www.paymentmax.com Free webinar tinyurl.com Paymentmax Money saving Tips on Merchant Credit Card Processing show 10 tips to save money on merchant Credit Card processing. All trademarks, service marks and trade names referenced in this material are the property of their respective owners.
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www.hrmerchant.com -Please contact us today for info on our ewallet merchant accounts HR Merchant Services is based out of New York City, we offer high risk merchant services to internet and offline merchants,including credit card processing, merchant account setup. ACH Processing, E-wallet consulting, and International Company formation. www.hrmerchant.com Our staff and partners have years of experience in the credit card and ACH processing industries, this includes working with small startup Million dollar company is an international organization. We have the knowledge and skills to offer the best products and best service in the industry.
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Well, it’s that time of year again. Typically in April and October of each year, Visa and MasterCard make adjustments to Interchange Rates. What’s that you say, you don’t know what Interchange Rates are? Shame on you for not understanding because you’re paying it every time you take a credit card. Well, at least this April, there weren’t any significant changes in rates, however, MasterCard came out with a whole bunch of new “categories” that could have an affect on you and your bottom line.
You see, as a merchant that accepts credit cards for the payment of goods or services, you are charged a Discount Rate by your service provider. This provider, or merchant services processor, pays card issuing banks an Interchange Rate and pays either Visa or MasterCard, an access and assessment fee. All of these figures represent their cost basis for providing this service to you. On top of all these fees, the processor adds their markup and presents it to you in the form of the Discount Rate.
For sake of discussion here let me give you a quick example. Currently, the Interchange Rate for a Visa Debit Card is.95% + $.20 (last time around, October of 2009 it was 1.03% + $.15). This is one of the few changes for April 2010. So, a $50 swiped debit card transaction would cost about $.67. This fee ultimately gets paid directly to the financial institution that issued the debit card. On top of that is a Visa Assessment fee of.0925% and total Access fees of about $.02. So, to cut to the bottom line here, the total “costs” is 1.0425% + $.22. Take a look at your most current statement and see what you’re paying for swiped debit cards without capturing a pin number (that’s a whole other ball game). If you’re priced on 3 Tier pricing, it will be your Qualified Rate. If you’re on a 4 Tier pricing, it’s your 1st Tier. And, if you’re on Cost Plus Pricing it will be a specific line item showing the total breakdown (or at least it should). The difference between these “costs” and your Discount Rate, is what your merchant services provider is making. Do you feel the markup is fair and just based on the services being rendered?
Unfortunately, many service providers seize this “time of year” as an opportunity to increase your rates too. Some providers, if the interchange rate changes aren’t significant, will simply absorb the increase, especially for their larger merchants. Still others will make note in the “Important Information” section of your statement (either your March or April) of how much your specific rates are going up. Typically what happens is, the credit card processing company takes advantage by increasing your rates more than the actual increase itself. This, of course, adds more to their bottom line and takes more away from yours. They count on the fact that the greatest majority of merchants don’t even know what interchange is or where to find them and actually verify the increases, so, they can just blame the “increase” on Visa and MasterCard. By the way, interchange rates on every card and transaction type is publicly available to anyone willing to take the time to look. If you don’t know where to look, just contact me and I’ll show you.
The problem with all of this is this….if you are priced on 3 Tier or 4 Tier pricing, your provider is more able to pass on more than actual increases or just generalize a couple small card or transaction type increases and increase all of your tier rates, even though there many have been no increases in those tiers. All the more reason to be prices on Cost Plus pricing, if you qualify, because it is all so transparent. If you aren’t currently priced on Cost Plus, you need to get informed.
The bottom line here is that you need to do all you can do to become more thoroughly educated regarding this ever-increasing cost center in your business. You could ask your rep to sit down with you and go over your statement line by line and explain every charge to you. They won’t likely be real anxious to be of any great assistance. Listen, your service provider doesn’t want to tell you all this stuff. All they want to do is just provide the service and hope that you don’t ask too many questions. I spent many years in this business and built a tremendous, loyal, customer base. It was accomplished by establishing mutually long-term relationship is worth it. I hope you find this information to be useful.
