Dishonesty in Salespeople Presenting Merchant Fees for Payment Processing! 1-800-IGNORE-ME for Customer Service! Sneaky Rates and Fee Increases Over Time! Dishonesty in Presenting Merchant Fees for Payment Processing Every merchant wants low rates. The challenge for merchant services is in understanding your current rates presented on your merchant statement and understanding the rates that are quoted so you can compare. If you could solve both … Read More
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?
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
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
Three Traps to Watch Out for When Thinking About Switching Your Credit Card Processing!
Trap 1: A Verbal Quote! Most of the time, a verbal quote only includes the rate, transaction fee, and monthly fee, which are just pieces of the equation. The rate usually reflects only the swiped rate or debit rate, and the salesperson often neglects to explain that if the credit card is a rewards card or a corporate card, of if the card is keyed-in … Read More
Inventory Shrinkage Beware!
How to protect your restaurant against food theft. Waiters can hurt your profit margins in a variety of ways, and rarely is restaurant theft as simple as taking from the cash register, or not ringing up an order and pocketing the money. Working around food all day can tempt even the most honest employee. I mean restaurant employees get hungry too. But they can also … Read More
What Is A Processing Equipment Scam?
If you’re a business owner, you have to be aware of scammers from all angles: scammers posing as customers and scammers posing as people who say they can help your business. You have to be on your toes at all times, even when choosing your credit card processing equipment. You may receive a call offering to lease your credit card processing equipment — at a … Read More
Tweet your shopping needs
Some savvy companies already use twitter to monitor customer complaints and address customer service. But it’s now going a step further than that, where you can tweet at the store and get fashion or purchasing advise on the spot It’s all done by software made by HipLogiq, which combs Twitter looking for tweets that would include a client’s keywords and phrases. “A women’s clothing store … Read More
Mobile apps gaining popularity
Mobile apps via phone devices have quickly become the most common way consumers access the internet, information related to businesses and shopping. Smart phones are expected to overtake fixed internet connections, i.e. a desktop computer, within the next few years.
Customized commercials
Right now, commercials target consumers in mass, but as big data gets bigger, retailers will have the ability to hit up each of us as individuals. Based on what retailers know about our buying patterns, “shoppers will receive targeted messages and promotions while in the store, as the system will already know who they are, their lifestyle and purchasing patterns,”says Jonathan Asher, executive vice president … Read More
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