Archive for July, 2010

Why have merchant card services at your business? Here are four reasons

Tuesday, July 27th, 2010

Numerous small business owners wonder if they should have merchant card services acceptance capabilities.   Accepting credit cards is not inexpensive, it can run over 2% of overall sales,  the benefits can easily outweigh the costs. The following are 4 reasons that your company should get set up to accept cards today:

1.  Consumer spending is higher with plastic. Clients who use credit cards normally spend 30-50% more per transaction than ones who use only cash.  So while it may cost you a few percent to run the transaction – the average sale is so much higher that it more than makes up for it.  The business will actually end up well ahead of where they were before the started accepting credit cards.

2.  You need good credit to have a credit card – therefore you have more spending power. It is pretty obvious when you consider who can get a credit card in todays economy.  People who have  a credit card are  going to be able to spend more money then cash only clients.  You, as a small business owner, need to cater to these clients – they are the ones who can afford your most expensive products and in turn can keep you in the black.  If you do not offer them the ability to spend their money, by having merchant card services available, then they will not shop with you.

3.  All transactions will be deposited by the next morning.  Nobody wants to wait for their money.  If you take a lot of checks you need to wait for them to clear the bank.  Offering your clients payment terms can help bring in more clients – but how do you know they will actually end up paying you.  The lowest risk payment for a small business owner is to process credit cards.  If the card holder cannot pay their bill the business owner will still get paid.  All you have to do is run your cards, close your batch, and the funds are there the next day – every day – reducing your risk and easing your financial burdens.

4.  No costs to start accepting cards. Small business owners no longer have to spend a ton of money to set up a merchant services account!  Many times there is going to be no cost out of your pocket – you can even get a free credit card terminal!  The only barrier to entry is now gone!

Lipman Nurit 2085 credit card terminal and quick reference guide

Monday, July 26th, 2010

Lipman Nurit 2085 credit card terminal

The Nurit 2085 credit card terminal is a compact and flexible credit card processing machine and one of the most reliable in the industry. Its menu driven display, combined with its 4 “soft keys” make using this unit fast, customized and efficient. The built-in thermal printer ejects highly legible receipts at a rapid pace of 12 lines per second. If you are looking for a terminal that can handle multiple payment options (credit, debit, EBT, check verification, pre-paid cards, etc.), the Nurit 2085 is perfect for your business.

We have the best price available on the Nurit 2085.  We also have the Nurit 2085 quick reference guide available to help you process credit cards.

Lipman Nurit 8000 wireless credit card terminal and quick reference guide

Monday, July 26th, 2010

The Nurit 8000 is the premier wireless credit card terminal on the market.

The Nurit 8000 operates on the reliable Cingular network allowing coverage throughout the country. More and more businesses are recognizing the opportunity presented by real time, mobile credit card processing. The advanced Nurit 8000 can help your business keep pace. With a built-in PIN pad and optional smart card reader, the Nurit 8000 protects both the merchant and the customer. The Nurit 8000 can handle multiple payment types, including credit, debit, T&E, EBT, check verification, guarantee and truncation, pre-paid cards, loyalty / gifts cards, and smart cards.

We have the best prices available on the Nurit 8000 wireless credit card terminal.  We also have the quick reference guide available here.

How much money can you make when you sell merchant services and credit card processing?

Monday, July 19th, 2010

We often get asked by new independent sales reps how much they can make when they sell merchant services.  Below is a breakdown of how they can make over six figures in their first year.  While not everyone does – the top performers and best  If you work hard only 4 hours a day, calling on 20 businesses a day, you WILL bring on 1 new client every day. Over the month you will average 20 deals per month….

So – if you write 20 deals a month for a year you will earn the following:

Monthly bonus: $22,000 Quarterly bonuses: $3,600 Upfront account bonuses: $14,400 (assuming all are paid at our lowest bonus level!)

This equates to an annual salary of $40,000 – BEFORE your monthly residuals on all of these accounts!

Now lets factor in your monthly residuals. If you average $25-$50 per account – which is very possible – you will build your residual by $500-$1000 per month. At the end of 12 months this will mean a recurring residual stream of between $38,500 and $75,000!

Your total compensation for your FIRST year will be between $78,500 and $115,000!

Now imagine if you worked 8 hours a day and brought in twice this number of accounts….You CAN do this job part time and make a very nice living!

So – what are you waiting for??? Get started now! Learn More!

Verifone Omni vx510 LE information and Quick Reference Guide

Thursday, July 15th, 2010

The VeriFone Vx510LE Credit Card Terminal will cover most merchants’ needs, including high-speed transaction processing and reliable security protections. The Vx510LE is a hard-working device that will handle all of your processing needs without exceeding your budget.

The VeriFone Vx510LE offers a wide range of payment capabilities, saves counter space with its compact design, and minimizes clerk and customer entry errors with its familiar ATM-style interface, large backlit display, ergonomic keys, and bold menu prompts.

