Merchant Credit Cards

How Many Online Credit Card Merchant Account Services Are Available?

merchant — Sun, 08 Jan 2012 22:18:46 +0000

There is such a vast range of merchant account services available I don’t even know where to begin! Its up to you to search the web as there are never ending pages that list the services that you can go with, so don’t be in awe! Just assess your options and look for the best deal for you and your business.

There is a sea of merchants out there, all trying to claim the Internet as their own, setting standards high by providing features that will appeal to you and your business. All of which can be achieved through chief banks. Now I will begin to unravel just a few of the online credit card merchant accounts that are available to you.

MerchantWarehouse

This ecommerce merchant account was originally founded in 1998 so has built up a reputable, professional status as they have had many experienced years in the field of merchant accounting.

The services give your business the budding opportunity to accept card payments though presenting brilliant agreements on merchant handling clarifications and by offering a first class service and help desk support, on hand whenever you need them.

Nochex Internet Merchant Account

This great account can give you affordable card charges for your web based firm plus the feature of accepting all major credit and debit cards. You can quickly access your finances which allow you to have an instantaneous stream of money. Nochex is a competitive online business merchant account which has economical rates that guarantee to beat the price of other accounts. Nochex are definitely an account to put in your list of possible with their bighearted maximum transaction standards and account restrictions.

VeriPayment

VeriPayment is yet another one of the best online merchant account for you to grab hold of with its easy installation package, processing done in real-time, breakthrough safety guards against fraud, and its full range of credit and debit card services. This well-known merchant is great for offering expert advice for customer service support with their 100% committed attitude.

This account is particularly good for high-risk businesses.

AVPS

American verification processing solutions is a web based merchant account that offers you 25 years of their knowledgeable experience which allows you to set up instant credit card processing solutions. It also offers the unique service of ’100% on volume and 10% pay back on your cash advance’. This means the merchant will pay a certain amount of money of your prospective debit card income at a discounted price!

This is done automatically and AVPS regain a certain ratio of each individual sale made.

This is a great way if you are an up and coming business or just starting out.

Credit Plus

This online merchant interface, Credit Plus, presents you with a wide range of features such as admission to the card transaction data and files, real-time control of the account position, the skill of investigating past transactions and a ticket to AVS.

These are just a few of the online business merchant accounts that are available to you however there is such a wide selection that you will be up to your knees if competing fees and rates! So be sure that you deeply and thoroughly assess the different features to ensure you choose the right one for you.

So if you have been asking, “How Many Online Credit Card Merchant Account Services Are Available?”, and you would like to know more, read on.

You can be up and running with an online merchant in as little as 24 hours to expand your business in an amazing way. However, there are many options to choose from. How do you know which one is the best? I review, based on hard research and customer reviews, many online merchants to help in the decision making process. Visit the site below to access these reviews, and many helpful articles to aid you in deciding which merchant is best for you!

http://www.honestmerchantreport.info

Credit Card Processing Fees, Refunds and Customer Returns

merchant — Sun, 08 Jan 2012 18:48:46 +0000

Credit card processing fees are not refunded when a customer returns an item that they’ve purchased. Not surprisingly, this is a point of contention that many business owners have with merchant accounts and credit card processors. Credit card processing charges are not returned when a transaction is reversed. In fact, many merchant account providers will charge additional fees such as a return fee to reverse a transaction.

Money lost on credit card returns is an issue that many business people haven’t considered, but when they do, it contributes to the frustration that sometimes accompanies merchant processing. If this article has enlightened you to this new source of lost revenue, we apologize for being the bearer of bad news, but rest assured we’ll explain how you can minimize or even eliminate lost revenue due to unreturned processing fees.

First, let’s take a look at why processing fees aren’t reversed when a credit card transaction is returned by a customer. Perhaps the most obvious reason, and a speculative one at that, is because banks don’t like to lose money. Returning processing fees and losing money doesn’t quite fit the business model that most banks utilize.

