Mobile Commerce (m-commerce) isn't a new way of processing credit and debit cards. The acceptance method has been around for a few years, but is just really starting to make a large impact on how we do business away from our offices.
m-commerce first started with the use of wireless POS (Point Of Sale) swipe terminals and has since then made its way into cellular phones and PDA's (Personal Digital Assistants). Wireless POS swipe terminals are much more expensive (usually around $399 and up) then regular "wired" terminals which require you to be nearby a phone jack and electrical outlet in order to operate. As a result, this has caused many people to find alternative ways to process transactions while their "on the road" -- at least until now.
Cellular phones and PDA's have largely grown in popularity and as a result manufacturers have made significant improvements and added features to attract even more consumers and meet current owners demands. One of those features is wireless transaction processing. Imagine being able to process credit card and debit card transactions wirelessly within seconds at tradeshows, business seminars, house calls, etc.
Wireless Processing Benefits
Before m-commerce solutions became available collecting funds for orders done "on the road" required people to either pay by cash, check or write down their credit card information so you could process the transaction later back at your office. The fact is, cash and checks can get lost and credit card information, if not put in a secure place, can get into the wrong hands between the time the information was taken down and the customers card was charged. m-commerce solutions have taken a lot of the hassles out of doing business "on the run."
Improved cash flow
Secure credit and debit card authorizations within a matter of seconds
Reduced instances of credit card fraud and chargebacks
Ability to conduct business where phone line connections don't exist
Friday, July 17, 2009
Credit Card Processing: Can High Risk Businesses Get a Merchant Account?
Is your business considered high risk? And can you still get a merchant account?In credit card processing, there are many different reasons why a business may be considered high risk. - First, it may be the actual business industry that has been tagged "high risk", such as travel, multi-level marketing (MLM), e-commerce, aggregators or collection agencies. - Second, the reason may simply be the business volume that places a business in the high risk category. - And third, it may be a reflection of the business or the business owner's credit history.The question still arises: Can High Risk Merchants Obtain a Merchant Account?The answer is YES. But you have to know where to go for the expert advice and guidance needed so you and your business are safe from excessive expenses often associated with high risk merchant accounts.Working with an expert in high risk merchant accounts is critical to the success of obtaining the best merchant account solution for your business. 5 Points to Consider When Selecting the Best Merchant Account for Your High Risk Business:- Your application needs to be handled by a high risk professional expert- Your high risk merchant account processor should have experience with merchants in your business industry- The high risk merchant account processor needs to have access to numerous credit sources - including more liberal banks and offshore options- If your business does have to be taken offshore, your high risk experts need to work on getting the lowest rate available- All rates should be disclosed prior to contract with the high risk credit card processing company3 Insider Tips To Ensure Approval for a High Risk Business Merchant Account:- Do you have a poor credit rating? Be honest about disclosing any past financial challenges. Acknowledging previous liens, bankruptcies, judgments, etc. will only improve your credibility and alleviate one more barrier.- Be open to offshore options as sometimes they can offer your business the best merchant account solution.- Shop around for a credit card processor that has expert knowledge in high risk merchant account approval - and don't be afraid to ask questions. The more you educate yourself in the process, the more you will recognize a good high risk merchant account processor giving you intelligent, experienced answers to your questions.Operating a high-risk business does not exclude you from being able to process credit cards. Like any business, you want to provide your customers with as many non-cash payment options as possible. It is statistically proven that accepting credit cards help generate revenues and stimulate impulse purchases.Owning a high risk business doesn't mean you won't be able to open a merchant account. It does mean, however, that you may have to do a little more in setting one up that is right for your business. Do your "due diligence", shop around and ask questions to find a credit card processing company that specializes in high risk and offshore merchant accounts and will offer their expertise to businesses who fall into the high risk category.
Merchant Account Risk - Who Takes it On?
Have you ever wondered why most providers of real merchant accounts go through verifications and checks on not only your business but also on your individual processing history as an owner (unless you are a 501c3 Non-Profit)? And why approvals can take from 1-5 days for merchant accounts?
You probably ask "Why are they treating this as if I'm applying for a loan? This should be as easy as visiting my favorite 3rd party processing service's website and entering my checking account information".
