Credit card payment processing is a vitally important part of retail and online payment growth. Merchants without credit card processing systems are at a major disadvantage in today’s challenging economy without this capability. As a result, Bankcard New York has observed that, since hardware is usually the most expensive investment when starting a credit card processing system, merchants will benefit from a “no cost” free equipment approach. This is a vital cornerstone of the Bankcard New York merchant credit card processing services program.

Bankcard New York has pioneered the concept of free terminals, with installation of POS terminals included as part of the package. These terminals are essentially highly functional instant payment gateways and they are very compatible with shopping cart software. It has been pointed out that POS terminal installation for credit or debit processing is a safer option that phone transactions. Phone verifications take longer to complete and there is no assurance of funds availability. There is also the risk of financial loss from the transaction.

Different types of fees are frequently charged by credit card processors. Discount fees are common and vary, so it’s important to analyze which discount fees are the most relevant to your merchant credit card processing needs.

Discount fees generally apply to the percentages charged by the processor for each transaction. The percentage is determined through an evaluation of credit history, amount of credit card transactions anticipated and the type of business. Usually, discount rates are based upon two types, including businesses that offer signature-less services, including online payments, and for retail or physical transactions.

There are numerous other fees that can be charged by merchant credit card processing companies, including an application fee, start up fee, activation fee, statement fee, monthly minimum fee, payment gateway fee, charge back fee and termination fee. Bankcard NY recommends that business owners carefully decide which services are important to the revenue stream of the business.

Want to find out more about merchant credit card processing, then visit Bankcard New York’s site on how to obtain free terminals for your needs.

The risk of credit card fraud is always looming over credit card companies and businesses that accept card payments. The challenge is more daunting for e-commerce website owners and mail order companies where the credit card information is provided by someone who may or may not be the lawful card holder. Brick-and-mortar store businesses, on the other hand, use machines to swipe cards and the customer is on hand during the transaction. Though this does not do away with the risk of getting conned, it does lessen it to some extent.

Credit and debit card fraud is the No.1 fear of U.S. residents caught in the global financial crisis. (Source: Unisys Security Index: United States, March 2009). According to the Javelin Strategy & Research, “Identity Fraud Survey Report,” February 2010, the number of U.S. identity theft victims rose 12% in 2009 and the annual fraud amount equaled $48 billion.

In some cases, bank issuing the card provides some coverage to merchants if they have precisely complied with all of the bank’s card acceptance and processing specifications. Even then, the business is not clear of loss as it will still see some charge backs. Credit card processors employ fraud protection measures to prevent fraud but you must also make an effort to minimize the risk of credit card fraud. Here are some tips:

Examine orders for full facts

Do not accept orders if all the required fields are not provided by the buyer. An address authentication via the credit card processing service’s AVS (Address Verification System) service is effective as most fraudulent transactions fail this check.

Confirm billing and shipping address

Be wary of orders with different shipping and billing addresses. When an existing client does this as a norm, it isn’t worrying. In other cases, call the customer and confirm. It doesn’t take much time and saves you from future problems.

Verify addresses from websites

You can check the addresses and phone numbers of customers using web people search websites such as whitepages.com, anywho.com, and others.

Be suspicious of free email ids

Most credit or debit card scammers use free of cost email accounts like Gmail, Yahoo, Hotmail, etc. Though these email accounts are also popular with authentic customers,.

Record every detail of the sale

Record the IP address of clients when they are visiting your e-commerce website or making a purchase. Also document the date and time of the visit, and phone chat details if any. Add the caller ID and any other facts to the order details. By any chance, if this is a credit card fraud situation, this documentation will be very helpful.

Be cautious of new buyers placing orders of high amount

If a first-time buyer places a large first order, exercise caution. If they also ask for overnight delivery services, you should call the customer and make sure she knows about the order.

Get the CVV number in the order form

Your order form should ask customers to enter the Card Verification Value (CVV) number that is printed on the rear of credit cards. Your billing software should store this number and pass it to the credit card processor for verification. This reduces the risk of fraud as criminals typically only have the credit card number to go with.

Caution and observance of processing rules do not eradicate credit card fraud but are definitely effective in alleviating it. Follow the aforesaid strategies to protect your business and your customers.

