PayPal is an aggregator. They pile all of their merchants into one merchant account. When you choose to process with your bank or an independent merchant services provider, you get your own merchant account with a unique merchant identification number, i.e. MID#. This merchant account is in actuality a bank account. You are required to apply for the account. You will be asked to provide … Read More
Want Your Money Fast? Deposit Funding Now in 4 Hours!
People ask all the time, when do I get my credit card deposits in my bank account? In 1950, when the Diner’s club card was established as an alternative to cash, and in particular used when taking business clients out to dinner at restaurants, the turnaround time for deposited funds to the merchant was 60 days! When we first started selling merchant services in the … Read More
Scam Against Merchants from Other Credit Card Processors!
Telemarketing is prevalent in this industry. The telemarketer has a script that reads something like this: ‘This is your credit card processor calling and we have to make an update to your credit card terminal.’ Or they say: ‘This is your credit card processor calling to inform you that your terminal is out of date and it needs to be replaced.’ Or they identify themselves … Read More
Zero Cost Credit Card Processing!
Zero is a BIG DEAL! Zero Cost Credit Card Processing Can Save You 3 to 4%! How can you legitimately pass the credit card processing fees off to the consumer and put that 3 to 4% back in your pocket? Here are the various ways: Raise your prices to cover the overhead cost of payment processing. Charge a “Surcharge” for Visa and MasterCard charges. A … Read More
Merchants Beware!
The Threat of Online Skimming to Payment Security According to the PCI Security Standards Council, and the Retail and Hospitality Information Sharing and Analysis Center (ISAC), a growing threat that merchants and service providers need to be aware of is Web-based, or Online Skimming. What does this mean? ‘Skimming’ is a common method of stealing credit card information by using a small electronic device that … Read More
The Value of “Service” in Merchant Services
Every credit card processing salesperson says they have the best service, and a support line available 24/7/365! Here is the NON-SPIN version of that: You dial the 1-800-number for technical support to ask a question about your statement, or perhaps your credit card terminal has an error on the screen. Step 1: Please enter your merchant ID#. (Oh, you don’t have it and now you … Read More
Understanding Merchant Services from the Viewpoint of a Bank!
Merchant services from the viewpoint of the Bank are complicated. On the one hand it is supposed to spin off a revenue stream. On the other hand, it is challenging to support an add-on service of which you know little about. You get complaints from customers regarding various merchant services issues ranging from slow deposits, complicated contracts, high fees, poor customer service, and so on … Read More
Understanding Merchant Services from the Viewpoint of a Credit Union!
Merchant services from the viewpoint of the Credit Union are complicated. On the one hand it is supposed to spin off a revenue stream. On the other hand, it is challenging to support an add-on service of which you know little about. You get complaints from members regarding various merchant services issues ranging from slow deposits, complicated contracts, high fees, poor customer service, and so … Read More
Stop Losing Money on Laboriously Training New Employees!
Time is money. And time is a valuable resource, as the adage goes, therefore it is better to do things as quickly as possible. When it comes to running your restaurant establishment, training new employees with a manual paper system or cash register system, wastes a lot of time and frustrates customers. I recently went to a restaurant where a supervisor was following a newly … Read More
How an Industrial Supply Company, or B2B Merchant, Can Save Money on Credit Card Processing!
Recently a local supply company in Albuquerque called me because they said their credit card machine was not working and I came recommended to them. After our initial meeting, I found out that there was nothing wrong with their credit card terminal. The issue was that the corporate office required them to enter transactions into a virtual terminal on the Internet, and it consumed 15 … Read More