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Category Archives for "Merchant Account Tips and Techniques"

Finding the right merchant account provider for your business can be difficult. We help you understand what a merchant account does. Also we help you locate a merchant account provider.

BluePay POS

Company: BluePay

Website: BluePay

Products: Merchant Accounts, Virtual Terminal, Mobile Payments, E-Commerce Payments

BluePay POS processing solutions are optimal for businesses seeking protected, efficient credit card consent at the factor of sale.

License charge card, debit cards and checks nearly immediately
Pick from a variety of POS software as well as processing tools that ideal fits your demands
Boost security with PCI-compliant processing solutions

POS SYSTEMS FOR FAST, EASY TRANSACTIONS
Licensing transactions efficiently at the point of sale is required to make certain that your service maintains a constant cash flow and a safe and secure network. A POS system consists of a credit card module constructed into your computer system, as opposed to a stand-alone terminal. BluePay POS systems enable vendors to figure out whether a cardholder is an authorized individual with enough credit score– just moments after swiping the card.

PCI SECURE PROCESSING AT THE POINT OF SALE
Safeguarding your organisation’s delicate information as well as consumers’ credit card information is critical to reducing the threat of credit card scams and securing your organisation. BluePay’s credit card POS systems comply with PCI safety criteria, enhancing your company’s reliability as a safe and secure, liable vendor. Keep your business and also your consumers secure with BluePay.

Learn more here.

BluePay’s virtual payment processing terminal

Company: BluePay

Website: BluePay

Products: Merchant Accounts, Virtual Terminal, Mobile Payments, E-Commerce Payments

BluePay’s virtual payment processing terminal is a convenient remedy, allowing merchants to hand-key or swipe credit score, debit or ACH purchases, 24/7, from any kind of gadget with a Net link.

Streamline the payment process for your business
Do safe and reliable consents with no ahead of time equipment expenses
Safeguard sensitive credit card information with BluePay’s PCI-compliant remedies

RELIABLE, COST-EFFECTIVE VIRTUAL MERCHANT ACCOUNT
If you possess a small business, work from residence or in the field, or accept payments mostly from mail order and/or telephone order sales, BluePay’s virtual terminal assists streamline your payments for fast, efficient and also secure service. Our virtual payment processing terminals do not call for added equipment, committed phone lines or expensive upkeep, permitting simple startup and decreased costs.

Virtual Credit Card Terminals with PCI Security
At BluePay, we make protection a leading priority for each client. PCI compliance is a requirement for any type of company that accepts credit card payments. All our payment processing remedies are backed by PCI certified protection functions created to safeguard you and also your clients.

Learn more about Bluepay here.

What is a basis point?

What is a basis point and why you should care?

So what is basis point anyway? Basis points refer to a common unit of measure for interest rates and other percentages in finance. One basis point is equal to 1/100th of 1%, or 0.01%, and is used to denote the percentage change in a financial instrument. The relationship between percentage changes and basis points can be summarized as follows: 1% change = 100 basis points, and 0.01% = 1 basis point. The basis point is commonly used for calculating changes in interest rates, equity indexes and the yield of a fixed-income security. It is common for bonds and loans to be quoted in basis point terms.

It could be said that the interest rate offered by your bank is 50 basis points higher than LIBOR. A bond whose yield increases from 5% to 5.5% is said to increase by 50 basis points; or interest rates that have risen 1% are said to have increased by 100 basis points. Or, if the Federal Reserve Board raises the target interest rate by 25 basis points, it means that rates have risen by 0.25% percentage points. If rates were at 2.50%, and the Fed raised them by 0.25%, or 25 basis points, the new interest rate would be 2.75%. By using basis points in conversation, traders and analysts remove some of the ambiguity that can arise when talking about things in percentage moves. If a financial instrument is priced at a 10% rate of interest and the rate experiences an increase of 10%, it could conceivably mean that it is now 10% x = 11% OR it could also mean 10% 10% = 20%. The intent of the statement is unclear. Use of basis points in this case makes the meaning obvious: if the instrument is priced at a 10% rate of interest and experiences a 100 bp move up, it is now 11%. The 20% result would occur if there were instead a 1,000 bp move. The Price Value of a Basis Point is a measure of the absolute value of the change in price of a bond for a one basis point change in yield. It is another way to measure interest-rate risk, similar to duration which measures the percent change in a bond price given a 1% change in rates. Instead of using a 100 basis point change, the price value of a basis point simply uses a 1 basis point change. It does not matter if there is an increase or decrease in rates, because such a small move in rates will be about the same in either direction. This may also be referred to as DV01, or the dollar value change for a 1 bp move. The “Basis” in basis point comes from the base move between two percentages, or the spread between two interest rates. Because the changes recorded are usually narrow, and because small changes can have outsized outcomes, the “Basis” is a fraction of a percent. We hope this helps you understand “What is a basis point?

