Dental Office s Guide to Merchant Payment Processing
|
|
- Myron Small
- 8 years ago
- Views:
Transcription
1 DJR DENTAL CONSULTING PRESENTS Dental Office s Guide to Merchant Payment Processing Office: Cell: drajczak@aol.com
2 DENTAL OFFICE S GUIDE TO MERCHANT PAYMENT PROCESSING Today almost every dental office processes credit and debit cards for payment of services yet few understand the process and more importantly, how they are being billed for such services. As a result, with a little explanation, there is potential for many offices to save significant money with relative ease. How the System Works in General In Canada, the major credit card companies notably, Visa and MasterCard are structured in accordance with what is known as the four-party model, the parties being the Cardholder (buyer), the Merchant (product or service provider), the Card Issuer (bank or trust company) and the Payment Processor (such as Pivotal Payments or your current provider as per your merchant payment services statement). A fifth participant is the credit card company itself. 1) To begin a credit card transaction, the Cardholder (in this case the patient) who wishes to pay for dental services presents the Merchant (dental office) with his or her credit card. The dental office sends the cardholder s credit card and transaction information to the Payment Processor typically by way of a terminal device, who then forwards it to the card issuer for payment authorization.
3 2) An authorization received by the Merchant from the Cardholder s Issuing Bank via the gateway indicates that there are sufficient funds available to be held for subsequent payment or alternatively, the request for funding may be declined for a number of reasons. 3) Typically at the end of each day the Merchant batches out the day s transactions (amounts, credit card numbers and corresponding authorization codes) by sending them to the Merchant Processor s Bank (via the terminal) who in turn sends each transaction to the appropriate Cardholder s Issuing Bank for payment. 4) The Card Issuing Bank verifies the authorization code and deducts the funds from the cardholders account and initiates a transfer of funds to the Merchant Processor s bank account. 5) Funds are then transferred from the Merchant Processor s Bank to the Merchant s Bank who then deposits into the appropriate Merchant s Account. 6) At a later date, the Cardholder is required to pay the full value of the purchase to the Card Issuer plus any interest if applicable. In summary, the credit card processing service provider (Merchant Processor) charges various fees to act as a liaison between the aforementioned parties. Types of Cards Processed Qualified Credit Cards: are called such as they qualify for the lowest rate to process based on their perceived quality level and associated lower cost of processing. The cost to process these cards is calculated as a percentage of the total transaction. Mid and Non-Qual Cards: are perceived higher risk cards based on the holder s credit worthiness, manually entered transactions and rewards cards that raise the overall cost of processing. Thus they do not qualify for the lowest or qualified rate. As such, they are charged a surcharge rate on top of the qualified rate for an overall significantly higher cost of processing. It is these types of cards that generally provide the best opportunity for savings when comparing the cost of processing between different service providers. Debit Cards: although not technically credit cards, they are also processed through the same network infrastructure at a low fixed cost per transaction rather than as a percentage cost. Processing Fees In general, fees and other costs are incurred at various points in the credit/debit card transaction network to cover to the financing of interest-free periods, credit losses, fraud and fraud prevention, authorizing, receiving, verifying and reconciling transactions. Merchant Payment Processors typically send monthly statements which summarize the monthly transactions that they have funded on behalf of the Merchant along with a breakdown of the various fees they have incurred and charged back to the Merchant to provide this service. Each Payment Processor has their own specific way of billing for their services but the following is a list of typical charges: Qualified Base Rate Fees: This is the percentage rate processors charge on every credit card transaction. The rate is set by Visa and MC every six months but processors are free to charge any markup above their cost on this rate. These fees usually make up the bulk of the cost of processing but it does depend on the Merchant s card mix as seen below.
4 Mid and Non-Qual. Surcharge Fees: This is an additional percentage rate that is charged on cards that don t meet the qualified criteria (low cost, low risk). Most Processors charge a different rate for each type of card which can add additional complexity to the billing statement. Dental office card processing profiles reveal that typically 50% or more of the credit cards processed are of this card classification and thus represent the best opportunity for savings as previously mentioned. Assessment Fees: This is a small rate (typically.1%) that is charged by most processors on all credit cards processed to ensure at least a small profit margin. Transaction Fees: Is a small flat fee charged to each credit and/or debit card transaction in addition the above rate fees. Authorization/Settlement Fees: Small rate fees to cover authorization of each transaction and/or settlement of transactions (fund transfer). Admin. Fees: Typically a flat monthly fee to cover administration costs. Statement Fees: A flat fee per month to provide statements either on paper, electronically or both. Batch Settlement Fees: A small flat fee charged to send out each batch of card transactions. Interchange Differential Fees: These are additional rate fees some processors elect to charge for processing non-qualified cards and represent another potential area of significant savings. Terminal Rental/Lease Fees: The monthly fee to cover the cost of using processing terminals. In summary, each Payment Processor chooses which fees to separate out and which to include (imbed) in another category. The simplest way to determine the true cost of processing is calculate the effective rate which is the total of all processing costs divided by the total dollar volume of processed transactions. (Debit transactions should not be included as they are not billed on a rate basis and as well only represent a small fraction of overall processing costs) When comparing processing costs between merchant processing providers, the most valid way is to run the exact same card profile through the various plans to determine which plan yields the lowest effective rate. As can be seen, the common practice of simply comparing the rate charged for qualified cards will not yield an accurate comparison since there are many other charges to consider.