On a more serious note, the Interchange system that the processing system uses to operate isn’t really set up to run in reverse. There are a lot of issues and legalities that would need to be dealt with in order to refund processing charges. The task of creating a system to effectively and accurately refund credit card processing fees is a gigantic logistical undertaking that the card originators and acquiring banks aren’t eager to tackle.

Luckily, you take matters into your own hands and minimize or even eliminate lost revenue due to credit card processing fees not being refunded when a customer returns a purchase. The solution is to charge your customers a return fee or a restocking fee. You can call this fee whatever works best for your business, but there a few very important suggestions that you should follow to adhere to Card Association guidelines and to avoid losing business.

Clearly post your return fee policy in a prominent place, preferably near the point of sale or checkout.

The Card Associations require all policies involving credit card sales and returns to be clearly posted. If you have the capability, you should consider printing your return fee policy directly on sales receipts.

A return fee should be a percentage of the original purchase amount.

To offset processing fees as accurately as possible, a return fee should be expressed as a percentage of the original purchase amount. We don’t recommend that you try to profit from a return fee, so it’s best to figure out what percentage to charge by adding your qualified discount rate with your non-qualified surcharge and rounding to the nearest whole number. Check your merchant account statement or contact if you’re not sure what your qualified and non-qualified rates are. The number you arrive at should be about 4% if you have a card-present merchant account and 5% for a card-not-present merchant account.

A return fee must be charged for all types of payment or not at all.

To comply with your merchant service agreement, you can’t discriminate against customers who choose to pay with a credit card. If you impose a return fee on customers who pay with a credit card, you must impose the same fee on customer using any other form of payment that you accept such as cash and checks.

More merchant account information is available at MerchantCouncil to help you find the best merchant account for your individual processing needs.

All You Need to Know About International Credit Card Processing

merchant — Sun, 08 Jan 2012 14:23:46 +0000

Very few of us are aware of international credit card processing. It refers to multi-currency credit card payment processing. With the help of this facility, a person is able to offer the products or services to over 169 different currencies and he can even receive payment for these services in more than 29 remittance currencies. Business firms are able to expand their business in new regions where they can make a lot of sales and hence revenue. This is because of the fact that they can also offer payment method to buyers from various parts of the world.

There are various banks and other institutes which can issue these international cards. A single international credit card is valid in all countries and transactions in dollar can be made. With the help of these cards, it is possible to make airline reservations, hotel bookings and car rentals across nation. Some of the plans included in these the cards also provide insurance coverage for fraud and theft. This is one of the biggest reasons why people prefer to keep one of such cards. In order to process an international card, there are some steps required such as authorization of the credit card, withdrawing money and placement of the funds in the bank account of the merchants.

In order to process it, the merchant requires an international account. This account can be treated as an agreement between the merchant and credit card processor. This is capable of establishing rules for accepting the purchases made by the international card and funds transferred. There are a number of cards available which can be used world wide such as Diners Club, Visa, American Express and MasterCard. These cards are processed automatically with the help of appropriate software.

A processor can offer the merchant account and expertise to help the business owners accept international cards from various customers all over the world. The companies are able to provide internet account to the merchants so that they are able to accept the payments through credit cards online.

Reportedly, there have been various frauds and scams associated with international credit cards and this is one of the reasons why it is recommended to take preventive measures so that they can be avoided before anyone can misuse the credit card information. These cards have made the life easier for travelers who frequently travel to other places as they do not have to carry cash with them.

You can search on the internet to find out more about global payments. Click here to know more about online payments

What You Need to Know About Credit Card Processing

merchant — Sun, 08 Jan 2012 09:46:46 +0000

Accepting credit cards has become a big priority for nearly every business in the U.S. today. There are an infinite number of credit card processing companies to choose from, and many business owners find it to be a painful and confusing task to try to select the best one. As a busy merchant, the last thing you want is to have to spend a lot of time looking for the right processing company.

In today’s economy, keeping costs down is a huge priority for many businesses, so it’s important for business owners to understand the fees that they will be charged. For starters, there are set-up fees, one time fees, annual fees, and transaction fees that you should be aware of because they definitely add up.

