Credit Card Processing 101
|
|
- Shawn Hill
- 8 years ago
- Views:
Transcription
1 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 businesses that accept credit cards. But no business owner enjoys paying the processing fees associated with credit cards, and understanding how the pricing for credit card processing works can be intimidating for anyone just starting out. Unexplained and ambiguous terms like basis points, qualified transactions, downgraded transaction, discount rate, and interchange fees create confusion and frustration for savvy business owners who are tracking every expense. With this white paper, new or even experienced business owners can get plain and simple truths about payment processing: how it works, how to evaluate quotes, and how to obtain a merchant account. Benefits of Accepting Credit Cards Accepting credit cards costs merchants money and adds another layer of paperwork and complexity to the business process. Do the benefits of accepting credit cards outweigh the cost? Customer Expectations and Convenience Simply put, if you are a retail business, allowing payment by credit card is almost a necessity. In fact, if you look at trends over the past ten years, you can see how payments by credit and debit cards have continued to increase while the use of cash and checks has decreased. Source: From Visa Payment Panel Study 2006 Payment Trends Summary Increased Sales by Existing Customers
2 Not only are consumers using cards and electronic methods of payment more, but the average credit card sale is greater than when the buyer uses cash. The additional sales dollars easily make up for the cost of accepting credit cards. Source: umers_pay.html Here's what consumers typically spent in franchise businesses last year, by type of payment. Larger Pool of Potential Customers Without a credit card option, consumers need cash in hand or in the bank to make a purchase. Merchants who accept credit cards benefit from the ability to sell goods to buyers who may not have funds readily available. In addition, the merchant doesn t have to extend credit to the consumer to complete the sale. The resulting windfall to businesses over the years has been tremendous. Business Building Opportunity with Loyalty Cards and Gift Cards Loyalty and gift cards help you attract new customers and retain existing ones. The ability to process credit cards provides you with the option of offering and honoring loyalty and gift cards quickly and easily. Background/History: Process Overview At first glance, the process seems simple: A merchant accepts a customer s credit card, swipes it, gets an authorization code and prints a receipt. The merchant gets paid, and the customer sees a charge on his monthly credit card statement. Pretty simple, right? On the surface, it is. But developing a system that was efficient and virtually seamless to both the cardholder (consumer) and the merchant took many years and involved hundreds of companies - from banks and payment processors to card brand companies like Visa and MasterCard. The Players
3 It s beneficial for a merchant to recognize the major players and their role in the process to be able to put a face to a name with regard to costs and fees. Let s start with the actual cards themselves. Cards are issued to consumers by issuing banks, or issuers for short. When a merchant applies for the ability to accept card payments, the bank that accepts the application is called the acquiring bank, or acquirer. There is a bank on both sides of the process. Between those banks are the card brands, such as Visa, MasterCard, American Express, Discover, etc. Many of these card brands are now publicly traded companies (and not just non-profit organizations) who set rules and regulations with their member banks on both sides of the equation. Simply put, regardless of who sells, supports, and processes credit cards for merchants or consumers, banks ultimately take the risk and extend the credit. Sales organizations and software/hardware companies provide services and equipment to merchants. There are literally thousands of these service organizations. These businesses are really the extended sales force for the acquiring banks that set up the merchant account. Application Process The application process is reasonably standard, regardless of the acquiring bank. Primarily, banks want a basic profile of the business, including what the business sells and how it is sold (i.e., in person, online, or at a distance that requires shipping). In addition, the bank requires basic personal information about the owner of the business and reviews the applicant s credit history. The due diligence process is performed on a personal level for two reasons: Banking and federal regulations. Potential creditors must confirm that funds being charged on credit cards are not being funneled to anyone related to a terrorist organization or other types of dangerous entities. Financial risk. If a merchant goes out of business, doesn t deliver the product as expected, or doesn t perform the agreed-upon service, the bank may have to reimburse funds to the affected customers. These funds are called chargebacks because the amount of the original transaction is typically charged back to the merchant. Pricing and Fees The business cost to accept credit cards falls into several categories: Equipment Cost. The cost for equipment varies widely from a few hundred to a few thousand dollars, depending on the complexity and capability of the equipment you choose. With the advent of the Internet and Smart phones, merchants can find very inexpensive solutions that will enable them to use these devices or an existing computer to process payments. One-Time Fees. Banks will charge a number of initial fees, including an application fee, setup fee, programming fee, installation fee, training fee, and configuration fees, to get your account set up and ready to use. Monthly Fees. As the name implies, these fees are billed each month and can include statement fees, monthly service or account fees, and support fees. Chargeback Fees. A consumer may request a refund through their credit card company instead of working directly with the merchant. The credit card company charges back the amount of the original transaction to the merchant, along with a chargeback fee of $20.00 to
