Merchant Account Blog & Credit Card Processing Blog

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Understanding Your Merchant Account Responsibities !!!!

If you are shopping for a new merchant account, you need to understand what you are getting into. Many times business owners are in a rush to set-up credit card processing for their business, they overlook the fact that they are entering into a contract that has many responsibilities and rules to abide by.

Many times merchants will find out the hard way, by being fined or getting their merchant account shut down. In some instances, merchants are “TMF’d” which means they lose their privilege to accept credit cards in the future. It surely make more sense to understand your responsibilities and model your business to conform with the rules set-forth by Visa and Mastercard.

Accepting Credit Cards - A Privilege:

Understand that being accepted to accept credit cards is a privilege, not your right !!!! Should you take this lightly, you could find yourself losing this privilege, permanently. That’s right, permanently !!!! You could personally be banned from ever accepting credit cards, for any business endeavor in the future. 

Unhappy Customers Can Destroy You:

An unhappy customer can create havoc on your business. Credit card holder’s have the right to call their credit card company and dispute a transaction on their credit card. These disputes have the potential of becoming a “Chargeback” to your business. A chargeback is simply a reversal of the charge, from your bank account, back to the customers card. These reversals come with very stiff fines to the business owner and could get your account terminated. Here some key points to avoiding chargebacks.

• Offer A Superior Product Or Service
• Quickly Resolve Customer Service Issues
• 100% Unconditional Return Policy
• Toll Free Customer Support
• Maintain Signatures + Shipping Records

Exceeding Volume Limit’s:

Every merchant account agreement has an “Average Monthly Volume” amount for Visa & Matercard. During your approval process, this amount is underwritten by the processor and is usually based on the credit scores of the merchant. If you are approved for that amount, you must process within the limit.

Should the limit become an issue, you must call in to ask that it be re-evaluated by the underwriting department. If your credit scores are too low, you may not get an increase.

If you simply ignore this limit, at some point your account will be shut-off.

Exceeding Ticket Limit’s:

Every merchant account agreement has an “Average Ticket” amount for Visa & Mastercard. Again, during the approval process, this amount is underwritten based on your credit scores. From an underwriting stand point, the higher the ticket, the higher the risk. If your account is approved for a certain ticket amount, you must process within that limit. Occasional “High Tickets” should be disclosed on the application, prior to underwriting. Contacting your “Risk Department”, prior to running high tickets is advised.

If you simply ignore this limit, your account could be terminated.

Honor All Cards:

Every merchant account agreement has a “Honor All Cards” Claus. This means as a Visa / Mastercard Merchant, you are bound to honor every credit card transaction presented to your business. That tiny sign at your local diner that states, “$10 Credit Card Minimum” is in direct violation of the terms of the merchant account agreement.

You cannot charge a “Surcharge” on credit card transactions either, this would also be in violation of the merchant agreemnet, as well.

Reserve Account:At any time, at the sole discretion of the bank, the bank has the right to place funds on hold in a non-interest barring reserve account. Reserve account is to protect the bank from future losses due to fines, chargebacks, ect that may come through your merchant account. Hold time-frame will be determined by the bank and is usually for long enough time period to cover future customer chargebacks.

In Conclusion:

As you can see, “Your Privilege” to accept Visa & Mastercard comes with many duties and responsibilities. Failure to comply, could prove to be very costly and cause your account to get “Terminated” and potentially lose your credit card processing privilege in future business endeavours. Play it safe, understand the rules and play by them.

If you have any questions, please feel free to give me a call.

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

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Convenience Store Merchant Account

Accepting credit cards at a convenience store is a must in today’s marketplace. Getting the best rate is equally important to be competitive in your business. We offer special pricing for C-Stores with good monthly sales volumes. Now, convenience store owners can receive special pricing, once only reserved for corporations like WalMart. Saving money on your credit card processing rates & fees has never been more important for convenience store merchant account owners, as we move into a slowing economy.

OTHER C-STORE PRODUCTS:

Convenience store owners looking to reduce their expenses should grab their current statements and give me a call to immediately cut their current credit card processing costs. We look forward to working with you.

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

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Found a good resource for getting a fast merchant account for your business to accept credit cards from customers and clients. Seems the site offers a 5 minute online application with NO PAPERWORK. Their paperless application features an online signature with no documents to sign or fax. Most accounts are approved instanly online with very liberal underwiting.

Merchant accounts are provided by National Merchant Bancard, a regestered ISO/MAP with HSBC Bank USA of Buffalo New York. Aside from Fast Merchant Account approvals, company also offer free equipment such as, terminal, software, and ecommerce. Company also have no contract term, no cancellation fee, no application fee, and many other benefits.

Seems this iso is fairly new and is poised to make a huge impact on the industry. 

