Why Is It a Problem? What is the Solution? Problem: Corporate cards have the highest payment processing rates for merchants. Why? Here is the education behind why corporate and business types of cards cost the merchant a higher processing rate. The situation is that corporate cards are higher risk of being charged back because they are abused by employees who are issued the cards from their … Read More
To Surcharge Card Processing Fees or Not?
Visa and MasterCard now allow surcharging. This means you can pass the cost of the card processing to the customer. The rules are that you have to register with Visa and MasterCard, and that you can only charge the average of the credit card processing fees and not more than 4%, even if your actual rates are higher than that. Also, you must post a … Read More
Creating the Right Culture in Your Business
I am going to credit this success tip to Rob Weinstein, co-owner of Event Rental Systems (ERS). We recently attended a seminar with their clients in Albuquerque, NM. ERS is a software company with a product for businesses that rent equipment and want to take bookings online. Rob hired a business coach who spent two full days with him and his partner, Corey, establishing their … Read More
True Story About a Low Rate Hussle!
A Long Time Client is Being Hussled! One of my long time clients called me and asked a strange question. She was bombarded by companies calling her to switch her processing. Tired of the hassle she finally said yes, she would listen to the salesperson’s program! She made an appointment with her. Then she called me and asked if I would be at her side … Read More
How Do You Train a Flea? And Why Would I Care?
Here is how to train a flea. Put some fleas in a jar and close the lid. Fleas always jump. That is who they are. So they jump and hit their head on the lid, jump and hit their head on the lid and continue on in like manner. Eventually, after a few hours, even a tiny flea with a tiny brain figures out that … 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
Be Aware of This Credit Card Fraud Scam!
Here is the scenario for this scam. It plays upon the merchant’s emotions: getting excited about a large sale and then the fear of losing that sale. The merchant starts salivating over the profits and over rides his or her caution. The fraudster starts the process of talking about a very large purchase. He asks the merchant if he can overpay with his credit card … Read More
New Scam to Steal Credit Card Info!
Now that we have EMV chip cards to prevent fraud, the thieves have to come up with new ways to get our data. You may have heard about a skimmer, which pulled information off the mag stripe. Now the fraudsters have what is called a shimmer. And it is so thin that it becomes almost undetectable. A shimmer can be installed inside the chip reader … Read More
Biggest Merchant Services Secret Scam – The “After You Sign Up” Scam
Electronic Money Company has refused this increase for our entire portfolio of clients!!! The way 99% of processors out there play the game is to sign people up on a low rate and then once or twice a year increase rates and fees slightly and hope their clients don’t notice and don’t switch over to someone else. Eventually, the merchant figures out their rates are … Read More
Mobile processing is eliminating checkout lines and registers
More and more retailers are streamlining and enhancing the shopping inside a retail store. Imagine being able to show off your entire catalogue of merchandise and not being limited to what you have in stock. That is what the technology of a tablet offers you. All sizes and shapes and colors can be shown on the tablet. Customers can try on samples in the store … Read More