4 $ Chargebacks are rare and tend to occur when a merchant is not responsive to a customer s complaint. Miscellaneous Fees. People refer to these costs as hidden fees because they are exactly that hidden from the initial quote or sales presentation. Transaction Processing Fees. The method banks use to calculate transaction processing fees varies from bank to bank. Most monthly statements do not give merchants a clear explanation of how the fees on transactions are assessed. Unfortunately, this also makes it difficult for merchants to compare quotes from competing banks, since this is generally where the bulk of the cost for the service lies. Read on to learn more about how transaction processing fees are derived. Credit Card Transaction Processing Fees Explained The basic fee structure for processing is fairly clear. Each transaction will cost you a percent of the amount that s processed, plus a flat amount per transaction called the authorization fee. For example, the transaction fee on a sale of $ at a rate of 1.79% + $0.25 per transaction would roughly be $2.04: ($ x 1.79%) + $0.25 = about $2.04. However, not every transaction costs the same. The rates for processing card transactions are determined based on interchange rates, which are set by card associations (i.e., Visa, MasterCard, and American Express). Over 300 different interchange rates can be applied to a transaction, depending upon factors such as the type of card, the type of merchant, and how the transaction is sent by the merchant. The rates are modified twice a year, usually in April and October. This variability has prompted merchants to ask for government legislation to address the standardization of interchange rates. Because the cost for each transaction is different, credit card processors offer merchants a variety of pricing methods. Understanding the basics of each method will allow you to interpret quotes and compare pricing from different vendors. Pricing Options Tiered Pricing. The most popular pricing method by far is tiered pricing. In tiered pricing, the processor groups all of the merchant s transactions into several (usually between two and six) categories called tiers and assigns a rate to each tier. Three-tiered pricing is the most common and is probably the easiest for merchants to understand. The three tiers are as follows: Qualified Rate Tier A qualified rate is the rate merchants (business owners) are charged when they accept a regular consumer credit card and process it in a manner defined as standard by the processor. This is usually the lowest or best rate a merchant will incur when accepting a credit card. The qualified rate is also the rate commonly quoted to merchants when they inquire about pricing. For the most accurate pricing comparison, merchants must get rates for all of the tiers. The qualified rate is created based on the method credit card information is gathered for a majority of credit cards. For a typical retail merchant, the qualified rate is based on the transactions that will be swiped; hand-keyed transactions will fall into a higher rate tier.
5 Mid-Qualified Rate Tier Also known as a partially qualified rate, the mid-qualified rate is the rate merchants are charged when they accept a credit card that does not qualify for the lowest rate (the qualified rate). Examples include: o o a consumer credit card is keyed into a credit card terminal instead of being swiped, or a special kind of credit card, such as a rewards card or corporate card, is used Non-Qualified Rate Tier The non-qualified rate is usually the highest rate merchants are charged when they accept a credit card. In most cases, transactions that are not classified as qualified or mid-qualified fall into this tier. Reasons for a non-qualified tier include: a consumer credit card is keyed into a credit card terminal instead of being swiped and address verification is not performed; a special kind of credit card, such as a business card, is used and all required fields are not entered; or a merchant does not settle the daily batch within the required 48 hours from the time of authorization. (Most merchants are now set up for automatic batching features to reduce the likelihood of this situation.) Settling the daily batch is the process of confirming at the end of a shift or a day that all transactions are good to be settled financially from having authorized the transactions throughout the day. Interchange Plus Pricing. With Interchange Plus Pricing, the merchant is billed the interchange cost for each transaction plus a specific amount on each transaction for the processor s profit. The extra amount is expressed as an additional percent and per item fee such as an extra.5% percent + $.20 per transaction. For small merchants, there s usually not a lot of benefit to Interchange Plus over tiered pricing since the volume of processing is so low. Most new businesses tend to prefer tiered pricing because the calculation method is more transparent. Other Pricing Methods. Most other pricing methods, including Interchange Differential, Interchange Differential