Attention Merchants: Shopping and Purchasing Habits Changed by the COVID Pandemic

Angela HudginsUncategorizedLeave a Comment

Increase in Online Shopping: Stores are closing and those open have limits on numbers of shoppers as a COVID response. Merchants who have not yet focused on an Ecommerce site for their products and services need to pay attention. Payment processing can be integrated to shopping carts safely and securely. Add this to your current brick and mortar merchant services. Market to in-store shoppers to … Read More

Deciding between an LLC or a Sole Proprietorship

Angela HudginsUncategorizedLeave a Comment

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

Angela HudginsUncategorizedLeave a Comment

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

Ginger HollowellUncategorizedLeave a Comment

Comparing Credit Card Rates

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!

Ginger HollowellUncategorizedLeave a Comment

contract terms and conditions

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!

Angela HudginsUncategorizedLeave a Comment

Next Day 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!

Ginger HollowellUncategorizedLeave a Comment

Merchant Services

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?

Ginger HollowellCredit Card Processing/ Merchant Services, UncategorizedLeave a Comment

Credit Card Processing Rates

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?

Ginger HollowellUncategorizedLeave a Comment

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!

Ginger HollowellUncategorizedLeave a Comment

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