Posts Tagged ‘merchant card services’

How to plug a pin pad into a Verifone VX510 credit card terminal

Tuesday, May 17th, 2011

Before you plug the pin pad in to the Verifone VX510 make sure that the power is unplugged.  If you do not unplug the terminal you risk blowing out the encryption on the pin pad.  You will then have to send it back to your merchant card service processor to have it re-encrypted.  This can take up to a month – so – make sure you unplug the terminal!

When you look at the bottom of the terminal you will see the power port and 3 other ports.  The pin pad plugs into the port on the far left of the terminal (see picture below for reference)  Plug it in securely and power the terminal back up!

If the pin pad is not working you may have the following issues:

- The pin pad is either not encrypted or is not encrypted for your credit card processor.

-Your credit card terminal is not programmed to have pin debit entry as an option.  Have your independent sales representative call in to support to add pin debit to the file and re-download the eVx510.

-You merchant card services account is not set up to accept pin debit.  Have your sales rep get an addendum to add pin debit card processing.

IMG_1135

IMG_1136IMG_1139

IMG_1140IMG_1141

Square Payments iphone credit card processing puts consumers and business owners at risk

Tuesday, May 17th, 2011

We get a lot of questions about  credit card processing through Iphones and Blackberries.  We do offer this service – but currently only with the option to key in the credit card number through a secure connection.  Multiple times a day we get requests for swipers that will plug directly into these devices.  More often than not we are being asked to sell a product similar to the  Square Payments credit card swiper.  Our fear has always been a lack of security involved with these types of  merchant card service transactions – and now it looks like we have been correct in not offering a product similar to Square’s.  Take a look at the link below  - From Verifone,  the largest credit card terminal manufacturer in the world, regarding security issues.

Square Payments security issues.

Are you sure you still want that cool new credit card skimmer – er – credit card swiper?

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!

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

Friday, 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

What are the different types of merchant card service accounts?

Wednesday, June 18th, 2008

In the merchant card service industry, every merchant is classified into a specific “merchant account type” category, based on how they collect card information and conduct transactions. To learn which category your business is classified under, we have defined the characteristics of each merchant account type in this article.

There are two main merchant account type categories, “Swiped” and “Keyed,” which reflect the basic methods used to capture card information. Within these main categories are sub-categories, broken down according to the business environment and processing technique.

“Swiped” or, “Card Present” merchants directly interact with their customers face-to-face and capture card information by physically swiping cards through a terminal or point-of-sale system. The sub-categories within this group include:

Retail Merchants: “Retail” merchants typically conduct business in a storefront or office where they interact with their customers face-to-face and physically swipe cards through a terminal or Point-of-Sale system.

Restaurant Merchants: “Restaurant” merchants require the ability to add tips to their charges (Note: Restaurants that do not process tips are still considered “Retail” merchants in this industry). Using a special tip function, they authorize a customer’s card for a certain sale amount and then settle that authorization with an adjusted price to include the tip amount.

Wireless/Mobile Merchants: “Wireless” or “Mobile” merchants need to accept and authorize cards wherever they are located, which is usually on the road. Using a portable wireless terminal, these merchants process on-site, real-time transactions at their customers’ locations.

Lodging Merchants: “Lodging” merchants (e.g. Hotels, Motels, and Bed & Breakfasts) authorize a customer’s card for a specific sale amount and, depending on the customer’s length of stay, will adjust and settle out that authorization a day or more later to include additional fees such as taxes, etc.

“Keyed or, “Card-Not-Present” merchants indirectly collect their customers’ card information, and, depending on the business environment and technology used, can process transactions in various ways. The sub-categories within this group include:

Keyed Face-to-Face Merchants: “Keyed Face-to-Face” merchants eventually meet their customers in person to deliver the product or provide the service, but they don’t actually collect card information with the customer or card present. Generally, they take orders over the telephone, via fax, mail, email, or the Internet, and then manually key-enter card information into a terminal, software, payment gateway, or other point-of-sale system.

Mail Order/Telephone Order (“M.O.T.O.”) Merchants: “M.O.T.O.” merchants rarely, if ever, meet their customers face-to-face. Instead, these merchants collect orders and card information over the telephone, by mail, fax, or via the Internet, and manually key-enter transactions through a terminal, software, payment gateway, or point-of-sale system. Then, once payment for an order is confirmed, the product is shipped for future delivery.

Internet or E-Commerce Merchants: “Internet” or, “E-Commerce” merchants conduct all business through a website, so all card information is collected and transactions are processed online, in real-time, using a payment gateway that’s built into their website’s shopping cart. So, once the order/sale is confirmed, the card is charged instantly and the product is shipped for future delivery. (Note: This merchant type does not apply to businesses that only market on the Internet, but do not immediately process payments via their website, upon order confirmation.)

www.capital-bankcard.com

How to understand Credit Card Processing statements

Friday, February 22nd, 2008

I am often asked by clients, sales representatives, and even other people in my position how to read merchant account statements. Unfortunately there are dozens of different formats to merchant account statements, and there are also dozens of versions of each format. (Much of this depends on the bank issuing the merchant card services statement.) So, even someone with many years of experience in the merchant services industry will occasionally stumble upon a statement format that they have never seen before or that they do not understand.

I am going to attempt to educate business owners and industry sales reps through the posts on this blog. I analyze dozens of merchant processing services statements every week for my sales representatives. I will post samples of some of the statements that I work on, and hopefully you can find it useful in understanding the statement that you are looking at.

Please feel free to email me with questions or if you would like me to review a credit card merchant services statement!

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

www.capital-bankcard.com