How far can your money go in 2018?

As the year 2017 is about to close, you might be anticipating about the incoming year and what it holds for you. As more and more businesses open up and businesses get exposed to more risk, one may think of what challenges one will be facing in the very near future as the beneficiary of merchant service.

Purchase Logistics

A credit card is often viewed as something very useful one uses when having grocery or shopping. Although this is still very relevant today, as the world approaches the year 2020, cash on hand will slowly lose its luster and the card seems to be more valuable. Although some prefer to purchase their needs by going to the supermarkets or malls, more online shopping sites emerge lately. It is no longer a surprise that before, we call something to order and get it delivered, but now online purchasing is possible and delivery is done in very reasonable time.

What makes this more interesting is that, apart from saving time and effort, payment terms through merchant services offer a free delivery or shipment fee. Awesome isn’t it?! A few clicks and secure account information and everything will be done. Apart from the free benefits from participating merchant service providers, members also get additional points for using the service. A totally win-win situation for all parties.

Traveler’s choice

As more and more businesses get merchant service, its convenience is well observed worldwide. One problem of a traveler before is the fluctuating money currencies that limit travelers to maximize the budget on a trip. As more business partners worldwide provide merchant service, this problem is something less valued during travels nowadays. Thanks to wide choices of merchant service providers, one can now enjoy a cashless trip worrying less about finding money exchange companies or being charge an awful cost for every cash withdrawals.

Taking care of healthcare

If there would be something that limits the merchant service before are the healthcare bills. But as merchant service tries to remove inhibitions on achieving better service, healthcare bills is now taken care of.

Looking through this alone, I could say that 2018 is bright and promising.

Protecting Yourself Against the Fraud of Today

Undeniably, online transacting has been a great relief to the busy society in this modern world. More than just the convenience, it also maximizes the capability of a person to be productive and efficient.  The consumers’ overwhelmingly positive response sadly becomes an opportunity for others to do commit crimes. One of this is making fraudulent transactions which now causes a scare not just to the existing users but more so to those who are just about to put their trust in this technology.

ATM Fraud

Online Grievances

One of the online transaction anomalies that shook the world of online users is the popping of unauthorized transactions which results in automatic debit to the user’s account. This results in financial loss to the account holders. Naturally, this alarmed money regulatory bodies like the World Bank.

Because of increasing incidents of fraudulent transactions, the banks are in haste to address such problem and bring back the integrity of such initiatives while maintaining their hassle-free objective to the customers.

Counteracting Fraudulent Transactions

To counteract this illegal scheme, the banks reviewed ways to solve the problem and do a crackdown on this illegal activity. One most effective way is the use of microchip (EMV) on the cards to ensure uniqueness and avoid cloning of cards. This way, fraud accounts will be eliminated and cloning of cards and its details is made next to impossible.

Most banks provide assurance of complete refund for cases of fraudulent transactions. This is quite reassuring to users but it does not mean that only the bank should be responsible. We, too, have to be very careful and learned in storing account details on computer and doing online subscriptions.

Speaking of subscriptions, one way to identify and counteract counterfeit accounts is subscribing to SMS alerts. This way, the user will automatically get SMS notifications for every online transaction conducted and provide early detection to account anomalies.

Also, payment processors like Redfynn Technologies offer another layer of protection for e-commerce patrons. As merchant services provider, they help check the veracity of online transactions.

It is true that technology had done so much to provide ease and convenience to all users. However, in times of cybercrimes, it is the responsibility of the bank to provide all security measures to ensure the safety of the account holders while the users should be responsible and vigilant in every transaction they make.

Be a keen observer, be cautious and be a responsible online transaction user.

What Online Payment Processing Services Have to Offer

In the last couple of years, online payment processing has gained popularity worldwide. Although many banks still remain a little reluctant when it comes to offering online merchant account services due to their concerns about potential fraud threats. There are, however, many merchant account providers who offer international payment processing services to offshore and international merchants. That is why, while looking for a merchant account provider remember to look into the kinds of payment processing services they offer.

