Merchants have been complaining about credit card processing fees since the beginning of credit cards. The fees were initiated in the first place to replace the fees banks collected on loans. Consumers who don’t have enough cash were in effect passing on their interest fees on loans to the merchants. But merchants took on those fees because sales were lost if they didn’t. Consumers can
Did the Salesperson Promise You the World, But After the Fact You Are Treated Like 1-800-IGNORE-ME? Did you get the low rates you were promised? Did they stay low or creep up over time? What about service? Credit card processing tends to click along like clockwork until it doesn’t. Are you getting the support you need? Recently, the US experienced a crash of Verifone VX520
Let me tell a true nightmare story which happened recently to one of our merchants. I will tell you how we fought like the 3rd monkey trying to get on Noah’s Arc in order to find the solution and fix the nightmare problem. Then you will have a better understanding of how Electronic Money Company is uniquely different from all the other credit card processing
Credit Card Refund Scam Against Merchants! One of my clients called recently to ask some questions about refunding a customer. This particular customer paid a deposit on a custom engineering project and then decided to cancel the order. The merchant told this customer he would refund the card. However, the card holder argued that they didn’t have the card anymore and could the merchant write
Problem: How do I stop paying such high rates for corporate and business cards? Solution: Stop paying 3% to 4% or HIGHER for Level 2, 3 & 4 corporate, business and purchasing cards! Save 1% or MORE to your bottom line! Here is how! Purchasing Cards (“P” Cards), corporate cards and Business cards are company credit cards which government entities, plus large and medium sized
[vc_row][vc_column][vc_row_inner][vc_column_inner][vc_column_text] Which processor has the best rate? People always ask me, “What is my rate?” It is such a silly question. The wholesale, interchange rates vary greatly from the low end of a regulated debit card to the high end of a corporate card. The processor has to analyze what percentage of what kinds of cards the merchant is likely to receive for payment in
About Chargebacks I know that as a merchant, when the money keeps coming into your bank account from credit card transactions, you think that credit card payments are just like cash payments. If it looks like a duck and quacks like a duck, you think it is a duck. But NO. Credit card payments are not just like cash! Taking credit cards for payment is
Is Customer Service an Important Factor in Comparing Processors? Every merchant services salesperson out there tells their prospects that they have excellent customer service. They might try to sell short wait times on the phone or the fact that their customer service is 24/7/365, but always they are selling that theirs is the best. So customer service does not at first seem like a differentiator
“Cure Yourself of Excusitis, The Failure Disease!” Chapter 2 from “The Magic of Thinking Big” by David Schwartz One of the secrets that highly successful people understand is that they think big and dream big! They set high goals and start to plan how they can get themselves there. They know that they must hit smaller goals along the way to the big one. They
[vc_row][vc_column][vc_column_text]It is advantageous for merchants to understand how consumers prefer to pay to products and services. Here is a chart from the Federal Reserve Payment Study done in 2016. Following is an analysis of payment processing and shopping trends. [/vc_column_text][vc_column_text][/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_row_inner][vc_column_inner][vc_column_text]Debit cards are mostly used for small ticket purchases like fast food, gas and groceries. In fact, one third of all debit transactions have an average