5 As illustrated, the merchant payment processing industry is complex as can be the myriad of potential charges for using such services. The good news is that most of what is required to process transactions is transparent to the user. Secondly and more importantly, with the choice of the right merchant payment services provider, the billing of these services can be significantly simplified with the net result being lower costs to dental offices. DJR DENTAL CONSULTING AND PIVOTAL PAYMENTSTEAM UP Who is Pivotal Payments ( Pivotal Payments is Canadian and in the top 25 of North American merchant services providers. Founded in 2003, today over 400 employees, over 1000 agents and more than 50,000 merchants boarded. Processing $10 billion+ in annual transaction volume -sustained company growth of >20% per year Financial Partner: Goldman Sachs 2003 Ernst & Young Emerging Entrepreneur of the Year 2009 Finalist for Canada s Top 50 Best Managed Companies Pivotal Payments CEO named one of Canada s Top 40 under 40 for 2009 A+ rating with the Better Business Bureau Who is DJR Dental Consulting ( DJR Dental consulting is a practice management and technology focused company that provides products to maximize clinical efficiency and services that save dental offices money every day. As such, Founder, David Rajczak represents Pivotal Payments as an agent to provide dental offices with high quality, simplified merchant payment processing at the lowest possible cost. Lowering your costs with Pivotal The first step is to receive a Pivotal Payments savings analysis by providing a copy of a recent merchant payment provider statement. The same card profile is run through the Pivotal plan which illustrates the potential savings by switching plans as well as the consolidation and simplification of the various billing elements. Savings Analysis Explanation 1) The total volume of Visa and MC credit cards are multiplied by a base processing rate as illustrated 2) This same group of cards is also charged a nominal percentage assessment fee. 3) All credit and debit cards are billed a small transaction fee per transaction 4) The Mid and Non-Qualified cards as identified on your statement are charged one weighted average rate rather than a separate rate for each type of card. This rate is determined by your credit card profile and billing volumes as determined from your provided statement. The benefits of this method of billing are twofold: an overall reduction of the cost to process these types of cards and a simplified billing statement. 5) A small batch fee of $1.00 is charged under the assumption that there will be on average 20 batch submissions per month at a cost of $.05 each 6) A small month statement fee is listed to cover the partial cost of providing statements
6 7) The final fee represents a minimum fixed cost of providing the monthly service and includes the use of new terminal/s. The commitment to this fixed amount is what allows for the application of the lowest rates on qualified cards and a low-weighted average rate on mid and non-qual cards which result in a net overall saving. 8) The total fees charged under the Pivotal plan are then deducted from the total amount charged under the current plan to produce the monthly overall savings. What Else You Should Know 1) There is a one-time application fee which is usually recoverable after less than one-month s savings is realized 2) Minimum monthly fees are $10 for debit transactions and $25 for credit cards. 3) The contract period is 3 years (as is industry standard) with an early cancellation fee of $400. The contract is automatically renewable in 2 year periods but can be revoked with prior notice. 4) The fixed amount quoted (which includes a terminal lease) is for a 5 year non-cancellable period unless otherwise indicated. The period can be reduced to three years at a higher amount per month. 5) The terminals are warranted for a period of one-year which includes repair or replacement and shipping costs (during the first 30 days). The customer has the option at any time of a terminal maintenance program of $5.95 per terminal/month (which covers shipping after 30 days) or $9.95 per terminal/month which also includes replacement paper. 6) Proof of insurance coverage for the terminal/s is necessary in the event that replacement is required for theft or damage. Pivotal can provide coverage for an additional fee if necessary. Terminal Options The following are the various terminal options available: Hypercom Dial Up: This terminal transmits claims via a telephone line connection and also requires a power cord. The transaction details are entered by staff member and then the terminal is handed to the patient for transaction completion. Hypercom Dial Up/IP: This terminal transmits claims via an Ethernet cable internet connection and requires a power cord. Transactions are entered in the same way but the advantage is the terminal has a dial up back up option should an internet connection be temporarily unavailable. Pin Pad Option: This is an additional device attached to the above terminals that allows the staff member to enter in transaction details that are then transmitted to the terminal thus eliminating the need to pass the terminal to the cardholder for each transaction Hypercom Cordless Internet: This terminal connects wirelessly to the internet to computer systems equipped with a router. It is powered with a rechargeable battery so the advantage is there are no cords required. It does not however have dial up backup capability or make use of a pin pad.
