How to Compare Quotes for Credit Card Processing Rates!

Angela HudginsUncategorizedLeave a Comment

The answer is very carefully, and watch out for hidden fees not represented. Here is my most recent story about rate comparing. A client, who owns two businesses, asked me to get with his accounting person to set up his third business. I thought I would be getting a new application ready immediately, but here was the challenge. The owner who referred me had no … Read More

Attention Merchants: Shopping and Purchasing Habits Changed by the COVID Pandemic

Angela HudginsUncategorizedLeave a Comment

Increase in Online Shopping: Stores are closing and those open have limits on numbers of shoppers as a COVID response. Merchants who have not yet focused on an Ecommerce site for their products and services need to pay attention. Payment processing can be integrated to shopping carts safely and securely. Add this to your current brick and mortar merchant services. Market to in-store shoppers to … Read More

Deciding between an LLC or a Sole Proprietorship

Angela HudginsUncategorizedLeave a Comment

Occasionally we like to share some tips with our business partner, Law 4 Small Business. This week we wanted to share a quick Q&A with L4SB regarding choosing a business entity.  EMC: How would you define a Sole Proprietorship?  L4SB: “The sole proprietorship is what happens when an individual doesn’t create a business entity. It is historically the first method of doing business. An individual … Read More

Considerations When Setting Up An Anonymous LLC

Angela HudginsUncategorizedLeave a Comment

How can Electronic Money Company Merchant Services help business owners who want to set up their business as an Anonymous LLC? First and foremost, there are the reasons why merchants in general choose us over competitors, such as our honesty and transparency regarding rates and fees plus our in-house, white-glove support and service unrivaled in the industry. Secondly, often merchants who want to remain anonymous … Read More

Comparing Credit Card Processing Rate Quotes

Ginger HollowellUncategorizedLeave a Comment

Comparing Credit Card Rates

Comparing rate quotes from one merchant services processor to another can be challenging.  There are after all over 1000 different rates and fees categories!   The wholesale interchange rates vary based on whether the card is swiped, keyed in, or accepted from an eCommerce site.  The rates also vary depending on the industry accepting the card payment.  They also vary depending on whether the card is … Read More

Merchant Services Contracts that Scam the Merchant!

Ginger HollowellUncategorizedLeave a Comment

contract terms and conditions

Most Merchant Services providers have a contract for 3 years.  The provider incurs expenses setting up your merchant account and therefore wants to ensure that you keep processing with them for a minimum of 3 years.   Should you want to switch to another processor and cancel your agreement before the 3 years is up, you incur an “Early Termination Fee”. Many times this fee is … Read More

The Story About Running a Super Large Credit Card Transaction!

Ginger HollowellCredit Card Processing/ Merchant ServicesLeave a Comment

Big Dollar Payment

One of our merchants recently tried to run a $480,000 transaction! It got declined at the terminal. They had run $200,000 transactions before, but this new one wouldn’t go through! So why not? Doesn’t the processor want that amount of money running through their coffers? Not necessarily, here is the story. Credit card processing companies assume the risk of chargebacks if the merchant does not … Read More

Next Day Funding for Credit Card Processing Deposits!

Angela HudginsUncategorizedLeave a Comment

Next Day Deposits

Surprisingly, there are still a lot of merchants who are still waiting a couple or three days to get their credit card deposits! We thought that next day funding was automatic, but apparently it is not. Most processors have an option to batch before 6 or 8 PM EST in order for a merchant to receive deposits the next morning. The time varies slightly between … Read More

Three Problems Stand Out in The Merchant Services Industry!

Ginger HollowellUncategorizedLeave a Comment

Merchant Services

Dishonesty in Salespeople Presenting Merchant Fees for Payment Processing! 1-800-IGNORE-ME for Customer Service! Sneaky Rates and Fee Increases Over Time! Refer Us to Solve One of These Problems & Receive a $100 Gift Card by Filling Out a Message on our Contact Us Page  Dishonesty in Presenting Merchant Fees for Payment Processing  Every merchant wants low rates.  The challenge for merchant services is in understanding … Read More

Understanding Credit Card Processing Rates and Fees!

Angela HudginsCredit Card Processing/ Merchant ServicesLeave a Comment

Understanding Credit Card Processing Rates and Fees!

Let me educate you so you, too, can avoid getting sucked into a contract from a scammer salesman. There are three determinations of the fees for accepting credit cards: the interchange cost, the brand fees, and the processor’s surcharge.  a. The interchange cost. This is the rate and transaction fee set by the bank associations to collect “interest” on the money “loaned” to the cardholder … Read More