a few sales a day, but at a higher ticket ($x00 - $x,000), then you'll want to minimize your merchant account costs because your credit card transactions will be more of an occasional occurrence - even though it will certainly impact your business in regards to convenience, efficiency and potentially even sales.
For example, if you own a landscape business where the average transaction is $600, you'll find that quite a few clients will want to take advantage of either their card's built-in rewards points (like "air miles"), the flexible financing - or in most cases, both of these added benefits combined.
The benefit for you is that credit doesn't "bounce" and in most cases, you'll have access to the funds much faster than with a check.
Now, here's the best part - you can accept credit card payments on the spot from any touch-tone phone, including your cellular.
Also, the leading "pay by phone" services available have very low monthly fees and operate in more of a "pay as you go" fashion.
This is the perfect solution for a mobile business - or professional - where occasional credit card transactions are necessary (and profitable), but don't quite warrant the hassle of using a traditional terminal.
Some services cost as little as a few bucks a month at about 4% per sale.
So there you have it - two very viable options for mobile business types that would otherwise have to remain stuck in the "dark ages" of cash and check payments.
Do your due-diligence to see what service might be best for you and your customers.
Many mobile business owners and professionals struggle with payment options. While on the road, moving from one job site (or client) to the next, it can be difficult to keep things organized. Most small business owners have the luxury of a storefront, cash register, and credit card processing terminal. For them, there's no guesswork or potential "run-around" involved - either the card has funds, or it doesn't.
Mobile business owners, such as landscapers, trades people, merchants at craft fairs, and others simply do not have these luxuries. Most are limited to accepting cash or check; the latter with no guarantee that there are funds in the account. It can be difficult for them to find a payment method that is convenient for both them and their customer, especially for big-ticket items. Unfortunately, this may often mean that the sale goes instead to the brick and mortar merchant, simply because they accept credit cards and/or provide a financing option that doesn't involve some sort of collection arrangement.
(In other words, the credit card company acts as the "creditor" for them, in a sense, and gives the customer a self-directed financing plan on their own terms.)
Are you losing sales because you don't or can't accept credit cards? This is a problem shared by many mobile business owners. Imagine the sales you might have had at your last trade show or job fair, if payment of a large sum had been easier and more convenient for your customer.
Customers are carrying less and less cash around. We are quickly becoming a plastic consumer society and few people like to bother any longer with the hassle of cash or check books. They prefer the ease and convenience of their credit or debit cards. Are you losing valuable sales because you don't accept this most convenient method of payment?
Many business owners also prefer credit cards. They offer the advantage instant approval. There is no waiting for days for a check to clear and money to be deposited in your account. Credit cards provide 24-hour payment in a 24-hour world. Payments can be processed quickly, on demand.
What if there was a way for you to accept credit cards from your mobile office or job site? This would enable you to build your business from anywhere, any time. Why should brick and mortar businesses get all the customers?
What would this do for your business? Your business could potentially grow by leaps and bounds - and you'd be making life a lot easier for both your customers, and yourself.
Here's the good news - you do, in fact, have options. Here are two solutions you should consider:
1. Use a Wireless Credit Card Terminal.
If your typical business day consists of a large number of smaller sized transactions (for example, a pizza delivery business with an average of 40 sales under $30 a day), then you should seriously consider getting a wireless credit card processing machine.
Your monthly fees for the merchant account (and equipment, if leasing) will be average, as will the discount rate per sale, but the convenience factor in addition to the potential increase in sales from customers who don't necessarily have cash on hand will likely more than make up for the monthly fees, and then some.
2. Accept Credit Cards by Phone
Now, if you run a business where you're only closing on a few sales a day, but at a higher ticket ($x00 - $x,000), then you'll want to minimize your merchant account costs because your credit card transactions will be more of an occasional occurrence - even though it will certainly impact your business in regards to convenience, efficiency and potentially even sales.
For example, if you own a landscape business where the average transaction is $600, you'll find that quite a few clients will want to take advantage of either their card's built-in rewards points (like "air miles"), the flexible financing - or in most cases, both of these added benefits combined.
The benefit for you is that credit doesn't "bounce" and in most cases, you'll have access to the funds much faster than with a check.
Now, here's the best part - you can accept credit card payments on the spot from any touch-tone phone, including your cellular.
Also, the leading "pay by phone" services available have very low monthly fees and operate in more of a "pay as you go" fashion.
This is the perfect solution for a mobile business - or professional - where occasional credit card transactions are necessary (and profitable), but don't quite warrant the hassle of using a traditional terminal.
Some services cost as little as a few bucks a month at about 4% per sale.
So there you have it - two very viable options for mobile business types that would otherwise have to remain stuck in the "dark ages" of cash and check payments.
Do your due-diligence to see what service might be best for you and your customers.
Chris Rempel, entrepreneur and business analyst, highly recommends "Accept by Phone" for small & mobile businesses that need that extra "edge".
Additionally, see their site specifically for Attorneys at AttorneysAccept.com
Wireless merchant account
Wireless Merchant Accounts for the Age of Mobility by SEO Image
Merchant accounts that chain you to a physical location are for dinosaurs. You should be able to do business whenever you want, wherever you want, and take your merchant account with you.
Wireless technology is evolving rapidly, and it could be an important development for your business. Many merchants have seen their sales volume multiply after setting up a wireless merchant account for credit card processing.
Once you set up a wireless merchant account, you'll be able to process credit card transactions from virtually anywhere--at home, in your car, at a customer's office, or at trade shows and conventions. A wireless credit card terminal is ideal for many service businesses. Here's how it works.
Using advanced credit card terminal technology, wireless terminals have an internal battery that powers wireless service and access to your merchant account. You won't need a phone line or any external source of power.
It can take three seconds or less to process wireless credit card transactions, and you can get instant approval and decline codes. If your wireless credit card terminal uses a fast thermal printer you can give your customer a physical receipt on the spot.
A wireless merchant account can also save you on credit card processing costs. Wireless credit card payments can qualify as swiped "card present" transactions, so you'll get the lowest interchange rates.
If you have a high sales volume, and you need an extra fast transaction speed, a wireless credit card terminal may be the answer. The convenience of wireless payment processing also reduces the number of lost sales opportunities.
