Verifone Omni vx510 LE information and Quick Reference Guide

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

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?

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?

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.

Our clients keep getting offered a merchant card services discount rate of “only” 1.69% – what’s the deal?

January 30th, 2009

I just had an interesting conversation with one of our top representatives. It seems that he has had a lot of his clients receiving phone calls and visits from our competition offering a “better” deal to his clients on their merchant card services.

Typically this is someone offering a rate of only 1.69%. We all know by this point that there is a lot more to processing rates than just one number. He has trained his merchants to ask the right question in order to find out how good a deal this really is.

When his merchants receive a call or visit – no matter what the sales rep tells them the rate is – they ask: “how much do you charge me over interchange?” If the rep cannot provide an answer they say thank you very much and tell them to move along. If the rep does not understand what interchange is or what the mark up is they will certainly not be offering our clients a fair deal on their credit card processing.

The key here is making sure your clients understand the benefits of our interchange plus pricing structure – and that we truly do pass cost right on to the customer and only charge them a small mark up.

Remember – you are not just a sales person – you are a consultant. Educate your merchants about what makes a consultant different from the every day merchant services sales representative. Once they understand what we bring to the table – they will never leave you without at least asking for your advice!

www.capital-bankcard.com

Visa reduces Credit Card Processing prices at the pump!

June 28th, 2008

Beginning July 18, 2008, Visa Inc. will implement a cap on interchange rates for Visa debit and prepaid fuel transactions in an effort to help lower costs for oil companies and service stations that can be passed on to consumers at the pump. Systemwide implementation for restructured Visa credit card processing interchange fees on gas purchases takes effect October 2008.

“While Visa cannot lower the price of crude oil, there are things we can do to help make the process of buying gas easier for our cardholders,” said Bill Sheedy, Global Head of Corporate Strategy and Business Development for Visa. “As oil prices rise, we are accelerating our ongoing efforts to address the issues in the fuel segment.”

Interchange fees for Visa debit and prepaid gas purchases will be capped at 95 cents per transaction. Credit card rates will adjust to 1.15 percent of the total purchase plus 25 cents. In addition to the interchange fee adjustment, Visa will implement its Real-Time Clearing (RTC) program to process transactions immediately and reduce the hold times that financial institutions (FIs) place on cardholders’ account.

This new program is Visa’s way of contending with a nearly 100 percent jump in crude oil prices since June 2007, which drove gas prices in the United States from an average of $2.98 per gallon to $4.07 in a year. Visa hopes the interchange cap will give consumers more buying power and offer fuel dispenser merchants opportunities to improve business operations.

“People are frustrated enough with the price of gas today,” Sheedy said. “They shouldn’t be frustrated with the payments process as well. We took an entirely new approach to processing fuel payments and created a solution that removes many of the major barriers that consumers and station owners face at the pump today.”

Real-time authorization

In April 2008, the limit on debit transactions receiving chargeback protection increased to $75. RTC provides merchants and acquirers clearance within two hours. This can help drive sales for stations because it gives consumers the ability to pump more gas in a single transaction without hitting price limitations.

“The number one inconvenience that we’ve been hearing about is that when you use a debit card to buy gas, service stations can put a hold on your funds of up to $75,” said Maria Hatzikonstantinou, Vice President, Visa Public Relations. “So now with real-time clearance, it basically eliminates the hold that some stations put on your money.”

RTC can also qualify stations’ transactions for better interchange rates at higher ticket amounts, which can lower station owners’ costs.

Until the new processing changes take effect in Visa’s systems upgrade this October, the company will allow consumer fuel transactions up to $125 to qualify for its best-available interchange rates. This interim step is effective July 18, 2008. Once gas stations and their FIs migrate to RTC, consumer fuel transactions up to $500 will qualify for Visa’s best available interchange rates.

www.capital-bankcard.com