Choosing the Right Merchant Account Provider. 5 Essential Factors Every Business Owner Must Understand Before Choosing a Payment Processing Provider

Size: px
Start display at page:

Download "Choosing the Right Merchant Account Provider. 5 Essential Factors Every Business Owner Must Understand Before Choosing a Payment Processing Provider"

Transcription

1 Choosing the Right Merchant Account Provider 5 Essential Factors Every Business Owner Must Understand Before Choosing a Payment Processing Provider

2 5 Essential Factors Starting to accept credit cards at your business can be a challenging task. The Credit Card Processing Industry is highly competitive, with many companies offering a broad range of services it is important for any business considering Merchant Services to understand these important factors; Benefits, Equipment Costs, Rates, Types of Processing and Terms of the Agreement. What is a merchant account? A merchant account is an account that enables merchants to accept credit card payments. Any merchant who wants to take credit card orders must establish a merchant account. A merchant account can be obtained through a bank, credit card company, or the direct payment processor. Keep in mind that banks are not merchant providers; they use third parties to set up merchant accounts. Once you are set up with a merchant account you will have the ability to accept all forms of payments including credit cards, debit cards and electronic checks. 1. The many ways a merchant account will benefit your business. Boost Sales Most everyone pays with credit or debit cards. Our society is all about convenience. If you make it easy for your customers to pay they will appreciate it. Most all businesses find an immediate increase in sales after they start accepting credit cards. Receive Immediate Payment Rather than waiting for weeks or months to receive payment, funds will be deposited directly into your account in a matter of days. Money goes directly into the checking account of your choice. Reduce Staff Overhead In receiving payment via credit card your business forgoes excessive time spent in sending overdue notices and making awkward phone calls to request payment. Avoid Non-Payment Many business owners are reluctant to pay a small percentage of profits to credit card processing companies, however, most find that the service quickly pays for itself in avoiding loss from non-payment. Expanded Customer Base The modern consumer expects to be able to pay via credit card and is often without cash, check, or other means of payment. Credit Card processing is a convenience for your customers and a professional foot forward for your company. 1

3 Go Virtual Business has moved online. With the Internet, small and large businesses alike can have a global customer base. However, credit card processing is a requirement for effective ecommerce. Auto Charge Your Clients For customers or clients on a revolving payment schedule it is usually easier for them and for your business to simply auto charge their credit cards each cycle. According to data from the U.S. Census Bureau, there were 159 million credit cardholders in the United States in 2000, 173 million in 2006, and that number is projected to grow to 181 million Americans by (Source: Census Bureau) It is estimated that there are 10,000 payment card transactions made every second around the world. (Source: American Bankers Association, March 2009) 2. Equipment Costs Buy When you buy equipment you have complete control over the machine, but you are stuck with equipment that you have to maintain and update yourself. This also raises the start up costs tremendously. Expensive Start Up Buying equipment can be expensive. Terminals can cost up to $1,000. If you are looking for low start up costs this will not be the right option for you. Training You want to make sure that training of some form is included with your purchase. A quick introduction to using the advanced features of your terminal can help you get your money's worth. Keeping Up With Technology You don t want to get stuck with an out-dated machine. Technology is constantly changing and you want to keep up-to-date with the changes. You want to make sure the machine is compliant and can be used with the processor of your choice. 2

4 Lease A lease payment will often cost you far more than purchasing your equipment outright. You could be paying more than the machine is worth and usually you have to enter into some sort of contract. Make sure to read the entire contract. No Replace or Repair Most leasing companies specifically state that they have no responsibility to replace or repair your equipment should something go wrong. Many merchants enter into lease agreements thinking that they can get a warranty or service from the leasing company, and this is rarely true. Hidden Fees You should be especially aware of agreements that give the lease company authority to debit your account for additional fees for insurance at their discretion. Know the Agreement Many merchants lose track of their agreements over time and continue to pay monthly lease installments long after the lease term has expired. Don t assume that your sales person will notify you at the end of your lease term. The lease company will continue to charge you, or even worse, renew your lease for another 48 to 60 month term. Be sure and send notice of intent to cancel or buyout at least 60 days prior to your lease expiration. Locked In Can I use this equipment with any processor? Some terminals are proprietary to a specific processor or network. You could end up paying thousands of dollars for a terminal that you cannot use with any other processor should you choose to change providers. Remember, changing processors has nothing to do with that third party lease. Even if you buy new equipment, you will still be responsible for the lease terms in your agreement. Be sure and ask lots of questions when considering leasing options. Free This is probably the best option for you and your business. If a company is offering free equipment you can take advantage of the low start up fees, new equipment and training that is often offered with a high quality merchant account processor. Low start up This can be a great option if you are looking to get set up to accept cards with no expensive upfront cost. You won t have to worry about a chunk of money that is associated with buying a machine and you won t have a monthly fee for leasing the machine. 3

