Merchant Account Blog & Credit Card Processing Blog

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VERIFONE VX510 CREDIT CARD MACHINE

The Verifone Vx510 brings about a revolutionary change in the credit card machines of today and are known for being “Big Things in a Small Package”. With its unique features, this Verifone terminal has been rated as the most ideal credit card terminal for the needs of a merchant today. Aside from the basic features of being able to process credit and debit cards, and checks, the Vx510 has a number of new value-added features that make it stand out among other credit card equipments. These terminals have long served to be efficient, reliable credit card machines and it has grown in popularity among merchants because they are always designed keeping the needs of the client in mind.

Basic features of the Verifone Vx 510

The Verifone Vx510 has a number of features which make it an extremely useful and appropriate credit card machine. Its most important features are:-

• Accepts all magnetic-striped cards, including mini cards, and also processes checks
• In-built Pin pad for debit card transactions
• Multiple payment facility, such as loyalty, gift cards and more
• Convenient, high speed, in-built printer
• Latest security shields are approved by credit card providers Visa and MasterCard for all types of PIN entries.
• High speed dial-up connectivity
• Superior graphics capability
• Has a plug-and-play verifone terminal which is easy to install and use

Advantages of the Verifone Vx 510 credit card processing

The new Verifone Vx510 is said to be a leader among most credit card terminals today due to its several advantages. This terminal has been integrated with a number of beneficial features which allows the merchant to conveniently operate his credit card equipment.

• This lightweight and ergonomic design of this verifone terminal is easier to use
• The backlight feature and intuitive ATM interface of the machine reduces errors by clerks
• The VeriCentre file compression and high speed in-built modem allows makes it one of the fastest credit processing terminals.
• This credit card machine’s compact footprint saves counter space
• The built-in security features of the Verifone Vx 510 makes it reliable and safe
• It supports various peripheral devices that can be attached to it
• The multi-merchant facility allows the merchant to use this credit card terminal even if he owns more than one business or has to process transactions separately for separate merchants within one establishment.

The Verifone Vx510 is a very convenient and advantageous credit card machine for any merchant requiring credit card processing terminals. The reputation of terminals go a long way back as being simple, convenient and high-technology credit card equipments and have never failed to satisfy clients. Its various user-friendly features make it one of the most desirable credit card machine for all kinds of merchants. The Verifone Vx510 boasts on being “Big on what matters, Small where it Counts” and after reviewing all its advantageous features, it is undeniably one of the most valuable credit card machines in the market today.

MARK SANDS
1st National Processing
http://www.usa-merchantaccount.com
1-866 828-8683

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BANK OF AMERICA - BETTER THAN EXSPECTED EARNINGS

Bank of America is one of the largest financial institutions worldwide. Not only does it deal with banking but also other financial product tools like risk management, investing and so on. It caters to individuals, small businesses, as well as large corporations.

On July 17, 2009 Bank of America announced its second quarter earnings. Even though it did better than all the analyst predictions, earnings as compared to last year were still down. The second quarter net income fell around 25 percent to $2.42 billion, or 33 cents per share, as compared to $3.22 billion, or 72 cents per share, from last year. Analysts had predicted earlier that Bank of America would earn 28 cents per share. The lower income reported was a result of an increasing number of troubled loans that are still being charged off as bad debt because customers are still falling behind and defaulting on their credit card and mortgage payments. However, Bank of America saw a rise in revenue to $32.7 billion which was slightly below the analyst forecast of $33.1 billion.

Even though it managed to beat the forecasts, Bank of America still faces a number of issues that will continue to drive down earnings for awhile longer. CEO Ken Lewis stated that, “continued weakness in the global economy, rising unemployment and deteriorating credit quality” would be the cause for deflated earnings for the rest of the year. They are still wary of the amount of loans that keep going into default each month and are unsure as to how long that will continue to affect them.

Stocks fall due to rising credit losses ( BAC )

We have seen stock prices of banks rising throughout this week. However, even though Bank of America reported better than expected earnings, stock prices continued to drop all day Friday after its second quarter earnings were reported. The failed confidence in the bank was due to the report of rising credit losses that continue to occur. Investors view these earnings as inflated and temporary. Additionally, CEO Ken Lewis stated that Bank of America would need to raise further capital of up to $33.9 billion. Therefore, even after beating analyst expectations, Bank of America stocks fell by 2.1 percent, or 28 cents, down to $12.89 at close on Friday. Investors predict that the stock price of Bank of America and the entire banking sector will continue to spiral downward for the rest of the year until credit losses are seen to improve and the continuous need for additional capital is reduced.

