Selecting a Payment Service Provider

Selecting a Payment Service Provider


Accepting credit cards is the widely accepted form of online payments for online retail businesses. For accepting online payments you require a merchant account or you can opt for a third party payment processor. A huge of number of online retailers prefers the latter option as it offers a lot of conveniences and ease when accepting payment from customers. If you are selecting a payment service provider, you are required to keep few things in mind : -

Registration Fees
Look for the requirement of a setup or registration fee? There are companies which require the fees whereas others do not need it at all.

Transaction Fees
You will find payment service providers who charge a certain amount for every transaction made on your site. The fees can range anywhere from 2% to 20% depending on the provider.

Additional Fees
Before signing up with any provider, read the fine prints carefully to know if there is any additional fees that you may be required to pay, such as fees for charge backs.

Rate of Payment
Before striking the final deal, also consider how often the payment provider sends payments. Some will send it as soon as a customer makes a payment. Others make weekly or even monthly payments.

Customer Service
Look for a provider who offer customer service platforms. Once you are in the market, your customers want to know more about your company and the kind of products and services you are offering. You must have a platform that promptly answers all the inquiries within 24 hours.

Global Payments
If you are providing services in the foreign markets, make sure the payment service provider accepts global payments made in foreign local currencies. Some services accept payments only in the U.S. while others accept from a specific list of countries. There are also providers with no restrictions at all, so make sure you choose one that fulfill your requirements.

Receiving Payments
Inquire for how the payment provider will be transferring your payments - by mailed check, an ACH transfer, or even a real-time bank transfer.

Get more information on Credit Card Processing at www.paynetsystems.com

Examining the Dependability of a Wireless Credit Card Machine?

Examining the Dependability of a Wireless Credit Card Machine?

Wireless credit card machines have become a necessity for businesses on the wheels. They are being used for businesses that deliver products and services to homes, for in home demonstrations, at outdoor events, seminars, trade shows, fairs and flea markets, and even by taxi services.

These devices are no doubt very dependable. The equipment is quite durable and easy to carry as its size is very small. The users can get service for real time transactions pretty much anywhere that you can get service with your cell phone.

These devices comes with a store and forward feature, a software that is installed on the system, allowing you to accept credit cards regardless of whether the data can be immediately sent to the processing companies system.

The merchants are always warned of fraud activities and are advised not to reveal their personal information over the cell-phone. They are suggested to refrain from text messages too as the information is still accessible. However, when it comes to a credit card device, this isn’t the case at all.

Due to the sensitivity of your customers financial data, the wireless credit card machines are equipped with a software that encrypts the data, using the most secure encryption processes possible, before sending the data. Therefore, ensuring the safety of your customer’s data and other information.

The wireless credit card equipment ensures secure and fast credit card processing regardless of the signal and you presence. It uses the latest software technology for sending and receiving transmission. Many businesses are opting for wireless solutions whenever possible these days because of their dependability quotient.

Get more information on Credit Card Machines www.paynetsystems.com

Examining the Dependability of a Wireless Credit Card Machine?

Examining the Dependability of a Wireless Credit Card Machine?


Wireless credit card machines have become a necessity for businesses on the wheels. They are being used for businesses that deliver products and services to homes, for in home demonstrations, at outdoor events, seminars, trade shows, fairs and flea markets, and even by taxi services.

These devices are no doubt very dependable. The equipment is quite durable and easy to carry as its size is very small. The users can get service for real time transactions pretty much anywhere that you can get service with your cell phone.

These devices comes with a store and forward feature, a software that is installed on the system, allowing you to accept credit cards regardless of whether the data can be immediately sent to the processing companies system.

The merchants are always warned of fraud activities and are advised not to reveal their personal information over the cell-phone. They are suggested to refrain from text messages too as the information is still accessible. However, when it comes to a credit card device, this isn’t the case at all.

Due to the sensitivity of your customers financial data, the wireless credit card machines are equipped with a software that encrypts the data, using the most secure encryption processes possible, before sending the data. Therefore, ensuring the safety of your customer’s data and other information.

The wireless credit card equipment ensures secure and fast credit card processing regardless of the signal and you presence. It uses the latest software technology for sending and receiving transmission. Many businesses are opting for wireless solutions whenever possible these days because of their dependability quotient.

