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

Protect Your Business Against Payment Processing Fraud!

Ginger HollowellCredit Card Processing/ Merchant ServicesLeave a Comment

Payment processing fraud is erupting! According to a San Francisco digital trust and safety company, Sift, there was a 73% surge in online fraud in 2019. And most believe there is even more to come in 2020. Massive amounts of people are seeing their credit card and banking information exposed to massive data breaches day after day. Although Internet theft remains most prevalent, hackers and … Read More

Culture of Trust Vs. Hidden Fees and 1-800-IGNORE-ME Tech Support!

Ginger HollowellCredit Card Processing/ Merchant ServicesLeave a Comment

I heard a talk last week from Ron Farmer, CEO of Fullsteam, a group of leading software and payments businesses across the United States focused on providing streamlined payments infrastructure and operational support to its subsidiaries. He spoke about the culture of trust and how that culture grows a business. He shared information from a book called, “The Speed of Trust,” by Stephen Covey, and … Read More

Protect Your Ecommerce Business and Your Customers’ Credit Card Info with Tokenization!

Ginger HollowellCredit Card Processing/ Merchant ServicesLeave a Comment

In today’s world of credit card fraud and data breaches, a merchant who has an Ecommerce site has to be doubly careful. More credit card refunds and fraud take place from Ecommerce transactions on websites than on card-present transactions inside a brick and mortar location. That is why the processing rate is higher for Ecommerce transactions than swiped transactions, because the risk of fraud and … Read More