One of the most popular pages on my blog is how to get free Visa decals for businesses, but what about MasterCard?
Here is everything merchants need to order MasterCard decals and use them properly.
First, there are two types of MasterCard marks to be aware of. There are acceptance marks and brand marks. Brand marks are used for marketing purposes and acceptance marks are indicators. Acceptance marks are commonly used by merchants. They let customers know which payment methods are accepted.
It should be noted that there are certain requirements merchants must adhere to when displaying the MasterCard Brand. Take the time to read their requirements (and restrictions) before ordering.
For more information on merchant accounts, next day funding, or Point-of-Sale equipment visit www.paymentmax.com
A merchant account provider has the right to terminate a merchant account at any time and without warning. The closure of a merchant account may not be permanent. Sometimes after the situation is looked at carefully with proper documentation from the merchant their account can be turned back on.
To avoid any possible terminations it is best to know the most common reasons why a processor will terminate a merchant account.
1. High chargeback ratio.
2. Processing for an undeclared business or person.
3. Processing over the declared average ticket amount.
4. Processing over the monthly volume amount.
5. Excessive ACH (automated clearing house) rejects.
6. Selling undeclared products or services on the merchant account.
7. Selling unacceptable products or services on the merchant account.
8. Any fraudulent activity involving the merchant account.
To avoid termination ensure that all transactions are processed in accordance with the MPA (merchant processing agreement). Merchants should contact their providers immediately if there are any changes to the account, such as an increase in average ticket, monthly volume, or product declarations. Keep chargebacks and ACH rejects to a minimum, and never process a transaction for anyone else.
For more information on merchant services, next day funding, or PaymentMax visit www.paymentmax.com
Merchant account settlements refer to the money that is deducted from a merchant’s bank account to cover the costs of processing credit cards. These costs include interchange (which is set by card associations) and the provider fees. The majority of processing fees stem from interchange. To find the current interchange fee schedule simply visit the card associations websites.
There are two types of merchant account settlements, daily and monthly. Not all merchant account providers offer a choice, so when researching a new merchant account provider be sure to ask when they deduct their fees. Here is a quick glance at the two.
Merchant account fees are deducted on a daily basis from the gross processing volume. For example: if you processed a transaction for $10 than.25 cents would be deducted at the end of the day. This is based on a discount rate of 2.5%.
Merchant account fees are deducted on a monthly basis from the gross processing volume. For example: if you processed $1000 worth of transactions in one month, $25 would be deducted at the end of the month. This is based on a discount rate of 2.5%.
The major difference between daily and monthly settlements is paying for processing fees as they occur, or all at once in a lump sum. Monthly settlements enable merchants to hold on to their gross processing revenue longer which can help with cash flow. While daily merchants prefer to “pay as they go” to avoid one major deduction at the end of the month.
For more information on merchant accounts, next day funding, or settlements visit www.paymentmax.com.
We have had several questions regarding basis points today at the PaymentMax office. What they are? and how to figure to them out. So, I decided to revisit an article I wrote back in September 2010, “What are Merchant Account Basis Points?”
- Basis points are equal to the discount rate on a merchant account.
- Basis points are represented by a whole number to eliminate decimal and fraction expressions.
- A basis point equals 1/100th of 1% (or 0.01%).
For example, if you have 159 basis points than the qualified rate would be 1.59%.
- The qualifed rate will have the highest basis points because the mid-qualified and non-qualified rates are actually surcharges on top of the qualified rate.
For example, if your qualified rate is 150 basis points (1.50%) and your mid-qualified rate is 30 basis points than your total basis points will be 150 + 30=180 basis points, or 1.80%. Similarly, if your non-qualifed surcharge is 1% (100 basis points) than the total basis points for a non-qualifed transaction is 250 (2.50%).
- Basis points are determined by card associations (also known as interchange) and merchant account provider fees. Interchange is what merchant account providers pay to card associations for processing merchant’s transactions. The current interchange rate is available on card associations websites.
For example, if interchange is 148 basis points (1.48%) and your merchant account provider’s fees are 20 basis points than the total discount rate would be 168 basis points (1.68%)
For more information on merchant account basis points, rates, fees, or next day funding visit www.paymentmax.com.
If your machine is working properly and your customer’s credit card will not swipe chances are it is a de-magnetized card. You will have to key-in the transaction. Problem solved right? Yes, but be aware that it could be a fraudulent card.
Reduce your risk by taking a few preventive steps.
1. Look at the card closely for card security features (holograms and brand marks).
There are some cards that are not embossed. If you cannot swipe a unembossed card-do not key in. The flat surface makes it impossible to take a manual imprint of the card.
2. Check the “good thru” date on the card. Make sure the card is not expired.
3. Get a manual imprint of the credit or debit card.
4. Obtain customer’s signature on the imprinted sales draft.
5. Compare the signature on the imprinted sales draft to the signature located on the back of the card. If they do not match, ask the customer for I.D.
6. Never accept an unsigned card. If the card is not signed ask the customer to sign the card, and provide I.D. Compare the signatures.
7. If you suspect fraud, contact the card association listed on the card (if it is safe to do so).
By following a few preventive steps, merchants can lower their risk of accepting a counterfeit card. For more information on merchant accounts, PaymentMax, next day funding, or reducing credit card fraud visit www.paymentmax.com
Sprint Nextel is debuting their first smartphone the HTC Arrive on March 20th, 2011. Exciting news for our clients who have been eagerly waiting for a smartphone so closely integrated with Microsoft products.