Well merchants need to understand that there are very legitimate reasons for merchant providers being just a little more cautious than third party payment processing providers.- A. Merchant account providers have to abide by very different rules than other payment service providers. Visa/MC sets forth rules that are to be honored by not only merchant account providers but their sponsoring bank. And in the case of Visa/MC's rules for merchant account providers, many of them have been put in place by Visa/MC after many years of being in the branded credit card business so they've drafted many of their current contracts in effort to prevent past operational mistakes from reoccurring - just as any business person drafts a contract, to prevent the worst and protect their interests
- B. Many merchants do not understand that the government does have some sort of say so in what's going on in the merchant industry. It's called Homeland Security, and though they're not yet working as closely as they want to with merchant providers their Homeland Security rules to have parameters set in place where banks can be held responsible for clients that use their services to break Homeland Security laws. (Note: there have been reports that they are fighting hard to have all of merchant's processing data turned over to them - and processors are fighting back, so it's not 100% complete yet).
- C. At least 95% of merchant account providers ask for voided check copies or bank letters for verification when a merchant applies for an account. Merchants sometimes wonder why the processor cannot simply "call my bank to verify the information and go on and approve the account". Well in that method there's no paper trail or proof in writing that the provider actually verified the checking account information. And in both the legal world and in Visa/MC's rules this carries no weight in the case of a merchant signing on and causing a fraudulent catastrophe.
- D. Merchants should also understand that with a real merchant account they are their processing their own sales either by allowing their customer to enter card data or by the merchant manually entering card data. They are entrusted with very sensitive credit card data. Have you ever noticed that with many 3rd party payment processing providers that are not real accounts often charge much more for allowing merchants access to their Virtual Terminal, which allows the merchant to enter their own sales as needed? Well this is because when the merchant can just take a card number and enter it themselves the risk of fraud does increase, as if the merchant isn't the most honest business person they have the opportunity to steal card numbers and enter the numbers into the Virtual Terminal themselves at will.
This is why many third party providers often offer their "cheap" options as the option that only allows customers to enter their own data and charge much more for the Virtual Terminal, but as many merchants know this isn't always the most feasible or professional way to do business, as sometimes your customers won't want to have to "visit your website" just to pay for a product or service, they may want to pay for it via mail, phone, or even in person. This is where being entrusted to use the Virtual Terminal ethically comes in handy, and if the merchant is not ethical it's ultimately the processor that's responsible for resolving the fraudulent activity (explained more below).
E: Contrary to popular belief the merchant account provider and bank is taking on much more risk than many merchants believe. Here's an example scenario where the merchant should be held responsible for fraud but a processing bank may be:
A merchant applies for an account, without the best intentions, they are approved by the bank's underwriting.
The merchant gets access to stolen card information and manually enters that info themselves via either their Virtual Terminal or Web Interface. Let's say $500.
The real customer, having no knowledge of where this charge originated sees that their card was used fraudulently.
The customer disputes that transaction with their credit card company considering it fraud because they did not authorize it.
The merchant provider/processor attempts to contact the merchant to inform them that they have a chargeback and will have to refund this customer because the customer charged this transaction back with their credit card company and the merchant has no proof of customer authorization (so the customer wins the Chargeback dispute).
The problem is that the merchant had bad intentions to begin with and they're long gone.
In this case who has to refund the customer that money because the merchant is no where to be found? The merchant processor and processing bank does! Though the merchant is responsible for the fraud they cannot be tracked down in this instance but the customer must still be refunded. So the role of the provider in this case is to take care of reimbursing the customer - of course this would make any provider a little cautious about who they sign on.
Operating a business that accept credit cards is, at the end of the day, a responsibility that should not be taken lightly. Think about it, if it were your credit card being used by a business wouldn't you want the bank that's trusting and processing for that merchant has done due diligence to verify that the merchant has good intentions? Sometimes merchants are frustrated that providers turn them away as if only they should be the ones choosing in the process, but when there's so much at stake providers have to ask just as many questions before boarding a merchant as a merchant has to ask before choosing a provider.
You probably ask "Why are they treating this as if I'm applying for a loan? This should be as easy as visiting my favorite 3rd party processing service's website and entering my checking account information".
