Need a Merchant Service? Follow These Tips

A merchant service provider is a kind a service provided by banks or payment processing companies providing the ability to take payments by credit card businesses. Merchant account allows a company to charge credit and debit cards to its clients or buyers.

In-spite of merchant account being such an industry tool there are many company owner or traders who end up making errors in implementing this tool. Merchant accounts are more or less like a deal that can prove a blunder if not dealt well.

It is a truth that credit card processing service contributes to the development and improvement of organization within your company. Customers do not want to have to deal with inconvenience like bring cash or getting short of it while shopping. Therefore, with a merchant account you have the tendency to draw in people who spend more money. But if you open a merchant account with a bank or a business that does not supply you with the offers treasured by your rival business, then you definitely lose your advantages of credit card processing and competitors in the market.

There are some little entrepreneurs or traders who either end up giving up on the service due to the heavy charges or charge demanded by the banks otherwise they end up choosing the wrong bank for their merchant account. No doubt that merchant account is frequently opened by larger service companies, therefore banks tend to charge big. But there are also banks supplying low regular monthly charges and sometimes no rental cost. You can always browse and find the bank or merchant account supplying business that uses simply a percent or two per transaction. Here the key point is research study, never ever opt for a merchant account without looking for 2 or than two banks or companies using merchant account services.

The main thing to be remembered while picking the ideal merchant account is the type of business you do i.e. the merchant account you open need to be versatile enough to benefit the type of business you do. Also, if you are an online company trader then you ought to always look for the terms and conditions offered by the merchant account offering business you wish to consolidate.

Apart from standard viability and charge charges, the main thing that matters while picking for the right bank or company is the safety factor. Do not forget to ask yourself how safe and reputable is the deal with the business you selected for opening your merchant account? Exists any surprise charges or loop holes that might create or ad to your problem at later phase?

For those who do their business on internet and have to select an online merchant account offering company, such safety measures play a huge part and serve as a savior from any scams or bothersome deal.

Hence, never deal without thinking and concentrating. Always ensure what type of benefits you want from your merchant account and be clear of your objectives of establishing a merchant account.

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.

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.