Mobile businesses will have access to all of the Microsoft business programs like Excel, Word, and PowerPoint which can be shared (or synced) with other machines and accept all major credit and debit cards with a few finger strokes.
The HTC Arrive is based on Microsoft Windows Phone 7 giving users access to nearly 9,000 apps in their store.
Another big business bonus…email can be interpreted using Microsoft Exchange ActiveSync, or communicate with standard POP (Post Office Protocol) and IMAP (Internet Message Access Protocol) email users.
Say Goodbye to the office! The Arrival of the HTC Arrive will allow merchants the ability to run their businesses and process payments from their beloved smartphone.
For more information on smartphone credit card processing, next day funding, or PaymentMax visit www.paymentmax.com.
Are you patiently awaiting the release of the first 4G smartphone from Verizon; The lighting fast HTC Thunderbolt? Me too! The HTC Thunderbolt will allow our Verizon clients to not only accept all major credit and debit cards, but provide a WiFi connection for up to five devices-major news for mobile business owners with multiple devices.
I read an article in the Wireless and Mobile News that stated the HTC Thunderbolt has had a delayed release date because of technical difficulties common among new technology. The article also mentioned that Verizon plans on releasing their newest smartphone by the end of the second quarter.
There are rumors that Verizon delayed the HTC Thunderbolt release because of the iPad 2 release on March 11th. Which has them thinking March 17th- just in time for the smartphones nomination at the E-Tech Awards at CTIA.
Merchants can begin to accept credit credit cards the same day the smartphone is released. For more information on smartphone credit card processing, HTC phones, or PaymentMax and next day funding visit www.paymentmax.com
Mobile merchants using their beloved Samsung BlackJack and BlackJack II smartphones can physically swipe their customers credit cards with a merchant account from PaymentMax, ROAMpay app, and ROAMpay Swipe.
- Low Qualified Rates
- Lower Chargeback Rates
- Higher Customer Satisfaction
- Lower key errrors
- Real time processing
- offline processing
- Next Day Funding with PaymentMax
- Signature Capture
To get started accepting credit cards on the Samsung BlackJack, or any other smartphone (iPhone, BlackBerry, Android, HTC EVO) visit www.paymentmax.com.
We have many clients at PaymentMax who do not want to use their iPhone, Android, or BlackBerry to process their customers credit cards because they want to keep processing transactions separate from their personal calls, texts, and emails. Or. they do not want employees using their cell phone to process payments.
Verifone and PaymentMax have the perfect solution for these mobile merchants: Way 5000
wireless credit card terminal and thermal printer.
The Way5000 looks and feels very much like a mobile phone with full payment solutions signature debit, credit, PIN debit, gift card, and loyalty cards.
Here are some key features.
1.Ready to go solution-right out of the box with set-up and activation completed in advance.
2. Backlit display-10 line black and white backlit display allows screen to be viewed indoor/outdoors or in poor lighting conditions.
3. Tip, toll, receipts, and invoice number functions.
4. Address verification (AVS) and CW/CVC verification available.
5. Long Battery-400 transactions, or 48 hours of stand by time.
6. Secure Transactions-3DES encryption.
7. Magnetic Card Reader-triple track reader (tracks 1, 2, 3,)
8. Memory-1 SIM 16mb of flash memory. 2 mb of SRAM.
9. Easy to use-simple interface with familiar cell phone keypad and joy stick navigation.
10. Application and configurations can be made over the air, saving time and effort.
For more information on wireless credit card terminals, mobile merchant accounts, next day funding, or accepting credit cards with a cell phone visit www.paymentmax.com
The Square credit card reader has been getting a great deal of attention these days, giving rise to many questions here at PaymentMax about the differences. Here is a look at the differences between the Square credit card app and reader and Verizon PAYware Mobile encryption sleeve and mobile credit card processing app.
1. Transaction Disputes-Square has known issues with transaction disputes. First, if you have the tip function enabled customers will see a 40% increase on the authorization of their card. Customer’s are generally not happy with any authorization over the amount of the purchase. This can spark disputes.
Second, if a transaction was not completed using Square. The transaction authorization may pend on customer’s bank account for a few days. Pending authorizations tie up customer’s money and will most likely cause issues, especially for uncompleted transactions.
2. Stylus- PAYware mobile offers a stylus pen for capturing customer’s signatures. Square requires customer’s to use their finger.
3. Geo-tagging-PAYware mobile offers users the ability to track their customer’s geographic location with Geo-tagging. This feature notes the nearest street or latitude and longitude coordinates. Perfect for tracking where most of your business occurs.
4. Delayed ACH-Square (which is not a merchant account) does not put a limit on how much you can accept with their service, but it will hold any processing funds over $1000 for 30 days. In some cases 45 days. PAYware mobile requires a merchant account, and depending upon the provider- funds may deposit next day with no automatic hold structure.
5. Twitter Account- Square requires a Twitter account before signing up for Square. PAYware mobile does not require a Twitter account to process credit cards.
6. Compatible Devices-PAYware Mobile is compatible with iPhone 3, 3GS, 4 and ipad, ipod touch (manually entry). Square is compatible with the same Apple devices and some Google Android smartphones.
*For iPad Credit Card Readers ROAMpay and Square are compatible.
For more information on accepting credit cards on smartphones, differences between the credit card processing apps, next day funding , or PAYware mobile visit www.paymentmax.com.