Get more information on Credit Card Machines at www.paynetsystems.com

Mistakes to Avoid While Opting Out

You can exercise your right to opt out to get rid of fee hikes. But choose the right way of opting out, else you might be the victim of new, higher rates introduced by the service provider. Try to avoid the following mistakes while opting out of the credit card services :-

1. Changing Automated Billing Info:- If you are habitual of making automated payments, than, while opting out you must ensure to switch your billing to another credit card. If the bills continue to go to that specific credit card, you are subjected to pay the higher interest rates and fees. Make sure that all your billing statements for annual and semi-annual charges are not being billed to the credit card.

2. Avoid ID Theft and Credit Card Fraud:- Protect your personal details and important information when all your details are online. Taking this step is even more crucial when you are opting out of a credit card agreement. If someone steals your details and personal information and use it afterwards, you'll be liable to pay for that on the existing high fees and interest rates. But in case if you can prove that all this is result of a fraudulent activity, you can save yourself from making the payment. But proving all this consumes a lot of time and energy so its better to take preventive measures before hand.

3. Avoid using your card, even by accident:- Your decision will be void if you use the card you chose to opt out from. If you carry a number of credit cards in your bag and use that specific card in hurry, you will be liable to pay for the expenses at the existing rates. To refrain from such accidents, keep the card in question away from others so that you can save yourself from again falling in the vicious circle. Completely destroy or shred the cards you don't want to use so that you can save yourself from the after effects.

4. Clean the stored billing information:- Make sure to remove your billing information from the records of your favorite online retailers. If they've your credit card number in their files, they can use it in case your credit card does not work. You can ask for the details from their customer support or by visiting user account settings.

Related Resources:

Merchant Services

Importance of Online Credit Card Processing

Mode of payment through which customers will pay for the products and services is of utmost importance for individuals and businesses selling products and services online.

There are various ways to accept payment but the most preferred one is that which offer a lot of convenience to the potential customers. Accepting payments via credit card is one such option and is very popular among them. Users are more comfortable with using their credit cards to make online purchases.

Implementing this, it is very important for online companies to ensure that their website are able to process credit card payments easily and quickly. It includes setting up an Internet merchant account with a credit card processor. It plays a major role in allowing businesses and individuals to accept credit card payments online.

Internet Merchant Accounts

Internet merchant accounts sole aim is to accept credit card payments from the credit card companies of their customers. The accounts provide businesses with an automatic way of handling credit card payments that are made online.

However, before pinning down on an Internet merchant account, online traders first need to understand the various terms included. One of them is knowing what a payment gateway is? A payment gateway is an online credit card processor that provides a path between the Internet merchant account of the online business and a customer’s credit card account. Their principal function is to authenticate the customer’s account information and the online business’s request to transfer the funds to their bank account.

Other important term is funds capture. It is the process where a transaction deposit is made on a business’s Internet merchant account. Similarly, the term settlement refers to the funds from a customer’s credit card account has been transferred to the business Internet merchant account.

For online companies, processing credit card payment is an indispensable task. Therefore, before setting up such account, business traders are required to understand the different terms included in the process of accepting online credit card payments. It will definitely let them make knowledgeable on the whole functioning of its process.

A Detailed Note on Credit Card Processing Fees

Merchant Accounts are extremely helpful for the businesses and proves to be beneficial in various ways. But these advantages do not come for free, because every service come for a price.

You are required to pay a certain amount of credit card processing fees and authorization fees.

Keeping a merchant account going does require certain credit card processing fees and one of them is the Authorization Fee. When a transaction is relayed to the card-issuing bank, this fee will be charged to the merchant even if the request has been denied.

Authorization fee is sometimes confused with Transaction Free which is completely different. However, both Authorization and Transaction Fees are collected by the merchant service provider, not the bank, and handed over to the merchant.

Another kind of fee included in the monthly statements is the Statement Fee that the merchant pays on a monthly basis. Few service providers oblige their clients to charge certain fees based on the transactions made. In case if merchant is unable to meet this requirement, he will be required to settle the amount that has not been collected in order for him to reach the monthly minimum.

Affinity Cards - Show You Care!!

Affinity cards offers a golden opportunity to the users by presenting their brighter and positive side in front of others. These card assists you in helping others in a very easy manner. The affinity cards support all kinds of good causes. Most of its features are similar to that of the general cards. But there are few differences in the two like;

The affinity cards are co issued or sponsored by another brand also, whose logo appears on the card, along with the logo of a charity. When card holders make purchases using their affinity cards, the card company donates a percentage to the partner charity. The cardholder gets cash back, rewards or other benefits related to the sponsoring organization when using it. The bank would pay the sponsoring organization part of the profits whenever the cardholder uses the card.