5 You don t own the machine This is similar to the cell phone industry if you sign up for the service you receive a new phone at no extra cost. Usually the company will still own the machine if you want to cancel your contract. Even with a termination fee you will still save money by taking advantage of the free use of the machine. New Equipment With a quality processor you will have the most up-to-date equipment and they will make sure that it is compliant with of the latest upgrades. This can save time and money in the long run. Did you know? You could possibly save hundreds of dollars by signing up with a merchant provider that offers free equipment. 3. Rates & Common Fees There are many different rates to consider when you are talking about credit card processing. If a processor offers you one flat rate you should look deeper into the actual contract to make sure you fully understand what the processor is charging. Make sure you have clear communication with your merchant account processor about fees and ongoing costs. Some typical fees include the following. Set up Fee: A onetime fee for starting a merchant account. Statement Fee: A fixed monthly fee that virtually all processors charge for your monthly statement provided to show how much processing you did in the previous month. Transaction Fees: Fee the merchant has to pay per transaction. Discount Rate: Flat percentage charged for every transaction Pin Based Debit: PIN Debit is a transaction in which the customer uses a debit card and enters in their PIN number. This functions essentially as an ATM transaction and the merchant pays a per item fee and PIN Network Fees for each transaction. Qualified Rate: The rate a merchant pays on a swiped transaction conducted face-to-face with a signature where the full contents of the magnetic stripe were read. Usually includes all consumer credit cards (and debit cards if a separate category for swiped Debit is not set up in the billing). These are the lowest risk transactions so they carry the lowest discount rates. 4

6 Mid Qualified Rate: A higher rate than Qualified which is charged to merchants for processing a hand-keyed transaction from consumers (and sometime rewards cards also cleared as a midqualified). There can be a mid-qualified rate for credit, debit, rewards cards, and more. Primarily these are consumer cards which are hand-keyed and meet all other requirements of Interchange. Non-Qualified Rate: The highest rates charged to merchants. The transactions are typically swiped or keyed for business or corporate cards. Additionally, Visa transactions where a consumer cards are hand-keyed without AVS will Downgrade to Non-Qualified. Termination Fees: If you terminate your contract early this is the fee you are charged to get out of your contract. Monthly Minimum: The minimum amount the processor needs to have in fees. As long as your credit card processing meets or exceeds the minimum amount then you will not be charged. If your monthly fees are less than the minimum then you will be charged the difference. Get it in Writing All of the above fees should be disclosed in writing at your request. Once you have a basic understanding of all the associated fees, you will have the knowledge necessary to obtain the best deal possible. Unfortunately, business owners often research only the difference in percentage rates. This is meaningless if the savings disappear in higher fees hidden elsewhere. Every account is different and you need to speak with a knowledgeable sales person who can set your business up with the proper processing solution. These fees are just the cost of doing business. The business you will gain by accepting credit cards will far exceed these small costs of getting set up and accepting credit cards. 5

7 4. Find the Right Processing Solution for Your Business Getting set up with the proper processing solution is very important. This alone can save you money by having the best rates for the types of cards your business accepts and through how you will be accepting the card. Retail Solutions For most retail businesses, including stores, hotels, restaurants, etc., the most suitable option for credit card processing is a simple landline terminal. This traditional point of sale system is set up phone line or IP. For face to face transactions, this is the best option for your business. Wireless Solutions If your business is mobile, and being tied to a storefront or landline is not an option, then wireless solutions may be what you need. The wireless terminal can process credit and debit cards wherever there is an available cell phone signal. Internet Solutions The fastest growing segment within the credit card processing industry is in online transactions. There are many different types of online gateways that will help your business begin accepting credit cards via the internet. Through web access and a secure website, you will be able to manually process credit card transactions from orders received offline, issue credits, void transactions, and view your online list of transactions, from any internet connection in the world. 5. Terms of Agreement Every merchant account provider is going to require some type of contract. This is going to be a very important factor in choosing a merchant account provider. You want to make sure you read the entire contract including all of the fine print to make sure you understand the entire offer. Ask for the offer in writing You need to have a copy of the agreement before you start a merchant. If you speak to someone on the phone ask them to or fax you the application to make sure you have all the information. Rate Disclosure Make sure all of the rates are disclosed in the contract. Be very cautious when the rates are not listed, because you may run into some hidden fees. Termination Policy How long does the contract last? How much is the termination fee? Some companies offer a trial period and most all companies have a termination fee, similar to cell phone contracts. 6

