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Questions You Need to Ask About Credit Card Merchant Accounts

November 17, 2011 Posted by merchant

When you start looking at the different options available with credit card merchant accounts, you can quickly become overwhelmed – and possibly even confused. Often, the information is so confusing and so overwhelming that important information gets overlooked. Here are some questions that you need to ask when you are shopping for an account:

Is Proprietary Equipment Required? Proprietary equipment or software can only be used with that particular processing company. While you may not think that this matters right now, it can matter a great deal in the future because if you decide to switch to a new account, you may be required to purchase new equipment or software. In the case of software, this is usually provided by the company, at no additional cost, but in terms of equipment, this must be purchased or leased.
What Type of Processing is allowed with the Credit Card Merchant Accounts? Is processing available online and at the Point of Sale? What about telephone orders and mail orders? Not all accounts allow for all types of processing, and you need to make sure that you can process credit cards in all of the situations where payments will be collected.
What is the hold back percentage? Different processors have different terms for this, but this is essentially a percentage of each sale that is held back by the processing company – instead of being sent directly to you or your bank account – to cover any potential charge backs in the future. You need to know what that percentage is, and how long those funds will be held before being released to you.
What are the fees for credit card merchant accounts? As a sales pitch is made to you, sales people are famous for telling you about one fee, then telling you about features or other information, before telling you about yet another fee. They essentially separate those fees out in their pitch so that you don’t notice just how many fees there are, or what they are amounting to. Get a complete list of the fees that will be charged for the entire service, so that you can see all of the potential fees together, at the same time.
Is mobile processing possible? If you will ever be in a situation where you need to collect credit card payments without being at your place of business, you will need mobile processing – not all accounts will allow for this, especially if mobile equipment has to be used, instead of their own proprietary equipment. Make sure that you find out before you make your decision.

While these are often the most overlooked questions when shopping for credit card merchant accounts, you may have additional questions that you want to ask. Make a written list of questions that you have before you begin your search, and make sure that you include these questions on your list as well. Have that list with you when you are searching for the right account – even if that search is online.

Visit TSNN.co.uk to place a quick quote for Credit Card Merchant Accounts for business and events. TSNN is the largest UK conference and event website and by submitting a quick quote, your requirements will be sent to multiple suppliers so that you can find the exhibition stands that you need, according to price and quality.

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Information About Cheap Credit Card Processing

November 16, 2011 Posted by merchant

In these times, cheap credit card processing is often necessary for businesses. Here are some suggestions on how to find cheap and reliable services.

Check Your Bank First

Ask your bank if they offer the service. If they do, note the rates so you can compare with other banks. These services vary, including the way they charge. Some will charge on a per transaction basis. Others will impose fees monthly. Small businesses can save more money if the charge is per transaction.

Submit the Proper Documentation

Present the merchant credit card processor with all the necessary documents. These may include the state ID, business license, social security etc.

Tips on Choosing Credit Card Processors

Check various credit card processing companies. Large companies with more dollar transactions tend to be more flexible when it comes to negotiating deals. Whenever possible, avoid leasing software programs or other equipment. If this cannot be avoided, go for software rather than leasing equipment, as the latter are more costly.

Technical support and expertise are important. For this reason, it is best if you go with a service that has experience. Try calling customer support to determine how quick and helpful it actually is. High quality credit processing companies offer SSL (Secure Lock Layer) and other security features. SSL is standard for most companies, but it never hurts to check.

How to Choose Credit Insurance Companies

Several factors have to be assessed, and these include the following. First is the track record of the company. Do not accept offers from companies with shady reputations or suspicious backgrounds.

The amount of insurance offered should be evaluated (the higher the amount, the better). Other things you need to assess are the extensiveness of the coverage and the policies. Another thing you have to charge is the penalty for late payment.

Check the rates as it compares with the competition. You should also check the payments needed in a year. Make sure you know when the payment is due. The way credit insurance companies treat you is crucial. Being a client, you should be treated courteously. The service should also be prompt and quick.

You should also assess the discounts offered for punctual payments and other special deals. Make sure you read the terms of agreement so you know what you are getting into.

Other Considerations

If you are having a hard time choosing, consult agents so you know what a good credit insurance quote is. You can also get recommendations from knowledgeable friends. Prepare a short list of credit insurance companies. Check the Better Business Bureau to see if these companies have any complaints or criminal charges.

It also helps if you visit websites that rate insurance companies. Get quotes from these companies. Next, check if the company has the features you need. If the company meets your requirements, you can sign up.

Choosing credit insurance companies and cheap credit card processing companies will take a lot of time. But you need to go over these aspects carefully. This can save you from a lot of potential problems down the line.