Before you apply for an affinity card, you should be aware that they usually come with higher rates and fewer perks as compared to other cards. Just like other cards, do read the fine prints in your agreements in order to avoid any ambiguity. Some of the most popular affinity card causes include child welfare, animal welfare, crime, public education, and environmental causes.

The donations you made are not of tax deductible nature, as they are made as a part of a contractual obligation. But it feels good to help the needy person, which is why affinity cards are still hugely popular despite their less-than-stellar terms and conditions.

Browse through http://www.paynetsystems.com to get more information about Credit Card Processing and How to Accept Credit Cards.

How to Ensure the Safety of Your Credit Card?

Every credit card comes with a note of signing the back immediately after receiving it or before using it. The three major credit card companies - Visa, Master Card and American Express,- requests the users to sign their credit card immediately. In fact, all of them have rules that prohibit merchants from accepting credit cards that don’t have a valid signature. Visa states that a merchant may not complete a transaction until the card is signed.

It sounds like good advice, but in case, if someone steals your card, he will get the perfect copy of your signature to use in any manner, he wants to. Experts are of the view, that instead of signing it, write ‘Ask for Photo I.D’ in the space. But as per the strict rules and direction of the credit card companies, you can not escape from signing your credit card. Instead you should follow some security measures to ensure the safety of your card :

1. Avoid revealing your credit card number to someone on the telephone. If the caller pretends to be calling on behalf of the company, than you can direct him that you will call yourself on the company number. This way you will get to know the real identity of that person.

2. Same things apply to the emails you receive in your inbox. You can type the URL of the company in a new browser to crosscheck the validity of that particular URL.

3. Always adopt the practice of reconciling the credit card bills every month. You can report the company in case you find any charges that are not incurred by you, or are nor recognizable.

4. Make sure to register all the information related to your credit cards. Note down the credit card number, expiry date, telephone numbers etc. and keep it in a safe place. In case your credit card get stolen, you will still have the information in case if you are reporting your credit card theft.

Guidelines on Making Credit Card Balance Transfers

Making a credit card balance transfer is one of the best ways to reduce the interest or APR on your credit card bill. This also serves as a marketing strategy to attract customers of other banks.

However, before going for such transfer, it is advisable to remember following points:

1. Always inquire about the period in which you can avail the low interest rate advantage, before it jump back to the usual rate. Usually, the interest periods last between six months to a year.

2. Search for a bank that offers lowest interest rate for the longer period of time.

3. Understand the process of transferring, it would help you in knowing all the required details. You might plan to close the old card once the balance transfer is made since the it would not be closed by the back automatically.

4. Look for extra costs involved in the credit card balance transfer before you apply and accept anything. At a later stage, you may be astonished with charges you didn’t expect.

5. You must know the requirements of the new bank regarding the transfer. A higher minimum monthly payment might be required in lieu of low interest rate. Make sure you are in the position to make the monthly minimum payments before signing up for the balance transfer.

Related Links:

Merchant Services

What is Credit Card Processing Floor Limit

Floor limit signifies the payment amount above which credit or debit card transactions must be authorized before being processed. It varies from business to business and is specified in the merchant processing agreement.

The term floor limit was significant, in the past when on the sales floor the point-of-sale staff had to call for authorization on any payment amount that was over a predetermined level. At that time credit card processing was very time consuming and expensive as it involved taking a physical imprint of the card and a personal review for the authorization process.

These days merchants can benefit from electronic authorization systems that merchant banks provide at a minimal cost. Once a payment is authorized, the merchant has an additional and powerful assurance against fraud.

Still, even today, the floor limit concept comes into play occasionally. For example, if unable to connect to the merchant bank’s authorization system, a merchant will not be able to obtain an electronic authorization and will have no recourse against fraudulent activity or a chargeback-generating customer dispute. Yet, if the transaction amount is less than the floor limit, no authorization is required by the merchant bank. If, however, the amount is over the floor limit, the merchant must authorize the transaction and can do this by making a telephone call to the merchant bank and obtaining a “voice authorization.” In this case the merchant will be well advised to also take the card’s imprint and place it on the sales receipt.

Floor limit remains zero for merchants who operate in a card-not-present environment. This means that all of their transactions always require authorization, regardless of the payment amount. All Internet, mail order and telephone order merchants fall into this category.

Portable Credit Card Processing Benefits

Almost all retail businesses accept credit cards these days and usually do it through a credit card processing terminal. Other businesses that work remotely or from their customers locations are not accepting credit cards as much these days for few reasons. First, most of them are used to invoicing their customers for the transaction total and getting paid later. OR, they consider jotting down the credit card number and process it later in the office a hassle.

