Credit Card Processing Learning Center

Retail Merchant Account

admin — Mon, 16 Feb 2009 19:22:31 +0000

A retail merchant account is a standard merchant account that is primarily used in a physical location. A retail merchant account is more likely to have standard, landline-based credit card processing terminals, as these are the most convenient in a retail environment. The "all in one" units - terminals with standard built-in swipers, and added receipt printers and ATM keypads - are a popular choice for retail stores as well as for the "retail" kind of customer.
Of course, a retail merchant account can also make use of wireless terminals if the company has a large warehouse, outside nursery or other large-scale location. Wireless terminals made for short-range, store-centered communications can be carried to the appropriate area of the business for transactions to completed in a way that is most convenient for the customer.
The retail merchant account involves an ongoing relationship among several "components," from the banks to the processors to the operators of the payment gateways. These bases may be covered by one, two or more separate entities, but when dealing with AcceptCardsFast.com and our processing provider, Signature Card Services the process is streamlined and simplified for ease of management. Our commitment is always to ensure that your retail merchant account is supporting your business needs and helping your firm grow and prosper.
Today, "retail merchant account" is the term often used to describe a merchant account that is primarily used in brick-and-mortar retail locations with wired terminals, which are still most common. However, a retail merchant account can also be used with "virtual," or computerized, credit card processing systems. The payment gateway is accessed over the Internet rather than over phone lines, using the software we provide you, or another package whose compatibility you can easily ensure with the right questions ahead of time.
If you have a retail merchant account in good standing, whatever you need to do to generate more business will be provided for you, as you have a strong historic relationship on which to build. You may even choose to move beyond the basic retail merchant account and add Internet payment processing capabilities. In fact, if you anticipate doing so in the future, or are starting to do so now, you might consider getting a package deal that offers the benefits of the traditional retail merchant account along with the advantages of online credit card processing.
Should your field sales force ever require long-range wireless (mobile) credit card processing, you can just get the right devices and go for it. You can also easily process phone and mail orders, too. With a retail merchant account today, you can go in any direction, at any time, to capture new business or expand your company into new locations. AcceptCardsFast.com and our processing provider, Signature Card Services has the expertise, and the flexibility, to customize a retail merchant account, an Internet payment processing account or both.

Merchant Card Account

admin — Wed, 04 Feb 2009 14:21:28 +0000

A merchant card account is a basic requirement of doing business today. With their credit and debit cards, consumers today can make purchases over the home phone or cell phone, on the Internet, in a store, via mail (or e-mail) order and any other way that lets them communicate their card numbers and buyer info. Electronic payments are not the future. They're already here, and you need a merchant card account to capture them.
There is no good reason that any company should try to do business in this day and age without a merchant card account. Studies over the last decade show clearly that consumers do not want to waste time writing a check in a store, much less writing one, addressing an envelope and mailing it in to a catalog company. Online or off, a merchant card account is not an option, but a business necessity.
Range of accounts
Merchant card account providers long ago gave up the "one size fits all" programs of the credit card industry's early days. With the advent of more powerful home computers and the mid-1990s explosion of the World Wide Web, the industry saw the future, and the future was in the merchant card account that could be tailored to every business's unique needs.
Today, most businesses can get a merchant card account, just like most people can get a car loan, but the same caveats apply. People with poor credit will pay 18% for that car loan, while those with the good credit scores (over 700) will get the 2.9% advertised specials. Merchant card account providers will also establish different costs for different companies based on their creditworthiness.
Account details a-plenty
To make the merchant card account widely available anywhere in the United States, the credit card banks and companies instituted what is essentially a "sliding scale." Less risk means lower rates and fees, while more risk means higher costs. It is important to remember that a company's business profile is part of the formula, and the manner in which payments are processed ("card present" or not, Internet or store) are, as well. The highest overall cost for a merchant card account, then, would likely go to:

a small company, without much financial data to review,
in a high-risk industry (travel, auctions, real estate),
with a high percentage of "card not present" transactions, and
a substantial number of sales emanating from high-risk countries.

To the extent that merchants can reduce risk in all the various areas of their businesses, the overall cost of a merchant card account can be kept to a reasonable level. For companies that do have one or more of these risk factors, the overall formula for the card account should still make it a better deal than not having one at all. acceptcardsfast.com can help you tailor a merchant card account that will address your unique needs, with the greatest possible cost efficiency.