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

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Today is one of the best times in history to apply for a merchant account to accept credit cards at your business. You will find free credit card terminals being offered by many offices in return for your business. Credit card processing has become a must for most businesses and the competition between providers is fierce. This competition in my opinion is the result of the internet, with business owners being more educated by searching for the best deal on credit card processing.

Free equipment like; free credit card machine, free credit card software, and free ecommerce solutions are slowly becomming the norm on the internet. This competition was sparked a couple of years ago and may continue for the near future. No one know when they will “Pull The Plug” on free equipment, but for now it is available and everyone should take advantage of it.

If you are thinking about setting up credit card processing for your business or are thinking about switching your provider, for a much better rate, please give me a call to discuss your needs. We offer free equipment on all new merchant accounts for credit card processing.   

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

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Credit card processing is becoming the norm for new state-of-the-art vending machines. A vending machine merchant account is needed to accept credit cards with your machine. The process is very simple and your machine will be ready to process transactions once your merchant account is activated.

You will need to ask your equipment vendor which credit card processing network is compatable with the software installed in the machine, ie First Data Omaha, First Data Nahville, Vital, ect. You will also need to install either a telephone line or internet connection, which ever is required by your equipment vender. A download may be required to configure your machine, again please check with your equipment vender.

Customers prefer to use their credit & debit cards and the idea of using them at a vending machine is becomming accepted by the public. Increase your profits by accepting credit cards.

If you have any questions, please give me a call to discuss your needs.   

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

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Your credit rating can effect your ability to get a merchant account for credit card processing. When you apply for a merchant account, underwriters will look at a host of things, including your credit score. A bad credit score could stop you from getting a merchant account if your business type is slightly risky. For the most part if you have a retail location and resonalbe ticket sizes, your credit rating should not be a factor, unless you are currently in the process of bankruptcy.

Certain merchant services providers will accept more risk than others, so you may need to shop around. One alternative used by some merchant account providers, is to bring in a co-signer on the application. The co-signer does not need to be a principal in the business, but will assume any liabilities caused by a default on the account. Defaults could defined as not covering chargebacks, penalties, fees, etc. If you are have poor credit and wish to accept credit cards, you may want to consider credit repair to bring your scores higher. This would also allow you to qualify for better rates on business credit, as well.

If you have poor credit, please give me a call to discuss your needs.

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

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Accepting credit cards is a must in today marketplace. With the addition of Visa & MasterCard Branded debit cards to the market in the mid-1990’s, the use of plastic has exploded. Consumers who use to carry cash, now prefer to carry the debit card. Visa & Mastercard “Check Cards”, as they are referred to are accepted any where credit cards are accepted. Consumers look for the sign “We Accept Credit Cards” when deciding to make a purchase.

Credit card transactions also began to take off as consumers got comfortable using their credit card for e-commerce purchases, beginning in around the same-time debit cards were “Branded”. E-commerce transactions continue to grow each year with no end in site. With the current cost of gasoline the growth trend in e-commerce transactions should spike, as consumers can order products with free shipping and in some cases, no sales tax.

In closing, your ability to accept credit cards is a must. Your competitors will steal a large percentage of your customers if you think credit card processing is expensive. This thinking will surely cost you more money lossing sales to your competitors. Don’t be penny-wise and dollar-foolish.

If you need to discuss setting up a merchant account to accept credit cards, feel free to give me a call.

MARK SAND
http://www.usa-merchantaccount.com

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Accepting credit cards is a must in todays marketplace. Your customers expect you to welcome their credit cards or they will find another place to shop. Your competitors will profit from those customers, while you receive nothing. Don’t lose another sale by not accepting credit cards.

The cost to accept credit cards has decreased over the years. With many processors offering free credit card terminals, you save hundreds of upfront money on the expense of equipment. As stated in a recent post, 10 years ago, you would have been quoted $1,200.00 for that machine. Further savings comes from the new found competition on the internet, as fierce competition has caused a reduction to rates and fee’s. Further if you already have a merchant account, with good volume, you can usually find another processor willing to offer you a better rate. In any case, the present is a great time to get a new merchant account.

If you have any questions or are looking a the best rate, please give me a call.

MARK SANDS,
http://www.usa-merchantaccount.com

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ELECTRONIC CHECK CONVERSION

Accepting payments at the point-of-sale is not simply credit card processing anymore. Electronic check conversion is swiping the nation, by allowing merchants to accept checks and convert them into electronic deposits, at the point-of-sale. Many merchant account providers fail to offer these new technologies and only focus on the ability to accept credit cards.

Imagine welcoming your customers check without the risk of losing your shirt in the transaction. Electronic check conversion will allow you to “Scan” the papercheck and convert it into an electronic deposit, right at your counter. Check info is passed electronically and you are prompted to “Accept” or “Decline”. Customers check is then stamped void and returned to the customer. Your funds are deposited electronically into your business account. It’s that simple.

Our affordable solution will allow you process checks in 48 hours. Call us today to discuss your needs.

MARK SANDS
http://www.usa-merchantaccount.com

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