Portable credit card processing machines are more common and offers a lot of advantages to the mobile businesses. First, processing the card on the spot is good for the business itself and also for their prospective customers. The transactions costs will be lower when scanning the card itself as compare to that of typing in the information later.

Most importantly, you can inform a rejected transaction there only, without wasting a second, and request a different card or a check instead. You are saved from dealing with invoices, collections, and depositing checks at the bank.

Whereas, from a customer’s point of view, they prefer that you don’t have their precious credit card number written down and like to get a printed receipt on the spot. Though a portable terminal is not cheap, most businesses can easily justify it both in terms of added convenience and added revenue compared to older methods of taking payments from customers. Ask your merchant services provider if they have the option of using a portable terminal for your payments and streamline your payments processing today.

Merchant Account Affiliate Program - Paynet Systems

Paynet Systems provides you with the most Profitable Affiliate Referral Program on the Internet

A merchant account is a primary requirement for any business to accept credit cards. Paynet Systems is a world leader in credit card processing and merchant account services. The company offers a wide range of products and services catering to a diverse merchant base. More than 30,000 businesses trust Paynet Systems for their merchant account and credit card services.

The affiliate program related to merchant account creates a golden opportunity to earn a recurring monthly residual for sending your affiliate contacts to Paynet Systems. This affiliate program is very easy to understand and does not involve any additional costs and expenses.

This company provides you with the most profitable affiliate referral program on the Internet. Paynet Systems is offering its affiliates an amazing $100 per referred sale! The online application http://www.paynetsystems.com/html/affiliates.htm of Paynet Systems is very short and your approval will be confirmed within 24 hours of submission through online merchant account application and automated approval system.

Browse through the Affiliate Terms and Conditions of Paynet Systems in detail. After completion, you will be assigned an account number. The number will be sent to you via email upon approval. From then onwards, your account number will be used to track the referrals sent from your website.

Once your application is approved, place a link to the company website or verbally refer someone to Paynet Systems by giving them your affiliate ID and the company contact information. After your referrals sign up and are approved for a merchant service account and the processing solution has also been installed, a check for $100 for every referral will be mailed to you.

Affiliate and Referral Programs are truly profitable for businesses, associations and individuals that can refer clients to the company. Web hosting companies, web designers, marketing companies and anyone with a web site or an online business who wants to make money can make the most of this program.

If you have any queries, you can mail at affiliate@paynetsystems.com

iPhone Credit Card Processing

iPhone has found yet another new use: now it has been turned into a mobile credit card processing device, thanks to a new application. With the introduction of iPhone, apple has released a new credit card terminal. The sleek phone has been turned into a mobile credit card processing device. Credit card terminals enable you to take credit card payments no matter where you are.

With this new credit card terminal you can take your business with you wherever you go. Every business accepts credit cards. If they don’t, they aren’t really a business. It save s you from dragging a lot of quipment around with you which makes it attractive for off-site use.

Using Credit Card Terminal takes a lot of planning before you can go out and get started. You’ll first need to set up an account with a firm that handles the actual credit card processing. iPhone users need to establish two accounts: a gateway account and a merchant account. The gateway account is responsible for authorizing cards in order to permit the transaction to go through. The merchant account allows funds to be deposited to a bank, providing the actual payments. You have to set these up before you can go forward.

iphone, acting as a Credit Card Terminal gives you an opportunity to expand your business. Going high-tech sales with your iPhone isn’t for the casual user; don’t expect the guy sitting on the corner selling roses to whip out an iPhone to accept credit card purchases.

iPhone Credit Card Processing

Security – A Key Concern While Making Online Payment!

Security is a major concern for customers while making online payment. All sensitive information, including personal details as well as credit card information must be kept confidential through encryption and using other security standards.

Online payments are processed by websites and these websites require encryption of some kind. Customers look for security on the site and want to have a secured feeling that their information is safe. The customers give you their personal information in a shopping cart. So, you must ensure that the information is safe and protected. Education and awareness are a must to identify fraud and identity theft.

There are many ways to tamper with the shopping cart. The username and password can be hacked, the visitors can tamper with forms used to send items to the shopping cart, and the database can change values according to the parameters submitted from the web site and so on.

A shopping cart is used as a measure to sell and increase profitability. Many times security issues start from drawbacks of the software itself. Hence, it is essential for shopping cart developers to consider security measures and provide tips on how to avoid most common and frequent problems.

Some of the security measures to develop a shopping cart software are:

• Encryption of Password and sensitive information.
  
  
• Perform Admin password verification test.
  
  
• After the transactions are processed, a good support for credit card record deletion.
  
