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
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
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,
How a Good Merchant Services Program Keep Clients with Your Bank Is your current processor for merchant services shrinking your residual income and causing your clients to put their deposits into another bank? A good merchant services program should not only keep your merchants with your bank forever, but grow your portfolio of merchants doing their card processing with you as well. So how does
Last Father’s Day, I stole $100 from a local restaurant. I didn’t wear a ski mask and wave a pistol in the cashier’s face. I didn’t break into their safe during the dark, dark night. I didn’t have to do anything that dramatic. In fact, it was like taking candy from a baby. Now, before you start thinking you’re reading a report written by a
[vc_row][vc_column][vc_column_text] ‘No Hidden Fees’ Merchant Scam These days, everything we hear from politicians and advertisers has a SPIN. ‘No Hidden Fees’ sounds great, doesn’t it, especially when it is in bold type in a big font on a credit card processor’s marketing. Here is how this SPIN and the ‘No Hidden Fees’ Merchant Scam goes down. Many processors pronounce to their prospects and put in
Scams Behind the Bar — Is Your Restaurant Losing Money on Bartender Baloney? According to Preventing Internal Theft – A Bar Owner’s Guide, by Robert Plotkin, there are nearly two dozen areas of vulnerability that can be exploited behind the bar. Bartenders can give away free drinks, over-charge or under-charge the clientele, pocket the sales proceeds of unrecorded drinks, substitute well liquor for call brands,
A merchant sued Visa and MasterCard for the unfairness of taking on the credit card processing fees. They won with some qualifications. They can’t pass fees back to consumers for debit cards, only credit cards. As a result, many processors have programs to automatically add a surcharge fee onto a credit card transaction. But the merchants are getting pushback from consumers. Here is a discussion
Employee theft in restaurants is a rampant issue. Would you believe that 75 percent of restaurant employees steal from their workplace at least once, if not repeatedly? In fact, according to the National Restaurant Association, internal employee theft is responsible for 75 percent of inventory shortages, and up to seven percent of restaurant sales. This is a true story that happened to friends of ours
Can I Connect a New Credit Card Processor with QuickBooks? Can I Execute Payment Processing in QuickBooks with my Own Processor? The answer to both is YES! Many merchants think they have to use QuickBooks’ merchant services processing in order to integrate their credit card payments within QuickBooks. But that is not true. QuickBooks, developed and marketed by Intuit, opened up their software for API
