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

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

Credit Card Processing Rates – Are You Paying Tiered Pricing or Cost-Plus Pricing?

Ginger HollowellCredit Card Processing/ Merchant Services, UncategorizedLeave a Comment

Credit Card Processing Rates

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

Mobile Payment Processing for Item Pickup

Ginger HollowellCredit Card Processing/ Merchant Services, Point of Sale Computer/Tablet SystemsLeave a Comment

Mobile Payment

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!

Ginger HollowellCredit Card Processing/ Merchant Services, Point of Sale Computer/Tablet Systems, Restaurant POS, Scams Against MerchantsLeave a Comment

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

How To Speed Up Telephone Call Time To Your Credit Card Processor Tech Support!

elecmoneyAffiliate Partnerships, Credit Card Processing/ Merchant Services, Personal Stories, Point of Sale Computer/Tablet Systems, Restaurant POSLeave a Comment

Invariably, at some point, you have to call your 1-800 technical support number for your credit card terminal. It shouldn’t suck up an hour of your time but it can.  And time is money, especially when your terminal is down, people can’t pay you and they start walking out the door! Below is a typical scenario which you want to avoid and below that are … Read More

Should Merchants Accept Pin Debit Cards?

elecmoneyCredit Card Processing/ Merchant ServicesLeave a Comment

  It used to be cheaper to take pin debit cards via the debit networks instead of through the credit card interchange networks.  That means that you would take the card and the customer would enter his pin number.  The debit networks are Pulse, Maestro, Interline, Jeanie, NYCE, Star and others.  But since the Dodd Frank Act, it is cheaper to take debit cards just … Read More

Merchants Taking Credit Card Deposits Online for Future Services Getting Cancelled

Ginger HollowellCredit Card Processing/ Merchant ServicesLeave a Comment

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!

Ginger HollowellCredit Card Processing/ Merchant ServicesLeave a Comment

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!

Ginger HollowellCredit Card Processing/ Merchant ServicesLeave a Comment

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