8 Sales Representative Can your sales representative explain the contract? You want to make sure you are dealing with an experienced representative; this alone can save you money. Ask relevant questions to make sure they are helpful and can set your account up properly. Conclusion When you are ready to accept credit cards and you are researching merchant account providers, make sure you keep all of the following factors in mind. Benefits Equipment Costs Rates Types of Processing Terms of the Agreement If you decide to start a merchant account Total Merchant Services is the leading merchant account provider in the industry. We offer the best value in the industry by giving our customers free equipment, low rate guarantee, 24/7 customer service. Established in 1996 we offer proven expertise. To get a free rate quote, find more information or to speak to a sales representative, visit or call or info@tmsmerchantaccount.com. 7

The Science of Credit Card Processing

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 information

Credit Card Processing 101

Credit 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 information

How Do I Understand Credit Card Processing Fees?

How 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 information

The Comprehensive, Yet Concise Guide to Credit Card Processing

The 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 information

Tiered 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? 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 information

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.

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. 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 information

EDUCATION - TERMS 101

EDUCATION - 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 information

Table of Contents. How will the Durbin Amendment Effect My Business?... 12. Teso Merchant Consultants 2011

Table of Contents. How will the Durbin Amendment Effect My Business?... 12. Teso Merchant Consultants 2011 Ripped Off The inside secrets about how the banks rip your business off on your credit card processing and the steps you can take to protect your business. Table of Contents Introduction...3 The Top Processing

More information

THE TOP 10 MERCHANT ACCOUNT MISTAKES

THE 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 information

CREDIT CARD PROCESSING GLOSSARY OF TERMS

CREDIT 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 information

Sales Agent. Fast Start Training Part 1

Sales 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 information

How Online Payments Really Work

How 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 information

CIBC Dividend One MasterCard

CIBC 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

ReliantPay s Guide to Achieving Better Credit Card Processing Rates

ReliantPay 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 information

International Payment Services. Credit & Debit Card Processing

International 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 information

CIBC Platinum MasterCard

CIBC Platinum MasterCard YOUR WELCOME KIT Welcome to your CIBC Platinum MasterCard Card YOUR BENEFITS GUIDE Benefits at a Glance Welcome to your CIBC Platinum MasterCard Card 1 Chip-enabled CIBC Credit Card 1 CIBC Contactless

More information

Unveiling the true cost of payment processing

Unveiling the true cost of payment processing Unveiling the true cost of payment processing and how we can save you money. It s All About Results! MERCHANT ACCOUNT BASICS With the advent of Internet and booming of e-commerce, it has become imperative

More information

The best of both worlds Low interest and convenience.

The best of both worlds Low interest and convenience. Benefits Guide RBC Royal Bank Visa * Classic Low Rate Option The best of both worlds Low interest and convenience. SAVINGS CONVENIENCE FLEXIBILITY Welcome to RBC Royal Bank Visa Classic Low Rate Option

More information

TRUE PRICING. Global Pay Payments. Unveiling the true cost of payment processing

TRUE 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 information

Table 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... 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 information

Adjustment A debit or credit to a cardholder or merchant account to correct a transaction error

Adjustment 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 information

Using my PAYCHEK PLUS!

Using my PAYCHEK PLUS! Using my PAYCHEK PLUS! Saving Money Pay day 300 Cost 7.50 2.5% of check 1.75* per visit * Or, get my entire paycheck cashed free by using my first free transaction per pay period to purchase a US Post

More information

COMMERCE. Authored by Michael Mendlowitz PAYMENT SYSTEMS

COMMERCE. 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 information

True 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. 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 information

Redwood Merchant Services. Merchant Processing Terminology

Redwood 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 information

THE ABC s of Credit Card Processing

THE 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 information

CIBC PETRO-POINTS MasterCard

CIBC PETRO-POINTS MasterCard YOUR WELCOME KIT Welcome to your CIBC PETRO-POINTS MasterCard Card YOUR BENEFITS GUIDE Benefits at a Glance Welcome to your CIBC PETRO-POINTS MasterCard Card 1 Instant Fuel Savings and Great Rewards 1

More information

CRM4M 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 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 information

BCMS Existing Business solutions.