Helcim Review

Helcim Review

Have you heard of the payment processor in Canada called Helcim? Here is a short Helcim Review. They offer a wide range of solutions to accept credit card such as Virtual Terminals, Mobile Apps, Credit Card Machines and Internet Payment Gateway. They’ve made huge progress by being very straight forward about credit card payment processing fees. This company educates merchants on some of the less attractive parts of the payment processing industry and provide some of the most useful information you’re likely to find. Payment gateway: If you opt for the upgraded internet account, you get a payment gateway that allows you to sell online. In other words, there is a cost of taking a credit card payment for American Express plus a fee to Helcim. Charity Accounts: If you’re a non-profit organization, you can get lower payment processing fees. Many small merchants cannot get this kind of pricing because they don’t have enough volume to force the payment provider to make a deal. Includes gateway for: shopping cart integration, credit card vault, recurring billing, payment page, email invoicing,Sample Mobile Plan:0. Most payment processors will based volume tiers on the number of transactions. We’ve not seen a payment processor go into this much detail before. The relationship between the merchant and payment processor can often sour. Read more of our Helcim Review here.

Canada Merchant Accounts

Canada Merchant Accounts

If you’re a business in Canada, you will need a Canadian payment processor and a Canada Merchant Accounts. Here is more about Canada Merchant Accounts.When deciding which payment processor to pick in Canada, there are a couple points to bear in mind. Some payment processors provide you with your own merchant account. You will certainly additionally have accessibility to a wider range of repayment channels/products which will certainly allow you to do business in more means and in even more places. OntarioPayment Gateway, Mobile Payments, POSA full featured set of payment productsHelcimCalgary, AlbertaPayment Gateway, Mobile Payments, POSPricing transparency, online tutorials, productsChase PaymentechCanadian Offices in TorontoPayment Gateway, Mobile Payments, POSWell known payment processor with thousands of merchants in the USMonerisTorontoPayment Gateway, Mobile Payments, POSThis may be the biggest payment processor and merchant account provider in Canada. From shopping credit card processing to cordless as well as mobile options, Canadian merchants can appreciate fast, protected as well as effective payment remedies that aid enhance earnings as well as enhance client service. BluePay repayment entrance and also incurable choices are additionally available in Canada. Location:Canadian Office in Toronto, Ontario CAProducts: Credit card payments, virtual terminal, mobile payments, EMV credit card terminals, and a payment gateway. This may be the simplest fees we’ve ever seen in the payment industry. If this is your first time doing business with a payment processor you may want to start with Helcim. They’ll walk you through the specifics of payments. Location:Calgary, Alberta CAProducts: Credit card payments, virtual terminal, mobile payments, EMV credit card terminals, and a payment gateway. Helcim charges budget friendly costs as well as has among one of the most transparent sales plans of any kind of processor available, Canadian or otherwise. Chase Paymentech is a very strong choice if you’re looking for a respectable processor offering solution in Canada. With a huge business like Chase, you’re not mosting likely to get the level of consumer treatment you will certainly with a smaller processor like Helcim. Some customers additionally experience pricey and also unreasonable incurable lease agreements with Chase Paymentech. These guys are a huge payment processor and with their massive volume they can make deals. Here also are some alternative payment providers to consider if you’re just getting started and you don’t yet have a lot of payment volume. Stripe-> online and mobile settlements2Checkout-> online as well as mobile repaymentsSquare-> retail brick-and-mortar businessesPayPal-> brick-and-mortar, mobile, and also online payments. Learn more about Canada Merchant Accounts here.