Daljeet Sidhu. Compare Credit Card Processing Rates. Credit Card Processing for Small Business advice.

Historically banks have played a leading role in credit card processing. Speculating the reason for this is not difficult. Merchants had been banking with traditional banks for years and it was not too tough to get them to sign up for credit card processing service. Their merchant accounts could be easily linked with point of sale machines and the bank could get a percentage for moving that money thus establishing an additional revenue stream for themselves .

In recent years however, banks have been losing their dominance to third party credit card processing companies. This is not accidental. Attractive pricing supported by solid technology has helped the third party credit card processing companies make significant inroads into the industry.

Banks were under the assumption for a long time that since the merchant account was held by them, were entitled to sell every other service associated with merchant funds. They did not understand that the customer is always shopping for the best deal and they leave if your competition is offering better rates and service.

It is inappropriate to assume that customer desires a one stop shop for financial services. Instead, they are looking for the best deal and flawless customer service. They don’t care whether they get the best deal at a single place or have to source it from multiple vendors. It is here that the third party credit card processing companies scored over banks. They had a strong business proposition of bettering the banks’ offering at a lower price.

This business proposition was hugely facilitated by the arrival of the internet. It changed all norms of the business world. Thanks to economical and quality connectivity provided by internet, third party credit card processing companies are able to process credit cards correctly and inexpensively . Servicing even smaller merchants became viable without charging them exorbitant rates. Earlier, such service made available only by large banks, now a multitude of technically savvy outfits which provide if not more but equal value have come up to service the merchants.

Of course, having all services provided at a single point is a great convenience. It saves a lot of time and effort otherwise spent in coordination. But it is necessary to cautiously consider the costs too. Businesses would be keen on enhancing their relationship with the bank especially if they have had their accounts with them for years. But they would want to get a good deal as well. It is important to stress the other key service areas as well in addition to rates and charges: internet processing, no signature processing etc.

The third party credit card processing companies are playing a critical role. They assist businesses negotiate better with their banks. Banks are no longer complacent due to the strong competition and are adjusting their mode of operation to take the new competitors head on. Eventual winner is the consumer – the business, irrespective of who they decide to partner with, they are assured the best deal.

Daljeet Sidhu is at Tradeseam B2B Marketplace. Compare Credit card processing quotes.

Why do you need an online credit card processing system? You want to be able to make online sales, right? Of course you do; all online merchants want to make buying online easier for their customers. For this, you need a good payment gateway that will do the job right every time. And this isn’t something you want to take on by yourself. While the process isn’t difficult, setting up the infrastructure and ensuring your and your customers’ online security isn’t something anyone can do.

It works like this. Customers go to your website, find something they want to buy and input their credit card information into your site. You, as the merchant, then submit that transaction to your online credit card processing system using a secure connection or wireless device. The company running your system receives the financial information and sends it to your bank processor.

At this point, your bank submits all of the information to the credit card network, made up of a number of financial entities that deal with processing, clearing and settling transactions made through all online credit card processing systems; then sends the transaction along to the bank that issued the customer’s credit card.

At this point, the customer’s bank will approve or decline the transaction based on how much money or available credit the customer has with that account. Once that decision is made, it is sent back to the credit card network and shuttled back to your bank. The company running your online credit card processing system finds out the result from your bank, which in turn notifies you and/or your customer if the transaction was approved.

Sounds lengthy and a little complicated, right? It actually only takes a few seconds to complete, so once the information is inputted you’ll know right away if that sale is going through, which is good for you and your customers.

You don’t actually get paid right away; the customer’s bank follows the same step as does approval for the transaction when it sends the money, although it bypasses the online credit card processing system and goes straight from the network to your bank. This generally takes a few business days.

Today’s solutions for online merchandising are as easy as swiping a credit card at the store, and it offers far better hours and good security for all your customers while providing you with access so you can manage the transactions in your account. This allows you to focus your efforts on growing your business while you leave the financial transactions to the experts.