Bank of America performed much better than most of the banks in their second quarter earnings. But, investors need more than temporary rise in earnings to put their confidence in these banks. Thus, even after beating analyst forecasts, stock prices of Bank of America continue to fall. However, it is predicted by most that Bank of America has the strongest potential to weather this storm and emerge as one of the leading worldwide bank that it has always been known for.

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Intabill Closes It’s Doors - High Risk Merchant’s In A Panic

High risk merchant account provider, Intabill seems to have closed it’s doors.We received several phone calls today from merchants processing with Intabill who were in a complete panic. Merchants are concerned with Rolling Reserve Accounts, on hold by Intabill and not clear as to their futures.

Upon hearing the news, I immediately went to the Intabill Website, only to find the website shut down. We were aware of pending law suits against the company but were shocked to hear the news of the Intabill Implosion.

After the dust settled, we learned that existing merchants were thrown a life-line by a company called Payovation, who purchased the assets of Intabill. In a press release the new company stated, “A Payovation representative will be in touch with you in the coming days to answer any questions”.  Seems the company will attempt to keep Intabill customers, by offering a similar service.

If you have any questions on obtaining a High Risk Merchant Account, please give me a call to discuss more stable solutions, both onshore  and offshore.

MARK SANDS
1st National Processing
http://www.usa-merchantaccount.com
1-866 828-8683

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Gas Station Owners - Save Money At The Pumps

Gas station owners should be feeling the lower cost of pay at the pump transactions, with the decrease in interchange cost passed on by Visa last fall. Visa lowered the interchange pass-through at the hieght of the gas crisis last fall. This savings at pay at pumps stations was hoped to be passed on to the consumer.

We are finding that many gas staion owners who are not on a Interchange Plus plan with their merchant account provider, have not seen any savings. These merchant’s are on a Teired Rate plan and the savings is being lost to their merchant account provider.

Owners should look to switch their gas station merchant account to an Interchange Plus merchant account to maximize overall savings on cost. With many business travelers utilizing the pay at pumps, the savings could be signifigant. The higher your sales volume, the higher the savings.

For more information on saving money on credit card processing, please feel free to give me a call to discuss your options.

MARK SANDS
1st National Processing
http://www.usa-merchantaccount.com
1-866 828-8683

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Obama Nationalizing US Bank Fears Investors

Wall Street is getting hammered today with bank stocks leading the way south. Industry giants like Bank America ( BA ) and Citi Bank ( C ) are trading like “Penny Stock’s”. Fears over President Obama’s plans for both the Banking Industry and the Real Estate Market are whewing on investors hopes for any kind of recovery. Treasury Secretary Tim Geithner needs to take some action to claim the market. 

Market levels have broken levels set back in 1997 with the S&P Index approaching a dangerous level, set back in November. Rumors that the Obama Administration may loosen “Mark-To-Market” accounting rules over the weekend, may cause a major turnaround on Monday, but no one seems to be betting on this President nor his cabinet at the moment.

Ken Lewis, President of Bank Of America stated again this afternoon that, “Nationalization” of Bank of America makes absolutely “No Sense” !!!! This is echoed by the price-action on Wall Street today, screaming to President Obama, this would be a mistake.

All eyes will be on the Obama Administration over the weekend.

MARK SANDS
1st National Processing
http://www.usa-merchantaccount.com
1-866 828-8683

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CNBC’S RICK SANTELLI SENDS OBAMA A MESSAGE

Rick Santelli of CNBC Fame made it clear to the country where people stand on the Obama Housing Rescue Plan this morning on the floor of the Chicago Mercantile Exchange, in Chicago.

Opponents of the plan fear that President Obama is “Ni Eve” and “In-Experienced” in thinking that cramming our grandchildren with debt to rescue over-extended homeowners is good for this country.

Where is the sanity ?????? 

Obama Will Destroy The Banking System With This Plan !!!!! 

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CHARGE BY PHONE - Accept Credit Cards Anywhere !!!!!!!!!!!!

Found a great website dedicated to providing low volume merchants the ability to accept credit cards by phone. Great choice for mobile merchants accepting credit cards on the run. You can process virtually anywhere a phone is available. No expensive credit card processing equipment to purchase or maintain.