7 Virtual Terminal Set up: This configuration does not in fact use a terminal device for data entry but rather software accessed through a web browser. The staff member enters transactions via the computer keyboard. The real advantage is cardholder information can be stored in an the dental office s merchant account so that recurring transactions such as those that occur in a high volume orthodontic office can be billed automatically. The potential time savings by not having to enter in each recurring transactions need to be compared to the additional transactional costs to determine the viability of this type of set up. The Switch-Over Process 1) The Pivotal application along with a void cheque (from the bank you are currently using for processing deposits and charge withdrawals) and at least one merchant payment statement from your current processor is submitted to Pivotal for approval. Approval is usually 2-3 days at which point your new terminal(s) are shipped. 2) A toll-free terminal activation line is available to call for guidance on how to set up the terminal which generally takes 5-10 minutes per terminal depending on the terminal type. Alternatively, your Pivotal agent can come on-site to set up and test the terminal for you. Either way, testing is done to ensure that the terminal has been configured properly and is capable of sending valid transactions. 3) During this transition time, transactions can continue to be processed using your current payment provider and terminal. 4) In the mean time, training is available over the phone to review various transaction protocols, reporting capabilities and batch processing although many users who are already familiar with payment processing find this step unnecessary since the Pivotal system is so easy to use. 5) The next day is usually targeted as the day to switch over. New transactions are now processed using the new Pivotal terminal and the old terminal can be prepared for return. 6) Once confident with the new Pivotal processing system your previous processor can be contacted for cancellation of service. You may incur a cancellation fee although in many cases the processor chooses not to enforce it or in the worst case scenario, the fee is usually recovered in savings during the first couple months of processing with Pivotal. 7) A toll-free support line is available should you experience any problems with your terminal or if you have any questions regarding your billing statement and bank deposits/withdrawals. Deposits and Charge Withdrawals Deposits for the day are typically made the next one or two business days into your bank account depending on when your bank chooses to deposit the received funds, the time of day you submit batch of claims and who the card user s issuing bank is. There are two accounting methods Pivotal uses for depositing funds into and withdrawing corresponding processing fees from your designated bank account: Daily and Monthly Billing. Daily Billing: Deposits each transaction amount daily less the calculated percentage processing fee. Additional fixed charges such as statement fees are withdrawn at month end. Monthly Billing: Deposits the full transaction amount daily but accumulates processing fees and other fixed charges to be drawn out at the end of the month. This method makes it easier to reconcile deposits with daily accounting records as well as the month end Pivotal statement. Thus it is recommended in most cases to request monthly billing although it may require additional previous merchant statements as part of the approval process.
INTRODUCTION. What is a Merchant Account? Myth Buster!
INTRODUCTION This guide is intended to provide merchants with a better understanding of payment processing terminology, fees and best practices as they relate to accepting credit and debit card payments.
More information5 STEPS TO LOWER YOUR PAYMENT PROCESSING FEES
5 STEPS TO LOWER YOUR PAYMENT PROCESSING FEES STEP 1: Understand the Basics of a Merchant Account Your best defense against high rates is information. This guide is intended to provide merchants with a
More informationReview of Method of Payment Fees in Taxicabs
STAFF REPORT ACTION REQUIRED Review of Method of Payment Fees in Taxicabs Date: June 14, 2011 To: From: Wards: Reference Number: Licensing and Standards Committee Jim Hart, Executive Director, Municipal
More informationAdjustment A debit or credit to a cardholder or merchant account to correct a transaction error
Glossary of Terms A ABA Routing Number This 9-digit number is assigned by the American Banker s Association and is used to identify individual banks. When performing an ACH transfer from one bank account
More informationHow Online Payments Really Work
Insights for Businesses How Online Payments Really Work If you re thinking about setting up an online store, you re in good company. Shoppers are increasingly turning to online options, as their access
More informationCyberSource Merchant Account Guide. March 2008
CyberSource Merchant Account Guide March 2008 CyberSource Contact Information Please visit our home page at http://www.cybersource.com. To contact CyberSource Support, call 1-866-203-0975 (Pacific Time),
More information5 Reasons Your Current Credit Card Processor Is More Expensive Than You Thought!
5 Reasons Your Current Credit Card Processor Is More Expensive Than You Thought! It felt like you got a great deal on your credit card processing when you signed up, but suddenly you noticed your rates
More informationTable of Contents The Market for Merchant Services... 1 The Basics of Payment Processing... 2 Authorization Settlement Funding... 2 Authorization...
Table of Contents The Market for Merchant Services... 1 The Basics of Payment Processing... 2 Authorization Settlement Funding... 2 Authorization... 2 Settlement... 2 Funding... 2 Credit Card Processing
More informationInterchange Plus Pricing. Bringing Transparency to Credit Card Processing Fees
Interchange Plus Pricing Bringing Transparency to Credit Card Processing Fees Industry Whitepaper by Marlon Harris, emerchant Inc. Most credit card processors simplify the complexity of interchange by
More informationRedwood Merchant Services. Merchant Processing Terminology
ACH - Automated Clearing House for member banks to process electronic payments or withdrawals. (Credits or debits to a bank account) through the Federal Reserve Bank. Acquiring Bank - Licensed Visa/MasterCard
More informationReliantPay s Guide to Achieving Better Credit Card Processing Rates
s Guide to Achieving Better Credit Card Processing Rates 14280 Manchester Rd. St. Louis, MO 63011 (636) 220-7255 Table of Contents Manage Your Card Payment Process for Better Interchange Rates 3 Why Interchange
More informationOffice Relocation Planner Guide to Credit Card Processing
Office Relocation Planner Guide to Credit Card Processing Introduction The world of merchant services can be confusing, especially for businesses who have never accepted credit cards for payment before.
