Are you just starting your business? Do you want to expand to have an online presence? Does your business have multiple locations? No matter your current business size or the future you see for it, there’s a Merchant Service Provider that will fit your business. The challenge is how to choose the best one. In this post, we will discuss the ideal pricing plans and features you should get out of your Merchant Service Provider based on your business size. Merchant Service for Small Businesses Whether you’re just starting out or you run a mom-and-pop shop, it’s…
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So, you’re on the hunt to answer the question 'what is a merchant account?' No sweat, we’ve got you covered. What Is a Merchant Account? A merchant account enables a business to accept credit and debit card payments in exchange for its products or services. Funds are directly deposited into the business’s bank account and fees are automatically debited from the same account. True merchant accounts are backed by a direct agreement between a Merchant Account Provider and a bank, providing more pricing plan options to businesses. Every account is subject to fees covering the provider’…
According to the most recent Nilson Report, $24.26 billion is lost worldwide to credit card fraud on an annual basis, which is comparable to the Gross Domestic Product of nations such as Iceland and El Salvador. As alarming as these numbers may be, it is important to take an even closer look at the state of credit card fraud in America today. As the leading country in the world for credit card fraud, 38.6 percent of those losses were reported in the United States, amounting to $9.36 billion a year. The Importance of Understanding Credit Card Fraud…
Whether you’re setting up a merchant account or reviewing your merchant statements, there’s a lot of terminology around merchant account fees. Below, we list and define the most common terms you’ll encounter. Merchant Account Fees Defined The merchant account fees you will encounter most often vary depending on the rate plan your account is setup on. If you’re on a Tiered rate plan, you’ll hear these terms often: Tiers: Group Interchange fees divided into general rate tiers categorized as Qualified, Mid-Qualified and Non-Qualified. Each tier has a set rate applied to transactions that qualify for…
If you haven’t noticed, a major trend has emerged in the last year around signatures and credit cards. In late 2017 and early 2018, card brands announced major changes to their signature requirements. Mastercard is now taking yet another step away from signatures. The News Starting April 2019, both Mastercard debit and credit cards may not contain a signature panel on the back. This change comes on the heels of Mastercard making signatures for its cardholders’ transactions optional. As a business owner processing Mastercard transactions, not much will change for you. In fact, the removal of the signature panel…