Banks are not bound by geography or regional restrictions. a business owner with a merchant account in Denver Colorado can process with a bank in Los Angeles, CA.

With the way people are paying these days, with all types of cards and electronic options (PayPal, eCash, etc.), it is simply a matter of good business to have a merchant card account that will work in all environments and offer the convenience consumers want. Compare a number of these accounts, along with account providers, and you will find that acceptcardsfast.com can tailor a merchant card account to help your business grow and prosper.

Merchant Cash Advance

admin — Tue, 03 Feb 2009 19:29:34 +0000

A growing number of merchants use the records of their credit card processing activity and sales volume as leverage for merchant cash advance loan applications. Companies of all sizes obtain many millions of dollars every year in this manner. A merchant cash advance based on future sales is a solid, dependable component of modern financial planning, so documentation of all payment card revenues has now become, in fact, a viable financial asset.

As a business owner, you must understand that there are various recurring problems that should be considered before obtaining a merchant cash advance. There are many viable credit card receivables programs, factoring arrangements and inventory financing methods that can also help your develop a flexible cash management strategy. As always, if you are less knowledgeable about finance and accounting you should get professional advice in these matters. That said, a merchant cash advance has proven to be a valuable option for many businesses, and it may also be for yours.

How Do Merchant Cash Advances Work?

As with all financial matters, you must make sure to read every word before signing any contract or loan agreement. You are strongly advised not to piggyback your loans, too. In other words, if you encounter some difficulty repaying a merchant cash advance, do not borrow more money to "catch up." For cash flow problems that continue after a merchant cash advance, you must seek solutions in other areas, such as cutting expenses, renegotiating terms or instituting new efficiency measures. A strategy for increasing sales and profits margins should be in place whenever a merchant cash advance is used.

Credit card processing volumes must continue with at least the volume in evidence at the time of the merchant cash advance, or difficulties will arise. Therefore it is a perfect time to implement new cost-cutting measures. Perhaps counter-intuitively, this is also a good time to put new growth plans into gear. A revitalized marketing plan, a new product rollout, "preferred customer" rewards or other business building methods can help increase both sales and profits so that the merchant cash advance does not become a drag on your firm's finances.

Merchant Cash Advances can be obtain by United States based merchants. The funds can be quickly moved to any geographical location, so if a merchant requires a merchant cash advance in San Diego, it will take the same amount of time to fund a merchant that requires a merchant cash advance in Boston.

acceptcardsfast.com customer service department can be extremely helpful in these matters, but you can also consult a financial planner or CPA should you lack sufficient expertise. Continued growth and profitability will maintain or increase a company's credit card processing volume, and thus help to retire the merchant cash advance and its attendant interest. Strong sales, efficient operations, a good financial plan, a low incidence of fraud and a solid reduction of chargeback losses will all work together to keep a company in the black. A merchant cash advance can be a very useful tool when used wisely.

Merchant Accounts

admin — Tue, 03 Feb 2009 15:25:58 +0000

Merchant accounts are what allow businesses to charge credit cards and accept other means of electronic payments. The banks that actually do the charging and manage the money flow are called “acquiring banks.” These banks, or their agents known as ISO’s (Independent Sales Organizations), are the entities that will qualify businesses for the accounts, open them, get them set up and make them work. There are a number of important details to handle, and there are both government and industry controls and regulations on the procedures.
Merchant accounts are a fact of doing business in this day and age, and have kept up with the changing times by becoming more and more specialized. There are now special, online-only merchant accounts for businesses selling over the Internet, although the rates and fees on these types of accounts are higher than for the less risky in-store accounts. In fact, everything about a company and its individual characteristics is considered in these fee structures.
Customer profiles can also affect rates and fees. The acquiring banks and the credit card associations (Visa, MasterCard, Amex, etc.) set different discount rates, which is the most important overall cost of merchant accounts. The rates depend on the risks involved with a business category, the card that is presented, the sales environment (“card present” in stores vs. “card not present” on the Internet) and other factors.