More informationThe Comprehensive, Yet Concise Guide to Credit Card Processing
The Comprehensive, Yet Concise Guide to Credit Card Processing Written by David Rodwell CreditCardProcessing.net Terms of Use This ebook was created to provide educational information regarding payment
More informationThe Merchant s Guide To Achieving Better Interchange Rates
The Merchant s Guide To Achieving Better Interchange Rates Wells Fargo Merchant Services 2007 Wells Fargo Merchant Services, L.L.C. All rights reserved. 04/07 Table of Contents Manage Your Card Payment
More informationHow Do I Understand Credit Card Processing Fees?
How Do I Understand Credit Card Processing Fees? Credit card processing rates and fees are often misunderstood and confusing, so we are committed to helping you understand the various costs associated
More informationCredit Card Processing 101
Credit Card Processing 101 Customers have come to expect credit cards as a payment option. With ATM fees continuing to rise, some consumers may even exclusively choose to take their purchasing power to
More informationChoosing the Right Merchant Account Provider. 5 Essential Factors Every Business Owner Must Understand Before Choosing a Payment Processing Provider
Choosing the Right Merchant Account Provider 5 Essential Factors Every Business Owner Must Understand Before Choosing a Payment Processing Provider 5 Essential Factors Starting to accept credit cards at
More informationCREDIT CARD PROCESSING GLOSSARY OF TERMS
CREDIT CARD PROCESSING GLOSSARY OF TERMS 3DES A highly secure encryption system that encrypts data 3 times, using 3 64-bit keys, for an overall encryption key length of 192 bits. Also called triple DES.
More informationIn addition, Butterfield Line can help you manage those unexpected expenses, like home and auto repairs or the replacement of major appliances.
Butterfield Line helps you finance major personal expenses with a revolving credit line that is supported by the equity in your home. Whether your financial focus is on education expenses, paying for a
More informationCREDIT CARD PROCESSING MADE SIMPLE
CREDIT CARD PROCESSING MADE SIMPLE I m the Life Preserver for your Cash Flow. Jared Sparr 888-907-6881 Jared@jps-us.com Java Payment Services 2 Legal Disclaimer All contents copyrighted 2012 by Jared Sparr
More informationHow To Choose A Payment Processor In Australia
PAYMENT PROCESSING Do you truly understand? A Payment Processing Primer For a business owner, payment processing is one of those aspects of the business that you shouldn t have to worry about. It s not
More informationAccess your bank account anywhere, anytime
Access your bank account anywhere, anytime The Butterfield Visa Debit Card offers the ultimate in convenience, whether you re shopping or need to access cash at home or abroad. Use it wherever Visa is
More informationThe Science of Credit Card Processing
The Science of Credit Card Processing Page 1 Credit Card Processing How does credit card processing work? You may receive credit card payments from customers from a variety of sources. You may swipe their
More informationMERCHANT CREDIT CARD PROCESSING APPLICATION AND AGREEMENT PAGE 1 of 2 BUSINESS INFORMATION Taxpayer Identifi cation Number: (9 digits)
Primary Sales Partner Name and Number: Sub Sales Partner Name and Number: Business LEGAL Name: MERCHANT CREDIT CARD PROCESSING APPLICATION AND AGREEMENT PAGE 1 of 2 BUSINESS INFORMATION Taxpayer Identifi
More informationFOX VALLEY PARK DISTRICT. Merchant Credit Card Services Request for Quotation
FOX VALLEY PARK DISTRICT Merchant Credit Card Services Request for Quotation August 21, 2015 The Fox Valley Park District invites interested parties to submit pricing for relevant information on our system-wide
More informationMerchant e-solutions Payment Gateway Back Office User Guide. Merchant e-solutions January 2011 Version 2.5
Merchant e-solutions Payment Gateway Back Office User Guide Merchant e-solutions January 2011 Version 2.5 This publication is for information purposes only and its content does not represent a contract
More informationUnderstanding (and Optimizing) Credit Card Fees
Understanding (and Optimizing) Credit Card Fees Did you know Visa, MasterCard, and Discover have their own interchange programs and combined there are over 300 levels of interchange? While that may seem
More informationTiered Pricing, Interchange Differential, Interchange Plus...What s the difference and how does it affect me?