But what many merchants don’t know is that finding the right credit card processing company can actually save them a small fortune. Below are some suggestions for businesses that are looking at adding credit card processing.

Ask lots of questions

One of the most important things you can do as a merchant when talking with credit card processing companies is to be sure to ask a lot of questions. One of your primary goals should be to understand which fees you will be charged and a ballpark figure of how much they will add up to. It’s a good idea to have some real numbers on hand to share with processing companies when you speak with them. Based on your average sale and an average of your total daily sales, credit card processing companies should be able to give you an idea of what you will be paying in fees.

Written agreements – good or evil?

It’s important to understand that a written contract is a “two-sided” agreement, and therefore a great way to protect your business. Most processing agreements include an early termination fee that you are required to pay if you do not stay with that processing company until the end of the term. But if your processing company is not delivering on the fees and service outlined in your agreement, you have every right to switch companies without consequences.

But if your processing company is holding up their end of the agreement, why switch?

Some credit card processing companies will want to lock you into a long-term contract. One advantage of having a contract is that your processing company will be responsible for explaining fees and honoring their part of the agreement in terms of the services provided, fees assessed, etc.

There are also processing companies that do not require you to sign an agreement. One advantage to not being under contract with a company is that you are not “locked in” so if you did want to switch processors you would not be required to pay a termination fee.

You don’t have to take it

If your credit card processing company is failing to deliver the service and fees they promised, then you have cause to cancel, which would waive the termination fee. Your number one goal should always be to fully understand, as best you can, the fees and services that the processing company is offering. If you’re like most merchants, price will be their number one concern, and most processing companies understand this concern.

Making sure you understand credit card processing companies’ fee structures are an important step in the process of signing up with a processor. Once you understand the services and fees you will be charged, you can make an informed decision as to which processing company will be the best fit for you.

Card Network Services is a nationwide leader in debit and credit card processing solutions. At CNS, we pride ourselves in providing simple, straightforward programs that won’t “nickel and dime” you. For more information, visit us at [http://www.CardNetworkServices.com]

Understanding the Credit Card Processing Industry – Part 1

merchant — Sun, 08 Jan 2012 06:39:46 +0000

Almost every small business owner that I have met, has complained that they have had a bad experience with a credit card processing company. Examples of grievances range from, I was promised a certain rate which I did not receive, or my bill is not the same as it was last month even though i did the same volume, or that my processor is charging me junk fees and so on.

Let us be clear on one thing. More that 90% of your fees are taken by Visa/MC/Discover and Amex, the banks and the actual processors such as First Data, Elavon, etc. However, 90% of the blame and anger is placed on the company that makes 10% of the money. (a lot of it is deserved)

Let us start by tackling a subject called interchange.

Interchange is a rate set by the Visa/MC/Discover on any card that they offer. These rates vary from card to card. For instance, interchange on a debit card can be 0.95% whereas a visa rewards card can be 2.65%. (The exact interchange rates can be found on Visa/MC websites. Be warned there are hundreds of different types of cards). Processing companies pass though these costs to the merchants. Now the processing company that helped you set up your account will make money when it charges anything over the passthrough charges. These interchange charges make up the bulk of you processing bill every month.

Time to answer one major question. Why does my bill differ month to month. Take for example New York City. I have a merchant whose bill rises exponentially during the summer. Why? Since NYC has a large number of tourist who visit from overseas, they use international credit cards. Interchange on international cards are the highest (why interchange differs from card to card is an article for another day). When 70% of your business is on international cards, the cost is bound to be higher. If 70% of your business was in debit cards, it is guaranteed your processing cost would be lower, but a merchant is in the business to make money and he has to accept whatever card is presented to him. (it annoys me when I offer my Amex card to pay, and the store guy says, “we do not accept Amex”)

In the next article, I ll go more indepth of how credit card processors price merchants.

Raj Kothapalli, of Statewide Merchants, is a single person trying to demystify the credit card processing industry for business owners http://www.statewidemerchants.com

Offshore Credit Card Processing

merchant — Sun, 08 Jan 2012 03:06:46 +0000

Running an internet business or e-commerce website requires some sort of payment processing so that your customers have an easy way to pay you. However, you may be limited with the merchant bank that are willing to assist you due to the nature of the business.

