January 2024 Archives

What do the merchant services providers actually do?

Think of them like a post office. If you want to send an invoice to your customer in the next state, you take it to the post office and pay them a small fee and they take it there for you, saving you gasoline and time and effort. The customer can then go to the post office and send his funds back to you in the same way.

When you swipe or key in the customer’s credit or debit card number and code, it is as though you have just gone to the post office to ask them to deliver your letter. Except, of course, for the fact that instead of waiting 2-3 days for the letter to get there, and another 2-3 days for the check to come back, and then another week for the check to clear, you get your payment immediately. It does take a few days before everything is clear and it is credited to your bank account, but it is still a lot faster than the old pony express.

 

Filed under Merchant Account by on . Comment#

If you are in any sort of retail business, then the last month of the year was a real adrenaline rush as you lived off of caffeine and excitement. The sound of happy customers checking out via master card processing or visa was the delightful reward after your endless hours of unloading merchandise, and placing products on the shelves and racks.

Your customers were no doubt happy that you provided the quickest, most efficient way for them to pay for their purchases also. After a leisurely hour or two of shopping, their frame of mind changes quickly to “time to go home!” when they hit that checkout line.

A quick swipe of the card, a smile from the associate, items placed into the bag with  your logo, and they are out in the parking lot.

Filed under Credit Card Processing by on . Comment#

Sometimes we think that an item costs a lot, but it really doesn’t in comparison to other things that we pay for. Take for instance, the cost of credit card processing. Sometimes when you look at the total on your monthly statement, you might wish that everyone had given you cash instead. It seems to be a high price to pay.

But consider the services that are being provided. The merchant services provider is checking on the customer’s level of funds and clearing them for purchase. They are making a note of what was purchased and when and doing all of this in a matter of seconds. They are listing it by the next day so that you and your customer have a record of the purchase, and preparing a monthly statement as well.

So, when you think about it, $2.50 or so out of $100 is not really a lot to pay for all that you receive.

 

Filed under Credit Card Processing by on . Comment#

We get so used to hearing certain terms that we often do not take the time to really think about what they mean. For instance: transaction. It simply refers to the change of ownership from one person to another. And transaction processing therefore refers to something that aids you in moving that ownership from one place to another.

We do so many transactions every day. If we buy gasoline, it becomes ours instead of the station owner’s and if we stop for a hamburger, we own it once we have paid. The average person enacts at least a half dozen transactions per day, and possibly many more. The swifter the transaction can take place, the happier the customer will be, because he can now move along to the next “to do” item on his list.

Filed under Merchant Account by on . Comment#

Even those who are less fortunate can benefit from using a debit or credit card for their shopping. That is why stores in every neighborhood should provide credit card processing for payment on their goods and services.

Consider this: by having the money safely inside of a bank, they are less likely to be robbed. If their card is lost or stolen, they can report it immediately so that they will not lose any funds. Another advantage is that people can purchase goods when they go on sale. That way they spend less in the long run.

With the majority of shoppers using debit or credit cards for all of their shopping these days, it only makes sense for your store or business to be set up with credit card processing.

Filed under Credit Card Processing by on . Comment#

Everyone appreciates excellent service. So why should you settle for less? Have you been fully satisfied with the merchant services provider that you have been using during the past years, or have you just stayed faithful to them because it is easier than switching? Or maybe your banker is a really friendly person who makes you feel glad that you walked into his door.

Friendliness is important, but it won’t replace quick problem-solving of issues or higher percentage rates on every credit card sale that goes through. That’s why it is important to take the time to compare a few companies before you decide on who will be your provider this year. Fifty to one hundred dollars a week or even per month in savings might just be worth more than your banker’s smile.

Filed under Credit Card Processing by on . Comment#