  
• Catalog stock operations must be recorded.
  
  
• Taking snapshots for verifying the amount charged for each product in each order.
  
  
• Support for blocking purchases from free e-mail addresses.
  
  
• Support for blocking chargeback customers or troublesome customers.
  
  
• With each order, recording the customers’ IP without fail.
  
  
• Resetting of global customer password when threatened by intrusion.
  
  
• Delivery of database error reports to the administrator by email or SMS

Just by taking few necessary precautions, you can avoid the security breaches and give your customers a safe mode of online payment.

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Online Credit Card Processing

Source:

http://www.paynetsystems.com/credit-card-processing

Internet Processing : Best Way to Save Money

Every business accepts credit cards at some point. But most of the time, many business owners fail to understand the options available to them while applying for a merchant account. As a result they end up in signing an application for an outdated dial up credit card terminal that is nearly a 25 year old technology. Managing business finances is the responsibility of the owners. This is applicable to every aspect of the business but payment processing that your company pays for every month comes under an overlooked area. Credit card processing fees account for a substantial portion of monthly expenses for many businesses. Keeping processing expenses low is a very worth-while priority that requires consistent attention and diligence.

Well fortunately that’s now a problem of the past. Broadband world has entered in this arena amicably. As a result the businesses can use their high speed internet connection to process credit card transactions in a more efficient, productive and timely manner. In addition, by using your internet connection, there is no requirement to have a dedicated phone line to process which saves you a lot.

With an always ready, internet connected processing solution you will always be receiving the best rates and will relish the peace of mind knowing that you’re not losing money where you don’t have to. All business owners must give a try to abandon their old dial up terminal and switch to a broadband merchant solution today.

The benefits of internet processing are:

- Advanced reporting features

- Ability to capture email addresses for marketing purposes

- Ability to integrate with your website and take transactions via your cell phone or PDA

- Updated fees that happen automatically not randomly or never like with a dialup terminal

- Ability to export data to be used in accounting packages.

Article Source:

http://www.paynetsystems.com/credit-card-processing/

Online Credit Card Processing

Which Credit Card Terminal is Right for you?

Merchants in the US currently have access to 30 different terminals out of which 5 make up for 90% of the usage. While buying a credit card terminal, make sure you buy one with features that best suit your business. DO not pay extra for advanced technology or extra features that you are never going to use.

To start with, the terminal you buy to process credit cards doesn’t necessarily have to be expensive, most recent or even highly advanced. Also, you needn’t buy your terminal from your processor. Companies that have proprietary equipment or those who make a huge profit from equipment sales may want you to buy from them. Do not let your processor force you into purchasing excessively marked-up equipment from them. Processors usually support a wide variety of terminals from different manufacturers, so you can actually go out and get a terminal just right for your business!

To help make your choice easier, here is a classification of these terminals into three categories, Land-line, Ethernet compatible, and Wireless.

Nurit 2085 and Hypercom T7 Plus are two good options in the landline category. These terminals are all easy to use, very reliable, and cheap. The Nurit can handle multiple merchant accounts, and all have thermal printers. You won’t have the ability to process over an IP connection with these, but all support additional peripherals like pin pads, smart card readers, or check scanners. Most small retail businesses will be perfectly content using one of these lower cost terminals.

If you’re not using a phone line, or have your business over the internet, you may use an Ethernet compatible terminal with a broadband internet connection and a router / switch. These terminals all have a built in pin pad for PIN debit processing and a thermal printer. These terminals will cost from $300 - $500 with Ethernet compatibility. Be absolutely sure that your provider supports the terminal you are interested in for IP processing, before you actually go and purchase one.

While the wireless terminals have undergone outstanding development over the last five years, their price has dropped dramatically. Wireless terminals can be easily found between $500 and $700. The Nurit 8000 is really the only well supported full-featured terminal in the market right now.

One of the above mentioned terminals should fit the needs of almost every business. So whenever you purchase a terminal, remember to buy what you need and not the very advanced terminal the salesman says you need.

Merchant Cash Advance: Quick Way to Earn Profits

Merchant cash advance is a cash advance from a private investor(s) who purchases your company’s future, unprocessed credit card transactions at a discounted rate. It is paid back by automatically taking a small percentage of your daily credit card sales until the balance is paid off. This is particularly beneficial because when your sales are slow, you pay back less, creating a uniquely flexible payback schedule. It is a great way for small business owners to get the funds, when they require, with a fast and simple process.

For applying to a Merchant Cash Advance, the requirement is being operational in a business for at least 12 months under the same ownership and it must have accepted credit cards for at least 12 months.