Well merchants need to understand that there are very legitimate reasons for merchant providers being just a little more cautious than third party payment processing providers.- A. Merchant account providers have to abide by very different rules than other payment service providers. Visa/MC sets forth rules that are to be honored by not only merchant account providers but their sponsoring bank. And in the case of Visa/MC's rules for merchant account providers, many of them have been put in place by Visa/MC after many years of being in the branded credit card business so they've drafted many of their current contracts in effort to prevent past operational mistakes from reoccurring - just as any business person drafts a contract, to prevent the worst and protect their interests
- B. Many merchants do not understand that the government does have some sort of say so in what's going on in the merchant industry. It's called Homeland Security, and though they're not yet working as closely as they want to with merchant providers their Homeland Security rules to have parameters set in place where banks can be held responsible for clients that use their services to break Homeland Security laws. (Note: there have been reports that they are fighting hard to have all of merchant's processing data turned over to them - and processors are fighting back, so it's not 100% complete yet).
- C. At least 95% of merchant account providers ask for voided check copies or bank letters for verification when a merchant applies for an account. Merchants sometimes wonder why the processor cannot simply "call my bank to verify the information and go on and approve the account". Well in that method there's no paper trail or proof in writing that the provider actually verified the checking account information. And in both the legal world and in Visa/MC's rules this carries no weight in the case of a merchant signing on and causing a fraudulent catastrophe.
- D. Merchants should also understand that with a real merchant account they are their processing their own sales either by allowing their customer to enter card data or by the merchant manually entering card data. They are entrusted with very sensitive credit card data. Have you ever noticed that with many 3rd party payment processing providers that are not real accounts often charge much more for allowing merchants access to their Virtual Terminal, which allows the merchant to enter their own sales as needed? Well this is because when the merchant can just take a card number and enter it themselves the risk of fraud does increase, as if the merchant isn't the most honest business person they have the opportunity to steal card numbers and enter the numbers into the Virtual Terminal themselves at will.
This is why many third party providers often offer their "cheap" options as the option that only allows customers to enter their own data and charge much more for the Virtual Terminal, but as many merchants know this isn't always the most feasible or professional way to do business, as sometimes your customers won't want to have to "visit your website" just to pay for a product or service, they may want to pay for it via mail, phone, or even in person. This is where being entrusted to use the Virtual Terminal ethically comes in handy, and if the merchant is not ethical it's ultimately the processor that's responsible for resolving the fraudulent activity (explained more below).
E: Contrary to popular belief the merchant account provider and bank is taking on much more risk than many merchants believe. Here's an example scenario where the merchant should be held responsible for fraud but a processing bank may be:
A merchant applies for an account, without the best intentions, they are approved by the bank's underwriting.
The merchant gets access to stolen card information and manually enters that info themselves via either their Virtual Terminal or Web Interface. Let's say $500.
The real customer, having no knowledge of where this charge originated sees that their card was used fraudulently.
The customer disputes that transaction with their credit card company considering it fraud because they did not authorize it.
The merchant provider/processor attempts to contact the merchant to inform them that they have a chargeback and will have to refund this customer because the customer charged this transaction back with their credit card company and the merchant has no proof of customer authorization (so the customer wins the Chargeback dispute).
The problem is that the merchant had bad intentions to begin with and they're long gone.
In this case who has to refund the customer that money because the merchant is no where to be found? The merchant processor and processing bank does! Though the merchant is responsible for the fraud they cannot be tracked down in this instance but the customer must still be refunded. So the role of the provider in this case is to take care of reimbursing the customer - of course this would make any provider a little cautious about who they sign on.
Operating a business that accept credit cards is, at the end of the day, a responsibility that should not be taken lightly. Think about it, if it were your credit card being used by a business wouldn't you want the bank that's trusting and processing for that merchant has done due diligence to verify that the merchant has good intentions? Sometimes merchants are frustrated that providers turn them away as if only they should be the ones choosing in the process, but when there's so much at stake providers have to ask just as many questions before boarding a merchant as a merchant has to ask before choosing a provider.