Plus, Enhanced Interchange, are basically variations on tiered pricing and Interchange Plus. One method that is rarely offered is flat fee pricing. With flat pricing, the same fee is applied to all transactions, regardless of their cost or interchange category. New Regulations: PCI Compliance There are regulations or standards and rules that merchants and processors must adhere to. PCI Compliance, also known as PCI-DSS (Payment Card Industry Data Security Standard), is a set of industry standards for protecting the security of consumers credit card numbers. The rules apply to anyone involved in accepting or processing credit cards. The requirements differ based on the number of credit card transactions a business processes; however, any businesses that accept credit cards must adhere to the requirements, which consist of a yearly review of systems and procedures, documentation, and possible scanning of computer systems. It is the responsibility of the merchant s card processors to ensure all the merchants for whom they process are complying with the requirements. Processors generally
6 pass along the cost to their merchants; some charge a yearly or quarterly PCI fee while others provide a detailed monthly service and charge a nominal fee. Choosing a Payment Processing Provider Many local and regional companies can compete aggressively on price for your payment processing. However, as a prospective buyer there are many other critical details to take into account when choosing the vendor that s right for you. Here are some questions to consider as you begin comparing vendors. 1. How fast can the processor fund the transactions to your business bank account? 2. Can the processor settle gross vs. net amounts (minus daily transaction fees) daily, which makes reporting and reconciliation easier? 3. Does the processor offer convenient online reporting for your bank reconciliations and accounting needs? 4. Does the processor offer additional services, like electronic check services, gift cards, and merchant cash advances that can be seamlessly added in the future? Or will you have to contract with separate companies to expand your processing needs? 5. Does the processor offer you full PCI support to ensure you are compliant with new industry security requirements? 6. Did you get a complete quote of all the fees you will incur? Are you aware of any hidden fees? 7. How long has the processor or the sales agent/company been in business? 8. If you want to end the contract and switch providers, what will it cost you? Credit card processing is a competitive industry with many different vendors in the marketplace selling credit card processing services. Some specialize in specific technology and software solutions that cater to the preferences of merchants. Others try to sell on price. All processors pay the same interchange fees, so pricing is a matter of marking that cost up and providing the right solutions and support for your business. As you research different companies, remember to analyze what you need and which vendors can not only offer you full disclosure in their pricing but can truly deliver the features that make the service easy and effective for your business. The information in this paper is furnished for informational use only and should not be construed as a commitment by Paychex, Inc. Paychex provides such information as a service and is not implying its endorsement of, or agreement with, such opinions, information, analyses, recommendations, or conclusions. If legal advice or other expert assistance is required, the services of a competent professional should be sought Paychex, Inc. Paychex, Inc., 911 Panorama Trail South Rochester, New York
The 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 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 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 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 informationCOMMERCE. Authored by Michael Mendlowitz PAYMENT SYSTEMS
COMMERCE PAYMENT SYSTEMS Authored by Michael Mendlowitz CommercePaymentSystems 1465 Broadway Hewlett NY 11557 USA www.commercepaymentsystems.com 1.866.999.4622 Introduction I am sure that when you spent
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 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 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 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 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 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 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 informationCommon Mistakes to Avoid When Selecting a Payment Processor
7 Common Mistakes to Avoid When Selecting a Payment Processor Introduction Selecting a payment processor is one of the most important steps to getting paid online. But comparing solutions for accepting
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 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 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 informationUnderstanding Your Merchant Fees Presented by:
Understanding Your Merchant Fees Presented by: Melinda Speer Terry Endres VP Strategic Sales Executive SVP Treasury Management Officer Health, Institutions, & Government Government Treasury Services Chicago,
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 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 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 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 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 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 informationDrastically lower your credit card processing fees! Use the secrets that credit card processors don't want you to know!