How do they work?

Unlike traditional loans where you submit years’ worth of financial records and require collateral; the application process for merchant loans usually only require a two page form, 4 months of your business’s merchant statements and that you accept Visa/MasterCard at your business location. Often times the business owner will be approved even with a less than great credit history record, making a merchant cash advance a top funding choice.

You are typically approved within 24 hours, and you get your cash in about 7 days or so. How’s that?
Or to put in a simple manner, a lender will purchase a small percentage of your future credit card sales, until the payback is completed and will give you the money, your business needs.

There are times when owners of healthy small businesses could use cash flow or working capital to help build their businesses but don’t qualify for the traditional bank loans. These include franchise owners who have exhausted their personal savings to purchase their franchise and would like to open another one; merchants who can buy bulk inventory at discount rates or move into a new, more efficient location; expansions; new equipment; or simply the desire to move forward on a great new opportunity.

Key Benefits of Offshore Merchant Accounts

Offshore merchant accounts are comparatively a new phenomenon that enables you to trade 24×7. Offshore merchant accounts are tax-free, thus providing you the opportunity of lower price products. Besides this, they also provide multicurrency accounts enabling international trading.

Offshore merchant accounts help your business reach its full potential, where you can expect higher sales per month to get your business going great guns. You can reduce the tax liabilities on your business by having an offshore merchant account.

Being offered only by offshore banks these accounts do not have account limitations or restrictions like your native country banks. Such accounts are more advantageous than onshore accounts. Most of the offshore banks provide better service than the domestic banks. They have more relaxed procedures and guidelines. Therefore, opening an account is much easier. They provide highest-level security, encryption and fraud protection systems.

With the help of these accounts you can offer products to clients at a much lower rate than competitors. Offshore merchant accounts work great with those who wish to set up a new online business that involves credit card processing for taking up orders. High risk companies engaged in activities such as gaming, pharmaceuticals, phone card sales, timeshare rentals, multilevel marketing, credit card repair and counselling are best suited to have offshore merchant accounts.

Offshore merchant accounts offers huge benefits such as more tax benefits, better privacy and security, multi-currency trading enabling international trade, setting in currencies of choice, zero restrictions on transactions which means unlimited transactions, short set up time requiring just one week, international forgery/fraud protection cover etc. in addition, it gives you the opportunity of presenting your customers secure payment alternatives, currency solutions, advantage of offshore and e-zone tax structures and channelled marketing which in turn reduces currency and location costs and also simplifies cross-border processing.

Resources:
Offshore Merchant Accounts
Online Credit Card Processing and Merchant Services

Efficient Ways to Promote your Retail Business

Effective marketing is an essential ingredient for any business to survive in this competitive era. And if you have a retail store you need to be creative in finding ways to promote it. Competition is stiff so you need to find marketing techniques that help you stand out from the crowd.

If you’re trying to promote your store on the local radio station, but don’t have a huge advertising budget, contact the promotions manager of that radio station and explain that you love their station but can’t afford to purchase advertising spots. Instead you would like to donate prizes for some of their promotions in exchange for having your store name mentioned every time they run a spot for the promo. They love getting prizes donated and you’ll love hearing your store name time and again on the radio for a fraction of what it would have cost to buy the advertising outright.

Similarly, you can invite a reporter from the local newspaper or magazine for coffee or lunch. And instead of requesting for a favor, the better question you can ask is “How can I help you?” Offer yourself as a resource in your area of expertise. Talk about trends you are seeing in your industry. See How to be a Valuable News Source the Media Love.

Write articles for e-magazines and include a paragraph of information at the end that leads readers to your web site. Pitch stories about your product, service, cause or issue that tie into the weather. Weather stories are mandatory at most media outlets, and newspapers and TV stations, in particular, are always looking for fresh angles that tie into today s and tomorrow s forecast.

On special occasions you can offer free engraving services on valuable items customers purchase on a specific day. Give training to your employees to engrave names, initials or any quotes on items like cell phones, iPods, portable stereos or tools.

You can also think of associating with a local NGO and designate a special night to donate a percentage of the profits to them. It will be up to them to promote the event and draw the customers into your business. You will sacrifice a little of your retail profit, but it will bring customers into your store that might not have otherwise been there.

These are just a few popular ways that contributes in higher sales. Use your imagination and start to explore the different avenues of boosting and promoting your business.