Accept Credit Cards By Phone:

Company offers liberal underwriting, approving most businesses with 24 Hours. Merchant account rates seem to be one of the industrties lowest for this type of account. Accept credit cards virtually anywhere a telephone is available. Great choice for Plumbers, Tradeshows, Flea Markets, Pizza Delivery, just to name a few. Call today or apply online.

MARK SANDS
1st National Processing
http://www.usa-merchantaccount.com
1-866 828-8683

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INTRODUCING INTERCHANGE PLUS PRICING

We are rolling-out “Interchange Plus Pricing” to any merchant, interested in saving money on their credit card processing fee’s. Once reserved for only the Walmart Size businesses, this program will save you money on your merchant account fees. Interchange Plus Pricing takes the “True Cost” charged by Visa or Mastercard and adds a cap on the markup charged by your processor, with a small margin above the true cost of a credit card transaction.

Merchants processing more than $20,000 Per Month, should see a substancial saving, with the program.

Any merchant who is interested, please give us a call.

DIGG THIS STORY !!!!!!!!!!!!!!!!!!!!!!

MARK SANDS
1st National Processing
http://www.usa-merchantaccount.com
1-866 828-8683

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Credit Ratings & Merchant Account Approval

People sometimes do not understand why their credit rating is a factor that underwriters look at when approving a new merchant account application. Many times credit card processors will “Decline” a merchant soley based on their credit score.

Why The Credit Factor Is Important

Business owners must realize that appling for a merchant account, is like appling for a credit line. The projected “Monthly Volume” stated on a new merchant account application, is the amount of “Risk” the merchant’s processor is willing to accept. If you are asking for $20,000 in Monthly Volume and your credit scores are “Very Poor”, you may be declined an approval on your merchant account.

Understanding The Risk - In Credit Card Processing

Understanding the “Risk” in credit card processing should be understood by every new merchant. Accepting credit cards is not like accepting cash, as every cardholder has the right to call their credit card company and potentially get a charge “Reversed” in a “Chargeback”.

The risk for the bank is that the merchant may not have those “Reversed Funds” immediately available to complete the chargeback process. In this case, the merchant bank must cover the chargeback and then come after the merchant for the “Money Owed”.

This is why the financial responsibility is so important !!!!!!!

In closing every merchant application is on a case-by-case basis, with many other factors that are considered. If you have “Poor Credit” and need help in getting a merchant account, please give me a call to discuss your options.

MARK SANDS
1st National Processing
http://www.usa-merchantaccount.com
1-866 828-8683

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Heartland Payment Systems Inc Data Breach

More information has surfaced on the cardholder data breach that occurred at the Princeton NJ’s credit card processor, “Heartland Payments Systems, Inc”. President and Chief Financial Officer, Robert Baldwin, stated “As deeply regretful as we are, it is important to note that in most of the cases the information would be card number and expiration date only,” and that “The majority of the data breached did not have names or other personally identifiable information available to the bad guys. So there’s nothing our merchants need to worry about.”

Seems that only customer card numbers and expiration dates were compromised and that no personal information, such as names, addresses, social security numbers, were compromised in the theft. Still no information on any damages to cardholders have been released.

Merchant’s processing with Heartland Payment Systems, Inc will be held harmless, as the breach took place on the server-side of the card processor. Small business owners with a merchant account should be sure that they are PCI Compliant to avoid any credit card processing fines from Visa or Mastercard. Here is A GOOD VIDEO to help small merchants understand their risk and responsibilities in combating credit card fraud.

Company Cites Cyber Terorrism Attack

Baldwin said Heartland executives have been in discussion with the U.S. Department of Justice and the U.S. Secret Service and were informed that this breach was committed by an international organization that has also targeted other U.S. processors and financial institutions.

“I am finding it hard to believe that we are not responding to an obvious act of cyber terrorism aimed at trying to disrupt the payment system of the United States, and it just blows me away that nobody sees it,” Martaus said. “All of these intrusions are the work of one Russian Mafia gang. And 15 other processors apparently have been attacked and no one knows about it.”

Martaus suggested, however, that federal officials do know about these attacks but they’re not telling anybody. “This should be a national emergency, and the Pentagon, the National Security Agency, everybody should be involved in this,” he said. “This could absolutely destabilize the payments industry and bring it to its knees. A cyber terrorist attack, while not meant to destabilize the government or the economy, can do just that.”

MARK SANDS
1st National Processing
http://www.usa-merchantaccount.com
1-866 828-8683

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