Due to the nature of online businesses, your business will probably be categorized as being high-risk. This is not something to worry about, though. All it means is that your options are going to be extremely limited when looking for domestic banks willing to accept you as a merchant account.

Offshore credit card processing can provide your business the means to handle online transactions. With offshore credit card processing options, you now have a wider choice of banks and financial institutions that will do business with you.

If your business resides within the U.S., then you are probably aware of all the laws that govern your business. There are many restrictions, including the ability and means to process online payments. But with offshore credit card processing, you are no longer bound by these laws and limitations. Believe it or not there are many more advantages to having offshore processing rather than using domestic processing services. Let us take a look at what some of those benefits are:

o Accept a larger range of credit cards

o Accept foreign forms of credit

o No transaction minimums or maximums

o No large application fee or deposit

o Better customer service

o Maximum privacy

o Tax-reduced transactions

o No hidden fees

o 24/7 operation

As you can see, there many advantages to using an offshore credit card processing service. And, a lot of the times it may be your only option. Also keep in mind that many offshore banks will compete for your business. This is the complete opposite for domestic banks.

When searching for an offshore processing service there are some things you need to be aware of. It is nothing to worry heavily about, but they should be taken into consideration so that your business can continue with its operations without any hiccups.

Just like issues you will have to deal with for domestic credit card services, there are some things you will want to look very closely at with offshore credit card processing services. The first thing to realize is that offshore banks may not be insured like domestic banks are FDIC insured. Doing a little due diligence and knowing the laws in the country in which the bank is located should be your first priority. The government there may not step in and bail the bank out if there is a crisis.

There are other laws you may want to consider as well including customer privacy. Your information should be very important to you and knowing that it is kept private. You want to make sure that the laws governing the bank forbid exposing your financial information. All in all offshore payment processing provides many more options and benefits as opposed to dealing with domestic banks.

About Offshore Credit Card Processing
HR Merchant Services offers offshore credit card processing at http://www.hrmerchant.com HR Merchant Services is based out of New York City, offers high risk merchant services to internet and offline merchants,including credit card processing, merchant account setup, ACH/E-check Processing, E-wallet consulting, and International Company formation. Please visit http://www.hrmerchant.com for further information and free consultation for adult credit card processing.

Merchant Credit Card Account Applications

merchant — Sat, 07 Jan 2012 22:09:46 +0000

Since a personal credit card provides us with the means to make life easier and more enjoyable, can you imagine what a merchant credit card account can do for your business? This type of account is more than just a line of credit. It is an entire service package that offers support to help your company flourish and grow. Of course, as with any other type of credit account, it is important to use it responsibly. The first step toward obtaining this type of financial and technical support is to submit an application.

Finding a merchant credit card account company is not hard at all. You just have to check with bankers in your area to see if they provide this service and are willing to work with you. Barring that route, you can do an online Internet search to find merchant account providers who are accepting new clients. There are plenty of banks and professional lenders who are looking for entrepreneurs to work with. They often will take a chance on new business owners if they think you have the potential to become a trusted client. But first you will need to pass muster by demonstrating your company’s capabilities in a few distinct areas. One is that you have a solid credit history and are not in bankruptcy. A copy of your company’s credit history should be adequate proof for this requirement. A second criterion is that your business has enough income to meet the new expenses of a merchant account. Bank statements or an annual report should help with this concern. Another thing the lender will want to know is the type of business you are doing. If you traffic in pornography, are engaged in telemarketing, or have left a trail linking your company to some unsavory dealings, the underwriter may decline your application. Conditions can vary; so ask about the eligibility requirements before applying.

