Ah, the holidays! As one old carol describes it, “Strings of street lights, even stoplights blink a bright red and green, as the shoppers rush home with their treasures….” And where are they rushing home from? Hopefully from your store! Hopefully you have already set up your merchant account, so you are ready for all the people who prefer to do their holiday shopping with credit or debit cards.
‘Tis the season for crowds and buying things, and so it’s the season for pickpockets as well. Most people are afraid to carry very much cash around with them anymore. Are you prepared to accept their funds?
Yes, it’ll cost you a little bit of money to do credit card processing. But since you will have more customers, it will all work out in the end.
Filed under Merchant Account by on Oct 31st, 2011. Comment. 
Do you understand how a merchant account works?
It’s not exactly like a bank account, because that’s more of a one-on-one situation where you put in money and then take it out again. Merchant accounts are “products” that your bank wishes to sign you up for, but not all banks actually deal with the funds themselves.
No, a merchant account is a middleman. You send them the credit card information and they feed it into their system to make sure that no fraud has been reported on this line and it does appear to be a genuine customer-held credit card. They encrypt the information for security as they send it over. Then once it has been processed, it goes to the bank that actually provides the funds, and then you have your purchase.
Filed under Merchant Account by on Oct 28th, 2011. Comment.
It’s a very intense process beginning a business. By the time you figure out how to get the capital, the space, the products, the staff and the necessary paperwork for all of these, banking may feel like a quick afterthought. Suggestion: set up a merchant account before you get too close to the starting date.
Why? Because it’s not something you want to just do as though you are going through a drive-in fast food restaurant. There are a lot of companies, and there are wide differences between charges, levels of service, and security. It will be worth your time to do a bit of research online and then talk with representatives from several providers. The money you save may be your own!
Filed under Merchant Account by on Oct 23rd, 2011. Comment.
As a merchant, you have a number of goals. Merchant solutions to common problems start first and foremost with the desire to continue existing as a merchant. This leads to a sub-goal of bringing in enough money so that you can pay your light bill and your staff and buy whatever you are providing to the customer.
What attracts people to your business? Is it the décor or the high quality of product? Is it the warranty and service? Is it the convenient location?
No matter where you are and what you sell, people need to have money to buy it. And the truth of the matter is, most of the people are shopping with credit and debit cards now, not cash or check. So, merchant solution number one is: accept plastic.
Filed under Merchant Account by on Oct 19th, 2011. Comment.
Here are a few terms that you are going to come across when it is time for you to choose your merchant account.
First of all, you will want to find a reputable company that has been in business for awhile and is likely to stay in business. You can research the company on the web. You are looking for honesty and integrity besides good rates and quick service.
Secondly, you will want PCI-compliant secure systems. You have to assure your customer that his credit card information is being safeguarded when he shops at your store.
Last of all, you definitely want state-of-the-art technology. More than just a catch phrase, it indicates that they are using the most recent equipment and processes. These days changes take place fast and upgrades are required quarterly or semi-annually. You don’t want to be stuck with last year’s gear.
Filed under Merchant Account by on Oct 18th, 2011. Comment.
There are a few decisions that you need to make before you decide where to set up your merchant account. Checking out the basic information on a website is a great way to get a summary of all of the current products that are available and all of the services as well.
You may want to think about the benefits of having wireless credit card processors, for instance. Maybe you only have one store, and you always use the terminal right there next to your cash register and put the paperwork into the file folder to go to the bookkeeper. It’s a nice neat system, and it works. But what if you have an employee who occasionally goes out to give an estimate to a customer or to deliver goods to her home? It might be a good idea to have at least one wireless terminal to take along on that trip, to seal the deal immediately.
Filed under Merchant Account by on Oct 17th, 2011. Comment.
Life isn’t getting any slower. This means that because people have jobs and families and friends and obligations, for many of them shopping is not something that they look forward to doing. It’s a have-to, so the business with the best merchant services is going to be the one where they shop.
They want to get in, find what they need, and get out.
And counting cash takes up time in the line. Counting the customer’s cash at least twice, and then counting out the change at least twice means a few extra moments per customer. Checks take time, as it has to be written, and identification must be examined, phone number written down, etc.
Compare that with the speed of the credit card. Zip, sign, and out.
Filed under Merchant Account by on Oct 14th, 2011. Comment.
What kind of information will your merchant account give you when you go online? After you type in your user name and password, you can see your statements and the daily reports that tell how much each transaction charged, on which type of credit card (Visa, MasterCard, Discover, etc.)
But there’s more to the online service than that. There’s a support area where you can find news and information that may help you to manage the payments at your business. You can learn how to best qualify the transactions, reduce risk, and manage the chargebacks. You might also find information such as a reference guide to your particular type of payment terminal.
Some merchant account websites contain pertinent merchant news explaining recent government regulations or lawsuits. And most all will have the usual: about us, contact us, glossary (great for newcomers!), terms of use and so forth.
Filed under Merchant Account by on Oct 12th, 2011. Comment.
There’s a lot involved with moving into a new home. There’s the truck rental to move all the belongings, and no doubt a few new things needed for the new place. Even the most conservative shopper will find himself glad that your business has master card processing and does not demand cash. Why? Because if he’s just sold one home and is buying another, some of his funds are going to be temporarily unavailable.
Meanwhile, the carpet might need cleaning, and the walls might need painting, and a new washer and dryer might be necessary to keep the family life slightly normal. He’s going to approach your business in a hurry and ready to buy. You can meet his needs and raise your profits at the same time – it’s a good feeling when it’s a win-win proposition.
Filed under Merchant Account by on Oct 11th, 2011. Comment.
When you go online to retrieve information on your merchant account, you will first of all sign in using a pre-established user name and password. Then you are likely to see several sections that you can go to in order to access information about the payments that have gone through your account.
First of all, there will be a section called something like “My Account.” Here you can find copies of statements, make changes, update information, and also find out about valuable products and services that might be helpful to your business.
Secondly, and likely to be most used, is a section containing “My Reports.” Here you can view your recent deposits and batch details, and information about your account history and deposit history. Someone lost a payment slip? You can find out the amount of the payment right here.
Filed under Merchant Account by on Oct 10th, 2011. Comment.