Why Choose Electronic Money Company? Why call Electronic Money Company? The answer is simple. We’ve been doing this for over 25 years. Our reputation has been built on being honest, transparent, and straightforward. When we do a comparison, we don’t play games with numbers. We don’t promise savings that don’t exist. We don’t hide fees in the fine print. We show you exactly what you’re
Attention auto repair shop owners. This article is specifically for you, although other business owners may find some similarities. Are You Paying Too Much to Process Credit Cards? Electronic Money Company recently saved an auto glass shop $2,000 per month on their payment processing fees. If you’re like most auto repair shop owners, when you first opened your doors, you were focused on getting customers,
When I am talking to merchants about their credit card processing rates, many times they ask my what my rate is? They think their rate is the total fees divided by the volume processed on their credit cards. They ask if I can beat that rate. But the rates vary on different types of cards and different ways of accepting cards, card present, over the
Let me tell you something every business owner needs to understand if you want to grow your revenue without constantly chasing new customers. Your regular customers are everything. New data shows that repeat customers generate six times more revenue than one-time or occasional shoppers. Six times. That’s not a small difference—that’s the difference between struggling month to month and building a predictable, growing business. And
How do you feel when you call up a company that sold you a product or service because you have a question; a concern; you have a gripe; something is not working right; you don’t understand the billing; or for whatever reason you need to speak to a live human. Do you like it when you have to listen to a bunch of prompts, of
If you’re running your business on a POS system that “comes with” its own payment processing, there’s a good chance you’ve felt it… those rates creeping up, support getting slower, and the sinking feeling that you’re stuck. You’re not alone—and more importantly, you’re not as locked in as you think. Let’s talk about what’s really going on, and how to fix it. A lot of
Adding payment processing to your software matters tremendously because of the added revenue for your software company. What matters also is your choice of processor. Gingergaye here with Electronic Money Company. Today I am going to discuss why choosing the right payment partner up front with a strong relationship manager sticks your software customers to you long term while allowing you to focus on software
Many businesses today are adopting dual pricing as a way to control rising credit card processing costs. Instead of absorbing the fees themselves, merchants offer customers two prices — a cash price and a card price. Customers who pay with credit cards cover the processing cost, while those who pay with cash avoid the extra fee. If your business processes large transactions, you can offer
Many ISVs initially think they are in the software business, but the real profit often comes from payments. The Revenue from Payment Processing Outperforms the Software Revenue Here’s how the revenue model of payment processing works. The fees that the merchant pays to accept credit and debit cards are comprised of the following: The banks who issue the cards to consumers earn the wholesale interchange
If your business accepts a lot of corporate or government credit cards, a major change is happening in the payments industry. Depending on how you handle transactions, this could either increase your costs—or help you save significantly. What Is CEDP? CEDP stands for Commercial Enhanced Data Program. It’s Visa’s new system for determining which B2B transactions qualify for lower interchange rates. Why Visa Introduced CEDP
[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][ninja_tables id=”1111″][/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
Payment Processing Moves From Terminals Into Tablets! As technology changes the world around us, so it changes how we process credit card transactions. When we first got in this business 20 years ago, the big news was pin debit. Then e-commerce gateways were introduced followed by mobile payment processing. Terminals were always in big demand until recently, when card processing got moved inside an app
Discussion of the Purpose Behind the Questions on the PCI Compliance Survey The PCI survey questions include queries about whether the business has written procedures in place for employees regarding the protection of credit card numbers. For example, an easy question to answer might be whether the company writes down or stores their customer’s credit card numbers. That answer should be a resounding NO. If
Is There a Value to Being PCI Compliant OR Is it Just Another Way for Card Processing Companies to Make Extra Money? I recently met a woman, named Merissa, from Big Byte, a company that does data storage, IT for large businesses and disaster recovery. Merissa and I talked a lot of about PCI. Yes, they know companies who have been hacked. She told me
Watch Out for This FRAUDULENT Credit Card Transaction SCAM! I just heard from one of my customers who got an email and text from someone who wanted to use their credit card for a HUGE SALE! I am changing the name of the merchant and proprietor, but wanted to let you all know about this SCAM! We have heard this same story several times over
I ran across this poem when I was re-reading Think and Grow Rich by Napoleon Hills. “I bargained with Life for a penny, And Life would pay no more, However I begged at evening, When I counted my scanty store; For Life is just an employer, He gives you what you ask, But once you have set the wages, Why, you must bear the task.