Credit Card Processing Fees

Credit Card Processing Fees

Who are the parties involved in a credit card purchase? Where Do They Fit Into a Deal? Types of Costs and Credit Card Processing Fees. Prior to you can start to understand processing costs, you need to know about the parties included with credit card processing fees. Now that we’ve covered all the parties included, let’s talk about the various types of costs in any given credit card purchase. In addition to transactional costs, you may be demanded some flat charges as well. All of the above costs fall into one of two classifications: wholesale costs, and margins. Your wholesale charges are specifically like they sound- the wholesale cost of your sales transactions.

These costs are established by the credit card issuing financial institution and the credit card associations. Markup costs are various from processor to processor and are what you should be contrasting when preparing to open a new merchant account. Each card association publishes their interchange and assessment costs online. These are costs paid to the Payment Card Industry, either for noncompliance or compliance. In the case of noncompliance, you have to pay because your business is not upholding PCI standards, which could cost you even more money in the long run. These are costs that are charged each month, usually for the purpose of covering call center costs. Ironically, most of the phone calls that come in are the result of mistakes made by the merchant account providers, making them the cause of their own costs. These are costs charged to merchants who do not reach a certain transaction total for the month or year. These are charges charged to cover printing and mailing costs for credit card statements. Some merchants bypass these costs by using electronic bill statements, but others pay as much as $20 a month for miscellaneous processing costs. IRS Report Costs: These are costs that merchant account providers charge in exchange for reporting transaction information to the IRS. The card networks charge certain non-negotiable costs that are passed through to the merchant, such as the FANF.Incidental Costs. If you don’t have enough funds in your bank account to cover your merchant account expenses, you will be assessed a NSF cost. Rather all transaction cost the exact same portion and transaction cost, regardless of the wholesale cost. Learn more about credit card processing fees here.

Non-Profit Credit Card Processing

Non-Profit Credit Card Processing

There are several reasons why cash is generally unpopular for donations while credit cards are popular. Credit cards offer a record for donors to use when they do their taxes. Credit cards offer an incentive or some sort of rewards program for usage. Credit cards can be automated donation payments that happen every month or year. So your chances of getting donations could be higher when you offer credit cards. Credit card payments can mean less work for the non-profit as well. Here is more about Non-Profit Credit Card Processing.

You may be able to partner with the credit card company or bank that issued the credit card to your donor. So there is likely some form of cooperation you can achieve when the bank or credit card company knows that their customers are also your donors. Credit card payments can mean less work for your organization. Credit card and debit card based donations can mean more donation volume for you as opposed to cash only donations. Bank that issue credit cards and the credit card companies themselves might be willing partners for some cooperation for your non-profit. If you are a nonprofit organization, you can sometimes reduce your credit card processing rates just by asking your payment processor. Credit card processing fees can change a lot depending on the company that does the processing and how the processing is handled by the provider. All card payments are assessed an “Interchange” fee. These are fees paid to the banks that issue credit cards to your customers and the fees paid to the credit card companies. Look in our diagram and you’ll see the parties involved in a credit card transaction. You’ll see your customer, you the merchant, bank processor and then the credit card network followed by the bank. Interchange fees are set and are generally non-negotiable and these fees are paid to the bank who issued the credit card to your customer and to the credit card network. If you already accept cards, ask your processor about ways to lower your rates. You may need a USB card swiper to plug into your computer. Learn more here.

Authorize.Net

Authorize.Net offers a lot of features such as subscription or recurring billing, fraud prevention, a checkout system, and customer data storage. Here is our review.