Merchant Account Services & Other Payment Solutions
Merchant Account Services & Other Payment Solutions
Merchant services, accepting credit cards online and other payment processing solutions is vitally important to the success of your business. The fact is, your businesses success or failure can depend on whether or not you accept credit card orders. Searching for a good deal from a merchant account provider is a slow and tedious process. Now, we're bringing the merchant accounts to you! That's right, no more time consuming searches on the search engines, because we've done the searching for you. We have both developed an online database providers who issue merchant accounts, and created extensive archives and resources (articles, news and more). MerchantSeek was created to aid you in the process of locating a provider that is right for your businesses needs and budget.
Merchant services, accepting credit cards online and other payment processing solutions is vitally important to the success of your business. The fact is, your businesses success or failure can depend on whether or not you accept credit card orders. Searching for a good deal from a merchant account provider is a slow and tedious process. Now, we're bringing the merchant accounts to you! That's right, no more time consuming searches on the search engines, because we've done the searching for you. We have both developed an online database providers who issue merchant accounts, and created extensive archives and resources (articles, news and more). MerchantSeek was created to aid you in the process of locating a provider that is right for your businesses needs and budget.
Merchant Account Tips
Once you have your merchant account you will need to take necessary precautions to avoid chargebacks and fraud. Here are some tips to follow:
1. Collect CVC2 and CVV2 Verification NumbersThis tactic alone can not only reduce instances of chargebacks by 26%, according to Visa, but also reduce any pass-through fees that may be charged when a credit card order is conducted. On the back of MasterCard, most Visa and Discover credit cards is a 3-digit security code located right after your credit card number. Requiring customers to give the 3-digit code acts as an additional verification measure. American Express cards also have a similar security code that is located on the front of the card right above the cardholder's account number and is usually 4-digits long. Most online payment processors support entering the security codes when processing credit card orders. Check with your payment gateway provider (i.e. Verisign, Authorize.Net, NexCommerce, ECHO Inc., etc) for details.2. Use Address Verification System (AVS)AVS checks to ensure the address entered on the order form matches the address to where the cardholder's billing statements are mailed to. People ordering products and/or services using a stolen card number will never use the real cardholder's billing address, so this is your chance to stop the order before it's too late. AVS only works with orders conducted in the US. Failure to use AVS when processingcredit card transactions will always result in paying higher credit card processing fees.3. Scrutinize orders from developing foreign countriesA large percentage of fraudulent Internet purchases are made from Indonesia, Russia, and other eastern block or developing countries. Accept orders from such countries at your own risk until a worldwide AVS system is developed.4. Let customers know what name will appear on statementsMany merchants who use 3rd Party Processing companies have run into problems because the company name that appears on cardholder's monthly statements is usually the name of the 3rd party processing company and not the company name of the site the cardholder made their purchase from. This isn't always the case, but in many cases it is. If you use a 3rd party processor, and even if you don't, make sure the customer knows what name will appear on their credit card statement at the end of the month. This will help to reduce any confusion that might would otherwise occur.5. Handle suspicious orders accordinglyIf an order seems suspicious the best way to handle the situation is to either call or e-mail the customer and attempt to verify that they placed the order. As a rule of thumb, if in doubt, check things out. It may be a good idea that if a customer makes an unusually large volume purchase from your site to follow-up with a verification call.6. Watch out for orders using free e-mail addressesBe wary of accepting orders from people who used a free e-mail address when ordering (i.e. Hotmail, Yahoo, etc.). Tracking people who used a free e-mail address is almost impossible, it's much easier for them to get away then if they used their Internet Service Provider (ISP) or their own company web site e-mail address. To check whether an e-mail address is a freebie or not just take the part of theaddress after the "@" symbol, add "www" to the front of it and see what website it brings up (i.e. joe@yahoo.com = www.yahoo.com).7. Signatures on deliveryIf your business delivers products use a carrier that requires a signature on delivery, and allows you to have a copy of the signature. Retain these for your records.8. Request fax copies of ID and credit cardYou may want to request your customer to fax a copy of both sides of their credit card and driver's license. This tactic usually works best in a B-to-B (business to business) sales environment. While this is not a defense under Visa or MasterCard rules, it is yet another way to deter fraud.9. Posting a warning messageTaking the time to post a warning message on your order page to those who may attempt to make a fraudulent order will greatly deter the number of instances of fraud. Be sure to mention that IP (Internet Protocol) addresses are being logged. IP addresses can come in handy when locating people about fraudulent orders.
