Category Archives: credit card processing pricing and rates
FD100 Ti Terminal Specs
The FD100 Ti is an affordable, all-in-one terminal solution for retailers, restaurants, quick service restaurants, mail and telephone order, grocery stores, and electronic commerce. This terminal is one of the fastest, sleekest terminals available. Here are the FD100 Ti specs.
-Easy to use touch-screen display. 128 X 64 graphic LCD display.
-Fast terminal downloads using IP or dial-up over a standard 56K modem.
-Easy support of IP and dial-up with secure SSL encryption.
-True 32 bit processing (ARM 920T 32-bit CPU core).
-Quick and Easy drop-in paper loading system.
-Compact design with sleek titanium look.
-Upgraded, faster CPU (ARM 9 400Mhz).
-Windows CE 6.0
-Verification and processing capabilities for ATM, debit, EBT, and check payments.
-15 line per second printer capability.
-Durable keys.
-Merchant friendly one-touch daily functions.
-Contactless support.
-Three-track magnetic stripe reader.
-64 MB RAM standard memory.
-Three USB ports.
-Address verification system.
-Batch history.
-Simplified support and installation.
-2.25 inch wide thermal roll printer
Installation of the FD100 Ti is quick and simple. A few minutes is all it takes for set-up. Contact PaymentMax to get started processing with the FD100 Ti.
Save Money on Credit Card Processing Fees
Saving money on credit card processing fees can be as simple as maintaining credit card terminals. Improper cleaning and maintenance can lower the “swipe-ability” of credit and debit cards, ultimately costing merchants more to process them. Here are a few quick, and easy tips to maintain your terminal.
1. Clean the magnetic stripe reader on the credit card terminal frequently. Card reader cleaning cards can clean the read head and entire track of a magnetic stripe reader in one pass. Or, try a clean new dollar bill wrapped around a credit card, and swipe through the magnetic reader. Compressed air can also remove lint, crumbs, and other contaminants from the machine.
2. Replace old terminals that are not reading credit cards like they used to, or consider replacing just the magnetic reader.
3. Complete terminal failure may indicate loss of power, the need for the machine to be reprogrammed by the merchant services provider, or a broken terminal. First check the power source, if there is power to the unit-a simple reprogram may be needed. If the unit is plugged-in and there is no response, the terminal may need to be repaired or replaced.
Clean Magnetic Reader Equals Savings!
Proper cleaning, maintenance, and replacement of non-functioning credit card terminals will improve swipe rates, and save merchants money on downgraded, keyed-in transactions.
Cell Phone Credit Card Processing Taking Off
According to AppScout’s article, “Retrevo Study Finds Mobile Shopping Taking Off,” 20% of consumers have purchased something from their retailer with a mobile phone. A staggering increase in just a few months. Another 27% of responders said that they had not purchased using a cell phone yet, but planned on it in the near future.
Businesses not accepting credit cards on their iPhones, Androids, or Blackberry’s can have cell phone processing added to their current merchant account quickly and easily. Opening up a whole new avenue for revenue! Customers are responding well to cell phone credit card processing.
Merchant Convenience Fees
Card associations have strict rules and regulations regarding merchant convenience fees. Surcharges are absolutely prohibited! Charging customers for using credit cards in a retail situation could have your merchant account terminated.
Here are the mandates for charging a convenience fee (in a non-card present situation).
1. Disclosure of fee to customers.
2. Non-face to face transaction. Retail businesses cannot charge a convenience fee.
3. Flat or fixed amount, regardless of bill amount.
4. Fee is applied to all forms of payment accepted in the alternative payment channel.
5. Convenience fees cannot be added to recurring transactions.
6. Third party’s are barred from charging a convenience fee.
7. Customer’s must be given a chance to cancel the transaction prior to completion of transaction.
8. Convenience fees cannot be advertised as an offset to the cost of processing credit cards.
Retail merchants are clearly prohibited from charging convenience fees to customers. However, they are allowed to offer a cash discount to those customers paying with cash. The discount would be given to those customers paying with cash, and would be clearly disclosed as a “discount” compared to the regular price. Merchants offering cash discounts must be sure they are obeying all applicable laws and regulations.
Credit Cards that Cause Merchant Account Downgrades
Business owners are all too familiar with merchant account downgrades. These downgraded transactions cost more money to process, and are typically referred to as mid-qualified, or non-qualified transactions.
Transaction downgrades can occur for a variety of reasons, like failure to batch on-time, use address verification (AVS) on card-not-present transactions, or keying in a card present transaction. While these downgrades are due to improper operations and can be controlled (for the most part), other downgrades cannot be avoided; these are card type downgrades.