How Merchant Accounts Help Your Business

Merchant accounts have some lesser-known costs, too. These are not exactly “hidden fees,” because they are spelled out in the contracts and in articles about credit card processing, but they are often overlooked. There are per-transaction charges, payment processing equipment charges, termination fees, statement fees and various miscellaneous costs that can quickly escalate and gouge a goodly sum of money out of each sale. Make sure to find out all the various costs and fees when you are shopping for merchant accounts.
Finally, don’t be shy about asking hard questions or pitting several account providers against each other to compete for your business. You will find that many other “required fees” seem to disappear when you press the issue, especially if your company does a good amount of charge card business. Don’t forget that generally accepted “good management” practices – good customer service, excellent record keeping, smart money management, high-tech expertise – can all prepare you quite well for efficient handling of your credit card payment processing.
The better your customer relations, for example, the fewer returns and chargebacks you will have, and chargebacks are one of the costlier items on the “Don’t Do” list for any business processing electronic payments. Good record keeping will also result in fewer late fees, penalties and processing errors. Finally, computer savvy and high-tech expertise will allow you to consider “virtual” merchant accounts that interface with the bank and processor in a secure, computerized environment that can save you money.

What is a Merchant Cash Advance

admin — Wed, 28 Jan 2009 14:30:15 +0000

How Merchant Cash Advances Work

As with all financial matters, you must make sure to read every word before signing any contract or loan agreement. You are strongly advised not to piggyback your loans, too. In other words, if you encounter some difficulty repaying a merchant cash advance, do not borrow more money to “catch up.” For cash flow problems that continue after a merchant cash advance, you must seek solutions in other areas, such as cutting expenses, renegotiating terms or instituting new efficiency measures. A strategy for increasing sales and profits margins should be in place whenever a merchant cash advance is used.

Credit card processing volumes must continue with at least the volume in evidence at the time of the merchant cash advance, or difficulties will arise. Therefore it is a perfect time to implement new cost-cutting measures. Perhaps counter-intuitively, this is also a good time to put new growth plans into gear. A revitalized marketing plan, a new product rollout, “preferred customer” rewards or other business building methods can help increase both sales and profits so that the merchant cash advance does not become a drag on your firm’s finances.

Our customer service department can be extremely helpful in these matters, but you can also consult a financial planner or CPA should you lack sufficient expertise. Continued growth and profitability will maintain or increase a company’s credit card processing volume, and thus help to retire the merchant cash advance and its attendant interest. Strong sales, efficient operations, a good financial plan, a low incidence of fraud and a solid reduction of chargeback losses will all work together to keep a company in the black. A merchant cash advance can be a very useful tool when used wisely.

Merchant Account Services

admin — Sun, 25 Jan 2009 15:55:37 +0000

It is not possible to do business in this day and age without accepting credit card payments. In fact, it is no longer accurate to say just “credit cards,” since debit cards, gift and rewards cards, paperless checks (“e-checks”) and other electronic payment options are also used by a great number of consumers. You need the best available merchant account services to open up all these avenues for doing business in today’s fast-paced marketplace.
When you begin shopping for merchant account services – on the Internet, among local banks, by referrals from colleagues, etc. – you will discover that there is much to learn about how they work, as well as what they cost. Be aware that, in the application process, you will most likely be required to provide company financial information, as well as references. Newer firms may have to show a business plan and sales/marketing projections, too. The point is, your account provider has things to learn about you, so that the information exchange will end up providing you with merchant account services tailored precisely to your needs.

Rates and fees

You will learn very quickly about the discount rate and its various levels, with different costs according to the risk of a particular transaction. There are also per-transaction charges, fees for different kinds of verification and other charges that are assessed in special circumstances. It is important that you learn what all these fees and charges of your merchant account services add up to, so that you can work to keep costs in line and not see your profit margin eaten up by avoidable processing inefficiencies.
What’s just as important to learn is that merchant account services go beyond transaction processing, monthly reports and possible equipment leasing. Smart merchants will take advantage of the experience and expertise of acceptcardsfast.com customer service department, and get input and insight regarding marketing, terminal leases, batch processing tips, ways to avoid chargebacks and the best defenses against credit card fraud.

Getting the best merchant account rates

If you do not have a CPA on staff, or an IT manager, you can get a tremendous amount of help from your account provider’s customer service staff. Consulting with you in these various areas, from instituting transaction efficiencies to dealing with threats from the Internet, will be among the more important merchant account services that you receive, besides the actual processing that puts dollars in your bank account.
The important thing to remember, if you are just now learning about merchant account services, is that the term applies to a whole lot more than how you get your money after a customer makes a purchase. At acceptcardsfast.com, we encourage merchants to use our expertise as much as possible, for help in combating fraud and minimizing overall processing costs. This is the way to get all the merchant account services that you pay for.