Tiered Pricing, Interchange Differential, Interchange Plus...What s the difference and how does it affect me? Introduction Explanation of Interchange Tier (Bucket) pricing versus Interchange PLUS" (referred
More informationCost-management strategies. Your guide to accepting card payments cost-effectively
Cost-management strategies Your guide to accepting card payments cost-effectively Table of Contents Guidance from Wells Fargo Merchant Services...3 The secret to better interchange rates...4 Why interchange
More informationHow to Choose a Payment Gateway
This white paper is one of many articles prepared by Skipjack to help merchants and developers get the most out of payment processing. To view others, please visit www.skipjack.com. How to Choose a Payment
More informationGlossary ACH Acquirer Assessments: AVS Authorization Back End: Backbilling Basis Point Batch
Glossary ACH: Automated Clearing House; an electronic payment network most commonly associated with payroll direct deposit, recurring payments, and is the network most commonly used to settle merchant
More informationPayment Methods. The cost of doing business. Michelle Powell - BASYS Processing, Inc.
Payment Methods The cost of doing business Michelle Powell - BASYS Processing, Inc. You ve got to spend money, to make money Major Industry Topics Industry Process Flow PCI DSS Compliance Risks of Non-Compliance
More informationEDUCATION - TERMS 101
EDUCATION - TERMS 101 ACH (Automated Clearing House): A processing organization networked with others to exchange (clear and settle) electronic debit/credit transactions (no physical checks). ABA Routing
More informationSales Agent. Fast Start Training Part 1
Sales Agent Fast Start Training Part 1 www.rmsnpc.com Our Business Partnerships and Credentials Retriever Merchant Solutions is a registered ISO/MSP powered by National Processing Company (NPC) and sponsored
More informationVisa Classic and Gold
Visa Classic and Gold Enjoy con venience and security with Visa. Butterfield Visa Credit Cards. Put the ultimate in purchasing power at your fingertips, with a Visa Credit Card from Butterfield. Offering
More informationCIBC Dividend One MasterCard
YOUR WELCOME KIT Welcome to your CIBC Dividend One MasterCard Card YOUR BENEFITS GUIDE Benefits at a Glance Welcome to your CIBC Dividend One MasterCard Card 1 Chip-enabled CIBC Credit Card 1 CIBC Contactless
More information"You" and "your" mean the account holder(s) and anyone else with authority to deposit, withdraw, or exercise control over the funds in the account.
FIRST BANK KANSAS Information about Electronic Fund Transfers The Electronic Fund Transfer Act and Regulation E require banks to provide certain information to customers regarding electronic fund transfer
More informationHow To Choose Moneris
Card payment processing for your business Easy, reliable and secure solutions Easy We make things simple for you and your customers. Reliable We re always there for your business when you need us. Secure
More informationDear Valued Merchant,
Dear Valued Merchant, Welcome to Central Payment thank you for becoming our client. We are committed to providing our merchants with outstanding customer service and superior products. It is our company
More informationTHE ABC s of Credit Card Processing
THE ABC s of Credit Card Processing 1 Page Credit Card Processing As you well know, the fee s you pay to process credit card transactions represents a large portion of your monthly overhead. At AMG Payment
More informationCREDIT CARD MERCHANT PROCEDURES. Revised 01/21/2014 Prepared by: NIU Merchant Services
CREDIT CARD MERCHANT PROCEDURES Revised 01/21/2014 Prepared by: NIU Merchant Services CREDIT CARD MERCHANT PROCEDURES Contents Role of NIU Merchant Services 2 Security. 3 Method of Payment 3 Departmental
More informationAddendum #2. Procurement and Contracting Services. Request for Proposals for Credit and Debit Card Services
Addendum #2 Procurement and Contracting Services Request for Proposals for Credit and Debit Card Services Please mark all proposal submission Envelopes with the following information Sealed RFP # L021303
More informationMERCHANT STATEMENT. We know that if a statement is difficult to read, it s difficult to use. A GUIDE TO READING YOUR
A GUIDE TO READING YOUR MERCHANT STATEMENT We know that if a statement is difficult to read, it s difficult to use. You told us you wanted more information about how to read your statement; this guide
More informationVisa MasterCard Registration Procedures
Effective May Visa Term Definition Registration Requirements Forms Initial Registration Annual Renewal An organization or individual, which is not a Member, whose *Enhanced /Service Provider bankcard-related
More informationYOUR BENEFITS GUIDE. Welcome to your. CIBC Dividend Card
YOUR BENEFITS GUIDE Welcome to your CIBC Dividend Card Welcome to your CIBC Dividend Card. And a completely different credit card experience. Your new CIBC Dividend Card comes with our promise to help
More informationPayLeap Guide. One Stop
PayLeap Guide One Stop PayLeap does it all. Take payments in person? Check. Payments over the phone or by mail? Check. Payments from mobile devices? Of course. Online payments? No problem. In addition
More informationVISA Variable Credit Card Agreement, Overdraft Protection Agreement, and Truth In Lending Disclosure Statement
VISA Variable Credit Card Agreement, Overdraft Protection Agreement, and Truth In Lending Disclosure Statement This is your Cardholder Agreement with Provident Credit Union which outlines the terms to
More informationAccepting Credit Card Payments
Accepting Credit Card Payments An Introduction Objectives Understand the Credit Card Acceptance Process What Type of Merchant are You How to Choose An Acquirer How to Get It All Going for Non Cash Payment
More informationVisa Debit processing. For ecommerce and telephone order merchants
Visa Debit processing For ecommerce and telephone order merchants Table of contents About this guide 3 General procedures 3 Authorization best practices 3 Status check transactions 4 Authorization reversals
More informationHow To Control Credit Card And Debit Card Payments In Wisconsin
BACKGROUND State of Wisconsin agencies accepted more than 6 million credit/debit card payments annually through the following payment channels: Point of Sale (State agency location) Point of Sale (Retail-agent
More informationMerchant Account Glossary of Terms
Merchant Account Glossary of Terms From offshore merchant accounts to the truth behind free merchant accounts, get answers to some of the most common and frequently asked questions. If you cannot find
More informationCRM4M Accounting Set Up and Miscellaneous Accounting Guide Rev. 10/17/2008 rb
CRM4M Accounting Set Up and Miscellaneous Accounting Guide Rev. 10/17/2008 rb Topic Page Chart of Accounts 3 Creating a Batch Manually 8 Closing a Batch Manually 11 Cancellation Fees 17 Check Refunds 19
More informationWhat is Interchange. How Complex is Interchange?
