Many Credit Card Processors Are Holding Money as Reserves!

Ginger HollowellCredit Card Processing/ Merchant ServicesLeave a Comment

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

Did you sign up for credit card processing with a middleman?

Ginger HollowellCredit Card Processing/ Merchant ServicesLeave a Comment

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

Square – Transparent and Easy Can Be Expensive!

Ginger HollowellCredit Card Processing/ Merchant ServicesLeave a Comment

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

Solving Billing Problems with Payment Processing – Credit Card and ACH

Ginger HollowellCredit Card Processing/ Merchant ServicesLeave a Comment

Billing Problem 1: How can merchants properly store credit card information for future client transactions? We recently received a testimonial from a doctor’s office who just switched over to our payment processing platform. Their words perfectly describe the answer to Billing Problem 1. “We used to save our clients credit card information in our computer, and then as they come in for appointments, we would … Read More

How Fast Can a Merchant Get Their Money From a Credit Card Processing Batch?

Ginger HollowellCredit Card Processing/ Merchant ServicesLeave a Comment

When a merchant closes their credit card batch for the evening, most processors collect those batches and send them off to the merchant’s bank after midnight. The merchant’s bank receives those funds and posts them the same day. They are available in the merchant’s account 24 hours later, or the following day. So Monday night’s batch goes to the merchant’s bank in the wee hours … Read More

Freezing of Funds

Ginger HollowellCredit Card Processing/ Merchant Services, Restaurant POSLeave a Comment

During this time of social distancing and businesses shutting down, some credit card processors are freezing merchants’ funds. Why do they do this? The answer goes back to understanding our system of credit card processing. Merchants are so used to taking credit cards and seeing money go into their bank account that they think credit card transactions are cash transactions. After all, if it looks … Read More

The Coronavirus Aid, Relief and Economic Security (CARES) Act for Small Businesses

Ginger HollowellCredit Card Processing/ Merchant ServicesLeave a Comment

Electronic Money Company is a small business, and all our clients are small businesses. So we thought we would share with you the information on how to take advantage of the government’s CARES ACT to help you cover payroll during this time of economic shutdown. In particular, here is information on how you can benefit from the Paycheck Protection Program. It provides 100% federally guaranteed … Read More

Recent Questions Answered Regarding Credit Card Processing Fees on Refunds

Ginger HollowellCredit Card Processing/ Merchant ServicesLeave a Comment

In light of the COVID-19 pandemic, we have been receiving a lot of calls on this subject. First and foremost, there should be no fees on the refund. If your processor is charging the percentage rate for refunds, consider a new processor. Some have asked about getting a refund on the fees from the original credit card transaction. So, I thought I would give you … Read More

Advice on Growing Your Business While You Prevent the Spread of Coronavirus!

Ginger HollowellCredit Card Processing/ Merchant ServicesLeave a Comment

Paper money carries germs. How many people have touched that $1 bill that you just received as change? Using your credit or debit card limits touches to non-sterile paper money and limits exposures to viruses, especially the Coronavirus, which lives on inanimate objects for up to five days. Here are some small ways that merchants and consumers can use best practices to help prevent the … Read More