It's fairly easy to set up a wireless merchant account. The first thing you need to do is check for network coverage. Wireless credit card terminals work on a network, just like cell phones, and the service varies depending on your location. If you know where you will most frequently use your wireless terminal to process credit card transactions, you can select a network that covers your area.
Likewise, you should also consider how weather, network traffic, terrain, signal strength, obstructions, building density, construction, and environmental conditions will affect your wireless credit card terminal.
Once you've found the best network for your wireless merchant account, you have to choose the right wireless credit card processing terminal. This is where you don't want to compromise. Ideally you'll get a lightweight, flexible terminal that allows you to securely process error-free transactions in a short amount of time. Once you're processing credit card transactions through a wireless terminal, you'll be working in a broader range of situations, so you'll need a broader range of services. A handheld wireless terminal should support credit, debit, T&E, EBT, Smart Card, gift cards, and loyalty cards.
You can add to your payment processing power with an easy-to-load thermal printer, a touch screen, a built-in PIN Pad, or an EMV smart card reader.
If you want greater network coverage, use GPRS. It works on a tiny chip, just as it does in mobile phones. GPRS practically assures network coverage at no extra cost, so it gives you the freedom to roam almost anywhere with your wireless merchant account.
Finally, ensure that you have an equipment warranty with your processor. This will ultimately save you time and effort.
Congratulations on joining the wireless revolution. By choosing to accept credit card payments through a wireless terminal, you're offering both your company and your clients a brave new world of opportunities.
Merchant accounts that chain you to a physical location are for dinosaurs. You should be able to do business whenever you want, wherever you want, and take your merchant account with you.
Wireless technology is evolving rapidly, and it could be an important development for your business. Many merchants have seen their sales volume multiply after setting up a wireless merchant account for credit card processing.
Once you set up a wireless merchant account, you'll be able to process credit card transactions from virtually anywhere--at home, in your car, at a customer's office, or at trade shows and conventions. A wireless credit card terminal is ideal for many service businesses. Here's how it works.
Using advanced credit card terminal technology, wireless terminals have an internal battery that powers wireless service and access to your merchant account. You won't need a phone line or any external source of power.
It can take three seconds or less to process wireless credit card transactions, and you can get instant approval and decline codes. If your wireless credit card terminal uses a fast thermal printer you can give your customer a physical receipt on the spot.
A wireless merchant account can also save you on credit card processing costs. Wireless credit card payments can qualify as swiped "card present" transactions, so you'll get the lowest interchange rates.
If you have a high sales volume, and you need an extra fast transaction speed, a wireless credit card terminal may be the answer. The convenience of wireless payment processing also reduces the number of lost sales opportunities.
It's fairly easy to set up a wireless merchant account. The first thing you need to do is check for network coverage. Wireless credit card terminals work on a network, just like cell phones, and the service varies depending on your location. If you know where you will most frequently use your wireless terminal to process credit card transactions, you can select a network that covers your area.
Likewise, you should also consider how weather, network traffic, terrain, signal strength, obstructions, building density, construction, and environmental conditions will affect your wireless credit card terminal.
Once you've found the best network for your wireless merchant account, you have to choose the right wireless credit card processing terminal. This is where you don't want to compromise. Ideally you'll get a lightweight, flexible terminal that allows you to securely process error-free transactions in a short amount of time. Once you're processing credit card transactions through a wireless terminal, you'll be working in a broader range of situations, so you'll need a broader range of services. A handheld wireless terminal should support credit, debit, T&E, EBT, Smart Card, gift cards, and loyalty cards.
You can add to your payment processing power with an easy-to-load thermal printer, a touch screen, a built-in PIN Pad, or an EMV smart card reader.
If you want greater network coverage, use GPRS. It works on a tiny chip, just as it does in mobile phones. GPRS practically assures network coverage at no extra cost, so it gives you the freedom to roam almost anywhere with your wireless merchant account.
Finally, ensure that you have an equipment warranty with your processor. This will ultimately save you time and effort.
Congratulations on joining the wireless revolution. By choosing to accept credit card payments through a wireless terminal, you're offering both your company and your clients a brave new world of opportunities.
To learn more about merchant account or wireless merchant account visit http://www.ensightmerchantservices.com/
Thursday, July 23, 2009
Wireless payment processing
Mobile Commerce Wireless Payment Processing - by iliusion
The Basics
Mobile Commerce (m-commerce) isn't a new way of processing credit and debit cards. The acceptance method has been around for a few years, but is just really starting to make a large impact on how we do business away from our offices.
m-commerce first started with the use of wireless POS (Point Of Sale) swipe terminals and has since then made its way into cellular phones and PDA's (Personal Digital Assistants). Wireless POS swipe terminals are much more expensive (usually around $700 and up) then regular "wired" terminals which require you to be nearby a phone jack and electrical outlet in order to operate. As a result, this has caused many people to find alternative ways to process transactions while their "on the road" -- at least until now.
Cellular phones and PDA's have largely grown in popularity and as a result manufacture's have made significant improvements and added features to attract even more consumers and meet current owners demands. One of those features is wireless transaction processing. Imagine being able to process credit card and debit card transactions wirelessly within seconds at tradeshows, business seminars, house calls, etc. Wireless Processing Benefits
Before m-commerce solutions became available collecting funds for orders done "on the road" required people to either pay by cash, check or write down their credit card information so you could process the transaction later back at your office. The fact is, cash and checks can get lost and credit card information, if not put in a secure place, can get into the wrong hands between the time the information was taken down and the customers card was charged. m-commerce solutions have taken a lot of the hassles out of doing business "on the run."
* Improved cash flow * Secure credit and debit card authorizations within a matter of seconds * Reduced instances of credit card fraud and chargebacks * Ability to conduct business where phone line connections don't exist
m-commerce Resources
1. Cell Phone Wireless Credit Card Processing Wireless processing via your cell phone is probably one of more cost effective ways to process cards on the road. Not only does a service like this work with cell phones, but also any phone for that matter. Thompson Merchant Services offers a very appealing wireless processing package for just $39 to setup. I would highly recommend it, click here for mobile credit card processing.
