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
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
What a tablet system can do for you that a terminal can’t. The tablet will allow you to track your inventory, integrate with QuickBooks, and reconcile your credit cards automatically with your sales totals. In addition, the tablet will enable you to clock in employees and export hours to your payroll service company. Online ordering is directly integrated with the inventory in your store. In
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
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
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
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
Here are a couple scenarios merchants should be aware of: Merchandise Return Scams Against Merchants There are criminals out there who have stolen goods from retails stores. They steal the clothes, leave the tags on and then go to the store to return the items. Make sure you ask for a copy of a receipt to avoid fraudulent returns. Otherwise, you may be returning cash
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
The credit card terminal is going to the land of the dinosaurs. It doesn’t cost much more to buy a tablet than a terminal, and the tablet has the power to run your whole business management and marketing along with your payment processing. Monthly licensing fees are charged by the software companies ranging from $39.95 to around $495.00. The basics of point of sale, inventory
