During the COVID epidemic, and because of the concerns to maintain social distancing, consumers are looking for new ways to shop, purchase, and pay for the things they want to buy. Consumers want to order online, pick up items, without getting out of their car, and they want a seamless way to use digital payment processing without having to pull their credit cards out of … Read More
The Famous “Restaurant Server Theft“ Soda Pop Game!
The famous Soda Pop Game is played with a POS system, by splitting tickets. Only instead of splitting the cost between two people at a table, the drinks are split off to an open ticket. This server theft works when patrons are paying with cash. Let’s say Table #1 orders two meals and two sodas. Before the server presents the ticket, he casually asks whether … Read More
Merchants Taking Credit Card Deposits Online for Future Services Getting Cancelled
Do you feel like the guy walking the tight rope? Because of COVID 19, merchants who take deposits online for future services are now considered high risk. Merchants are getting their merchant accounts cancelled or required to deposit reserves to continue processing with their current merchant services provider. In March, many customers cancelled bookings and merchants who sell future services were experiencing a new world … Read More
Square is WITHHOLDING Payments to SMALL BUSINESSES: During Covid-19 Epidemic for 120 Days!
From an article on charge.org Small Business Owners of America started this petition to Square Capital, LLC and 1 other Are you a small business owner that uses Square? BEWARE, SQUARE recently started WITHHOLDING funds from SMALL BUSINESSES: 30% for 120 DAYS Square, Inc. has recently started a process, whereas they are not releasing funds to their merchants for 120+ days, as they are having cash flow problems and their business … Read More
Small Businesses say Square is Holding Their Money!
Quoted from a New York Times article: “Thousands of small enterprises that use Square to process their credit card transactions — including plumbers, legal consultants and construction firms — have complained that the company recently began holding back 20 to 30 percent of the money they collected from customers. The withholdings came with little warning, they said, and Square asserted the right to hang on … Read More
Many Credit Card Processors Are Holding Money as Reserves!
But Not Electronic Money Company! We reprinted Square’s explanation of reserves right from their website. Electronic Money Company is NOT holding any of our company’s deposits in reserve! Read below: Square reserves the exclusive right to hold your money in reserve! How you won’t know if Square is going to hold your money in reserve until two weeks after you sign up with them and … Read More
Why switch from a credit card terminal to a tablet POS?
What a tablet system can do for you that a terminal can’t. The tablet will allow you to track your inventory, integrate with QuickBooks, and reconcile your credit cards automatically with your sales totals. In addition, the tablet will enable you to clock in employees and export hours to your payroll service company. Online ordering is directly integrated with the inventory in your store. In … Read More
Did you sign up for credit card processing with a middleman?
The answer is most probably and predominantly YES. Banks sell credit card processing services and they are middlemen. They have contracted with another middleman, called an ISO, an Independent Sales Organization, who sells merchant services for a credit card processor, adding a second layer of middleman to the mix. The bank doesn’t provide technical support or customer service for merchants. Instead their bank clients are … Read More
Is a Signature Required for Credit Cards?
All four credit card brands, Visa, MasterCard, American Express and Discover dropped the requirement for card holder signatures on receipts in April of this year, 2020. The signature used to be considered a deterrent against fraud, but with the new EMV chip technology, fraud has been reduced 80% for merchants. EMV stands for Euro MasterCard Visa. The technology initiated in Europe. The United States was … Read More
Square – Transparent and Easy Can Be Expensive!
Is Square Transparent? Square now has 3 rates for processing. Easy and transparent is not quite as easy and transparent as it used to be, because you need to understand when the different rates will be applied to your transactions. But nevertheless, the rate is still posted on the Internet in plain sight. But just because you can see the rate, is it “Transparent?” Most … Read More