Customer Data: Customer data storage option is for shipping addresses and payment information so that your customers won’t have to reenter the same information time and again when they make a purchase from you. This is good if you’re selling to customers who do not use credit cards. This allows customers without credit cards to purchase from you using their checking account. It’s common sense that customer are more likely to shop if they don’t have to re-enter their payment info every time they check out. Your customers can store multiple shipping locations and payment methods. A $25 fee for chargebacks is when a customer disputes a transaction. You’ll probably be able to find your solution without calling customer service. Customer Information Manager or CIM enables you to move your customer data. Net CIM extension is a custom e-commerce payment solution to allow for stored billing data on Authorize. This powers faster checkout and repeat orders easier for customers and merchants. Customers or administrators can manage their card data to add, edit or remove cards.

Credit card processing fees

Credit Card Processing Fees Explained

Credit card processing fees are extensive, complicated, and somewhat overwhelming. Before you can begin to understand processing fees, you need to know about the parties involved with them. Now that we’ve covered all the parties involved, let’s discuss the different types of fees in any given credit card transaction.

Flat Fees
In addition to transactional fees, you may be charged some flat fees as well.

Incidental Fees
Flat fees are always charged, but incidental fees only appear per incidence. All of the above fees fall into one of two categories: wholesale fees, and markups. Wholesale FeesI’m using the term “Wholesale” to help you picture the meaning behind this type of fee, but it can go by other names as well, like, “Base fee” or “Pre-markup” etc Your wholesale fees are exactly like they sound – the wholesale cost of your sales transactions. These fees are determined by the credit card issuing bank and the credit card associations. In other words, don’t try to shop around for lower wholesale fees or rates from various credit card processors. MarkupsYour markup fees are how your credit card processor is planning to make a profit from your business.

Interchange Reimbursement Fees and Assessments: These are the fees the card-issuing banks and the credit card associations charge for each transaction, and they represent the largest expense merchants pay per sale and per month. Interchange fees typically consist of a percentage of each transaction accompanied by a flat per transaction fee. Examples of these non-negotiable interchange and assessment merchant account fees include: Merit 1/ecommerce/CNP fees, NABU/APF/data usage fees, Dues and assessments. Each card association publishes their interchange and assessment fees online. Flat Fees. Terminal Fees: These are charged to merchants who have physical stores, where they directly swipe a customer’s card. Payment Gateway Fees: These are similar to terminal fees, but they are applied to ecommerce businesses instead. PCI Fees: These are fees paid to the Payment Card Industry, either for noncompliance or compliance. Annual Fees: These are fees charged every year to cover the basic use of a provider’s services. Learn more here.

Do I Need a Chip Card Terminal?

Do I Need a Chip Card Terminal?
“The chip cards are coming. The chip cards are coming. If you haven’t already heard, the instatement of EMV cards is imminent in the US. It’s not the end of the world if you don’t start running with the rest of the lemmings right away, but you will be at greater risk for fraud liability if you process a counterfeit chip card come October 2015. For starters, EMV stands for “Europay, MasterCard and Visa,” which set out to create world-wide standardized protocols for so-called “Integrated circuit” cards and the hardware necessary to accept these cards. This was no easy task, but by 2005 – almost a darn decade ago – chip cards became status quo in the EU. These cards are manufactured with a small integrated circuit in the card. Payment data is read from this chip instead of from the magnetic stripe. First, the chip itself is more difficult and expensive to counterfeit. Thus, while info from a magnetic stripe can be “Skimmed” easily, chip information is much more complicated to glean. While the effectiveness of EMV cards in thwarting fraud is debated, this is kind of beside the point as far as we are concerned. If you want to keep on processing cards with the magnetic stripe and say screw it to the whole EMV protocol, you are currently free to do that. You won’t lose any business, since smart cards still have a magnetic stripe as a back up. The Timeline for EMV Chip Card Liability Shift in the US.April 19, 2013 – Maestro shifted liability for international chip cards used in the US.October 1, 2015 – Visa, MasterCard, American Express and Discover liability shift for POS terminals. “But no one is using chip cards, this doesn’t even matter.” Get ready to see a massive increase in chip cards at your register as the card networks begin to implement the change. There is always the chance that no one will ever present a counterfeit chip card at your register. Let us know what you think of smart “Chip” cards, and whether you’ll be upgrading your terminal.