What is Interchange The foundation of the entire Bankcard Processing industry s cost structure. Interchange is the wholesale price, charged by Card Issuing Bank, for Authorization and Settlement of a credit
More informationMobile PayWay. User guide
Mobile PayWay User guide The following help desks and authorisation centres are available to you 24 hours a day, 7 days a week. St.George Electronic Banking Service Centre Service and Sales Support Help
More informationIntroduction and Background
Introduction and Background The Community College League of California is a nonprofit public benefit corporation whose voluntary membership consists of the 72 local community college districts in California.
More informationFOR A BARRIER-FREE PAYMENT PROCESSING SOLUTION
FOR A BARRIER-FREE PAYMENT PROCESSING SOLUTION MAKE THE SWITCH TO MONEXgroup ecommerce I Mobile I Wireless I Integrated I Countertop Solutions PAYMENTS IN-STORE PAYMENTS ON-THE-GO PAYMENTS ONLINE Accept
More informationTrends in Merchant Payment Acceptance
Trends in Merchant Payment Acceptance December 6, 2007 Credit approval required. Merchant accounts are issued through BB&T Bankcard Corporation, a Georgia Corporation, Member FDIC. 2007 BB&T. All rights
More informationFOR A BARRIER-FREE PAYMENT PROCESSING SOLUTION
FOR A BARRIER-FREE PAYMENT PROCESSING SOLUTION MAKE THE SWITCH TO MONEXgroup ecommerce I Mobile I Wireless I Integrated I Countertop Solutions IN-STORE ON-THE-GO ONLINE Accept secure debit and credit card
More informationMobile PayWay User guide
Mobile PayWay User guide Phone numbers Westpac Merchant Business Solutions Help Desk Service, Sales and Support Card reader difficulties Westpac Key Auth Service Cardholder Behaving Suspiciously Note:
More informationPayment Processing considerations to comply with IRS and PCI-DSS regulations and policies
itransact Presents Payment Processing considerations to comply with IRS and PCI-DSS regulations and policies Learning Objectives At the end of this course you will be able to: Prepare for IRS 6050w and
More informationWhat It Means for You
Autotask Teams with Novera Payment Solutions What It Means for You WHO WE ARE Novera Payment Solutions is an endorsed provider for credit and debit card payment services for Autotask clients. Autotask
More informationInsurance-Specific Payment Services Requires Insurance Industry Knowledge
Insurance-Specific Payment Services Requires Insurance Industry Knowledge by Primoris Services Overview Every business has to accept payments in order to collect funds and operate. There are multiple ways
More information. Merchant Accounts are special bank accounts issued by a merchant. . Merchant Level: This classification is based on transaction volume.
Credit Card Procedures and Policies Texas A&M Health Science Center offers university departments the convenience of accepting credit cards in payment for goods and services provided. All University departments
More informationFailure to follow the following procedures may subject the state to significant losses, including:
SUBJECT: Policy and Procedures PAGE: 1 of 5 INTRODUCTION During fiscal year 2014, State of Wisconsin agencies accepted approximately 6 million credit/debit card payments through the following payment channels:
More informationMerchant Procedure Guide
Merchant Procedure Guide Customer Service Phone 800-939-9942 Fax 707-578-7088 After Hours Help Desk 800-228-0210 Voice Authorization / Call Center 800-228-1122 Security/ Dispute Department Phone -- 800-385-6212
More informationCredit Card Agreement for Teamsters Cards in Capital One, N.A.