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Restaurants and credit card account merchant http. www.gomsg.com. Service audit of your business from the auto repair trade in services.
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Learn how to grow your business merchant account with waste Bancard Pro
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Elavon is a relatively large merchant service provider as well as a credit card processor. Elavon offers web based services, hosted gateways, check processing, and PCI programs for their customers. Originally two separate companies (euroConex and NOVA Information Systems,) after the merger they set up operations in Atlanta, Georgia. According to their records, they have a client base of over 1 million across the globe, however the bulk of their business is focused in the North American and European regions. Their online payment gateway, InternetSecure, integrates with Authorize.net, a popular online processor.
The bulk of their new business is built out through 3rd party resellers, sales organizations, as well as ISO/MSP and independent agents. Their sales tactic is congruent with many other large merchant service companies, which can be both a positive as well as a negative for their overall business. The good news is that they can package their services with 3rd party systems and gateway providers, as well as give discounted rates through their 3rd party providers. For example, Costco is one of their largest resellers and offers very competitive rates. The bad part is people have a difficult time differentiating Elavon from its independent 3rd party providers. This can lead to issues when these 3rd parties operate outside the realm of good business practices. When people log complaints against their sales rep, they often believe it is Elavon the company, rather than a representative. A few strategically placed bad complaints can have dire consequences for the provider.
For international merchants, Elavon is a very good choice since they offer payment settlement in 16 currencies, as well as a platform for authorization in almost 90 different currencies. In many cases, Elavon can automatically charge an international transaction in the merchant’s home currency.
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Entrepreneurs can learn. www.MerchantAccountsNow.com – learn to never give your sales representative to obtain credit card merchant account, you know.
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Turnover in today’s economy can be high since sales agents take their expertise to a new job for higher pay, leaving a merchant credit card processing business exposed to information poaching. So is it smart for merchant processing companies to consider a non-compete agreements?
Non-Compete vs. Non-Solicitation Agreement
Clauses for non-compete and non-solicitation are included in employment and agency agreements as part of the work contract signed at the beginning of employment. A no-compete clause restricts an employee or agent from engaging in specific activity within a certain geographic location and time period once an employee is terminated.
However, a non-solicitation clause restricts the employee or agent from contacting any merchants, customers or remaining employees that they met through the former employer within a certain geographic location and period of time.
Laws are governed by individual states, so there is no clear way to analyze or enforce agreements industry wide. Merchant lists, in particular, may constitute trade secrets, but it depends on the state and how the information was used by both parties.
Overall, general information learned to do the job effectively is not covered, but any covenants put in place to protect specific information are considered.
Hiring Precautions
It’s important to know who you are hiring, especially if they formerly worked for a competitor. Be clear if they are still bound by a non-compete, or you could be held liable on a variety of counts, including theft. If you hire someone who solicits a former employer’s contacts while working for you, the former employee could file an injunction to keep that information blocked and seek monetary damages against you.
Even if you are successful in defending yourself, it costs time and money, making it in your best interest to incorporate inclusive clauses. For non-compete and non-solicitation clauses, it’s important to:
* Be clear on how long, where and how to restrict the employee from competitive activity after termination
* Discuss limitations with an attorney to factor in state law restrictions
* Make sure agreements are clear, well-drafted and set specific expectations for both sides
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www.CanadaCardProcessing.com is a Canadian Merchant Account Brokerage that helps Small Businesses secure affordable credit card processing in the merchant account industry. For more information please visit us at www.CanadaCardProcessing.com Mobile Credit Card Processing can be approach several ways you can do via your cell phone or an actual credit card machine. Each has its pros and cons. Contact us today and we will help you decide which solution is better for you business needs.
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