2. Virtual Terminal - If you have a laptop (notebook) computer that's able to connect to the Internet while you're mobile (on-site, at a hotel, etc.) then you can process credit card orders securely over any Internet web browser. Since you cannot swipe the clients credit card the processing fees are slightly higher, however you don't incur the high costs of purchasing a wireless swipe terminal which ranges approx. $700+. If interested, contact any Merchant Service Provider for details and pricing. Virtual Terminal is almost always coupled with the purchase of a Real-Time Internet processing solution. If you already have a Real-Time solution check with your Merchant Account Provider on how to process orders via your Virtual web-based terminal. The Virtual Terminal solution is nice since there's no software to install and no long-term leases to be bound to. Typical price ranges from around $50 and up, however there may be no additional cost if purchased along with a real-time processing solution.
The Basics
Mobile Commerce (m-commerce) isn't a new way of processing credit and debit cards. The acceptance method has been around for a few years, but is just really starting to make a large impact on how we do business away from our offices.
m-commerce first started with the use of wireless POS (Point Of Sale) swipe terminals and has since then made its way into cellular phones and PDA's (Personal Digital Assistants). Wireless POS swipe terminals are much more expensive (usually around $700 and up) then regular "wired" terminals which require you to be nearby a phone jack and electrical outlet in order to operate. As a result, this has caused many people to find alternative ways to process transactions while their "on the road" -- at least until now.
Cellular phones and PDA's have largely grown in popularity and as a result manufacture's have made significant improvements and added features to attract even more consumers and meet current owners demands. One of those features is wireless transaction processing. Imagine being able to process credit card and debit card transactions wirelessly within seconds at tradeshows, business seminars, house calls, etc. Wireless Processing Benefits
Before m-commerce solutions became available collecting funds for orders done "on the road" required people to either pay by cash, check or write down their credit card information so you could process the transaction later back at your office. The fact is, cash and checks can get lost and credit card information, if not put in a secure place, can get into the wrong hands between the time the information was taken down and the customers card was charged. m-commerce solutions have taken a lot of the hassles out of doing business "on the run."
* Improved cash flow * Secure credit and debit card authorizations within a matter of seconds * Reduced instances of credit card fraud and chargebacks * Ability to conduct business where phone line connections don't exist
m-commerce Resources
1. Cell Phone Wireless Credit Card Processing Wireless processing via your cell phone is probably one of more cost effective ways to process cards on the road. Not only does a service like this work with cell phones, but also any phone for that matter. Thompson Merchant Services offers a very appealing wireless processing package for just $39 to setup. I would highly recommend it, click here for mobile credit card processing.
2. Virtual Terminal - If you have a laptop (notebook) computer that's able to connect to the Internet while you're mobile (on-site, at a hotel, etc.) then you can process credit card orders securely over any Internet web browser. Since you cannot swipe the clients credit card the processing fees are slightly higher, however you don't incur the high costs of purchasing a wireless swipe terminal which ranges approx. $700+. If interested, contact any Merchant Service Provider for details and pricing. Virtual Terminal is almost always coupled with the purchase of a Real-Time Internet processing solution. If you already have a Real-Time solution check with your Merchant Account Provider on how to process orders via your Virtual web-based terminal. The Virtual Terminal solution is nice since there's no software to install and no long-term leases to be bound to. Typical price ranges from around $50 and up, however there may be no additional cost if purchased along with a real-time processing solution.
Scott runs a website CMS Credit Cards
Wednesday, July 22, 2009
Merchant services
Merchant Accounts & Other Payment Solutions by illusion
Merchant services, accept credit cards online and other payment processing solutions is vitally important to the success of your business. The fact is, your businesses success or failure can depend on whether or not you accept credit card orders. Searching for a good deal on a merchant account is a slow and tedious process. Now, the hassles of searching the Internet endlessly to find the right merchant account are over! We're bringing the merchant account providers to you! That's right, no more time consuming searches on the search engines, because we've done the searching for you. We have developed an online database of nothing but providers who issue merchant accounts, to aid you in the process of locating a provider that is right for your businesses needs and budget.
Quick Connection - What are your processing needs?
Listed below are a number of scenarios. Each case is linked to a cost effective merchant services solution that best fits what you are looking for. Which one fits you?
#1: Instant Payment Processing I need a merchant account by tomorrow, literally. I have credit cards that need processed now or an upcoming event in the next few days. I don't have time to do long applications and wait a week. If this is you, click here www.cmscreditcards.com
#2: High Risk Merchant Account MLM, gaming, travel, online pharmacy, high volume, bad credit, and more. Fast turnaround on offshore account setup and no monthly fees. If this is you, www.cmscreditcards.com. #3: European Merchant Account Reasonably priced credit card processing service for Europe and other European businesses. High-risk welcome. Third party / IPSP processing accounts available. www.cmscreditcards.com
#4: Canada Merchant Accounts Credit card payment processing solutions for Canadian businesses. If this is you, www.cmscreditcards.com #5: Internet Merchant Account Real-time online processing solution for my website. Monthly fees must be a minimum. If this is you, www.cmscreditcards.com.
#6: Telephone Credit Card Processing Telephone processing solution where I can simply enter in transactions using the keypad on the phone. I can't afford high monthly fees. If this is you www.cmscreditcards.com,. #7: Mobile Payment Solutions Wireless solution that I can use my cell phone to process orders everywhere I go. Must have reasonable prices. If this is you, www.cmscreditcards.com.
#8: Retail Merchant Services Retail merchant account with credit card machine. Good quality terminal with low rates and fees. If this is you, www.cmscreditcards.com. #9: Point-of-Sale Software - PC Processing Software solution for my computer because I'd like to process transactions from my PC. If this is you,. www.cmscreditcards.com
#10: School Auction Credit Card Processing Several payment processing options for schools and other non-profits to use at auction benefits, galas, dinner events, school tuition, and much more! If this is you, http:///. www.cmscreditcards.com
scott runs a website CMS Credit Cards
Merchant services, accept credit cards online and other payment processing solutions is vitally important to the success of your business. The fact is, your businesses success or failure can depend on whether or not you accept credit card orders. Searching for a good deal on a merchant account is a slow and tedious process. Now, the hassles of searching the Internet endlessly to find the right merchant account are over! We're bringing the merchant account providers to you! That's right, no more time consuming searches on the search engines, because we've done the searching for you. We have developed an online database of nothing but providers who issue merchant accounts, to aid you in the process of locating a provider that is right for your businesses needs and budget.
Quick Connection - What are your processing needs?
Listed below are a number of scenarios. Each case is linked to a cost effective merchant services solution that best fits what you are looking for. Which one fits you?