Types of Payment Processing

There are generally two kinds of payment processing services that are offered by merchant account providers, these being manual and real-time payment processing. Manual payment processing requires you to deliver the credit card number via phone, fax or by an online form. As compared to the real-time payment processing that allows merchants to process credit cards online in no time at all.

Online business offers secure and cost-effective ways for merchants to process transactions. Merchant account providers offer online payment processing services so that international and offshore business owners can process online on secure servers and virtual terminals. If you can get online payment processing services with a merchant account provider who will be able to provide you and your customers with online payment processing services worldwide then you would not have to worry about getting a U.S bank account, like most merchants who think that they need a U.S bank account to process online transactions worldwide. With the right merchant account providers online payment processing services normally include being able to accept various credit cards and multi-currency options.

Payment Processing Services – What they offer

Some processors might have special requirements for online payment processing services for international customers as there can be various limitations when it comes to worldwide services.

A real-time payment processor helps save time and eliminates the need for processing credit cards manually, reducing risk and offering greater protection against credit card fraud than manual payment processing can. A good payment processor offers the major benefit of conducting online transactions in real-time. Merchants tend to select the payment processing methods considering the volume of online transactions they would be processing for their e-commerce business.

Generally, in order to provide real-time payment processing services to customers merchant can either have a connection made from their e-commerce site to the acquirer for connecting to a card processing network or outsource to a payment service provider. Having a merchant account that provides online payment processing offers a great flexibility.

Credit Card Processor

A credit card processor is a company who works as the liaison to move the funds from the credit card companies of your customers into your merchant account. This merchant account service provider can help you to set up your merchant account, supply you with a gateway if you have an Internet-based company, and also help you with the purchase of any credit card equipment you may need. It is very important to research a few aspects of any processing company before signing up with them.

You will want to find a company with a good reputation, who offers competitive pricing and has a high approval rating for the number of companies that apply with them. A company who specializes in small and mid-sized businesses, along with the larger corporations, will be able to better provide you with user-friendly equipment and software. You will also want to research a processor’s customer service capabilities to assure that you will be able to receive help or assistance any time you may need it.

What Kind of Security Does a Credit Card Processor Provide?

It is important for a processor company to provide security measures like loss and fraud prevention, and to also have a chargeback program to protect you and your consumers. A chargeback happens when a customer disputes a charge on their credit card, and you will want to be able to prevent customer fraud and theft. If your company is Internet-based, you will want to make sure your processor has a secure payment gateway for credit card and debit card transactions.

If you can find a reputable credit card processor who will provide you will all of the steps of setting up your merchant account, installing your gateway and software, providing you with equipment, and assisting you with excellent customer service you can have an easier time with your account. You will only have to deal with one company, and you can find this convenient and cost-effective. You will be on your way to accepting credit cards and increasing your sales.

Credit Card Machine Rental Considerations

Are you joining an event somewhere and your business needs a payment processing system for a while? Attending a trade show or even this holiday season’s year-end sale where busy shoppers rush and hush? You may somehow wish to have a credit card machine along. Well, sit back and relax. Either fixed or mobile card terminals, credit card machine rental options apply to both.

While you may not see the need to get one, say, because you are not into running any business or needing any payment transactions, it’s still good to know how to do it for future reference.

Merchant Services in Location ASL

Options for Card Machine Rentals

  • Just like renting a car or a room, card machine rental contracts vary according to the length of time you need for your business which may last longer than a year.
  • Rental cost plays to around £25 per day. They require an advance deposit set-up fees. But sometimes it can be waived depending on the agreement. Still, it is important to set aside an amount for returnable budget and a few extra charges.
  • It is more convenient to take a terminal from your merchant services provider which is a much simpler way than sourcing separately your card payment machine from other sources. A reliable merchant services provider like Redfynn Technologies may be a good source of a card terminal that can directly link to their system.