Processing credit cards online

admin — Fri, 16 Jan 2009 19:28:43 +0000

When the Internet first exploded on the scene with a graphical user interface (GUI) "front end" called the World Wide Web, it did not immediately render "offline" businesses obsolete. However, within a few short years it became abundantly clear that most companies could increase revenues with an online presence. Processing credit cards online went from being a nice option to an absolute requirement.
Business people who are comfortable with high technology, and are "early adopters" of leading edge hardware and software, immediately took to the online environment. For other firms that want to begin processing credit cards online, companies like acceptcardsfast.com and our payment processing provider, Signature Card Services have arisen to bridge the "technology gap" for the less tech-savvy business owners.
No matter what percentage of sales your company is making on the Internet, processing credit cards online is a must. If you grow to the point where you are making steady sales on the Internet, or find that a large proportion of your revenues come from the web, processing credit cards online will become ever more important. You need an account provider that can help you maximize your online presence.
Companies that want to accept payments in the US, and do not have "card present" business and don't need to swipe cards can possibly eliminate the expense of a credit card terminal. For an Internet-only firm, processing credit cards online is a no-brainer. However, a firm that sells on the web, by postal mail and over the phone (called a MOTO account, for "mail order/telephone order") is also a strong candidate for a "virtual terminal."
Using a virtual terminal simply means processing credit cards online with a computer, rather than over the phone lines with a terminal. It is a great way of keeping all business data in the "digital domain" for management, billing, reporting and so forth. Processing credit cards online is an option for retail stores, too, and various systems can be customized to make it easy and straightforward.
When you are choosing a merchant account provider for your firm, and you do a regular and substantial amount of sales over the Internet, you should ask potential processors how much expertise they have in processing credit cards online. Some companies may offer you their own, proprietary software, but you are typically able to use any of the recognized leading software packages for processing credit cards online.
Every company is different, but even if you are not doing the majority of your business online the web still promises greater growth than the traditional sales channels. You will have to make the calculation yourself with your unique variables, but processing credit cards online should be a good move no matter what kind of business you have.

E-Commerce merchant account

admin — Thu, 08 Jan 2009 01:36:01 +0000

Over the past few years, the E-Commerce merchant account has been one of the fastest growing kinds of credit card processing accounts in the world, because of the tremendous growth of the World Wide Web and its adoption by businesses around the globe. Businesses that do 100% of their sales online have special needs, as well as being in the position of not needing some merchant account services that retail stores do.
There is no need for web-only firms to have physical, land-line connected credit card processing terminals, since these companies are, by definition, computer-savvy companies operating in the online environment. Since sales and marketing and every other activity is computer-driven, it would make sense for the E-Commerce merchant account user to use software as a “virtual terminal” and keep all the business in that environment. That is now accomplished with an Internet merchant account.

How Internet Merchant Accounts Work

acceptcardsfast.com has the technological know-how to set up an Internet merchant account. More than that, an account provider that understands the partnership aspect of working with merchants will assist you in every area, from sales and marketing to management and processing. You should not dive into Internet sales with just any company.

Internet merchant accounts can be used in online stores anywhere. A merchant accepting payments in Dallas Texas, can process online transactions from a merchant account in Los Angeles. Because the transactions that take place through an Internet merchant account are inherently riskier, merchants need the most experienced, expert account provider they can get, to work with them on ways of minimizing fraud and chargebacks. Without this assistance, doing business in cyberspace can be costly. With up-to-date anti-fraud procedures in place, your Internet merchant account will remain an asset to your company, rather than become a liability.
It is a fair question, if and when you are choosing among various account providers, to ask about any particular expertise a firm has with setting up and managing an Internet merchant account. Doing business on the web means meeting unique customer needs, reacting swiftly to problems and errors, and having the high-tech know-how, either in-house or a phone call away, to meet every challenge. The most experienced, most reputable banks and account providers spend a great deal of time and money mastering the ins and outs of the Internet merchant account. Don’t try going online to do business without one of them backing you up.