Please click these links if you want to know more about Cheap Credit Card Processing or Credit Insurance Companies in general.

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Frequently Asked Questions About Accepting Credit Cards in Your Business

November 12, 2011 Posted by merchant

Q: What are the different rate tiers and card types?

A: There are 3 tiers: Qualified, Mid-Qualified and Non-Qualified.

* A Qualified credit card transaction is your lowest rate, also known as your Discount Rate. This tier usually includes credit cards issued by a U.S. Bank to individuals and that DO NOT have a rewards program of any kind associated with the card, and the card has been swiped through your store terminal; the card is physically present.

* Mid-Qualifed tier cards are also physically present and swiped though your terminal. These cards DO have a rewards program of some sort for the cardholder (airline miles, cash back, etc.) and those goodies are costed to you, the merchant. Mid-Qualified also includes most business credit cards.

* Non-Qualified tier transactions are usually when the card is NOT physically present, such as for mail, telephone and internet orders. These type of transactions carry the highest fraud risk and therefore carry a higher fee to you, the merchant. These transactions include manually keying in a customer’s credit card number into your terminal.

Be aware that some merchant service providers may choose to classify business/corporate cards into the Non-Qualified tier. If you are using such a provider, and you accept a lot of business cards, you may wish to switch to a provider that does not bump this type of credit card up to Non-Qualified rate.

Q: I do a lot of phone orders for my pizzeria. How can I get a lower rate?

A: There are two options: one would be for you to equip your delivery drivers with a handheld mobile terminal, much like a cell phone. The driver will swipe the customer’s credit card and you will be charged at Qualified or Mid-Qualified rate instead of Non-Qualifed rate for that transaction. These terminals can quickly pay for themselves. The other option is for you to sign up for a second merchant account called a MOTO account (MOTO-Mail Order Telephone Order). MOTO rates are lower than Non-Qualified rates. The decision to get a MOTO account or to get handheld terminals is largely based on your telephone order sales volume, to determine what would be your return on the equipment investment (ROI).

Q: I run a retail store but also take orders from my website. How can I best set myself up to save money?

A: You may benefit from our Trinity package. This will allow you to use your PC at your sales counter as a virtual credit card terminal, saving the cost of purchasing a stand-alone terminal machine. Trinity also allows you to process credit cards from your online store with our shopping cart software, and, third, even allows you to accept payments on the go with your cell phone!

Q: My merchant account statement is very confusing to me, I really do not know what rates I am being charged.

A: Merchant account statements differ in format and can certainly be confusing. We offer a free statement analysis – we will provide a break-down of exactly what sales you are taking in at the 3 different rate tiers, and also provide you with our proposed rates and monthly fees, side-by-side so you can see your exact savings in black and white.

Q: I have heard that I can borrow money against my future credit card sales.

A: This is true. We work with a finance company that specializes in purchasing a portion of your anticipated future credit card sales and they will pay you now a lump sum of cash to use for business expansion, inventory, opening another location, advertising, etc. You pay the advance back from a portion of your future credit card receipts every month. Advances are available up to $300,000.

Q: Is it worthwhile to take checks from customers anymore?

A: It is certainly wise to accept as many forms of payment from customers as possible. The risk of taking a bad check can be eliminated by utilizing our check guarantee service. Your funds will be deposited into your bank account within 48 hours and if the check bounces you do not have to worry about any chargeback or bank fees, the check guarantee service handles that. The cost is less than that to accept a credit card!

James Hussher is a national Account Executive for a major bankcard processor, a registered merchant services provider (MSP) for Wells Fargo and JPMorgan Chase banks. Contact James at [http://creditcardmerchantnews.com], a site James maintains to inform his credit card merchant clients.

Wherever you are in the USA, I offer a free analysis of your current merchant account statement. I will provide a report showing you exactly how much you are paying to accept cards in each tier, plus monthly fees; I will also propose the rates we can give you, for a clear side-by-side comparison.

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Five Greatest Myths About Credit Cards

November 6, 2011 Posted by merchant

There is lots of misinformation on the Internet regarding debt, loans and credit cards. These are the biggest myths about credit cards. Make sure you don’t fall for these.

Myth #1. Closing your credit cards will help your credit score.

Absolutely not. Closing your accounts might be a good idea if you have a hard time controlling your spending, but you can’t improve your credit score by doing that.

The minute you open a new card, you’ve done the damage to your credit score. Closing the account shortly after you opened it may do even more damage to it. Your credit score partially depends on how much money you are using versus what you are spending. By closing your accounts at once you will shrink your total available credit.

Myth #2. Your credit card isn’t open until you activate it, so if you applied for one and changed your mind, it does not affect your score.