1. Collect CVC2 and CVV2 Verification NumbersThis tactic alone can not only reduce instances of chargebacks by 26%, according to Visa, but also reduce any pass-through fees that may be charged when a credit card order is conducted. On the back of MasterCard, most Visa and Discover credit cards is a 3-digit security code located right after your credit card number. Requiring customers to give the 3-digit code acts as an additional verification measure. American Express cards also have a similar security code that is located on the front of the card right above the cardholder's account number and is usually 4-digits long. Most online payment processors support entering the security codes when processing credit card orders. Check with your payment gateway provider (i.e. Verisign, Authorize.Net, NexCommerce, ECHO Inc., etc) for details.2. Use Address Verification System (AVS)AVS checks to ensure the address entered on the order form matches the address to where the cardholder's billing statements are mailed to. People ordering products and/or services using a stolen card number will never use the real cardholder's billing address, so this is your chance to stop the order before it's too late. AVS only works with orders conducted in the US. Failure to use AVS when processingcredit card transactions will always result in paying higher credit card processing fees.3. Scrutinize orders from developing foreign countriesA large percentage of fraudulent Internet purchases are made from Indonesia, Russia, and other eastern block or developing countries. Accept orders from such countries at your own risk until a worldwide AVS system is developed.4. Let customers know what name will appear on statementsMany merchants who use 3rd Party Processing companies have run into problems because the company name that appears on cardholder's monthly statements is usually the name of the 3rd party processing company and not the company name of the site the cardholder made their purchase from. This isn't always the case, but in many cases it is. If you use a 3rd party processor, and even if you don't, make sure the customer knows what name will appear on their credit card statement at the end of the month. This will help to reduce any confusion that might would otherwise occur.5. Handle suspicious orders accordinglyIf an order seems suspicious the best way to handle the situation is to either call or e-mail the customer and attempt to verify that they placed the order. As a rule of thumb, if in doubt, check things out. It may be a good idea that if a customer makes an unusually large volume purchase from your site to follow-up with a verification call.6. Watch out for orders using free e-mail addressesBe wary of accepting orders from people who used a free e-mail address when ordering (i.e. Hotmail, Yahoo, etc.). Tracking people who used a free e-mail address is almost impossible, it's much easier for them to get away then if they used their Internet Service Provider (ISP) or their own company web site e-mail address. To check whether an e-mail address is a freebie or not just take the part of theaddress after the "@" symbol, add "www" to the front of it and see what website it brings up (i.e. joe@yahoo.com = www.yahoo.com).7. Signatures on deliveryIf your business delivers products use a carrier that requires a signature on delivery, and allows you to have a copy of the signature. Retain these for your records.8. Request fax copies of ID and credit cardYou may want to request your customer to fax a copy of both sides of their credit card and driver's license. This tactic usually works best in a B-to-B (business to business) sales environment. While this is not a defense under Visa or MasterCard rules, it is yet another way to deter fraud.9. Posting a warning messageTaking the time to post a warning message on your order page to those who may attempt to make a fraudulent order will greatly deter the number of instances of fraud. Be sure to mention that IP (Internet Protocol) addresses are being logged. IP addresses can come in handy when locating people about fraudulent orders.