Here are the credit cards that will process at a higher rate.
Business cards
Corporate cards
Reward cards
Government cards
Foreign cards
Strict card association rules prohibiting payment card discrimination prevent merchants from refusing these cards. Doing so could result in a terminated merchant account file (TMF). Merchants may not be able to control card type downgrades, but knowledge of their existence can help merchants understand their monthly processing statement better. An understanding that can be used to reduce controllable merchant account downgrades.
PAYware Mobile Application Question-Can I Receive a Phone Call while Processing a Credit Card?
A common question asked by merchants interested in processing credit cards with their iPhone and PAYware mobile is can the application multi-task? Can I receive a phone call while I am processing a credit or debit card transaction? The answer is yes. iPhone merchants can still receive a phone call, even if they are in the middle of processing a sale.
This is how it works. A prompt will come up on the screen when a call is coming in. It will ask the user if they would like to accept the call, or decline it. If the user accepts the call, the transaction is put on hold, so to speak. Once the call is abated, the app will ask for the merchants password, and the transaction will be resumed.
iPhone 4 Can Now Process Credit Cards
PaymentMax introduces today that it can now support the iPhone 4 for credit card processing. Big news out there for the iPhone 4 business owners out there. Here are 10 reasons why processing credit cards with your iPhone 4 will leave a big smile on your face.
1. Anywhere you are processing.
2. No Supplies to Buy.
3. Earth Friendly.
4. Low card present, swiped processing rates.
5. Higher average ticket.
6. PCI compliant.
7. Reporting and tracking capabilities.
8. No customer lines.
9. Cool, Easy, and Fast.
10. Never turn down a sale again…even to those with no cash!
ROAMpay mobile Swiper Free
PaymentMax is pleased to announce that new, approved accounts will receive the ROAMpay mobile swiper card reader free. Benefit from the low card present rates by swiping your customers credit cards, anywhere, at anytime.
ROAMpay Swipe Card Reader
The new ROAMpay Swipe Card Reader is the first audio-encrypted card reader in the world. PCI verified, this mobile card reader protects cardholder data from ending up in the wrong hands.
Credit Card Processing-Overpayments
Credit Card Processing Overpayments
Tips to Avoid Them
By Emily Shap
Credit card processing is just like any other business cost incurred by business owners, in order to stop over payments, you must take the time to look closely, ask questions, and make changes. Many over payments can be avoided with the simple knowledge of understanding why they occur in the first place. Here is a look at some top reasons why merchants over pay in credit card processing.
Statements
Taking the time to read and understand your credit card processing statements is a must. Scanning your monthly statements may be the last thing you want to do, but they relay a lot of important information: monthly processing costs, downgrades, and account updates. Statement updates inform business owners of rate increases, regulatory issues, and other information regarding their merchant accounts. If you are not closely monitoring your merchant account statement, your processing rates could increase, or you could be paying a non-compliance fee, without your knowledge.
If you do not understand your credit card processing statement, call your merchant account provider and ask them to explain it. Reputable processors will be more than happy to explain their statements to you. If they are not, find a new one.
Downgrades
Credit card processing downgrades can occur for a variety of reasons: card-not-present transactions, certain reward cards, and improper operations. Some downgrades can’t be controlled, but others like improper operations can. Knowing what these errors are can reduce over payments. For example, failure to batch close all authorized transactions will cause the whole batch to downgrade to non-qualified status. Other common causes of downgrades include: keying-in a credit card, instead of swiping it in the credit card terminal, and not using AVS (address verification system) on card-not-present transactions. Look at your processing statement to stay abreast of operational errors that cause downgrades.
Comparing Merchant Account Pricing
Merchants who have been with the same processor for a number of years, and have not compared pricing should do so. Merchant account degradation can occur when rates have increased, or the account has not been updated to reflect current processing trends. Take the time to compare merchant account pricing with one, or two other reputable processors. Once you have some numbers to work with, negotiate lower pricing and reduce fees. Many times a simple update to your account could lower credit card processing fees.
Sales Tax Write-Off
The credit card processing amount paid on sales tax is a write-off for merchants. This can equate to a substantial amount at the end of the year, especially for retail merchants. Most tax professionals are aware of this processing write-off, but for those of you preparing your own taxes, seeking advice from a consultant could reduce over payments
Eliminating unnecessary credit card processing over payments is something every business owner wants, they just not be aware that the over payments are happening in the first place. Taking the time to look at processing statements every month is a good start. Ask your credit card processor for assistance if you have any questions. Avoid operational errors that are costing you money, compare pricing on a regular basis, and write-off those processing fees applied to sales tax!