Drastically lower your credit card processing fees! Use the secrets that credit card processors don't want you to know! Preface Compare credit card processors instantly and save. Share the Wealth! Help
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 informationHow to Read Your Monthly Statement (Card, ACH and Excel Spreadhseet)
How to Read Your Monthly Statement (Card, ACH and Excel Spreadhseet) Your Monthly Card Statement is broken out into 3 parts. Each section will be explained in greater detail in the few pages. The first
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 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 informationTHE TOP 10 MERCHANT ACCOUNT MISTAKES
THE TOP 10 MERCHANT ACCOUNT MISTAKES EACH YEAR BUSINESSES LOSE MILLIONS OF DOLLARS ON 10 COMMON MISTAKES Authored by: Brian K Roemmele Version III 1 S T A M E R I C A N C A R D S E R V I C E Research Reports
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 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 informationSTOP OVERPAYING FOR CREDIT CARD PROCESSING
STOP OVERPAYING FOR CREDIT CARD PROCESSING (Four easy steps to lower your processing costs) Table of Contents Page 1 Table of Contents Page 2 Purpose of This Handout Introduction to 4-steps to lowering
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 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 to read your statement basics IRS Reporting Early Termination Fees Contract Renewals Equipment Leases & Free Equipment PCI Compliance General
2 How to read your statement basics IRS Reporting Early Termination Fees Contract Renewals Equipment Leases & Free Equipment PCI Compliance General info Q&A 3 Calculate your Effective Rate Total Processing
More informationNegotiating Your Online Payment Processing Rate
Negotiating Your Online Payment Processing Rate Navigating through the world of payment processing can be challenging and many small business owners who have ventured into online sales are not very well-versed
More informationHow To Accept Credit Cards From A Credit Card Provider
This page intentionally left blank START YOUR MERCHANT SERVICES ACCOUNT By Wendy Byford The ebook companion to the elearning module Start Your Merchant Services Account with Wendy Byford & Gary Bauer Start
More informationTrue Pricing. Unveiling the true cost of payment processing. and how Element can save you money.
True Pricing Unveiling the true cost of payment processing and how Element can save you money. Price structure and overall cost is significantly more important than a rate quote. What is your rate? This
More informationCash 257 Merchant Services and Revenue Collection
CPIM Academy Cash 257 Merchant Services and Revenue Collection 2015 Objectives Feel prepared to discuss/understand basics of merchant processing Understand Service Fees Difference between credit and debit
More informationThe Most Important Credit Card Processing Insider s Report Ever Written
The Most Important Credit Card Processing Insider s Report Ever Written This is the key data that the processing banks do not want you to know. How to Earn back Thousands of Dollars or More by Eliminating
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 informationTHE ONLINE WINDOW TO YOUR PAYMENT PROCESSING ACCOUNT.
THE ONLINE WINDOW TO YOUR PAYMENT PROCESSING ACCOUNT. FEATURES & BENEFITS Extraordinary Ease of Use Robust Content & Reporting Features MerchantConnect contains all the One-Stop Convenience information
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 informationMerchant Card Processing Best Practices
Merchant Card Processing Best Practices Background: The major credit card companies (VISA, MasterCard, Discover, and American Express) have published a uniform set of data security standards that ALL merchants
More informationCPIM Academy. Cash 257 Merchant Services and Revenue Collection
CPIM Academy Cash 257 Merchant Services and Revenue Collection 2015 Objectives Feel prepared to discuss/understand basics of merchant processing Understand Service Fees Difference between credit and debit
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 informationFinding the Best Merchant Service Program in Prince George
Finding the Best Merchant Service Program in Prince George Getting paid for your products or services is critical to your success in business. You want to make as much profit as possible so you DO NOT
More informationTRUE PRICING. Global Pay Payments. Unveiling the true cost of payment processing
Global Pay Payments TRUE PRICING Unveiling the true cost of payment processing and how can Global Pay Payments can save you money. Sales Department Email: sales@globalpaypayments.com Office: 901-318-4700
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 informationCredit Card Processing Overview
CardControl 3.0 Credit Card Processing Overview Overview Credit card processing is a very complex and important system for anyone that sells goods. This guide will hopefully help educate and inform new
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 informationCredit Card Processing Buyer's Guide By the purchasing experts at BuyerZone
Introduction When Western Union first gave charge cards to their best customers in 1914, no one would have guessed that over $2.56 trillion would be charged in the U.S. alone in 2008. As ubiquitous as
More informationMERCHANT ACCOUNT BASICS
WHITE PAPER MERCHANT ACCOUNT BASICS Distributed By: Author: Jeffrey L. Punzel January 5, 2005 AssureBuy 1340 Remington Road Suite E Schaumburg, Illinois 60173 Phone: 847-843-7400 Fax: 847-843-7676 URL:
More informationCREDIT CARD PROCESSING AND MERCHANT SERVICES
CREDIT CARD PROCESSING AND MERCHANT SERVICES provides credit card processing and merchant services for a wide range of business types - including retail, e-commerce, professional services, restaurants,
More informationEMV in Hotels Observations and Considerations
EMV in Hotels Observations and Considerations Just in: EMV in the Mail Customer Education: Credit Card companies have already started customer training for the new smart cards. 1 Questions to be Answered
More informationCardControl. Credit Card Processing 101. Overview. Contents
CardControl Credit Card Processing 101 Overview Credit card processing is a very complex and important system for anyone that sells goods. This guide will hopefully help educate and inform new and old
More informationUniversity Policy Accepting and Handling Payment Cards to Conduct University Business
BROWN UNIVERSITY University Policy Accepting and Handling Payment Cards to Conduct University Business Table of Contents Purpose... 2 Scope... 2 Authorization... 2 Establishing a new account... 2 Policy
More informationTi ps. Merchant. for Credit Card Transactions. Processing Tips CARD ONE INTERNATIONAL INC
Merchant Processing Tips Ti ps for Credit Card Transactions CARD ONE INTERNATIONAL INC Card One International Inc - Merchant Processing Tips for Card Transactions Page 1 of 11 Merchant Processing Tips
More informationImplementing Payments in SAP:
WHITE PAPER PRINCETON PAYMENT A Division of FTS SOLUTIONSTM Implementing Payments in SAP: Do s and Don ts for Implementing Payments in SAP April 2012 White Paper: Implementing Payments in SAP 1 Quick Reference
More informationE-Commerce SOLUTIONS. Generate Online Revenue with E-Commerce Solutions. www.monexgroup.com
E-Commerce SOLUTIONS In this report, MONEXgroup examines various types of online payment processing and E-Commerce Solutions. The tremendous transition towards online shopping stores in Canada has opened
More informationWho Are The Parties Involved In Credit Card Processing?
Who Are The Parties Involved In Credit Card Processing? Often one of the hardest and most frustrating things that a business owner must encounter when starting and running a business is choosing the right
More informationFAQ s for Payment Card Processing at the University
FAQ s for Payment Card Processing at the University 1) We are thinking about taking credit cards for payments. What do we need to know? 2) Who is the PCPC (Payment Card Process Coordinator)? 3) What is
More informationDental Office s Guide to Merchant Payment Processing
DJR DENTAL CONSULTING PRESENTS Dental Office s Guide to Merchant Payment Processing Office: 905-309-3910 Cell: 905-577-5252 drajczak@aol.com www.djrconsulting.ca DENTAL OFFICE S GUIDE TO MERCHANT PAYMENT
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 informationThe following information was prepared to assist you in understanding potential Electronic Value Transfer terminology.
ELECTRONIC VALUE TRANSFER CONTRACT (EVT) GLOSSARY OF TERMS The following information was prepared to assist you in understanding potential terminology. Term Description ACH Automated Clearing House is
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 informationMistake #1: Assuming that lowest rate means lowest overall cost.
Introduction Congratulations you ve selected a top-notch e-commerce website solution. But you re not done yet. In fact, the next choice you make will be one of the most important in the process of setting
More informationPOLICY SECTION 509: Electronic Financial Transaction Procedures
Page 1 POLICY SECTION 509: Electronic Financial Transaction Procedures Source: NDSU President NDSU VP for Finance and Administration NDSU VP for Information Technology A. Purpose / Rationale Many NDSU
More informationGuidelines for Accepting Credit Cards as a Form of Payment for Education, Registration and Other Fees
Guidelines for Accepting Credit Cards as a Form of Payment for Education, Registration and Other Fees Background Over the past few years, the use of credit cards as a payment option for purchasing goods
More informationAccepting Ecommerce Payments & Taking Online Transactions
Accepting Ecommerce Payments & Taking Online Transactions Accepting credit and debit cards is mandatory for Ecommerce websites. This method is fast and efficient for you and your customers and with the
More informationINTRODUCTION. 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 informationGetting Started. Quick Reference Guide for Payment Processing
Getting Started Quick Reference Guide for Payment Processing In today s competitive landscape, you have many choices when it comes to selecting your payments provider, and we appreciate your business.
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 information(dollar amount beyond which authorization is mandatory) may be included in the batch.
credit card fees by Michael L. Kasavana, Ph.D., NCE, CHTP 2009 Hospitality Upgrade No NAMA reproduction Professor in or Hospitality distribution Business without permission. The School of Hospitality Business
More informationCredit Card Processing Summer Lunch & Learn 2016
AGENDA 1. The Different Ways to Process Cards 2. EMV Chip Cards What You Need to Know 3. Understanding the Industry s Complex Pricing Structure 4. American Express The New Rate/Deposit Plan.Good News!