If you want to find out more about the best online credit card processing, then visit PayLeap and choose the most effective online credit card processing anywhere online.

categories: online credit card processing, payment gateway, credit card processing, transaction processing, merchant processing, merchant account, merchant, business, ecommerce

Picking out a credit card processing service brings up some vital questions such as Will the service add to the revenue from my trade?, What will the rates be like?, Will they be dependable?, Are they responsible?, and more. The internet is an excellent tool for searching out credit card processors. But how do you decide which processing service is the solution for your trade requirements?

Here is an analysis of some of the key factors in selecting a credit card processing service for your business:

Credit card processing fees

The fee charged for service is logically an important consideration. You want a service that is within your means and well worth its price. The types of fees charged by processors vary but the most common are explained below:

- Startup fee: A lot of card processing firms do away with this fee. Others collect this fee as a “one time” charge. It ranges around $250.

- Gateway fee: If you have an online store, you will need a payment gateway to accept credit card payments. Payment gateway providers charge a monthly fee that ranges widely from $10-$50.

- Statement fee: Majority of service firms levy a statement fee that averages around $10 per month.

- Monthly minimum fee: A monthly minimum fee ranging from $20 to $30 is billed to ensure at least some revenue from each merchant.

- Transaction fee: This fee is common to all card processing services. A fixed sum that varies from 24-35 cents is collected for each transaction processed. In addition, the service also charges a cut (discount rate) that amounts to 2.14%-2.40% per transaction.

- Address verification fee: Address verification is an additional security measure to protect businesses from credit card deceptions. Many agencies charge a fee for this service. The charge for verifying addresses is around 5-10 cents per address.

Desirable features in a credit card processing service

Once you know the costs, you need to verify if the service can serve all your business requirements. List your requirements against the offerings of the processor.

Type of credit cards accepted

Record the typical types of cards used by your customers or the card types you would like to accept. Then, check if the credit card processing service accepts them. Frequently used card types are Visa, MasterCard, Discover, and American Express.

Kind of services

A credit or debit card processing service should offer all the services needed to manage payments in physical stores or e-commerce websites.

Some services that should be part of the deal are:

- merchant account

- virtual terminal

- electronic check clearing services

- point-of-sale (POS) terminals

- shopping cart

- recurring billing

- reasonable payment clearing period

Credit card processing security precautions

Credit card transactions are vulnerable to fraud and thefts. Credit card processing services should provide necessary security features such as:

- fraud protection

- CVV2 verification

- real time processing

- address verification

- SSL and encryption

Customer support services

What makes credit card processing services trustworthy? An almost zero error rate and always available customer support service. Service providers should be able to render help as and when required. Basic customer support includes:

- customer support numbers, email, fax, and work timings (24×7 is always preferable)

- fixed response times

- toll-free telephone number

- live online chat, if required

Businesses should compare costs and services across the market before finalizing a service provider. The contract should not only be affordable but also satisfy all your requirements.

Daljeet Sidhu. Credit Card Processing for Small Business advice. Compare credit card processing quotes.

Online payment systems are a necessary part of ecommerce for all concerned, from individual stores to both small and large corporations. Providing high quality merchant accounts can best be done by identifying those attributes that you will require, including the following:

You will need to look at all the price and service components of the service. You should look for an account provider available at all times; you will need him to answer questions and to help you solve problems on an ongoing basis. Clear procedures should be in place so that poor service just never happens. Pricing for all the components of your account service should be clear from the beginning, so that price and service never become issues.

There are a growing number of providers of ecommerce software. Become familiar with the issues, both pro and con, of a company’s software before committing to its use; the software you use must be compatible with your needs and pretty much glitch-free in its operation.

The installing of your software choice should be simple and straightforward; having made your choice, you will want it online and working for you as quickly as possible. You need quick systems integration, what to expect from your program and how soon it will all be in place, so that your new software can begin to help increase and solidify your online business.

And, of course, search out a company with a history of quality service. Merchants need accounts that offer large-scale transaction ability and total security. The software driving the program should have a multi-pronged approach to processing payments from any origin. Look for a system which allows consolidation of all payment options into an integrated whole.