The next step toward applying for a merchant credit card account is to submit the application. Some lenders provide an online form that you can submit electronically, although you may be charged a fee for this privilege. Other loan agents will let you download a print application that you can complete in ink and mail by U.S. post. Either way, you will probably receive a response to your application within a few days by e-mail or in a letter. If your application is accepted, you can immediately begin to use your credit line and service package to set up a credit card processing system. Working with an account associate, you can arrange to install a credit card processor at your store’s checkout area. Or you can buy a wireless model for several hundred dollars and take it with you on the road when you service computers or appliances, or make deliveries to homes or businesses. Discuss the applications of your new merchant account with the loan officer to clarify limits and equipment options for your company’s use.

You won’t be able to enjoy the use of merchant services until you apply for them, so ask your preferred lender about the application process for a merchant credit card 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

Merchant Accounts – Credit Card Processing

merchant — Sat, 07 Jan 2012 18:51:46 +0000

Internet shoppers naturally favor business websites that accept all credit card payments, hence the increasing need for easy to operate, low-cost merchant accounts. On their part, merchant account providers are constantly re-inventing themselves to provide complete security for credit card processing.

A merchant account is essentially a contract or an arrangement between a bank and a merchant, or a merchant account provider and a merchant. The merchant wishes to accept payments for his services/merchandise through card transactions of a particular credit card brand. The acquiring bank extends credit to the merchant, processes the customer’s credit card information and approves the transaction. In addition to such direct dealing, merchant accounts may also operate through intermediaries, called service providers. In this instance, the intermediary, for example Paypal, provides payment services to its clients, who have merchant accounts with them. Paypal, in turn, has a merchant account with a bank.

The payment takes place through a payment gateway. A payment gateway is simply a place where you pay, like the cash counter in a retail unit. Only here it is virtual. The difference, though, is that each shop might have its own cash counter, but in this system, several virtual shops (e-commerce sites) use the same payment gateway whose sole purpose is to channel the details of the customer’s credit card. Merchant account providers log in and key in credit card numbers (which are encrypted). Alternatively, the payment gateway, may be linked to the shopping cart on the merchant account provider’s site. Either way, this part of the online payment processing hardly takes a minute.

The customer places an order along with credit card information, the information is forwarded to the payment gateway, which further sends it to the merchant’s acquiring bank. The bank sends the information to the card association, which in turn sends it to the issuing bank of the card, which checks that balance available with the customer. The issuing bank then approves or rejects the transaction, providing a reason for rejection.

Several merchant account providers offer free credit card terminals and internet payment gateways and free payment gateway software when you open merchant accounts with them. There are others that allow free merchant accounts with low transaction fees. The transaction fee and the discount rate (both together make up the total processing fee charged by the account service provider) are lower for credit card terminal swipes. Then there are discount merchant accounts that charge a very low fee for the bouquet of credit card options you provide to your customers.

For these reasons and more, choose Ace Merchant Processing for your merchant accounts. For one, our ISO/MSP certified merchant services are truly low cost – free set up and free terminals and a monthly service fee of only 1.64% +19 cents. Also, we are proud to offer a fraud -proof system and cheerful 24*365 service, to every kind of business. And, the reason why you simply must set up your account with us is that we you same day approval!

Hi, Reader I am a Manan Mehta owner of Ace Merchant Processing.

Ace Merchant Processing is a registered ISO/MSP for BancorpSouth Bank, Tupelo, MS. As a merchant services provider, our primary focus is to make available to merchants credit and debit/check card processing services and processing equipment. We also provide other financial services including gift, prepaid, and EBT cards; check processing systems; and cash advance programs.

Credit Card Processing Services: What Services Do They Offer?

merchant — Sat, 07 Jan 2012 14:59:46 +0000

Credit card processing services-also known as merchant services-are well known for supplying businesses with merchant accounts and terminals for credit payments. But for today’s merchant services, traditional credit card processing is one offering among many. Below, we list some contemporary services commonly offered by in addition to traditional credit payment accounts.

1. Online Payment

This type of payment can increase your sales by allowing your customers to buy online, as well as offline and via mobile devices. For businesses, online payment offers the advantages of not having to secure authorizations or ensure payments are credited to their accounts, tasks that are handled by a card processor.