Merchant Account Rates
Application/Setup: $0 - $100+ (one time fee)Most providers have an application fee. Some charge it right out at the beginning, while others add it into the solution purchase/lease costs. Some providers do not have an application fee at all.Hardware/Software: $99 and up or Lease: $20/month and up.One important note worth mentioning here, though leases are sometimes beneficial to you because they keep you from paying up front for a terminal, it's usually much better to purchase from the beginning than pay a lease for the next 12, 24, 36 or 48 months. Why? With a lease you'll end up paying sometimes 3 times or more then if you would of just purchased the solution outright from the beginning. While a $29.95 monthly lease for 48 months sounds good in reality it isn't. Leases are very hard to get out of once started. If your business goes under before the 48 months are up, you still have to pay on the hardware/software costs until the last penny has been received by the leasing company. Also, the lease fee you seedoes not include your state sales tax or the amount charged for the damage/loss waiver. If you do go for the lease, always determine the lease's buyout clause, end of lease terms, and especially beware of clauses that allow the lease company to continue charging you even after the 48 months have passed (they say that you should contact them in writing one month prior to the end of the lease, or you can just let them keep charging you).Programming: $0 - $100+ (one time fee)This usually only applies to retail merchants who have changed from one provider to another. The programming process isn't difficult but watch out for the cost, someproviders may nickel and dime you on programming fees. Why do they charge this fee if you use your own equipment? It's used to somewhat make up for the loss of not selling or leasing you their equipment.Discount Rate: 1.49% - 4% per transactionThis is the fixed percentage amount that is deducted from the purchase cost. The lower discount rates are for retail establishments while the higher are for Mail Order/Telephone Order (MOTO) and Internet-based businesses. Why the lower cost for retail? The instances of credit card fraud are much lower so banks are able to charge lesser percentages for these types of businesses. A typical discount rate for US business is right around 2.30% for online and 1.79% for retail, perhaps a little higher or a little lower.Non-US businesses will pay a higher discount rates closer to the 3% to 4% range.Don't let a few tenths of a percentage point be the deciding factor between two providers. For example, if Provider "A" charges 2.29% and Provider "B" charges 2.49% you'll only save $0.20 for every $100 processed through your merchantaccount.Transaction: $0.20 - $0.50 per transactionIn addition to the discount rate a transaction fee is also deducted from the purchase cost. Also, just as with discount rates, transaction fees are lower for retail businesses while slightly higher amounts are charged for MOTO and Internetestablishments. Address Verification (AVS) may either cost an additional fee, or may be included in the base transaction fee. The typical transaction fee for US businesses is right around $0.30 while the higher end of this fee is sometimes the case for Non-US businesses.Monthly Minimum: $0 - $25 per monthThe fee is based on your transaction and discount rate fees from your credit card sales each month. For instance, say your bank charged $25 as a monthly minimum, the transaction and discount rate fees collected by the bank must equal or go over$25 each month. If this is the case no monthly minimum will be charged. However, if the fees collected for that month do not meet the $25 minimum, you will then be charged the difference. Not all processors have a monthly minimum fee, however most do.Gateway Access: $0 - $25+ per monthSince in most cases, the Secure Payment Gateway provider (e.g. Authorize.Net, VeriSign, etc.) is a separate company from the Merchant Processor, they charge extra fees. For every month that you are on their system, you usually pay an access fee.The usual fee to pay for gateway access is around $10.Statement: $0 - $15 per monthThe statement fee is charged because at the end of each month you will receive a statement from your processing bank that will list all the transactions that went through for that particular month. It's very much like your credit card or telephone bills.Daily Close-Out: $0 - $0.15 each dayAssociated with software and terminal processing solutions where at the end of every business day you close-out all your transactions. Many providers do charge this daily closeout fee.Address Verification System (AVS): $0 - $0.05 per transactionThe AVS service checks to see that the billing address given by the customer matches the credit card. If you opt not to use AVS, VISA and MasterCard will not support your transactions and will charge you an additional 0.17% to 1.25% on those sales. Most merchant accounts do have an AVS charge, even if it's bundled with your transaction fee. The AVS service works only with US credit card holders. Currently, there is no AVS service in place for non-US credit card holders.Chargeback: $5 - $35 per instanceA chargeback occurs when the cardholder disputes a charge that they found on their monthly credit card statement. A large number of chargebacks can cause your merchant account to be dropped totally and leave you in a bind when trying to get another merchant account for your business. If this is the case you may not be able to get another merchant account for several years. As a merchant it is important that you take the necessary steps to reduce and potentially eliminate the instances of chargebacks.Reserve: Varies, ask the provider for detailsSome providers will require you to have a reserve account where the amount is determined by your businesses estimated sales receipts. Usually a reserve is almost always charged to a Non-US based merchant who is trying to obtain a merchant account. Also, businesses that do a high volume of sales each month may be charged a reserve fee. Otherwise, there usually isn't a charge. In most cases, the reserve fee is used to cover for any chargebacks on the merchants account. A reserve should be avoided if all possible.
Annual Fee: $0 to $100 per year
Some credit card processors will charge this fee just as additional way to pay for maintenance and system upgrades. This fee usually isn't disclosed upfront. Ask your merchant account sales representative for information.