Versatility and ease of use are important in your merchant account. In other words, it needs to be easy to operate and it needs to have all the functions you need. Anything that isn’t necessary to your particular operation needs to be eliminated; your goal is growth of customer sales, not learning how to manage your account system. Your customized system should be able to deal securely with a diversity of procedures, including all possible payment methods from one-time single purchases to global conglomerate and repetitive payment programs. And, of course, you need constant access to updated data and reports.

Your merchant account, then, should be adaptable, able to provide for all of your needs as you change and grow. It should be absolutely secure. And it should provide its services in a user-friendly manner. Your merchant account is your lifeline to internet commerce.

If you want to find out more about the best merchant accounts, then visit PayLeap and choose the most effective Internet merchant accounts anywhere online.

Online merchant accounts have developed to meet the needs of the rapidly growing internet ecommerce. These accounts are versatile, useful, and display a wide range of services which can be provided to both merchant and customer.

A merchant may need to process both debit and credit cards, for example, along with checks and gift cards. A good internet merchant account may be able to bundle a variety of types of transactions into one secure software location, saving time, money, and error. This simplification and streamlining should result in lower costs for doing business online. Such service provisions should also be able to function within one location or across multiple stores, or at one or more than one PC terminal within a store.

An account which must be accessed through more than one layer of security features – passwords, secure logins, etc – will see reduced opportunity for error and for fraud. Again, this would serve to lower overhead and further reduce costs.

An online merchant account would be accessed by way of its webpage, and could carry either only the merchant’s logo or a combination of merchant and account software identification. This would help to highlight and emphasize the security features of the site. Whatever the program chosen, there should be total integration of services.

Simplicity and ease of use should be central to such software. It should be inexpensive to use. Credit card transactions processed within the merchant account should be simple. The software itself will help structure ways in which the merchant can function and so should be tailored to his specific goals, including providing opportunity for growth and for future expansion.

The internet merchant account should provide a safe site where credit card transactions can be processed in a manner as straightforward as eating one’s lunch. The process should be user-friendly. Real-time data should be the norm. The program should be custom-tailored to the merchant’s needs, another way to cut costs.

A high degree of service should be a feature of any internet provider. There are many aspects to any market and they each require different services, which in turn should receive individual attention and specific programming. Merchant account providers will offer varying options; the trick is to find the service that will work best for you and then work to integrate its functions to most fully conform to your specifications.

Internet merchant accounts have been created for everyone’s benefit and should be dependable, adaptable, and safe. Once such a program is in place, the merchant will find that he has fewer fires to put out and greater capability for expansion and growth.

If you want to find out more about the best credit card processing, then visit PayLeap and choose the most effective credit card processing fees anywhere online.

Owning an online business can offer you many advantages, the main advantage being the potential for a high income. After all, there is no limit to where you can market your products. However, if your business is considered riskier than others, you will need to find a high risk credit card processor and there are some things you need to know about it.

One of the first things you will need to research about your high risk credit card processor is what features they can offer you. Some of the features offered by merchants include real-time billing, address verification service, and quick processing times. All of these things can help your business do well against your largest competitors.

You will also need to consider the fees that you will be charged by the company. Just like any other service, you may be required to pay a fee to set up your own account. The fee can range between $400 and $700, depending on which company you choose. It is important to note that the company that offers the lowest fee is not always the best option for your business. To determine the right one for you, consider all of the features each company can offer your business.

Finally, you will want to look at the other types of fees that may be charged to your business. Each company will charge you a transaction fee, but others will take things a step further by charging you several other types of administration fees. Some of the things to look at in the contract are batch heading fees, cancellation fees, and any minimum amount fees. By being aware of what their monthly or yearly fees are, you can make a more educated decision on which company to go with.

Online companies are generally becoming more and more common among business people all over the world. If you want to join the ranks and be successful, as well, be sure that you do your research on a high risk credit card processor before you sign any contract. The company you choose can help to determine how much profit your business is earning.

Start Accepting Credit Cards Today With A High Risk Credit Card Processor At SafeCashier.com – 100% Merchant Approval!

The Difference Between Merchant Accounts and a PayPal Accounts

Let’s begin by first stating that PayPal is NOT an acquiring bank or processor and does NOT provide its merchants with a real Merchant Account. PayPal provides its merchants with a PayPal account only.

There is a Very Significant Difference between the Two.