#1: Instant Payment Processing I need a merchant account by tomorrow, literally. I have credit cards that need processed now or an upcoming event in the next few days. I don't have time to do long applications and wait a week. If this is you, click here www.cmscreditcards.com
#2: High Risk Merchant Account MLM, gaming, travel, online pharmacy, high volume, bad credit, and more. Fast turnaround on offshore account setup and no monthly fees. If this is you, www.cmscreditcards.com. #3: European Merchant Account Reasonably priced credit card processing service for Europe and other European businesses. High-risk welcome. Third party / IPSP processing accounts available. www.cmscreditcards.com
#4: Canada Merchant Accounts Credit card payment processing solutions for Canadian businesses. If this is you, www.cmscreditcards.com #5: Internet Merchant Account Real-time online processing solution for my website. Monthly fees must be a minimum. If this is you, www.cmscreditcards.com.
#6: Telephone Credit Card Processing Telephone processing solution where I can simply enter in transactions using the keypad on the phone. I can't afford high monthly fees. If this is you www.cmscreditcards.com,. #7: Mobile Payment Solutions Wireless solution that I can use my cell phone to process orders everywhere I go. Must have reasonable prices. If this is you, www.cmscreditcards.com.
#8: Retail Merchant Services Retail merchant account with credit card machine. Good quality terminal with low rates and fees. If this is you, www.cmscreditcards.com. #9: Point-of-Sale Software - PC Processing Software solution for my computer because I'd like to process transactions from my PC. If this is you,. www.cmscreditcards.com
#10: School Auction Credit Card Processing Several payment processing options for schools and other non-profits to use at auction benefits, galas, dinner events, school tuition, and much more! If this is you, http:///. www.cmscreditcards.com
scott runs a website CMS Credit Cards
Tuesday, July 21, 2009
A brief discussion of Merchant accounts
Merchant Accounts by illusion
Merchant accounts can be a confusing subject. Before you jump in with both feet lets give you an introduction; What merchant accounts are, what information is needed to obtain your merchant account and rates/fees involved.
What Merchant Accounts are?
A merchant account is a special account that is setup for a business to accept and process credit card orders. After processing a customers credit card the transaction goes through a series of complex stages. The money transferred through the merchant account is then deposited into the business's checking account within 2 to 3 business days.
Requirements for Merchant Accounts
Getting important information together ahead of time will ensure that you breeze right through your merchant account application process. Here's what you may or may not (depending on the provider) need in order to obtain your merchant account:
* Business checking account (some providers set you up with one) * A copy of a voided check (if you use your own business checking account for funds to be deposited in) * Articles of incorporation, business license or reseller license. (A 'Certificate of Assumed Name' from your county Register of Deeds office may be all that is required. These only cost around $8.) The purpose of this is to prove you are a legitimate business. * Pictures of business office and location (this extra step can save you money in credit card processing costs) * Have a web site (if you want real-time processing) * Photocopy of your return policy information * Provide trade references * Photocopy of recent tax returns (may or may not be needed depending on monthly sales volume you expect through your merchant account) * Site inspection (have a photographer come in and take pictures of your inventory). Only a handful of providers still require this. * A photocopy of your drivers license
Explanation of Credit Card Processing Solutions
In order to process credit and debit cards through your merchant account, you need to decide which processing solution is right for you.
Retail Swipe Terminal - This particular solution is for retail and storefront merchants who see their customers face-to-face. This type of solution incurs the lowest merchant account processing fees since you actually are able to swipe the customers credit card through the terminal. It is believed that orders that are swiped have a lower fraud risk, hence the reason for the lower processing fees.
Real-Time Processing - This is the solution for businesses on the Internet. Real-Time allows you to automatically process credit card orders through your merchant account with no assistance needed on your end. Everything is automated, and the funds transferred into the merchant account, from the cardholder, is deposited into your business checking account, within a few days. All Real-Time solutions are secure and the purchase of a secure certificate is not usually required.
Virtual Terminal - If you are a merchant on the Internet and expect to receive orders via phone, fax or mail then getting a Virtual Terminal solution (along with a Real-Time processing solution) is the best route to go. The Virtual Terminal is a secure website where you login and manually type in a customers credit card information. Once the information is submitted, it is securely processed and funds are then deposited into your merchant account within a few days. A Virtual Terminal can be accessed securely from any computer connected to the Internet. Most all Real-Time processing solutions also come with a Virtual Terminal at little or no additional cost. Virtual Terminals can also double as good mobile processing solutions, click here for more information.
Merchant Accounts Rates & Fees
These are the typical fees you will see associated with a merchant account. Rates will vary from one provider to the other.
Application/Setup: $0 - $100+ (one time fee)
All providers have an application fee. Some charge it right out at the beginning, while others add it into the solution purchase/lease costs.
Hardware/Software: Purchase: $99 and up or Lease: $20/month and up
One important note worth mentioning here, stay away from leases if all possible. It's always better to purchase from the beginning than pay a lease for the next 12, 24, 36 or 48 months. Why? With a lease you'll end up paying sometimes 3 times or more then if you would of just purchased the solution outright from the beginning. While a $29.95 monthly lease for 48 months sounds good in reality it isn't. Leases are very hard to get out of once started. If your business goes under before the 48 months are up, you still have to pay on the hardware/software costs until the last penny has been received by the leasing company. Also, the lease fee you see does not include your state sales tax or the amount charged for the damage/loss waiver. If you do go for the lease, always determine the lease's buyout clause, end of lease terms, and especially beware of clauses that allow the lease company to continue charging you even after the 48 months have passed (they say that you should contact them in writing one month prior to the end of the lease, or you can just let them keep charging you).
Programming: $0 - $100+ (one time fee)
This usually only applies to retail merchants who have changed from one provider to another. The programming process isn't difficult but watch out for the cost, some providers may nickel and dime you on programming fees. Why do they charge this fee if you use your own equipment? It's used to somewhat make up for the loss of not selling or leasing you their equipment.
Discount Rate: 1.49% - 4% per transaction
This is the fixed percentage amount that is deducted from the purchase cost. The lower discount rates are for retail establishments while the higher are for Mail Order/Telephone Order (MOTO) and Internet-based businesses. Why the lower cost for retail? The instances of credit card fraud are much lower so banks are able to charge lesser percentages for these types of businesses. A typical discount rate for US business is right around 2.49%, perhaps a little higher or a little lower. Non-US businesses will pay a higher discount rates closer to the 3% to 4% range.