Credit Card Agreement for Teamsters Cards in Capital One, N.A. There are two parts to this Credit Card Agreement: Capital One Pricing Information and the Capital One Customer Agreement. The Pricing Information
More informationCredit Card Processing Overview
Credit Card Processing Overview New Agent Development Training First Data Learning Organization Copyright 2009, First Data Corporation. All Rights Reserved. Developed by: 26 Rev: 01/23/09/1.0 Objectives
More informationCredit/Debit Card Processing Requirements and Best Practices. Adele Honeyman Oregon State Treasury Training Specialist
Credit/Debit Card Processing Requirements and Best Practices Adele Honeyman Oregon State Treasury Training Specialist 1 What? What do I need to know about excepting credit cards? Who s involved, how it
More informationDemystifying Credit Card Processing for Nonprofits
Demystifying Credit Card Processing for Nonprofits Most nonprofits accept credit cards. Why? Because donors love the convenience and perks, such as airline mileage, that they get when they pay by credit
More informationYOUR BENEFITS GUIDE. Welcome to your. CIBC Classic Visa. Card
YOUR BENEFITS GUIDE Welcome to your CIBC Classic Visa Card Welcome to your CIBC Classic Visa Card. And a completely different credit card experience. Your new CIBC Classic Visa Card comes with our promise
More informationCIBC TELUS Rewards Visa * Card
YOUR BENEFITS GUIDE Welcome to your CIBC TELUS Rewards Visa * Card YOUR BENEFITS GUIDE BENEFITS AT A GLANCE Thank You for Choosing the CIBC TELUS Rewards Visa Card 1 How to Earn 2 How to Redeem 2 Go Paperless
More informationTable of Contents. Overview. What is payment processing? Who s Who. Types of Payment Solutions. Online Transactions. Interchange Process
Overview Credit Card Processing 101 is your go-to handbook for navigating the payments industry. This document provides a quick and thorough understanding on how businesses accept electronic payments,
More informationNew Customer Workbook
UTAH GOVPAY: THE OFFICIAL PAYMENT SOLUTION FOR UTAH GOVERNMENT New Customer Workbook Extend the power of your website by taking payments online OVERVIEW Start Taking Payments in Days with Utah GovPay Features
More informationEDISON INTERNATIONAL
PROSPECTUS EDISON INTERNATIONAL Dividend Reinvestment and Direct Stock Purchase Plan Our Dividend Reinvestment and Direct Stock Purchase Plan (the Plan) provides you an economical and convenient method
More informationCard payment processing for your business
Card payment processing for your business Easy, reliable and secure solutions Easy We make things simple for you and your customers. Reliable We re always there for your business when you need us. Secure
More informationKEMBA FINANCIAL CREDIT UNION MASTERCARD/VISA PLATINUM ACCOUNT DETAILS. Either $5 or 3% of the amount of each transfer, whichever is greater
KEMBA FINANCIAL CREDIT UNION MASTERCARD/VISA PLATINUM ACCOUNT DETAILS Interest Rates and Interest Charges Annual Percentage Rate (APR) for Purchases VISA Platinum Rewards Variable 7.99% to 13.99% when
More informationOnline Payment Innovation in Split Tender Payment
Online Payment Innovation in Split Tender Payment R Nagasubramanian Research Scholar, Vels University, Plot 2A, Andavar Street, Ganapathy Puram, Chrompet, Chennai 600 034 S.P.Rajagopalan, PhD. GKM College
More informationAn access number, dialed by a modem, that lets a computer communicate with an Internet Service Provider (ISP) or some other service provider.
TERM DEFINITION Access Number Account Number Acquirer Acquiring Bank Acquiring Processor Address Verification Service (AVS) Association Authorization Authorization Center Authorization Fee Automated Clearing
More information1. About Some of the Words in this Agreement 2. Account and Cards
B M O M A S T E R C A R D * F O R B U S I N E S S A C C O U N T A G R E E M E N T In this Agreement, the Customer means the business shown on a BMO MasterCard for Business application (the Application
More informationCredit card: permits consumers to purchase items while deferring payment
General Payment Systems Cash: portable, no authentication, instant purchasing power, allows for micropayments, no transaction fee for using it, anonymous But Easily stolen, no float time, can t easily
More informationCredit Card Processing Secrets
Credit Card Processing Secrets What Your Credit Card Processer Doesn t Want You To Know, and How It Can Hurt You By Scott Bradley and John Hampton Business Owners and San Clemente Residents Copyright 2012
More informationCredit Card Agreement for Consumer Cards in Capital One, N.A.
Credit Card Agreement for Consumer Cards in Capital One, N.A. There are two parts to this Credit Card Agreement: Capital One Pricing Information and the Capital One Customer Agreement. The Pricing Information
More informationCredit Card Agreement for GM Card in Capital One, N.A.
Credit Card Agreement for GM Card in Capital One, N.A. There are two parts to this Credit Card Agreement: Capital One Pricing Information and the Capital One Customer Agreement. The Pricing Information
More information1. The City accept credit card payments for online property tax and online utility payments as a pilot project effective August 1, 2016.
