Since medical and recreational cannabis sales are not legal at the federal level, the answer is a flat NO. However, dispensaries do have another solution to accept plastic. They can use a Cashless ATM and process pin debit cards. A cashless ATM looks and feels like a credit card terminal. In fact, it is a credit card terminal, which is programmed to function and pass … Read More
What are the Visa/MasterCard Rules Regarding Credit Card Payments for CBD Products?
If the THC in a product is less than .3%, credit card processing is allowed under federal rules and regulations. Customers can purchase CBD in physical locations as well as online. Merchants selling CBD are considered high-risk merchant accounts. Applying for card processing with white lies about your products and trying to slide under the radar without divulging the high risk products will someday get … Read More
Are We Ready for the Cashierless Grocery Store?
We will find out as Amazon is now opening its first such store in Seattle with its “Just Walk Out” technology. It is a full-scale grocery store of 25,000 square feet. Cameras detect when an item leaves the shelf and goes into your grocery cart. Sensors detect all the items in your cart and add up your bill. Your credit or debit card is automatically … Read More
To Offer Cash Back on Debit Card Transactions or Not?
Overall, offering cash back to your customers can be a benefit. 1. It provides a service of convenience for your customers and can develop loyalty and an opportunity to spread word of mouth advertising regarding the convenience. 2. Customers appreciate the ability to add cash to their pocket without an additional trip to the ATM and without incurring the ATM fee. 3. Offering cash back … Read More
Attention Business Suppliers with Net 30 Terms!
Culture in the business-to-business world has dictated a customary practice of offering buyers net 30 terms or even longer. Giving buyers 30 days is the same as borrowing money at interest for 30 days. Maybe a business has enough cash sitting in their bank account, but the slow speed of collecting money owed on invoices has an actual cost. Many suppliers offer a net 10 … Read More
Comparing Credit Card Processing Rate Quotes
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!
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!
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
Three Problems Stand Out in The Merchant Services Industry!
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
Credit Card Processing Rates – Are You Paying Tiered Pricing or Cost-Plus Pricing?
Tiered Pricing With this pricing format, the processor throws all transactions into three buckets with only three rates. Generally, one bucket is for swiped transactions, one for keyed transactions and rewards cards, and a third for business cards or keyed-in rewards cards. The buckets are called qualified, mid-qualified, and non-qualified. This pricing system allows for an easy to understand merchant statement because there are only … Read More