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?
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
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
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
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
Solving Billing Problems with Payment Processing – Credit Card and ACH
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?
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