BCMS 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 information

The Merchant s Guide To Achieving Better Interchange Rates

The 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 information

STOP OVERPAYING FOR CREDIT CARD PROCESSING

STOP 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 information

YOUR BENEFITS GUIDE. Welcome to your. CIBC Platinum Visa card

YOUR 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 information

Glossary ACH Acquirer Assessments: AVS Authorization Back End: Backbilling Basis Point Batch

Glossary 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 information

Demystifying Credit Card Processing for Nonprofits

Demystifying 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 information

5 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! 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 information

YOUR BENEFITS GUIDE. Welcome to your. CIBC Classic Visa. Card

YOUR 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 information

Cost-management strategies. Your guide to accepting card payments cost-effectively

Cost-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 information

Understanding Your Merchant Fees Presented by:

Understanding 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 information

GLOSSARY OF MOST COMMONLY USED TERMS IN THE MERCHANT SERVICES INDUSTRY

GLOSSARY 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 information

10 Keys to Credit Card Processing

10 Keys to Credit Card Processing 10KeystoCreditCardProcessing Apracticalguideforallbusinessestolowertheircredit cardprocessingcosts [Type the document title] [Type the date] [Type the document title] [Type the date] TableofContents INTRODUCTION

More information

Consumer Decision Making Contest 2001-2002 Study Guide ATM/Debit Cards

Consumer Decision Making Contest 2001-2002 Study Guide ATM/Debit Cards Consumer Decision Making Contest 2001-2002 Study Guide ATM/Debit Cards The popularity of ATM (automated teller machine) and debit cards is rising. ATM cards have a longer history than debit cards, but

More information

Payment Processing considerations to comply with IRS and PCI-DSS regulations and policies

Payment 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 information

PAYROLL CARD FREQUENTLY ASKED QUESTIONS

PAYROLL CARD FREQUENTLY ASKED QUESTIONS The following document provides answers to frequently asked questions regarding the Umpqua Bank Payroll Card. Contact Customer Care at 800-650-7141 with questions. Card Basics Q. How does the Payroll Card

More information

Frequently Asked. Questions. Cash Solution TM PIN Prepaid Debit Card

Frequently Asked. Questions. Cash Solution TM PIN Prepaid Debit Card 0 Frequently Asked Questions TM Cash Solution TM PIN Prepaid Debit Card Frequently Asked Questions About this booklet Moneytree has compiled the information in this booklet to help you understand and use

More information

Credit Card Processing Secrets

Credit 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 information

The Most Important Credit Card Processing Insider s Report Ever Written

The 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 information

Interchange Plus Pricing. Bringing Transparency to Credit Card Processing Fees

Interchange 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 information

CREDIT CARD PROCESSING MADE SIMPLE

CREDIT 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 information

Should you have any queries, contact Discovery Insure on 0860 751 751 or email insureinfo@discovery.co.za.

Should you have any queries, contact Discovery Insure on 0860 751 751 or email insureinfo@discovery.co.za. Your use of the Young Adult benefit Rewards Card, which is issued by Bidvest, is subject to these terms and conditions and your use of the card constitutes an agreement between you, the cardholder, and

More information

YOUR BENEFITS GUIDE. Welcome to your. CIBC Dividend Card

YOUR 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 information

Statement for the Record. On Behalf of the AMERICAN BANKERS ASSOCIATION. Before the. Antitrust Tax Force. Committee on the Judiciary

Statement for the Record. On Behalf of the AMERICAN BANKERS ASSOCIATION. Before the. Antitrust Tax Force. Committee on the Judiciary Statement for the Record On Behalf of the AMERICAN BANKERS ASSOCIATION Before the Antitrust Tax Force Committee on the Judiciary United States House of Representatives May 15, 2008 Statement for the Record

More information

Common Mistakes to Avoid When Selecting a Payment Processor

Common 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 information

CIBC Aero Classic Visa * Card

CIBC Aero Classic Visa * Card Your Benefits Guide Welcome to your CIBC Aero Classic Visa * Card Benefits at a Glance YOUR PREMIUM PASSPORT TO REWARD TRAVEL Welcome to your CIBC Aero Classic Visa Card 1 Earn Rewards Faster 2 Insurance

More information

Payment Processor Secrets Page 1

Payment Processor Secrets Page 1 Payment Processor Secrets Page 1 Table of Contents Introduction to Payment Processor Secrets... 2 Why Do You Need a Payment Processor?... 5 Traditional vs. Mobile... 6 Merchant Accounts... 7 Reputation...