We have the guaranteed lowest price on this terminal. (Verifone VX510 quick reference guide can also be found here) For more information please call or email us:

888-605-6770

sales@capital-bankcard.com

We have the most lucrative merchant service sales positions available in the country.  Selling credit card processing is one of the best sales opportunities in the country with which to achieve financial success.  Learn more

Verifone Omni vx510 information

Thursday, July 15th, 2010

The VeriFone Vx510 Credit Card Terminal is an advanced, yet easy-to-use device. With high-speed transaction processing, multiple payment applications, and the most reliable security protections, the VeriFone Vx510 terminal provides exceptional performance and functionality.

Designed with a small footprint for easy handling, this product combines a mag-stripe card reader, high-speed thermal printer, and internal PIN pad with a user-friendly ATM-style interface to minimize costly errors.

We have the gauranteed lowest price available on this terminal.    email us for more information:

sales@capital-bankcard.com

We have the most lucrative merchant service sales positions available in the country.  Selling credit card processing is one of the best sales opportunities in the country with which to achieve financial success.  Learn more

How will the new financial overhaul bill affect credit card processing?

Thursday, July 15th, 2010
6. Lower minimums for credit card purchases at stores
Say you walk into a gas station and pick up some soda, candy, and gum. The total is $11, but there’s a sign at the register saying you can only pay by credit card if the purchase is $20 or more. Under the new legislation, the minimum can be no more than $10, and only the Federal Reserve can raise it.
As many of you may have heard – the senate and congress have finally come to agreement on a financial regulation bill.  When the bill was initially drafted there was much concern in our industry that we would be fully regulated.  After they have chopped up their bill this fear has waned and at the end of the day we will see the following changes:
1.  Lower minimums for credit card purchases at stores
After years of not being allowed to do so – it will be legal for businesses to have a minimum charge amount  on a credit card. Under the new legislation, the minimum can be no more than $10, and only the Federal Reserve can raise it.
Many businesses with a lower average ticket have been enforcing minimums for years – now they will be able to do it legally – and for now, it can be no lower than $10.
2.  Limits on debit card fees
The Federal Reserve will have the power to limit the fees that card issuers can collect on debit-card transactions.   ( The interchange portion of the transaction that is kept by the issuing bank – NOT the transaction fee charged by the ISO)   Stores and restaurants say lower fees would allow them to cut prices, and to hire more people. But even if prices do fall at the store, banks might raise fees and rates for their customers. They could also scale back “reward” cards or free checking to make up for the money they’ll lose from stores and restaurants.
At the end of the day our industry will not see any massive changes in the pricing of accounts.  We will see a reduction in debit card interchange – which will be positive for businesses and for those clients still on a tiered rate structure , will create a great opportunity for savings by switching to interchange plus pricing,

What is ERR credit card processing pricing and is it ever good for a client?

Thursday, July 15th, 2010
Enhanced Recover Reduced (ERR)
Enhanced Recover Reduced or ERR is a pricing model that’s been around for a while but has been gaining in popularity lately as merchant service providers look for more profitable options to the less expensive flat rate or interchange plus pricing models.
ERR is often referred to as a mixed or blended rate because it’s a combination of tiered and interchange plus pricing – with a twist. ERR is a non-transparent form of pricing because it uses a base qualified rate and also a truly hidden charge in the form of the difference between actual interchange and the qualified rate. This hidden charge is the “enhanced” part of the pricing.
With ERR pricing, a merchant service provider will quote three different rates – a qualified debit rate, a qualified credit rate and a non-qualified surcharge. When a merchant processes a qualified transaction they will be charged the qualified rate quote by the provider. Things get a little fuzzier when they process a transaction that doesn’t qualify.
In this case, the merchant will be charged the true interchange rate, plus the non-qualified surcharge and the difference between target interchange for the transaction and the qualified rate. That’s the “enhanced” part of ERR pricing that makes it look a lot better than it really is.
Enhanced Recover Reduced (ERR)
Enhanced Recover Reduced or ERR is a credit card processing pricing model that’s been becoming more popular  as merchant service providers look for more profitable options to the less expensive flat rate or interchange plus pricing models.
ERR is often referred to as a mixed or blended rate because it’s a combination of tiered and interchange plus pricing – with a twist. ERR is a non-transparent form of pricing because it uses a base qualified rate and also a truly hidden charge in the form of the difference between actual interchange and the qualified rate. This hidden charge is the “enhanced” part of the pricing.
With ERR pricing, a merchant service provider will quote three different rates – a qualified debit rate, a qualified credit rate and a non-qualified surcharge. When a merchant processes a qualified transaction they will be charged the qualified rate quote by the provider. Things get a little fuzzier when they process a transaction that doesn’t qualify.
In this case, the merchant will be charged the true interchange rate, plus the non-qualified surcharge and the difference between target interchange for the transaction and the qualified rate. That’s the “enhanced” part of ERR pricing that makes it look a lot better than it really is.