2. Check Processing Software

For many people, debit/credit cards have replaced checks. But for others, who “grew up” on checks, they’re still the preferred payment method. That means you should have a way to process customer checks at your points of sale, as opposed to hoping they don’t bounce or disallowing them. Check processing software allows you to ensure a check is good before you accept it. This facilitates faster conversion of checks into money in your account.

3. Debit Card Account

Debit cards are a popular way to pay for small to midsize purchases, such as food orders or clothing goods, and for services like furniture moving and lawn and gardening services. By accepting payment via debit cards, you’ll give customers one more way to pay, which is always good business.

4. Wireless card machines

Wireless machines are faster than those using telephone lines, and offer the following additional benefits:

• allow payments on cards as a check or a debit transaction;

• provide mobility for businesses that sell their goods or services at temporary locations; and

• allow mobile businesses to access the same authorization networks as stationary businesses.

Choosing the Right Options for Your Business

The options above are only a few of those offered by today’s merchant service providers, who focus on supplying their customers with options that meets their needs. This includes options for receiving payments

• by check,

• by debit/credit card,

• over the Internet,

• via a wireless device, and

• over the telephone.

In recommending the right options for your business, a merchant service will assess (a) how it receives payments in relation to how its customer segment(s) have the ability to pay, and (b) how much its current arrangements are costing it versus the cost of different arrangements. If you suspect your sales aren’t what they could be, or that you could save more in account fees with different pay arrangements, don’t let your would be profits keep trickling away: contact a merchant service today.

In my research on credit card processing, I’ve studied the value of various credit card processing services offered by a merchant service.

Virtual Credit Cards

merchant — Sat, 07 Jan 2012 11:38:46 +0000

As reality reveals, not every internet user has his own credit or debit card. Hence, many of them are not able to enjoy the convenience of transacting online. Another important consideration is that, many credit card users are afraid that their card information will be compromised.

With these problems, business developers were able to come up with a solution that is beneficial for everyone: a Virtual Credit Card.

What is a Virtual Credit Card (VCC)?

A VCC is a pre-loaded, in some cases re-loadable, card account that works in replacement of a debit card. It is like having a real debit card account without having the physical card. With a VCC, you can have peace of mind while shopping or transacting online. It doesn’t require you to reveal your personal information because you can use it with any name and address. Fast, convenient and secure. Plus, VCCs can be used anywhere in the world where major credit cards are accepted. There may be some country restrictions so some merchants may block the transaction because of user’s IP address but you can overcome this issue by using a socks or a proxy server.

Virtual credit cards will provide you with a peace of mind while shopping or transacting online.

Who can use a VCC?

Anyone from around the world can purchase and own a virtual credit card. It can be any person who wants to make payments and transactions online but prefers not to expose his or her own debit card information or it could simply be someone who doesn’t have a debit card at all. Usually, merchants do not require any ID when you purchase a virtual credit card. Virtual card details are provided instantly after you make a payment. Clients are responsible for any illegal use of these cards. Payments can usually be made through popular e-currency payment systems such as Liberty Reserve or Webmoney. Some merchants will accept PayPal, Moneybookers, AlertPay etc. Among regular payment options there could also be WU/MG or Bank Wire.

What information is provided after the payment?

After the payment, you will receive the following information:

1. VCC type (Visa, MasterCard)

2. VCC number

3. CVC / CVC2 number (also known as verification code)

4. An expiry date

The most popular VCC among internet users is Visa Virtual. The majority of VCCs out there are issued by Visa but you may see some MasterCard virtual cards as well. Cards are usually delivered instantly after a successful payment by Liberty Reserve or Webmoney. Payment options such as WU/MG or Bank Wire require a merchant to receive funds first before revealing virtual card details.

Where could one use a VCC?

Virtual credit cards can be used for online purchases and transactions on any online merchant, distributor, business websites, or in short, anywhere credit cards are accepted. Some are also used to verify PayPal and other similar payment accounts. Even though VCCs do not require you to reveal your true personal information, a valid address must be provided for online orders that require physical delivery.

You are welcome to use our instant virtual credit card delivery service. We guarantee professional support and the lowest prices on visa virtual cards.