Don't let a few tenths of a percentage point be the deciding factor between two providers. For example, if Provider "A" charges 2.29% and Provider "B" charges 2.49% you'll only save $0.20 for every $100 processed through your merchant account.
Transaction: $0.20 - $0.50 per transaction
In addition to the discount rate a transaction fee is also deducted from the purchase cost. Also, just as with discount rates, transaction fees are lower for retail businesses while slightly higher amounts are charged for MOTO and Internet establishments. Address Verification (AVS) may either cost an additional fee, or may be included in the base transaction fee. The typical transaction fee for US businesses is right around $0.30 while the higher end of this fee is sometimes the case for Non-US businesses.
Monthly Minimum: $0 - $25 per month
The fee is based on your transaction and discount rate fees from your credit card sales each month. For instance, say your bank charged $25 as a monthly minimum, the transaction and discount rate fees collected by the bank must equal or go over $25 each month. If this is the case no monthly minimum will be charged. However, if the fees collected for that month do not meet the $25 minimum, you will then be charged the difference. Not all processors have a monthly minimum fee, however most do.
Gateway Access: $0 - $25+ per month
Since in most cases, the Secure Payment Gateway provider (e.g. Authorize.Net, VeriSign, etc.) is a separate company from the Merchant Processor, they charge extra fees. For every month that you are on their system, you pay an access fee. The usual fee to pay for gateway access is around $10.
Statement: $0 - $15 per month
The statement fee is charged because at the end of each month you will receive a statement from your processing bank that will list all the transactions that went through for that particular month. It's very much like your credit card or telephone bills.
Daily Close-Out: $0 - $0.15 each day
Associated with software and terminal processing solutions where at the end of every business day you close-out all your transactions. Most providers no longer charge this fee.
Address Verification System (AVS): $0 - $0.05 per transaction
The AVS service checks to see that the billing address given by the customer matches the credit card. If you opt not to use AVS, VISA and MasterCard will not support your transactions and will charge you an additional 0.17% to 1.25% on those sales. Most merchant accounts come with AVS at no extra charge. If there is a charge, it is combined in with the per transaction fee in most cases. The AVS service works only with US credit card holders. Currently, there is no AVS service in place for non-US credit card holders.
Chargeback: $5 - $25 per instance
A chargeback occurs when the cardholder disputes a charge that they found on their monthly credit card statement. A large number of chargebacks can cause your merchant account to be dropped totally and leave you in a bind when trying to get another merchant account for your business. If this is the case you may not be able to get another merchant account for several years. As a merchant it is important that you take the necessary steps to reduce and potentially eliminate the instances of chargebacks.
Reserve: Varies, ask the provider for details
Some providers will require you to have a reserve account where the amount is determined by your businesses estimated sales receipts. Usually a reserve is almost always charged to a Non-US based merchant who is trying to obtain a merchant account. Also, businesses that do a high volume of sales each month may be charged a reserve fee. Otherwise, there usually isn't a charge. In most cases, the reserve fee is used to cover for any chargebacks on the merchants account. A reserve should be avoided if all possible.
Annual Fee: $0 to $100 per year
Some credit card processors will charge this fee just as additional way to pay for maintenance and system upgrades. This fee usually isn't disclosed upfront. Ask your merchant account sales representative for information.
Tips for Merchant Account Holders
Once you have your merchant account you will need to take necessary precautions to avoid chargebacks and fraud. Here are some tips to follow:
1. Collect CVC2 and CVV2 Verification Numbers
This tactic alone can not only reduce instances of chargebacks by 26%, according to Visa, but also reduce any pass-through fees that may be charged when a credit card order is conducted. On the back of MasterCard, most Visa and Discover credit cards is a 3-digit security code located right after your credit card number. Requiring customers to give the 3-digit code acts as an additional verification measure. American Express cards also have a similar security code that is located on the front of the card right above the cardholder's account number and is usually 4-digits long. Most online payment processors support entering the security codes when processing credit card orders. Check with your payment gateway provider (i.e. Verisign, Authorize.Net, ECHO Inc., etc) for details.
2. Use Address Verification System (AVS)
AVS checks to ensure the address entered on the order form matches the address to where the cardholder's billing statements are mailed to. People ordering products and/or services using a stolen card number will never use the real cardholder's billing address, so this is your chance to stop the order before it's too late. AVS only works with orders conducted in the US. Failure to use AVS when processing credit card transactions will always result in paying higher credit card processing fees.
3. Scrutinize orders from developing foreign countries
A large percentage of fraudulent Internet purchases are made from Indonesia, Russia, and other eastern block or developing countries. Accept orders from such countries at your own risk until a worldwide AVS system is developed.
4. Let customers know what name will appear on statements
Many merchants who use 3rd Party Processing companies have run into problems because the company name that appears on cardholder's monthly statements is usually the name of the 3rd party processing company and not the company name of the site the cardholder made their purchase from. This isn't always the case, but in many cases it is. If you use a 3rd party processor, and even if you don't, make sure the customer knows what name will appear on their credit card statement at the end of the month. This will help to reduce any confusion that might would otherwise occur.
5. Handle suspicious orders accordingly
If an order seems suspicious the best way to handle the situation is to either call or e-mail the customer and attempt to verify that they placed the order. As a rule of thumb, if in doubt, check things out. It may be a good idea that if a customer makes an unusually large volume purchase from your site to follow-up with a verification call.
6. Watch out for orders using free e-mail addresses
Be wary of accepting orders from people who used a free e-mail address when ordering (i.e. Hotmail, Yahoo, etc.). Tracking people who used a free e-mail address is almost impossible, it's much easier for them to get away then if they used their Internet Service Provider (ISP) or their own company web site e-mail address. To check whether an e-mail address is a freebie or not just take the part of the address after the "@" symbol, add "www" to the front of it and see what website it brings up (i.e. joe@yahoo.com = www.yahoo.com).
7. Signatures on delivery
If your business delivers products use a carrier that requires a signature on delivery, and allows you to have a copy of the signature. Retain these for your records.
8. Request fax copies of ID and credit card
You may want to request your customer to fax a copy of both sides of their credit card and driver's license. This tactic usually works best in a B-to-B (business to business) sales environment. While this is not a defense under Visa or MasterCard rules, it is yet another way to deter fraud.