Wrong. If you decided to open a new card, but then changed your mind and decided not to activate it, you’ve already done damage to your credit score. As soon as the issuer pulls your credit report, your score decreases by up to 5 points.

Myth #3. If credit card companies are sending me applications by mail, then my situations is probably pretty good. If I couldn’t afford it, they wouldn’t have sent it.

Wrong again. Credit card companies make money on people who can’t afford to pay off their bills in full every month. They don’t care if you are in debt up to your eyeballs. They are sending you offers and applications based on mailing lists, but this is your responsibility to see whether or not you can afford another card.

Myth #4. If I don’t use credit, charge cards or loans, I will never be able to buy anything.

This mentality got the majority of Americans in debt. In many countries people don’t use charge cards and they can afford more things that Americans do. How? Because they save. Because instead of getting in debt and paying thousands of dollars in interest, people save money and then use cash to pay for what they want. It is much cheaper to do it this way.

While it is very hard to save money to buy a house, it is realistic to save money for a washer and dryer, a new sofa, vacation or even a car.

Many people make impulse purchases because they see a great deal. They jump on it and don’t realize that by taking credit to make the purchase, they will be paying interest to credit card companies, which is often much more than what they save.

Myths #5. When you pay with a credit card, some merchants are required to see your Driver’s License.

This is actually is misconception as well. Merchants are not only not required, but are forbidden to ask for your ID as per agreement with Visa and Master Card. Other major cards (such as for example, Discover) do not forbid merchants to ask for the IDs, but they strongly discourage it.

Do not fall for debt or credit card myths, because they can cost you lots of money. It is your job to educate yourself and to be able to distinguish truth from lies.

Do you know what the biggest lies about debt relief are?

Read http://www.live-debt-free.org to find out.

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Essential Information About Visa Credit Card

November 5, 2011 Posted by merchant

The Visa credit cards dates back to 1800, when merchants and traders used credit coins or plastic cash. This continues until today in the form of credit cards. It made transactions easier without holding cash. It was easy to do purchase on any article using such payment method rather than billing with cash. Thus, payment method with electronic cards gained its influence on the paper money and started ruling the merchant world.

Benefits of Applying for Visa Credit Card

Decide the type of Visa card required for you. Take in to account the rewards that every Visa card supplies the consumers. Nowadays the Visa cards are associated with large companies, travel agencies, hotel reservations and many others. Hence, think about all these before applying for these type of cards.
Visa card also supplies separately for streams such as engineering, business, family, students, individuals and many other as pre the Visa card policies that the company own.
Applying for it would help you payout your bills easily. It would also indicate of any fraudulent dispatch of accounted money.

Steps To Apply for Visa Credit Card

Decide the best card you need by reviewing resources and other criteria mentioned before in the previous passage.
Now you can start your application just with the bank account you have.
Else, go to the Visa-applying home page and select the Visa card to apply for Visa credit card.
If any details to apply for it are asked then fill them up.
Now click apply for it.
The page redirects to bank or another account as per the association of Visa card with commercial agencies.
Here you will be asked about all your personal details, which may include social security number, and other contact details of account holder. This would be an easy section for you to do without any guidance.
To check out for terms and other condition on applying for this click terms, condition of the page, and check the details. Now click apply for Visa credit card.

Beware Of Fraudulent Activities in Your Visa Credit Card

Theft of it would be for any reason. It may be to buy goods without paying or get a huge transaction without the users knowledge.
This has of course reached its peak and has no prompt recovery. However, this issue is not so easy to be identified.
One can find out about the fraudulent activities only after making a purchase. Billing information is transacted very infrequently.
Hence, it is very difficult to get that your card is used fraudulently.
Other high fraudulent works may be due to internet/mail ordering, account compromise, account take over, electronics type credit card skimming.
The thief can also use the carding information to use the card in further bills.
In such case of fraud take the issue seriously and demand the merchant for a payback and not the company where you applied for Visa credit card.
One can verify the statement every month to assure that you are safe.

Precautions after Applying For Visa Credit Card

After applying, never forget to get a copy of your applied Visa credit card documentation and report. Order this by online or phone. Do not forget to have the Visa credit card you received handy such that you fill in details quickly when asked for. Collect all contact details of credit reporting agencies so that you could contact them in case of any danger signals or reports.

Most Americans own at least one credit card. And of the seven in ten who do, an amazing 34 percent do not know the interest rate of the credit card they use most often. It is very easy to get a credit card. But it’s very difficult to pay back your bills in full. Our expenses are increasing month after month. Whereas our income increases only year after year. So, it’s very important for us to understand what credit card means to us today. Visit Bigarticlepool [http://www.bigarticlepool.com] to know all facts & information about credit card.

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