City of Richmond Report to Committee To: From: General Purposes Committee Jerry Chong Director, Finance Re: Credit Card Payment Service Fee Bylaw No. 9536 Date: March 30, 2016 File: 03-0900-01/2015-Vol
More informationELECTRONIC VALUE TRANSFER CONTRACT (EVT) CREDIT CARD SETTLEMENT
ELECTRONIC VALUE TRANSFER CONTRACT (EVT) CREDIT CARD SETTLEMENT Credit card settlement is the process by which authorized transactions are submitted to card issuers for payment. Unlike authorization, which
More informationGLOSSARY OF MOST COMMONLY USED TERMS IN THE MERCHANT SERVICES INDUSTRY
GLOSSARY OF MOST COMMONLY USED TERMS IN THE MERCHANT SERVICES INDUSTRY Acquiring Bank The bank or financial institution that accepts credit and/or debit card payments for products or services on behalf
More informationMerchant Processing Application and Agreement Form (MPA) Agent Training First Data Learning Organization
Merchant Processing Application and Agreement Form (MPA) Agent Training First Data Learning Organization Copyright 2010, First Data Corporation. All Rights Reserved. Developer: 26/CD Rev: 5/17/2010 Objectives
More informationCredit vs. Debit: The Network Perspective
July 25, 2010 Credit vs. Debit: The Network Perspective Richard Santoro, Vice President, Government Affairs MasterCard Worldwide 1 Overview Origins of Payment Cards Four-Party Payment System Model Anatomy
More informationANZ CashBack. programme guide
ANZ CashBack programme guide CashBack rewards you for purchases you make with your CashBack card. Using your card CashBack Rewards CashBack rewards you for purchases you make with your CashBack card.
More informationBENEFITS GUIDE. BMO Prepaid Travel. MasterCard. Your travel payment card
BENEFITS GUIDE BMO Prepaid Travel * MasterCard Your travel payment card WELCOME! GET READY TO USE YOUR CARD WITH COMPLETE PEACE OF MIND. You ve just received your new BMO Prepaid Travel MasterCard the
More informationUNDERSTANDING MERCHANT PRICING
UNDERSTANDING MERCHANT PRICING 0 CONTENTS Definitions.. 1 Pricing Structures. 2 Tiered Pricing 3 Flat Rate Pricing 4 Cost Plus Pricing...5 Additional Resources 6 Visa Interchange Fees Table 7 MasterCard
More informationSCHEDULE OF CHARGES HSBC PREMIER, HSBC ADVANCE AND PERSONAL BANKING
SCHEDULE OF CHARGES HSBC PREMIER, HSBC ADVANCE AND PERSONAL BANKING New schedule of charges is effective 1 January 2015. Applicable to HSBC Bank Egypt only General Conditions: 1- The Bank reserves the
More informationBCMS Existing Business solutions.
BCMS Existing Business solutions. Switching gives you power. BCMS understands that switching to another merchant account provider is a large decision for merchants. That s why we go out of our way to simplify
More informationWelcome to your CIBC Dividend Visa * Card
Welcome to your CIBC Dividend Visa * Card Turn your everyday spending into cash back rewards Get 2% cash back on all grocery purchases 1 Get started with your new cash back card 1. Activate your card Activate
More informationConcept of Debit Card as a means of payments in Malaysia. The acceptance of electronic payment systems among Malaysian consumers
CHAPTER 1: INTRODUCTION DEBIT CARDS IN MALAYSIA Concept of Debit Card as a means of payments in Malaysia The acceptance of electronic payment systems among Malaysian consumers has increased from year to
More informationYOUR BENEFITS GUIDE. Welcome to your. CIBC Platinum Visa card
YOUR BENEFITS GUIDE Welcome to your CIBC Platinum Visa card Welcome to your CIBC Platinum Visa card. And a completely different credit card experience. Your new CIBC Platinum Visa card comes with our promise
More informationc. the incidents and costs of NSF cheques are significantly reduced; and d. the amount of actual cash being handled is reduced.
General 1. Debit/Credit card processing solutions within the CFPFSS organization are authorized through the Finance division. The debit/credit card processing solution is an electronic system used to process
More informationSales are the lifeblood of any small business. If you can t close the deal and get customers to buy, your business won t last very long.
1 Sales are the lifeblood of any small business. If you can t close the deal and get customers to buy, your business won t last very long. That s really all there is to it. So doesn t it just make sense
More informationInterchange Optimization: Are you getting the best rate?
2012 Interchange Optimization: Are you getting the best rate? Northpark Town Center 1200 Abernathy Road, Suite 1700 Atlanta, Georgia 30328 (800) 846-1305 www.optimizedpmts.com There are many costs associated
More informationUpdates on Credit Card Surcharging and Acceptance. Matt Fluegge, Ron Clifford, Scott Blakeley, Brad Boe June 14, 2016 9:00 am Session Number 25042
Updates on Credit Card Surcharging and Acceptance Matt Fluegge, Ron Clifford, Scott Blakeley, Brad Boe June 14, 2016 9:00 am Session Number 25042 Updates on Credit Card Surcharging and Acceptance June
More information