9. Posting a warning message
Taking the time to post a warning message on your order page to those who may attempt to make a fraudulent order will greatly deter the number of instances of fraud. Be sure to mention that IP (Internet Protocol) addresses are being logged. IP addresses can come in handy when locating people about fraudulent orders.
Merchant accounts can be a confusing subject. Before you jump in with both feet lets give you an introduction; What merchant accounts are, what information is needed to obtain your merchant account and rates/fees involved.
What Merchant Accounts are?
A merchant account is a special account that is setup for a business to accept and process credit card orders. After processing a customers credit card the transaction goes through a series of complex stages. The money transferred through the merchant account is then deposited into the business's checking account within 2 to 3 business days.
Requirements for Merchant Accounts
Getting important information together ahead of time will ensure that you breeze right through your merchant account application process. Here's what you may or may not (depending on the provider) need in order to obtain your merchant account:
* Business checking account (some providers set you up with one) * A copy of a voided check (if you use your own business checking account for funds to be deposited in) * Articles of incorporation, business license or reseller license. (A 'Certificate of Assumed Name' from your county Register of Deeds office may be all that is required. These only cost around $8.) The purpose of this is to prove you are a legitimate business. * Pictures of business office and location (this extra step can save you money in credit card processing costs) * Have a web site (if you want real-time processing) * Photocopy of your return policy information * Provide trade references * Photocopy of recent tax returns (may or may not be needed depending on monthly sales volume you expect through your merchant account) * Site inspection (have a photographer come in and take pictures of your inventory). Only a handful of providers still require this. * A photocopy of your drivers license
Explanation of Credit Card Processing Solutions
In order to process credit and debit cards through your merchant account, you need to decide which processing solution is right for you.
Retail Swipe Terminal - This particular solution is for retail and storefront merchants who see their customers face-to-face. This type of solution incurs the lowest merchant account processing fees since you actually are able to swipe the customers credit card through the terminal. It is believed that orders that are swiped have a lower fraud risk, hence the reason for the lower processing fees.
Real-Time Processing - This is the solution for businesses on the Internet. Real-Time allows you to automatically process credit card orders through your merchant account with no assistance needed on your end. Everything is automated, and the funds transferred into the merchant account, from the cardholder, is deposited into your business checking account, within a few days. All Real-Time solutions are secure and the purchase of a secure certificate is not usually required.
Virtual Terminal - If you are a merchant on the Internet and expect to receive orders via phone, fax or mail then getting a Virtual Terminal solution (along with a Real-Time processing solution) is the best route to go. The Virtual Terminal is a secure website where you login and manually type in a customers credit card information. Once the information is submitted, it is securely processed and funds are then deposited into your merchant account within a few days. A Virtual Terminal can be accessed securely from any computer connected to the Internet. Most all Real-Time processing solutions also come with a Virtual Terminal at little or no additional cost. Virtual Terminals can also double as good mobile processing solutions, click here for more information.
Merchant Accounts Rates & Fees
These are the typical fees you will see associated with a merchant account. Rates will vary from one provider to the other.
Application/Setup: $0 - $100+ (one time fee)
All providers have an application fee. Some charge it right out at the beginning, while others add it into the solution purchase/lease costs.
Hardware/Software: Purchase: $99 and up or Lease: $20/month and up
One important note worth mentioning here, stay away from leases if all possible. It's always better to purchase from the beginning than pay a lease for the next 12, 24, 36 or 48 months. Why? With a lease you'll end up paying sometimes 3 times or more then if you would of just purchased the solution outright from the beginning. While a $29.95 monthly lease for 48 months sounds good in reality it isn't. Leases are very hard to get out of once started. If your business goes under before the 48 months are up, you still have to pay on the hardware/software costs until the last penny has been received by the leasing company. Also, the lease fee you see does not include your state sales tax or the amount charged for the damage/loss waiver. If you do go for the lease, always determine the lease's buyout clause, end of lease terms, and especially beware of clauses that allow the lease company to continue charging you even after the 48 months have passed (they say that you should contact them in writing one month prior to the end of the lease, or you can just let them keep charging you).
Programming: $0 - $100+ (one time fee)
This usually only applies to retail merchants who have changed from one provider to another. The programming process isn't difficult but watch out for the cost, some providers may nickel and dime you on programming fees. Why do they charge this fee if you use your own equipment? It's used to somewhat make up for the loss of not selling or leasing you their equipment.
Discount Rate: 1.49% - 4% per transaction
This is the fixed percentage amount that is deducted from the purchase cost. The lower discount rates are for retail establishments while the higher are for Mail Order/Telephone Order (MOTO) and Internet-based businesses. Why the lower cost for retail? The instances of credit card fraud are much lower so banks are able to charge lesser percentages for these types of businesses. A typical discount rate for US business is right around 2.49%, perhaps a little higher or a little lower. Non-US businesses will pay a higher discount rates closer to the 3% to 4% range.
Don't let a few tenths of a percentage point be the deciding factor between two providers. For example, if Provider "A" charges 2.29% and Provider "B" charges 2.49% you'll only save $0.20 for every $100 processed through your merchant account.
Transaction: $0.20 - $0.50 per transaction
In addition to the discount rate a transaction fee is also deducted from the purchase cost. Also, just as with discount rates, transaction fees are lower for retail businesses while slightly higher amounts are charged for MOTO and Internet establishments. Address Verification (AVS) may either cost an additional fee, or may be included in the base transaction fee. The typical transaction fee for US businesses is right around $0.30 while the higher end of this fee is sometimes the case for Non-US businesses.
Monthly Minimum: $0 - $25 per month
The fee is based on your transaction and discount rate fees from your credit card sales each month. For instance, say your bank charged $25 as a monthly minimum, the transaction and discount rate fees collected by the bank must equal or go over $25 each month. If this is the case no monthly minimum will be charged. However, if the fees collected for that month do not meet the $25 minimum, you will then be charged the difference. Not all processors have a monthly minimum fee, however most do.
Gateway Access: $0 - $25+ per month
Since in most cases, the Secure Payment Gateway provider (e.g. Authorize.Net, VeriSign, etc.) is a separate company from the Merchant Processor, they charge extra fees. For every month that you are on their system, you pay an access fee. The usual fee to pay for gateway access is around $10.
