We understand that this is a trying and uncertain time for small businesses. COVID-19 restrictions have made things difficult with ever changing rules and regulations. Many businesses are struggling to stay afloat but fortunately there are several measures being implemented at both the state and federal level to help ease the economic burden on business owners. We are happy to share some of these options
In previous blogs, we talked about Scam #1, the Fraud of Lack of Disclosure, and Scam #2, the Scam of Raising Rates. The third scam against merchants is the lack of service, which I call 1-800-IGNORE- ME. The credit card processing salesperson mostly focuses on rates and supposedly how much they will save you. But a hidden fee is the lack of service and support.
In a previous blog, we talked about Scam #1, the Fraud of Lack of Disclosure. Some merchant processing salespeople leave out significant rates and fees in their quotes. If you haven’t read that blog, click here. A second scam that processors commit against merchants is the scam of raising rates. Their salespeople don’t mention this to their prospects. Embedded in the 30 page, small print,
How Can I Reduce My Credit Card Processing Fees? 1. You can reduce your rates by swiping a card versus keying it into a terminal or virtual terminal or online at an eCommerce site. When the card is swiped and present, the chances of a chargeback are lower. Therefore, the bank issuing card associations assign a lower rate to that swiped card than to a
It is scandalous to me that some who represents a financial institution like a merchant services processor would lie, trick and scam a prospective merchant for its services! But this appears to be the norm. Electronic Money Company is definitely the exception in the industry. Scam #1: The Fraud of Lack of Disclosure At the start of a conversation with a payment processor, always the
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
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
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
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
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