More information

CIBC Dividend Platinum

CIBC Dividend Platinum YOUR WELCOME KIT Welcome to your CIBC Dividend Platinum Card YOUR BENEFITS GUIDE Benefits at a Glance Welcome to your CIBC Dividend Platinum Card 1 Earn Rewards Faster 1 Chip-enabled CIBC Credit Card 1

More information

How To Accept Credit Cards From A Credit Card Provider

How 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 information

The Merchant. Skimming is No Laughing Matter. A hand held skimming device. These devices can easily be purchased online.

The Merchant. Skimming is No Laughing Matter. A hand held skimming device. These devices can easily be purchased online. 1 February 2010 Volume 2, Issue 1 The Merchant Serving Florida State University s Payment Card Community Individual Highlights: Skimming Scam 1 Skimming at Work 2 Safe at Home 3 Read your Statement 4 Useful

More information

Guidelines 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 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 information

Pulaski Bank. www.pulaskibankstl.com. Electronic Funds Transfer ELECTRONIC FUND TRANSFER AGREEMENT AND DISCLOSURE

Pulaski Bank. www.pulaskibankstl.com. Electronic Funds Transfer ELECTRONIC FUND TRANSFER AGREEMENT AND DISCLOSURE www.pulaskibankstl.com Electronic Funds Transfer ELECTRONIC FUND TRANSFER AGREEMENT AND DISCLOSURE For purposes of this disclosure and agreement the terms "we", "us" and "our" refer to. The terms "you"

More information

SAS EuroBonus. Travel Cash. Frequently Asked Questions

SAS EuroBonus. Travel Cash. Frequently Asked Questions SAS EuroBonus Travel Cash Frequently Asked Questions YOUR MOST COMMON QUESTIONS ABOUT TRAVEL CASH 5 Q. How can I request a EuroBonus member Card with Travel Cash? 5 Q. Does it cost anything to get Travel

More information

Visa Tips for Restaurant Staff

Visa Tips for Restaurant Staff Visa Tips for Restaurant Staff Helpful Information and Best Practices for Handling Visa Transactions For U.S. Only When it comes to restaurants, most customers are looking for the same basic things...

More information

ANZ EFTPOS card and ANZ Visa Debit card

ANZ EFTPOS card and ANZ Visa Debit card ANZ EFTPOS card and ANZ Visa Debit card Conditions of Use Where to find things in this document What you need to know about these Conditions of Use...1 How to contact us...1 A glossary of the terms we

More information

Dental Office s Guide to Merchant Payment Processing

Dental 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 information

CIBC TELUS Rewards Visa * Card

CIBC 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 information

ACN s Preferred Merchant Services Partner

ACN s Preferred Merchant Services Partner ACN s Preferred Merchant Services Partner Your Guide to Selling Merchant Services 1. Merchant Services 101 2. Engage Merchants 3. Submit Leads 4. Stay Involved 1. Merchant Services 101: What is Merchant

More information

A safe and easy way to use your food assistance stamp benefits! benefits!

A safe and easy way to use your food assistance stamp benefits! benefits! The Electronic Benefits Transfer (EBT) OHIO DIRECTION CARD A safe and easy way to use your food assistance stamp benefits! benefits! Frequently Asked Questions about EBT for Ohio Direction Cardholders

More information

Policies and Procedures. Merchant Card Services Office of Treasury Operations

Policies and Procedures. Merchant Card Services Office of Treasury Operations Policies and Procedures Merchant Card Services Office of Treasury Operations 1 Welcome! Table of Contents: Introduction Establishing Payment Card Services Payment Card Acceptance Procedures Payment Card

More information

Introducing the Credit Card

Introducing the Credit Card Introducing the Credit Card This program was designed with high school students in mind. It goes over everything you need to know before you get your first credit card so you can manage it wisely.» Key