Statement: $0 - $15 per month
The statement fee is charged because at the end of each month you will receive a statement from your processing bank that will list all the transactions that went through for that particular month. It's very much like your credit card or telephone bills.
Daily Close-Out: $0 - $0.15 each day
Associated with software and terminal processing solutions where at the end of every business day you close-out all your transactions. Most providers no longer charge this fee.
Address Verification System (AVS): $0 - $0.05 per transaction
The AVS service checks to see that the billing address given by the customer matches the credit card. If you opt not to use AVS, VISA and MasterCard will not support your transactions and will charge you an additional 0.17% to 1.25% on those sales. Most merchant accounts come with AVS at no extra charge. If there is a charge, it is combined in with the per transaction fee in most cases. The AVS service works only with US credit card holders. Currently, there is no AVS service in place for non-US credit card holders.
Chargeback: $5 - $25 per instance
A chargeback occurs when the cardholder disputes a charge that they found on their monthly credit card statement. A large number of chargebacks can cause your merchant account to be dropped totally and leave you in a bind when trying to get another merchant account for your business. If this is the case you may not be able to get another merchant account for several years. As a merchant it is important that you take the necessary steps to reduce and potentially eliminate the instances of chargebacks.
Reserve: Varies, ask the provider for details
Some providers will require you to have a reserve account where the amount is determined by your businesses estimated sales receipts. Usually a reserve is almost always charged to a Non-US based merchant who is trying to obtain a merchant account. Also, businesses that do a high volume of sales each month may be charged a reserve fee. Otherwise, there usually isn't a charge. In most cases, the reserve fee is used to cover for any chargebacks on the merchants account. A reserve should be avoided if all possible.
Annual Fee: $0 to $100 per year
Some credit card processors will charge this fee just as additional way to pay for maintenance and system upgrades. This fee usually isn't disclosed upfront. Ask your merchant account sales representative for information.
Tips for Merchant Account Holders
Once you have your merchant account you will need to take necessary precautions to avoid chargebacks and fraud. Here are some tips to follow:
1. Collect CVC2 and CVV2 Verification Numbers
This tactic alone can not only reduce instances of chargebacks by 26%, according to Visa, but also reduce any pass-through fees that may be charged when a credit card order is conducted. On the back of MasterCard, most Visa and Discover credit cards is a 3-digit security code located right after your credit card number. Requiring customers to give the 3-digit code acts as an additional verification measure. American Express cards also have a similar security code that is located on the front of the card right above the cardholder's account number and is usually 4-digits long. Most online payment processors support entering the security codes when processing credit card orders. Check with your payment gateway provider (i.e. Verisign, Authorize.Net, ECHO Inc., etc) for details.
2. Use Address Verification System (AVS)
AVS checks to ensure the address entered on the order form matches the address to where the cardholder's billing statements are mailed to. People ordering products and/or services using a stolen card number will never use the real cardholder's billing address, so this is your chance to stop the order before it's too late. AVS only works with orders conducted in the US. Failure to use AVS when processing credit card transactions will always result in paying higher credit card processing fees.
3. Scrutinize orders from developing foreign countries
A large percentage of fraudulent Internet purchases are made from Indonesia, Russia, and other eastern block or developing countries. Accept orders from such countries at your own risk until a worldwide AVS system is developed.
4. Let customers know what name will appear on statements
Many merchants who use 3rd Party Processing companies have run into problems because the company name that appears on cardholder's monthly statements is usually the name of the 3rd party processing company and not the company name of the site the cardholder made their purchase from. This isn't always the case, but in many cases it is. If you use a 3rd party processor, and even if you don't, make sure the customer knows what name will appear on their credit card statement at the end of the month. This will help to reduce any confusion that might would otherwise occur.
5. Handle suspicious orders accordingly
If an order seems suspicious the best way to handle the situation is to either call or e-mail the customer and attempt to verify that they placed the order. As a rule of thumb, if in doubt, check things out. It may be a good idea that if a customer makes an unusually large volume purchase from your site to follow-up with a verification call.
6. Watch out for orders using free e-mail addresses
Be wary of accepting orders from people who used a free e-mail address when ordering (i.e. Hotmail, Yahoo, etc.). Tracking people who used a free e-mail address is almost impossible, it's much easier for them to get away then if they used their Internet Service Provider (ISP) or their own company web site e-mail address. To check whether an e-mail address is a freebie or not just take the part of the address after the "@" symbol, add "www" to the front of it and see what website it brings up (i.e. joe@yahoo.com = www.yahoo.com).
7. Signatures on delivery
If your business delivers products use a carrier that requires a signature on delivery, and allows you to have a copy of the signature. Retain these for your records.
8. Request fax copies of ID and credit card
You may want to request your customer to fax a copy of both sides of their credit card and driver's license. This tactic usually works best in a B-to-B (business to business) sales environment. While this is not a defense under Visa or MasterCard rules, it is yet another way to deter fraud.
9. Posting a warning message
Taking the time to post a warning message on your order page to those who may attempt to make a fraudulent order will greatly deter the number of instances of fraud. Be sure to mention that IP (Internet Protocol) addresses are being logged. IP addresses can come in handy when locating people about fraudulent orders.
scott runs a website CMS Credit Cards.
Monday, July 20, 2009
New ways for businesses
A Mobile Merchant Account by Shane Penrod
If you operate a mobile business and worry about taking credit card payments the old fashioned way, rest assured that a mobile merchant account can provide you with up-to-date technology that will give you the lowest retail rate and instant card feedback while in the field. You won't have to worry that you might not learn that a customer's credit card is rejected when you return to the office. Nor will you have to leave a statement and hope the customer remembers to send in a payment. Now you can apply for a mobile merchant account that will provide you with up-to-date wireless equipment that can provide confidence and security while you are processing payments on the road.
When you are ready to apply for a mobile merchant account, you will be happy to know that many companies can give you an answer the same day. As long as your company has a decent credit history and is able to pay monthly fees for account services, you should have no problem in getting approved for a merchant account. If you conduct business while on the road, for example, by delivering floral arrangements, making service calls, or providing transportation, you can collect credit card payments at the point of sale rather than waiting to send a bill or hoping the customer will have the correct amount of cash or pay with a check that won't bounce. If you plan to attend a trade show, a conference, a convention, or a seminar where you will be selling products, you can take along a wireless credit card processor to make sure you get paid the same day. Wireless units come with or without printers. They will let you get the lower retail swiped rate, along with immediate authorization and sales confirmation, instead of paying the keyed-in rate if you call the credit card number into the office for processing.
