Merchant services from the viewpoint of the Credit Union are complicated. On the one hand it is supposed to spin off a revenue stream. On the other hand, it is challenging to support an add-on service of which you know little about. You get complaints from members regarding various merchant services issues ranging from slow deposits, complicated contracts, high fees, poor customer service, and so … Read More
Stop Losing Money on Laboriously Training New Employees!
Time is money. And time is a valuable resource, as the adage goes, therefore it is better to do things as quickly as possible. When it comes to running your restaurant establishment, training new employees with a manual paper system or cash register system, wastes a lot of time and frustrates customers. I recently went to a restaurant where a supervisor was following a newly … Read More
How an Industrial Supply Company, or B2B Merchant, Can Save Money on Credit Card Processing!
Recently a local supply company in Albuquerque called me because they said their credit card machine was not working and I came recommended to them. After our initial meeting, I found out that there was nothing wrong with their credit card terminal. The issue was that the corporate office required them to enter transactions into a virtual terminal on the Internet, and it consumed 15 … Read More
Payment Processing Sneaky Rate Increase Scam!
It is amazing to us at Electronic Money Company, how many merchant service providers think up new fees and sneak them in under the radar in small print on a merchant statement! Many merchants don’t even look at their merchant statements because they don’t take the time to read the details every month, or because they have bookkeepers whose job is not management of money, … 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
Waiter Theft Scam in Restaurants – Why You Need the Right POS!
Sometimes waiter theft is planned and sometimes it is merely an oversight that ends up costing a restaurant owner money leaking from his bottom line. For example, the “Soda Pop Game” is a planned waiter scam to move money from the restaurant owner to his own pocket. “Beverage Amnesia” is an oversight when the restaurant gets slammed. The Infamous “Soda Pop Game”! This employee theft … Read More
PayPal vs Your Own Merchant Account
If you own a business, your customers must be able to pay for your goods or services using credit cards. To enable you to accept credit cards, you will need a merchant account, or you can opt to use a third-party processing service such as PayPal. PayPal is what is called aggregate processor, which means they lump all their merchants into one merchant account. One … Read More
Liquidated Damages
Liquidated Damages in a Credit Card Processing Agreement The Most Costly of Termination Fees Period! When you choose a credit card processor, you will be asked to sign a merchant services agreement that includes a commitment of between three and five years. In some cases, breaking a merchant services agreement early will simply result in a termination fee. But beware of credit card processing providers … Read More
Attention Roofers! Here’s How to Choose a Credit Card Processor for Your Roofing Business!
Some roofers choose not to take credit cards for their roofing jobs, and want everyone to pay with a check. However, not everyone has enough cash in their checking account to cover the roofing job. If you don’t take credit cards, you can lose business to a roofer who does take cards. Secondarily, taking credit cards offers a trust factor for your customers. They know … Read More
Visa Announces New Rules for Merchants Accepting Credit Card Refunds
Visa is introducing an authorization requirement for return (cardholder refund) transactions. Authorizing a return enables the card issuer to validate the cardholder account, decline potentially fraudulent cards, and minimize chargebacks if the account does not exist or is closed. The return authorization message is intended to improve the return process by enabling cardholders to view a credit/return on their online banking statement in real time, … Read More