Source:
http://www.paynetsystems.com/credit-card-processing/

M-Commerce: Next Generation's E-Commerce

M-Commerce is the part of E-Commerce. Mobile Commerce is the ability to conduct commerce, using a mobile device e.g. a mobile phone (cell phone), a PDA, a smart phone and other emerging mobile equipment such as dashtop mobile devices. Mobile Commerce is an innovative formula for selling goods or services. Transactions are initiated and/or completed by using mobile access to computer-mediated networks with the help of an electronic device. M-commerce enables users to access the Internet without needing to find a place to plug in.

By using Mobile Commerce, credit and debit card processing is a child's play. The acceptance method has been around for a few years, but is just really starting to make a large impact on how we do business away from our offices. In addition, M-Commerce is always reliable and easy to access as compared to E-Commerce.

M-Commerce first started with the use of wireless POS (Point Of Sale) swipe terminals and has since then made its way into cellular phones and PDA's. Wireless POS swipe terminals are much more expensive then regular "wired" terminals which require you to be nearby a phone terminal and electrical outlet in order to operate. As a result, this has caused many people to find alternative ways to process transactions.

Cellular phones and PDA's have largely grown in popularity and as a result manufactures have made significant improvements and added features to attract even more consumers and meet current owner's demands. One of those features is wireless transaction processing. Imagine being able to do credit card processing wirelessly within seconds anywhere.

Article is sponsered by Paynetsystems.com/credit-card-processing, leader in Online Credit Card Processing.

Benefits of a Secure Internet Merchant Account

Internet merchant accounts are a must for online businesses to process credit card transactions. Such accounts are a bit different from a regular account for a bricks-and-mortar retail store. The payment gateway actually transmits the billing information to the internet merchant account provider.

With an Internet merchant account, online customers could pay with their credit card by entering their credit card number and associated information directly into a form on the website. So traders can accept credit card orders without requiring the customer fax, mail or telephone numbers with their credit card payment information.

The nature of transactions is different from face to face transactions where a signature is required to authorize the purchase. This makes online transactions prone to credit card fraud. Protection from any fraud should be one of your primary considerations when choosing an internet merchant account provider. Online card payments are classed as ‘card-not-present’ transactions, because you can’t physically check the card or the cardholder. If a transaction proves to be fraudulent, the money will be reclaimed from your bank account - this is known as a chargeback. Even if a cardholder-not-present transaction is authorized by the cardholder’s bank, this doesn’t necessarily guarantee payment.

To help guard against fraud, where a cardholder claims that they did not authorize a payment, check to see if your online payment card processor can offer the card scheme’s authentication service - MasterCard Secure Code and Verified by Visa.

Having a proper, secure internet merchant account gives an aura of prestige and legitimacy to any business - no ‘fly-by-night’ payment arrangements designed to avoid the clearance and approval process that is required in order to be approved for an account.

The internet merchant account makes everything smooth and hassle free for customers. In addition, it adds in your goodwill. Your business looks good, you are able to ship faster, your customer receives his goods more quickly, and you both have a paper trail to simplify accounting…the advantages are obvious.

Internet Merchant Account - Choosing The Right Account

Having an internet merchant account can make running a business so much easier than ever before. The number of customers that a business has access to immediately becomes an unlimited list, because they can take payments of all kinds from anywhere and anyone. If you have an internet business and don't currently accept credit card payments, chances are that your business is suffering as a result. By taking the time to learn about different elements of merchant account providers and credit card processing, you’ll be better able to understand the process, how it affects you, and how it can help you in your business endeavors.

Credit card payments online are a fairly common accepted practice. However, if you’re just starting out in business or have recently decided to accept credit cards, there are some things that you should consider. First, you'll have to determine which type of business you have. If you have a business that is limitless as to who can buy items or services from you, you will generally be required to have an offshore or international merchant account. That will give you the ability to accept payments in any form of currency from any country in the world.

An internet merchant account can be found with a variety of different banks and lenders, and you will need to look through the options that you have in order to choose the best one for your needs. Each one will have their own policies, rates, and regulations, and even though they are similar, they aren't exactly the same. This is why you should always check out a few different merchant providers to make sure that you find the one that works for your needs. Many local banks won't offer an internet merchant account because of the anonymous nature of online transactions that make them so much riskier.

Although online transactions are more prone to fraud, most of the providers that offer internet merchant account services have fraud protection services, which is something that you should look for when attempting to find an online merchant service. An internet merchant account can be a great asset to your business. Furthermore, you might not be able to survive as an online business without accepting credit card payments through a merchant service. In the end, the decision will be yours to make, but knowing a little more about the process can help to eliminate your confusion and make the process a little easier for you.

