While a lot of credit card business occurs at a cash register inside a store, or at another such fixed location, many credit card transactions need to be processed in places where the installation of a stationary credit card machine just isn’t possible. This is where a specialized merchant services provider with on-demand wireless credit card machine equipment makes a great supporting partner in your effort to conduct business wherever you happen to be how to start a merchant processing company. With mobile credit card machine equipment, you can now accept payments at trade shows, street fairs, craft shows, service sites, and just about anywhere you can grab a cell phone signal!
In order for your business to thrive and succeed, your company needs more payment options, and innovative, cutting-edge mobile credit processing equipment is just the ticket. Vendor-owned wireless machines lead to increased total sales, accelerated cash flow, and improved efficiency. Having your own wireless credit processing machine is a no-brainer!
In order to qualify for the lowest possible merchant services rates when accepting mobile payments with credit and debit cards, you need to be able to swipe the card at the time of sale. The best merchant services providers offer lightweight, compact, sleek, and elegant swipers that fit right into your pocket and plug into your device’s headphone jack. A simple swipe of the customer’s card and the transaction is complete. Instant revenue!
A great example of a mobile credit card machine is one small enough to fit in just about any pocket, with end to end encryption. Many mobile card swipers are now compatible with iphones, select Blackberries, and Android-based phones, as well as most mobile carriers. Look for these features when selecting a mobile card swiper, and of course make sure that the machine is compatible with your phone and wireless carrier.
Just as important as the equipment behind an on-the-go card merchant services card swiper is the customer service and support behind that equipment. A professional merchant services provider will be best equipped to explain the ins and outs of processing mobile payments on-the-go, so make sure your merchant services provider provides stellar customer service both before and after the sale!
With mobile credit processing, your organization should enjoy heightened flexibility and increased payment opportunities. Make sure to have a great mobile phone available, procure a quality card processor, and team up with a merchant services company with great customer service- you’ll be well on your way to processing more payments than ever before!
MerchantService. com provides leading edge credit card processing and business management solutions to merchants through a consultative approach by educating merchants on credit card interchange fees and practices to ensure they are receiving the best possible rates when accepting electronic payments. MerchantService. com delivers expertly consulted merchant services with a focus on increasing merchant bottom-line profits.
Having a next day funding merchant account can offer business owners important benefits in terms of cash flow. Many credit card processing services are quick to explain the benefits of NDF, but are less likely to explain what it is and how it works.
NDF will provide the most benefit to those businesses with irregular cash flow. If your business receives most of its income on the weekend, a bar for example, NDF would allow you to receive your large weekend deposits on Monday instead of Tuesday. A car dealership is another example of a merchant who could benefit from a next day funding merchant account because their cash flow changes greatly from day to day. However merchants who have a consistent cash flow would not benefit as much from NDF. This is because their deposits do not fluctuate throughout the week.
Next day funding merchant services will always come with some amount of risk. The main risk comes from the decreased review time that goes into processing transactions. There are a wide range of risk aversion tactics that processors use, such as early cut-off times, delayed funding for unusual deposits or a detailed approval process. These tactics certainly decrease the risk, but do not eliminate it.
As most of you know, the Durbin amendment gives the federal government control over debit interchange rates set by the card associations, such as Visa and Master Card. According to First Annapolis, the new rules that take effect on October 1st will impact about 70% of debit card volume.
As expected, the new rates match the maximum amount allowed by the Fed for regulated issuers – 0. 05% + $0. 21 – and the current rates will generally remain intact for exempt issuers. The new rates also allow for an additional $0. 01 for debit card issuers who demonstrate certain fraud prevention standards.
A top rated merchant services provider should know that a $50 transaction that costs $0. 68 in interchange today will be reduced by 65% in interchange costs to $. 24 (. 05% + $. 21) come October 1st. They should also know, and should have told you, that now is a great time to market your financial institution’s merchant services program to your commercial customer base since Durbin presents a great opportunity to gain new customers by telling them how they can reduce their processing costs. It’s also important to talk to talk to your current customers.