Merchant Account

admin — Tue, 06 Jan 2009 05:23:51 +0000

A merchant account is what allows companies to take payment cards (credit, debit, gift, rewards, etc.) from their customers. Merchant accounts are opened and established in two major ways. The first way is when a merchant is in direct contact with a credit card processing firm or its sponsoring financial institution, and the second way is when an authorized agent for the institution originates the account and shepherds it through the application process.
In the second method, the agent firm must be registered with Visa and MasterCard as an ISO/MSP (Independent Selling Organization/Member Service Provider). Actual merchant account management, marketing and processing guidelines, however, are the province of the card associations (Visa and MasterCard). Their procedures, rules and regulations are quite strictly enforced and merchant account contracts specify hefty penalties for breaching the agreements.

Definition of a Merchant Account

“Member” banks that have established relationships with Visa and MasterCard are able to issue merchant accounts directly to companies. A bank may operate only regionally, limiting new accounts to merchants in its geographical area such as merchant accounts in Atlanta Georgia. Such a regional bank may also limit its exposure to businesses with “brick and mortar” retail locations, or companies that have been in business for a certain, minimum number of years. These qualification requirements are entirely up to individual banks, which develop them to reduce risk. Because of changing business and economic conditions, the banks can alter the “rules of the game” as they choose.
As long as they are sponsored by member banks, ISO/MSPs can market merchant accounts, too. Sponsorship means that a bank attests to the financial viability and ethical standing of any ISO/MSP that does marketing on its behalf. The ISO/MSP must pay a registration fee to Visa and MasterCard to use their logos, and are legally bound to adhere to the card association guidelines that regulate how accounts are marketed, opened and maintained.

How to increase small business profit with a merchant account

In addition to the “brick-and-mortar” (onsite) business environment, a merchant account can provide a company with useful, and now almost essential, e-commerce payment processing capabilities. A reputable provider becomes something of a business partner to the merchant account holder, offering assistance in marketing, sales, card processing techniques and equipment selection.
Payment card transactions have proven to be the most popular means of making purchases for consumers worldwide. Without effective payment-processing methods it is doubtful a business could survive in today’s fast-paced, Internet-enabled environment. A reputable merchant account provider can advise a new business on all the various means of processing payments and tailor a merchant account setup that best matches that firm’s current and anticipated needs.

High Risk Merchant Account

admin — Mon, 05 Jan 2009 11:07:53 +0000

A high-risk merchant account will be needed by a business that has an unusually high sales turnover, a huge volume of sales, a majority of sales from the Internet and/or products and services that have enhanced risks of fraud. This is particularly true of e-commerce businesses that sell intangibles such as subscriptions, consulting services or software downloads. Like any online sales transaction, there is always an increased chance of fraud when a credit card is used for a remote sale and the card holder is not present.
For businesses dealing in high-risk goods or services it is increasingly difficult to get a traditional merchant account. Merchants running high-risk firms will discover that, even when most traditional account providers do open such accounts, they are normally subject to heavy fees, and there may possibly be a security deposit requested. Some firms have ended up opening a high-risk merchant account through international or offshore sources as they could obtain one through normal channels.

Protecting Your High Risk Merchant Account

Acquiring banks and transaction processors can terminate contracts with merchants for any number of risk-related reasons. After this, the merchant will end up on a list called the Member Alert to Control High-Risk Merchants (MATCH) that banks and their licensed "acquirers" must check before opening accounts with prospective merchants.
The MATCH program is now maintained by MasterCard International and used by them as well as both Visa USA and American Express. Some people will refer to this list by one of its old names, the Combined Terminated Merchant File (CTMF) or Terminated Merchant File (TMF), but it is the MATCH program that is active today, and worldwide, too.

How to Get Approved for a High-Risk Merchant Account

Many account providers themselves, as well as a large number of merchants, have an incorrect or incomplete idea of what a MATCH listing says about a high-risk merchant account. Most importantly, it says that the subject merchant committed at least one, specific act that indicates to the acquiring bank and/or processor that an acceptable level of risk for a non-swipe merchant account is likely to be, or has already been, exceeded.

These specific disqualifying acts include the following:

Large number of chargebacks caused by poor merchant business practices
Too many deposits for transactions that were not authorized properly
Conviction(s) for credit or debit card fraud
Numerous deposits for what are later shown to be counterfeit transactions
Deposits for transactions that involved goods or services of another merchant ("laundering")
Any reasonable suspicion that a merchant is committing fraud