More information

Standards for Business Processes, Paper and Electronic Processing

Standards for Business Processes, Paper and Electronic Processing Payment Card Acceptance Information and Procedure Guide (for publication on the Treasury Webpages) A companion guide to University policy 6120, Payment Card Acceptance Standards for Business Processes,

More information

Access your bank account anywhere, anytime

Access 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 information

Merchant Processing. Trends and Truths. Roger Raney TransFirst Regional Sales Manager rraney@transfirst.com 941.704.5858

Merchant Processing. Trends and Truths. Roger Raney TransFirst Regional Sales Manager rraney@transfirst.com 941.704.5858 Merchant Processing Trends and Truths Karen Miles US Rice Producers Association Financial Director karen@usriceproducers.com 713.974.7423 Roger Raney TransFirst Regional Sales Manager rraney@transfirst.com

More information

Trends in Merchant Payment Acceptance

Trends 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 information

FAQs FOR CREDIT CARDS. al khaliji France FAQs for Credit Cards

FAQs FOR CREDIT CARDS. al khaliji France FAQs for Credit Cards FAQs FOR CREDIT CARDS FAQs for Credit Cards Card basics 03 Managing your credit limit 03 Using your card 04 Paying your bills 05 If there are problems 06 Fees & charges 06 Other benefits 06 02 1. Card

More information

SNAP EBT Third Party Processor (TPP) List and Guidance to Retailers

SNAP EBT Third Party Processor (TPP) List and Guidance to Retailers SNAP EBT Third Party Processor (TPP) List and Guidance to Retailers Updated as of September 23, 2015 The list below provides Third Party Processor options for SNAP authorized retailers who may not know

More information

MERCHANT ACCOUNT BASICS

MERCHANT 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 information

What is Interchange. How Complex is Interchange?

What 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 information

BENEFITS GUIDE. BMO Prepaid Travel. MasterCard. Your travel payment card

BENEFITS 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 information

*DD8108* ELECTRONIC FUND TRANSFER DISCLOSURE

*DD8108* ELECTRONIC FUND TRANSFER DISCLOSURE ELECTRONIC FUND TRANSFER DISCLOSURE For purposes of this disclosure the terms "we", "us" and "our" refer to Central National Bank. The terms "you" and "your" refer to the recipient of this disclosure.

More information

537 G St., Suite 201, Eureka, CA 95501 www.eurekapayments.com

537 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 information

Arab Bank Cards User Guide

Arab Bank Cards User Guide Arab Bank Cards User Guide 4600900 arabbank.jo A card to suit every lifestyle Coming to you from the largest Arab banking network, Arab Bank Cards entitle you to a host of benefits designed to offer you

More information

Optimizing the Payment Process in SAP

Optimizing the Payment Process in SAP Optimizing the Payment Process in SAP As a company, your goal is to serve your customers effectively, efficiently generating sales and collecting revenue. The nature of the sale and payment can take many

More information

The Seven Deadly Sins Of Car Buying That Could Cost You Dearly, And How To Avoid Them

The Seven Deadly Sins Of Car Buying That Could Cost You Dearly, And How To Avoid Them The Seven Deadly Sins Of Car Buying That Could Cost You Dearly, And How To Avoid Them The Car Business 101... 2 Sin #1: Shopping Based On Monthly Payment Instead Of Price... 3 Sin #2: Putting Money Down

More information

Higher One. Who is Higher One? Easy Refunds (OneDisburse SM ) The OneCard (OneFinance SM ) Put It All Together And What Have You Got?

Higher One. Who is Higher One? Easy Refunds (OneDisburse SM ) The OneCard (OneFinance SM ) Put It All Together And What Have You Got? OneAccount User s Guide Index Who is Higher One?...Page 2 How Your Refund is Disbursed...Page 3 Your OneAccount Is Free To Use Here s How...Page 4 Six Easy Ways To Make A Deposit...Page 5 How To Access

More information

What Merchants Need to Know About EMV

What Merchants Need to Know About EMV Effective November 1, 2014 1. What is EMV? EMV is the global standard for card present payment processing technology and it s coming to the U.S. EMV uses an embedded chip in the card that holds all the

More information

Are there any special types of transactions I should know about before I shop with my ATIRAreload card?