It is very popular nowadays especially for those who had just begun a business or still a growing business and hesitant to invest in credit card machines to rent hosted chip and PIN solutions where the transactions are automatically logged onto the host server. For those who are on a strict budget, there are cheaper credit card machines for rent which undergo previous restoration or repair. To ensure continuous and convenient service using these machines, the rental agreement contract must ensure quick replacements when breakdown suddenly occurs.

Post-sales or post-rental supplies and maintenance

In addition to the abovementioned, it is important for the lessee to ensure that all the needs will be provided by the card terminal provider. One cause of inconvenience is the neglect of paper rolls and inkjets for the terminal card printer and forfeits the purpose of having such machine. Thus it is necessary for the card terminal provider to provide enough paper rolls and inkjet for the card terminal.

The software, as well as the machine, needs to be upgraded. They must also provide a reliable support and maintenance service to the lessee. The machine and technical support for installation includes easy installation and the actual sim card. The PDQ Machines must be compatible with the lessee’s business network and mobile handset.

Knowing the options to consider when renting credit card machines is very crucial as nobody wants to get surprises once the transactions begins to roll.

 

Home Based Business Merchant Account

The best way to compete in the market nowadays is to open a home based business merchant account that will give the customer the ability to pay using credit cards. Businesses that can accept this kind of payment transaction can benefit a lot and they can increase their sales instantly. Every day the competition among small business owners are increasing. If you can be able to give discounts, then you have an edge over others. These are probably big businesses that have the funds to increase their marketing strategies. Unfortunately, this is not true for home-based businesses.

How can they compete with major companies? Perhaps
This is due to the fact that people can purchase more and they can go for higher priced items. There are many advantages of having a merchant account. You can feel this even if you have a home-based business. With this, you can accept different kinds of credit cards. The provider can offer up to date technology and protection for customers. Accounting and business processes will be easy as well which is great for home-based business as they will not have problems without hiring personnel to do this. It means merchants would have more free time on their hands.

If you can be able to accept credit card payments, it would make customers happy and they will refer you to their friends. Your business will definitely garner plus points. Imagine competing with large companies even if you have a small one. Having a unique product and services is not enough. With credit card processing, you can open your doors to a large database. In short, you can market your business without a problem. Remember that not all people can carry cash so it is time to take advantage of having credit card processing. Because of low overhead cost and access to the internet, home-based business has an edge.

It continues to increase and it creates a marketplace that can reach everyone. If you open a merchant account, one can be able to accept credit card. It makes your products available from anywhere you are in the world. In the online world, it can be said that security is important. Providers today offer security and they are compliant with security standards. It can protect business and sensitive account information. It will take a few days to get approval. Make sure to that your business is ready to accept credit cards thus giving your customers the convenience. Not all merchant account providers are created equal. They would be a strong alliance in building your business.

ACH Payment Processing

Cash and Merchants

What is ACH Payment Processing?

ACH Payment processing is different to credit or debit card payment processing and it does not provide real-time authorization for the transactions that are done. The payment process takes a few days and the funds are electronically credited or debited within a few days after the initiation of the payment process. This payment process gives you the option to accept payments over the phone, in the store or online and helps you to convert paper checks to e-checks while also setting up recurring billing.

What is e-check processing?

An e-check is just the electronic version of your regular paper check and can be used to make payments online. By using the bank routing number, your bank account number and the name in which the bank account is held you can transfer funds from your account to the account of the person it is intended to. A merchant can accept and process e-checks in two ways. There are check scanners that will allow the merchant to scan the physical check that is given using the scanner and convert them into an e-check and submit it for getting the payment electronically. Another option is to use a secure web-based system that will allow the merchant to key in the details like the bank name, bank routing number, the bank account and the name of the account holder to process the e-check. In both, the options time taken for the process to complete is generally 2 to 3 days.