Annual Fee: $0 to $100 per year
Some credit card processors will charge this fee just as additional way to pay for maintenance and system upgrades. This fee usually isn't disclosed upfront. Ask your merchant account sales representative for information.
Explanation of Credit Card Processing Solutions
n order to process credit and debit cards through your merchant account, you need to decide which processing solution is right for you.
Retail Swipe Terminal - This particular solution is for retail and storefront merchants who see their customers face-to-face. This type of solution incurs the lowest merchant account processing fees since you actually are able to swipe the customers credit card through the terminal. It is believed that orders that are swiped have a lower fraud risk, hence the reason for the lower processing fees. Check out our Complete Guide to Retail Merchant Accounts & POS Swipe Terminals.
Real-Time Processing - This is the solution for businesses on the Internet. Real-Time allows you to automatically process credit card orders through your merchant account with no assistance needed on your end. Everything is automated, and the funds transferred into the merchant account, from the cardholder, is deposited into your business checking account, within a few days. All Real-Time solutions are secure and the purchase of a secure certificate is not usually required. Get more information on a real-time internet merchant account.
Virtual Terminal - If you are a merchant on the Internet and expect to receive orders via phone, fax or mail then getting a Virtual Terminal solution (along with a Real-Time processing solution) is the best route to go. The Virtual Terminal is a secure website where you login and manually type in a customers credit card information. Once the information is submitted, it is securely processed and funds are then deposited into your merchant account within a few days. A Virtual Terminal can be accessed securely from any computer connected to the Internet. Most all Real-Time processing solutions also come with a Virtual Terminal at little or no additional cost. Virtual Terminals can also double as good mobile processing solutions, click here for more information.
Wireless Merchant Solutions - There are two types of mobile solutions, solutions that allow you to swipe a credit card in a mobile environment and Touch-Tone solutions that allow you to manually enter card information into a touch-tone phone. The Touch-Tone solutions are usually good for smaller mobile merchants that want to process credit cards in a mobile environment without high startup costs. The wireless swipe terminal solutions are great for merchants that don't mind purchasing the terminal up front (purchasing is usually better than free terminal options as often times free terminals come with hefty termination fees). Both the touch-tone and wireless swipe solutions have benefits, it really depends on your business needs in the area of credit card acceptance. Find out more about available wireless merchant account options.
Retail Swipe Terminal - This particular solution is for retail and storefront merchants who see their customers face-to-face. This type of solution incurs the lowest merchant account processing fees since you actually are able to swipe the customers credit card through the terminal. It is believed that orders that are swiped have a lower fraud risk, hence the reason for the lower processing fees. Check out our Complete Guide to Retail Merchant Accounts & POS Swipe Terminals.
Real-Time Processing - This is the solution for businesses on the Internet. Real-Time allows you to automatically process credit card orders through your merchant account with no assistance needed on your end. Everything is automated, and the funds transferred into the merchant account, from the cardholder, is deposited into your business checking account, within a few days. All Real-Time solutions are secure and the purchase of a secure certificate is not usually required. Get more information on a real-time internet merchant account.
Virtual Terminal - If you are a merchant on the Internet and expect to receive orders via phone, fax or mail then getting a Virtual Terminal solution (along with a Real-Time processing solution) is the best route to go. The Virtual Terminal is a secure website where you login and manually type in a customers credit card information. Once the information is submitted, it is securely processed and funds are then deposited into your merchant account within a few days. A Virtual Terminal can be accessed securely from any computer connected to the Internet. Most all Real-Time processing solutions also come with a Virtual Terminal at little or no additional cost. Virtual Terminals can also double as good mobile processing solutions, click here for more information.
Wireless Merchant Solutions - There are two types of mobile solutions, solutions that allow you to swipe a credit card in a mobile environment and Touch-Tone solutions that allow you to manually enter card information into a touch-tone phone. The Touch-Tone solutions are usually good for smaller mobile merchants that want to process credit cards in a mobile environment without high startup costs. The wireless swipe terminal solutions are great for merchants that don't mind purchasing the terminal up front (purchasing is usually better than free terminal options as often times free terminals come with hefty termination fees). Both the touch-tone and wireless swipe solutions have benefits, it really depends on your business needs in the area of credit card acceptance. Find out more about available wireless merchant account options.
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