With a Real Merchant Account, your funds are deposited into your personal or business bank account, which you fully control and which is also protected by Federal Banking Regulations and Laws.

The opposite is true when using PayPal as your funds are deposited into a PayPal account that only PayPal controls and regulates.

Since PayPal is NOT a bank, they do not need to follow federal banking regulations. These regulations are in place to help the “Average Joe” avoid issues like having their bank account frozen for 6 months with no explanation… (Just imagine if your bank was permitted to do that!)

Because PayPal is not regulated in the same way as a real Merchant Account, PayPal accounts can be frozen for almost any reason and without warning. The account can usually receive money while it is frozen, but the account holder cannot withdrawal any money. Once an account is frozen, the funds are often held by PayPal for months on end with Absolutely No Recourse for the merchant.

When Merchants find their PayPal account unexpectedly frozen, they then have the stress of finding ways to meet their obligations like filling orders for the weeks and months ahead, while their frozen account is being disputed. This normally starts a downward spiral as the merchant has no monetary means to fill their orders and pay their monthly bills. This leads to another problem as those unfilled orders get disputed by the customer, which in turn causes chargebacks and loss of reputation. This becomes your introduction to the “PayPal Nightmare”.

How Is PayPal Making Money From Your Frozen Account?

As of the fall of this past year, there are currently 100,000 outstanding disputes at PayPal according to the San Francisco Chronicle. These disputes many times last for months leaving merchants angry, frustrated and sometimes out of business. You may be wondering what happens to the millions of dollars being tied up in these frozen accounts. Here is a short clip from an article recently in the San Francisco Chronicle that gives us some good insight:

U.S. District Judge Jeremy Fogel of San Jose refused to dismiss a lawsuit that seeks class-action status on behalf of thousands of PayPal customers nationwide. A common allegation is that the company brushes off or stalls customer grievances for months and meanwhile freezes the customer’s account and pockets the interest (So that’s how they make their money!). No wonder they freeze so many accounts!

I highly suggest that you take the time to research the many benefits and protections that an actual Merchant Account offers to you and your business. There are enough worries and stresses in doing business in today’s economy, you do not need to have the additional stress of having your hard earned money frozen time and time again.

Learn more about setting up an actual Online Merchant Account. Stop by www.tailoredtransactions.com where you can find out all about Accepting Credit Cards for your business.

Technology is getting more and more complicated and at the same time it’s allowing more and more possibilities to help business owners take control and even small businesses such as those who are solely online to get a great deal on being able to take credit and debit cards without feel like they are losing money. it’s necessary for a business owner to get a Merchant Account if they want to succeed.

Online business owners need flexibility, and options when doing business online. The big problem is paying for each and every feature. By the time the fees come together, a small company could feel very frustrated and wonder if the cost of a Merchant Account is worth the hassle. The reality is that the features are needed in order for any e-store to stay competitive and able to withstand change.

The capacity to take credit cards is great and having a gateway is essential to making customers feel secure in their purchase. There are other features needed to keep competitive and things running smoothly, such as the ability to sell and redeem gift cards. Having a shopping cart is absolutely necessary if you want to make a sale, and having the ability to take e-checks really opens the doors to those who may not want to use a credit card and may not have a debit card or any of the other traditional methods.

Sometimes the reality of the cost of having a Merchant Account makes you wonder how anyone can afford to be in business. There is of course the initial set up fee to the tune of about $100, then are fees for the gateway, usually in the range of $20 a month. Then there’s the monthly fee for the service, usually around $30 a month. Then there are transaction fees, batch fees, shopping cart fees and many more.

Many companies also want to be assured that the business is going to do a minimum of credit card sales each month so there is usually a minimum of about $20 or there’s another fee tacked on if it’s not reached. It’s also difficult to find a company who will allow a business to customize their shopping cart with their own label. Basically those who are using and paying for a service are in fact providing free advertising for their money.

When looking for a Merchant Account company it’s a good idea to look for one that offers a bundle of features for one price. The more business is done online, the more important it is to get the best deal for the money.

Learn more about a superior merchant account. Stop by PayLeap where you can find out all about our merchant account services and how we can help your Internet business.