Your mobile merchant account will help you save money and time. You can handle the credit card processing yourself instead of hiring accounting staff to send out bills and call for collections when checks bounce from the back. You can even get additional mobile equipment to support your business transactions while in transit, like a pager or an e-check processor. Most units are small and easy to transport in a vehicle of just about any size. They fit neatly on a table for indoor business purposes, too. No special training is required for operating them. Just read the instructions or talk to the account associate to learn how you can start accepting credit card payments quickly and easily.
The rates for utilizing a merchant account are not prohibitive. Plan to discuss the fees with your lender to be sure you understand the pricing for each type of service. Your credit card processor may be billed at so much per transaction, or you might be able to request a monthly percentage rate. Find out why so many business owners are using credit card processing equipment that can be obtained with the help of a mobile merchant account.
If you operate a mobile business and worry about taking credit card payments the old fashioned way, rest assured that a mobile merchant account can provide you with up-to-date technology that will give you the lowest retail rate and instant card feedback while in the field. You won't have to worry that you might not learn that a customer's credit card is rejected when you return to the office. Nor will you have to leave a statement and hope the customer remembers to send in a payment. Now you can apply for a mobile merchant account that will provide you with up-to-date wireless equipment that can provide confidence and security while you are processing payments on the road.
When you are ready to apply for a mobile merchant account, you will be happy to know that many companies can give you an answer the same day. As long as your company has a decent credit history and is able to pay monthly fees for account services, you should have no problem in getting approved for a merchant account. If you conduct business while on the road, for example, by delivering floral arrangements, making service calls, or providing transportation, you can collect credit card payments at the point of sale rather than waiting to send a bill or hoping the customer will have the correct amount of cash or pay with a check that won't bounce. If you plan to attend a trade show, a conference, a convention, or a seminar where you will be selling products, you can take along a wireless credit card processor to make sure you get paid the same day. Wireless units come with or without printers. They will let you get the lower retail swiped rate, along with immediate authorization and sales confirmation, instead of paying the keyed-in rate if you call the credit card number into the office for processing.
Your mobile merchant account will help you save money and time. You can handle the credit card processing yourself instead of hiring accounting staff to send out bills and call for collections when checks bounce from the back. You can even get additional mobile equipment to support your business transactions while in transit, like a pager or an e-check processor. Most units are small and easy to transport in a vehicle of just about any size. They fit neatly on a table for indoor business purposes, too. No special training is required for operating them. Just read the instructions or talk to the account associate to learn how you can start accepting credit card payments quickly and easily.
The rates for utilizing a merchant account are not prohibitive. Plan to discuss the fees with your lender to be sure you understand the pricing for each type of service. Your credit card processor may be billed at so much per transaction, or you might be able to request a monthly percentage rate. Find out why so many business owners are using credit card processing equipment that can be obtained with the help of a mobile merchant account.
Shane Penrod is the founder of http://www.merchant-account-quotes.com Specializing in allowing merchants the ability to shop and compare multiple quotes from national merchant account providers. For free quotes on merchant account rates and fees, please go to http://www.merchant-account-quotes.com
Friday, July 17, 2009
Know what merchant account is
Merchant Accounts by Morris C.
Businesses operate differently than individuals, so it comes to reason that your merchant account should reflect those differences and operate accordingly. Having the proper type of merchant account for you is crucially important.
Retail: Retail or card present accounts are accounts required for doing face-to-face card swiping business.
CNP: Or card not present accounts are usually keyed into a terminal or POS software and allow you to make or take payments by way of;
Telephone
Fax
Email
Mail
Internet: Very similar to CNP accounts, a major difference lies in the way credit card information is obtained. Here information is transmitted through a website. The information is physically captured, transferred electronically, and processed for online payment.
Mobile: Similar to retail however the information cannot be processed due to lack of phone lines or electricity being present at time of sale. Rather the information is captured and imprinted to a device, to be processed at a later time.
Each of these types of accounts charges regular fees for processing. The issuing bank, processing bank, card association, service provider and sales agent all get a cut of these fees. You as a merchant holding a merchant account will be paying these fees. Why? Consumers can easily choose other forms of payment; however you as a business must accept cards to stay in business. This makes establishing the right merchant account lucrative. It is important to find an account that charges not only reasonable fees, but fees that fit your business. Fees vary in type by Individual transaction, recurring basis and onetime special transaction. Individual transaction fees are those charged for every credit card process made.
Recurring fees are those charged on a schedule and not based on transactions, such as statement or annual fees.
One time fees are those charged when certain terms are met that are not charged normally, Such as authorization fees or monthly minimums. If you are in the position to set up a merchant account, delve into your options and get a good foundation of information before committing to a company.
Businesses operate differently than individuals, so it comes to reason that your merchant account should reflect those differences and operate accordingly. Having the proper type of merchant account for you is crucially important.
Retail: Retail or card present accounts are accounts required for doing face-to-face card swiping business.
CNP: Or card not present accounts are usually keyed into a terminal or POS software and allow you to make or take payments by way of;
Telephone
Fax
Internet: Very similar to CNP accounts, a major difference lies in the way credit card information is obtained. Here information is transmitted through a website. The information is physically captured, transferred electronically, and processed for online payment.
Mobile: Similar to retail however the information cannot be processed due to lack of phone lines or electricity being present at time of sale. Rather the information is captured and imprinted to a device, to be processed at a later time.
Each of these types of accounts charges regular fees for processing. The issuing bank, processing bank, card association, service provider and sales agent all get a cut of these fees. You as a merchant holding a merchant account will be paying these fees. Why? Consumers can easily choose other forms of payment; however you as a business must accept cards to stay in business. This makes establishing the right merchant account lucrative. It is important to find an account that charges not only reasonable fees, but fees that fit your business. Fees vary in type by Individual transaction, recurring basis and onetime special transaction. Individual transaction fees are those charged for every credit card process made.
Recurring fees are those charged on a schedule and not based on transactions, such as statement or annual fees.
One time fees are those charged when certain terms are met that are not charged normally, Such as authorization fees or monthly minimums. If you are in the position to set up a merchant account, delve into your options and get a good foundation of information before committing to a company.
Morris C.
Press Office
E-payarea
Collect your money through Electronic payment system
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