Are there any special types of transactions I should know about before I shop with my ATIRAreload card? Frequently Asked Questions about your ATIRAreload Card How does my ATIRAreload card work? Your ATIRAreload card is a Visa prepaid card. Money available for spending is determined by the amount of money

More information

International Travel Tips. Get the most from your Visa card

International Travel Tips. Get the most from your Visa card International Travel Tips Get the most from your Visa card Using Your Visa Card to Make Purchases Abroad Your Visa card is accepted at millions of places worldwide, making it a safe and convenient way

More information

Online Banking Agreement and Disclosure

Online Banking Agreement and Disclosure AB&T National Bank Online Banking Agreement and Disclosure General Information This Online Banking Agreement and Disclosure ( Agreement ) sets forth your rights and responsibilities concerning the use

More information

An Education in Merchant Processing

An Education in Merchant Processing An Education in Merchant Processing Presented by: Michael Mintz COO - AMG Payment Solutions Today s Agenda Introduction and Background Important Industry Terms The Electronic Payment Process Interchange

More information

IMPORTANT ACCOUNT INFORMATION FOR OUR CUSTOMERS from. The Roscoe State Bank 117 Cypress St. Roscoe, TX 79545 (325)766-3311

IMPORTANT ACCOUNT INFORMATION FOR OUR CUSTOMERS from. The Roscoe State Bank 117 Cypress St. Roscoe, TX 79545 (325)766-3311 IMPORTANT ACCOUNT INFORMATION FOR OUR CUSTOMERS from The Roscoe State Bank 117 Cypress St. Roscoe, TX 79545 (325)766-3311 ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES Indicated below are

More information

Frequently asked questions - Visa paywave

Frequently asked questions - Visa paywave Frequently asked questions - Visa paywave What is Visa paywave? Visa paywave is a new contactless method of payment - the latest evolution in Visa payments. It is a simple, secure and quick payment method

More information

An access number, dialed by a modem, that lets a computer communicate with an Internet Service Provider (ISP) or some other service provider.

An 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 information

Electronic Banking. Federal Trade Commission ftc.gov

Electronic Banking. Federal Trade Commission ftc.gov Electronic Banking Federal Trade Commission ftc.gov For many people, electronic banking means 24-hour access to cash through an automated teller machine (ATM) or Direct Deposit of paychecks into checking

More information

Credit and Debit Card Processing for Medical Practices:

Credit and Debit Card Processing for Medical Practices: Credit and Debit Card Processing for Medical Practices: An Information Guide Presented by Solveras INTRODUCTION A physician must be concerned with two separate but equally important aspects of running

More information

Application for Bank of Pontiac NetTeller Services Internet Banking and Bill Pay

Application for Bank of Pontiac NetTeller Services Internet Banking and Bill Pay Application for Bank of Pontiac NetTeller Services Internet Banking and Bill Pay Please print, complete, and bring this form to any Bank of Pontiac location. You will receive your User ID and PIN via regular

More information

Choose Alaska USA and save!

Choose Alaska USA and save! Choose Alaska USA and save! Open a new personal checking account with Alaska USA and get your first box of checks FREE. Alaska USA doesn t charge per-check fees regardless of how many you write per month.

More information

pyramid FASTRACK MORTGAGE

pyramid FASTRACK MORTGAGE HOME LOAN FASTRACK MORTGAGE If you re one of the millions of Americans that have a Home Equity Line of Credit with a variable rate you could see your rate going up by the end of the year. To make matters

More information

(dollar amount beyond which authorization is mandatory) may be included in the batch.

(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 information

IMPORTANT ACCOUNT INFORMATION FOR OUR CUSTOMERS from

IMPORTANT ACCOUNT INFORMATION FOR OUR CUSTOMERS from IMPORTANT ACCOUNT INFORMATION FOR OUR CUSTOMERS from First Security Bank of Deer Lodge 311 Milwaukee Ave P.O. Box 629 Deer Lodge, MT 59722 (406)846-2300 ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES

More information

Credit/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 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

Burke and Herbert Bank 100 S. Fairfax Street Alexandria, VA 22314 (703) 684-1655 www.burkeandherbertbank.com ELECTRONIC FUND TRANSFER DISCLOSURE

Burke and Herbert Bank 100 S. Fairfax Street Alexandria, VA 22314 (703) 684-1655 www.burkeandherbertbank.com ELECTRONIC FUND TRANSFER DISCLOSURE Burke and Herbert Bank 100 S. Fairfax Street Alexandria, VA 22314 (703) 684-1655 www.burkeandherbertbank.com ELECTRONIC FUND TRANSFER DISCLOSURE For purposes of this disclosure the terms "we", "us" and

More information