More information537 G St., Suite 201, Eureka, CA 95501 www.eurekapayments.com
I. Costs of Merchant Processing. This paper provides an overview of the cost drivers for merchant processing; describes how merchant processors categorize merchants and defines the most common types of
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 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 informationYour Merchant Statement Guide
Your Merchant Statement Guide HOW TO READ YOUR STATEMENT 1. Billing Address The address given at the time of set-up. 2. Merchant Billing Detail Information identifying you and your relationship with Elavon.
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 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 informationRFP#15-20 EXHIBIT E MERCHANT SERVICES INFORMATION SHEET
RFP#15-20 EXHIBIT E MERCHANT SERVICES INFORMATION SHEET A. Merchant Credit Card Processing 1. Describe your company s authorization method; list and describe alternative authorization methods. 2. What
More informationCard Acceptance Best Practices for Lowest Processing Costs
Card Acceptance Best Practices for Lowest Processing Costs I. Card Acceptance Best Practices Goal. The credit card companies and associations require that their cards are accepted according to a set of
More informationQuestions and Answers PCI Compliance (Updated May 23, 2014)
Questions and Answers PCI Compliance (Updated ) The Alberta government is working toward PCI compliance, an industry standard created by the credit card industry to improve cardholder data security. The
More informationUnderstanding Online Credit Card Payment Processing
Understanding Online Credit Card Payment Processing Updated...March 2009 Understand supported SPOT credit card payment processing interface types; credit card rates, security, and PCI compliance; how to
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 informationACCEPTING PAYMENT CARDS FOR CONDUCTING UNIVERSITY BUSINESS:
Boston College Policy ACCEPTING PAYMENT CARDS FOR CONDUCTING UNIVERSITY BUSINESS: PURPOSE OF POLICY: The purpose of this policy is to establish procedures for accepting payment cards at Boston College
More informationIMS Brilliant Payment Solutions INTUIT PAYMENT SOLUTIONS
IMS Brilliant Payment Solutions INTUIT PAYMENT SOLUTIONS HOME FASHION U February 18, 2011 1 AGENDA HISTORY OF CREDIT CARDS TERMINOLOGY TEN BENEFITS TO ACCEPTING CC PROS AND CONS SELECTION OF MERCHANT SERVICE
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 informationBar Tabs and Credit Cards: The Mixology for POS Developers
Bar Tabs and Credit Cards: The Mixology for POS Developers Point of sale (POS) systems used in bars and nightclubs have features to support running tabs for customers who order multiple rounds of drinks
More informationPowering e-commerce Globally. What Can I Do to Minimize E-Commerce Chargebacks?
Powering e-commerce Globally What Can I Do to Minimize E-Commerce Chargebacks? Chargebacks are not going away. And now there are new rules. Selling products and services online and using credit cards for
More informationThe Value of a Payment Gateway. White Paper
The Value of a Payment Gateway White Paper The Ever-Evolving Payment Landscape There s no way around it. No matter what size your business is or what industry you work in, if you accept credit cards, keeping
More informationACCEPTING PAYMENT CARDS FOR CONDUCTING UNIVERSITY BUSINESS:
Boston College Policy ACCEPTING PAYMENT CARDS FOR CONDUCTING UNIVERSITY BUSINESS: PURPOSE OF POLICY: The purpose of this policy is to establish procedures for accepting payment cards at Boston College
More informationThe credit card industry in China The rise of a national champion and challenges for the future
Student Research Projects/Outputs No.040 The credit card industry in China The rise of a national champion and challenges for the future Javier L Santomá Vilaclara MBA 2009 China Europe International Business
More informationAn Employer s Guide to Payroll Cards
An Employer s Guide to Payroll Cards An important part of your role as an employer is to ensure that you pay your workers promptly and accurately, and that you comply with federal and state payroll laws
More informationMerchant Account Basics. A compilation of Braintree blog posts
Merchant Account Basics A compilation of Braintree blog posts Table of Contents I. A Brief History of the Credit Card Processing Industry... 3 II. Industry Overview... 4 The necessity of merchant accounts...
More informationInternational Payment Services. Credit & Debit Card Processing
International Payment Services Credit & Debit Card Processing Merchant Processing Overview Visa, MasterCard, American Express, Discover, Diners, JCB, Debit, EBT, Fleet Card (Wright Express and Voyager),
More informationwww.butterfieldgroup.com
Merchant Services Butterfield Merchant Services. If you are a retail or service business owner, it is vital to offer your customers the opportunity to pay by credit or debit card. Butterfield can help
More information