Benefits of ACH Payment processing

  • The fee that is charged for ACH payments far less than what you will have to pay for credit card payments and can help you save money
  • Preference is given to e-checks when compared to paper checks and therefore you have a better chance of getting the payment even if the funds are low in the account
  • By providing the customer other online payment option from the regular credit and debit cards you tend to attract customers who are not comfortable using cards.
  • The entire process is efficient and fast when compared to paper checks and is a great way to increase your cash flow into your business

Time and Money saved by using ACH Payment Processing

When a merchant offers the customer an alternative mode of payment like accepting e-checks there is money saved by the customer and by the merchant as the processing fee for e-checks is much lower than other online payment options and for the customer, he will not have to deal with the interest rates that come with using credit cards. Using debit cards and net banking also does include a few transaction charges and these can be avoided by the customer. The merchant also saves the time to go to a bank to deposit the check as e-checks can be sent for processing from the store.

How Relevant Are Merchant Account Services Today?

EveMerchant services today

Acquiring a merchant account service can help boost your business by making it easier for you to accept more types of payment transactions in an efficient and timely manner. This Merchant Account Service Guide will provide you with thorough information to help you fully understand the steps you need to take and the benefits you can receive from this process.

There are many companies you can look to in order to apply for a merchant account such as banks and stores who specialize in merchant equipment. Online stores who provide this service can generally provide you with the most attentiveness and efficiency as their only focus is supplying merchant accounts. They can strive to help you with a speedy setup, and hold your hand through the entire process with their excellent personal service and great knowledge of the market.

The Importance of Obtaining a Merchant Account Service

By accepting credit card payments, you can take your business to the next level of competence, generate more sales, and raise the stakes of your goals and income. For online companies who only accept paper check payments through the mail, the turn around process can be very slow and limiting. However, electronic and credit card payments can speed up the process on both sides of the transaction by placing the funds into your company account quickly.

Also, most customers prefer the option of paying by credit card, debit card, or electronic check immediately while placing their order, over the check mailing process as it gives them a sense of assurance. Some companies also can experience slower sales action or an abundance of order cancellations when customers have to budget their checkbook or buy stamps before they can complete the payment process. Providing your customers with several payment options can raise your customer service care to a higher level and increase your sales.

Opportunities and Choices of Service and Equipment

The type of merchant account service you may need can vary depending on if your business is a retail store location, a home order mail company, or an Internet-based business. Also, there can be different needs for larger corporations Vs. small or independent businesses. The customer service representatives of merchant service providers can help you choose the service which is best for your particular company.

They can also inform you about the many different types of equipment you can choose from. Some service providers offer a diverse range of equipment choices from the top companies like Lipman, Eclipse, and Hypercom, for example. There are also wireless P.O.S. systems available for companies who travel and do trade shows without phone line access.

How Long Does It Take for Set Up, and How Quickly Can Funds Be Deposited?

In most cases, once your application for merchant account service is approved, the setup process completes within 72 hours. This time includes obtaining your merchant I.D., registering your company with the credit card companies and payment and data corporations, and setting up your gateway. It also includes the time for you to receive your equipment and the setup process.

Once you have achieved your merchant account service, completed set up, and everything is activated, you can begin to accept credit card payments. It generally takes 24 to 48 hours for the funds to be deposited into your business bank account from the credit card companies. As you can see, this is a vast improvement to waiting for receipt of a paper check and also waiting for it to clear from a customer’s bank.

Is Cash Still King?

In this modern world of technology and fast-paced world, the human race developed lots of modern inventions and lifestyle modifications to fast-track development. Fast food online orders, online shopping, and online jobs are just a few examples of how people utilize time nowadays. Post offices are slowly closing and the printing press is only valued mostly by aging people. For a long period of time, money runs the society and civilization as a whole. Life becomes hard without money and some say that just like the round coin, money – cash, that is – makes the world go round. But, nowadays, this idea seems to slowly change.

