Occasionally we like to share some tips with our business partner, Law 4 Small Business. This week we wanted to share a quick Q&A with L4SB regarding choosing a business entity. EMC: How would you define a Sole Proprietorship? L4SB: “The sole proprietorship is what happens when an individual doesn’t create a business entity. It is historically the first method of doing business. An individual … Read More
Considerations When Setting Up An Anonymous LLC
How can Electronic Money Company Merchant Services help business owners who want to set up their business as an Anonymous LLC? First and foremost, there are the reasons why merchants in general choose us over competitors, such as our honesty and transparency regarding rates and fees plus our in-house, white-glove support and service unrivaled in the industry. Secondly, often merchants who want to remain anonymous … Read More
Comparing Credit Card Processing Rate Quotes
Comparing rate quotes from one merchant services processor to another can be challenging. There are after all over 1000 different rates and fees categories! The wholesale interchange rates vary based on whether the card is swiped, keyed in, or accepted from an eCommerce site. The rates also vary depending on the industry accepting the card payment. They also vary depending on whether the card is … Read More
Merchant Services Contracts that Scam the Merchant!
Most Merchant Services providers have a contract for 3 years. The provider incurs expenses setting up your merchant account and therefore wants to ensure that you keep processing with them for a minimum of 3 years. Should you want to switch to another processor and cancel your agreement before the 3 years is up, you incur an “Early Termination Fee”. Many times this fee is … Read More
Next Day Funding for Credit Card Processing Deposits!
Surprisingly, there are still a lot of merchants who are still waiting a couple or three days to get their credit card deposits! We thought that next day funding was automatic, but apparently it is not. Most processors have an option to batch before 6 or 8 PM EST in order for a merchant to receive deposits the next morning. The time varies slightly between … Read More
Three Problems Stand Out in The Merchant Services Industry!
Dishonesty in Salespeople Presenting Merchant Fees for Payment Processing! 1-800-IGNORE-ME for Customer Service! Sneaky Rates and Fee Increases Over Time! Refer Us to Solve One of These Problems & Receive a $100 Gift Card by Filling Out a Message on our Contact Us Page Dishonesty in Presenting Merchant Fees for Payment Processing Every merchant wants low rates. The challenge for merchant services is in understanding … 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