Coin in Location ASL

Not so long ago, physical money is the key to everything. Buying a ticket for a movie, riding a bus and even getting medical assistance, having cash is a must. With cash, the world seems to work in a fast pace but then people realized that without physical, everything stops as well. Good thing merchant services were offered to address not just the problem of ordinary consumers but to producers as well.

Merchant service providers were designed to keep your business transactions at an even faster pace and highly dependable in terms of efficiency. Merchant service providers provide consumers with the best options to be able to manage their finances with the most accessible and reliable service providers. However, in order to enjoy such benefits, one must choose wisely the kind of service provider they want to handle their account, either personal or business accounts.

A good service provider like Redfynn Technologies allows you to weigh your needs according to your business condition and allows you to choose the type of pricing rate your company can afford. The number of trusted business partners as co-service providers also matters as it is where one gets direct sales from customers under their accounts. The bigger the number of service providers a merchant has, the better it is for consumers because it means more effective and efficient service.

A consumer must consider an online merchant services provider who provides the widest range of services. The same goes true for brick-and-mortar business owners, especially to those who are just starting to make a name in the business industry. Having a business under a good merchant service provider is like having a separate competent department, putting both your business and consumers in a win-win situation.

Merchant Services in Location ASL

Are you a merchant looking for a great service provider or exploring how to expand your business? We hope that you make the best decision possible.

Leveraging Your Business Through Affinity Consulting

You surely know what the acronym ASL means. Our website has it for its name. So what is it and what is it for?

You’re right! It’s what you use in chatting if you want to ask for someone’s age, sex, and location. And yes, it can also mean American Sign Language. We were however surprised to see Acronym Finder listing dozens more. In any case, did you ever wonder what ASL really is for? Well, at least back then, it was used to start a conversation and build relationships online.

In business, the same thing happens except that relationships are, in many cases, called affinity. And affinity consulting, while nothing new, is still as relevant if not even more valuable these days.

creating an affinity network

Competition seriously hasn’t pared down. In fact, the battle is getting broader, more unconventional and highly strategic. And hence, alliances and affinities have taken a more specialized role in how you steer your business in the right direction, overcome business barriers and in some cases, to simply to keep it afloat.

But being part of an affinity network does not involve mere labels. It is much more than that! These companies and organizations synergize to work toward a common vision or goal. Just like individual people, companies represent a certain character, a culture that is distinct and yet offers similarities with like-minded organizations.

When these same-spirited entities decide to pursue their common objectives and interests, they even develop their own credo and have fellowships regularly.  And we’re not talking about sister companies or subsidiaries under one umbrella company. These are, many times, companies that are not related to each other whatsoever. Additionally, it is equally prevalent among both non-profit and for-profit organizations.

We can see it quite clearly everywhere: GOs, NGOs,  retail shopping centers, credit card companies, and sports team clubs. When these entities partner up and decide to pursue business interests, you can’t help but feel amazed by how well they effectively propel one another to bigger profits or contributions and/or wider customer or donor reach.

However, the process of approving some agenda your organization has to the affiliate network is more complicated than we think.  Oftentimes, a proposal necessitates a unanimous vote from all members before it gets approved. It has to have the right chemistry and value proposition, so to speak. Otherwise, if done haphazardly, it would not speak well of the affinity network, would it?

So, navigating through the nitty-gritty of affinity membership is not just a walk in the park. It requires time, effort and foresight to see how it can be of value to your team and vice versa.  More often than not, an affinity consultant is paramount to getting the right affinities and partnerships.

Affinity consultants differ from business consultants in the sense that the former possess specific knowledge, experience, and expertise in studying the cost-benefits of such an alliance. Sure, some of these so-called experts need to be flown in or driven by a limo to your place of business. But getting and taking care of the right kind of experts will surely save you time and effort in making a very important business decision such as this one.  You simply cannot afford to make mistakes in partnering with other organizations. The cost of breaking up is even greater than the cost of teaming up.