Source:

http://www.articlesbase.com/finance-articles/internet-merchant-account-choosing-the-right-account-784420.html

More Links:

merchant account

Credit Card Processing Equipments

Get Credit Card Processing equipment, Terminals, Machines at lowest rates. Paynet Systems offers wholesale pricing on credit card equipment, terminals, machines and accessories.

Credit Card Processing Equipments

View more presentations from Paynet Systems.

Unrivaled Solutions for Retail Business

Most people are familiar with the swipe machines. This is commonly known as retail credit card processing. Retail credit card processing is the most straight-forward of all merchant account scenarios. Customers across the world are using credit cards more and more for paying their bills, whether it’s a restaurant or a shopping mall or a gas station and oil station. Thus, ignoring credit card processing in business can lead to loss in good quality revenues and customers.

In order to offer retail credit card processing services you requires two assets, the first is a Merchant Account Provider, and the second asset is a piece of equipment to process the request.

Retail Merchant Account:

The first step is finding a merchant account provider that will service your needs, provide stellar customer service and offers competitive pricing. Use credit card processing experts for your retail credit card processing needs. Banks, superstores and other companies who sell, but do not specialize in, merchant accounts, can never be as competitive and up-to-date with the current trends and technologies as specialists like Merchant Warehouse.

Retail Terminals and Equipment:

Paynet systems provide a complete range of equipments according to your needs and requirements. Paynet Systems offers the most competitively priced credit card terminals and processing rates with no Annual or Batch fees. Paynet Systems can build a comprehensive solution that will meet your needs or we can easily integrate with most existing point-of-sale devices. Their recommended credit card processing solutions for Retail Business includes: Hypercom T7-Plus, Verifone Vx570, and Verifone Vx510 & Vx510LE

These hard-working and reliable payment devices efficiently process debit and credit transactions. Here are some features of retail terminal credit card processing:

• Unrivaled speed and performance for reduced processing times
• ATM-style interface with high-speed integrated thermal printer
• Integrated fraud control features
• Triple-track, high-coercivity magnetic card reader
• Printer graphics capabilities to render logos and special fonts

References:

Hypercom T7-Plus


Credit Card Processing


Merchant Accounts

Benefits of a Credit Cards Merchant Account

A credit card merchant account adds in the productivity of your business. A merchant account lets you start accepting credit card payments through a combination of software and hardware, from customers in any part of the world at any time of the day or night.

Credit card merchant account counts among the effective ways in increasing the sales of any business. This is because credit card merchant accounts entice people to buy on impulse. Therefore, when people find it easy to buy online and doubly easy to pay the items online, then, chances are they would be more willing to buy it instantly. And due to the convenience of the credit card, the business will be able to attract more people to buy online, and when they want to buy, the business must have a credit card merchant account so as to accept the buyer’s credit card.

Credit card merchant accounts are considered as a crucial element in one’s online business. It is the only way to maximize the business' potential online. In addition, there is definitely no other way to provide additional payment option to the online customers than what credit card merchant accounts can do.

A credit card merchant account gives the business more flexibility in dealing with payments, as it enables you to accept payments by phone and fax. A digital program will let customers call a toll-free number, listen to messages about products and services or select other options, such as "payment” or "catalogue request", and then finish up by processing a credit card for any purchases made during the phone call. You don't even have to hire someone to answer the phone; the entire process can be automated, although you may want to have a customer service rep available at certain hours of the day if needed.

Your credit merchant account provides the much needed growth to your business in numerable ways you may not have imagined. For example, in addition to taking credit card payments on location at your store, you can take a wireless credit card processor with you to customers' residences or places of business and accept payment on the spot. This makes it easier for the customer to pay the charges and not give another thought to the transaction.

Moreover, nowadays, businesses work is based on technology, and where money is the subject matter, credit card merchant accounts is the name of the game

Think of the possibilities for building a super-size client base! Give some thought to applying for a merchant credit account from a trusted lender or underwriter.

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Related Links:

Business4less

Merchant Account Services

Card Processing Equipment

Types of Merchant Accounts

A merchant account enable businesses accept payments in the form of credit cards and debit cards. It can be obtained through a bank, a credit card company, or other payment processor. A merchant account was not so much important a few decades ago when most businesses operated on “cash and carry” basis, but now it is one of the utmost importance for any business that wants to survive in this competitive age. A merchant account makes your business much more visible and potentially profitable and helps you in achieving your goal of increasing sales.

There are four main types of merchant accounts to choose from:

• Retail Merchant Accounts: These types of accounts are usually associated with retail storefronts businesses such as restaurants, grocery stores, small hotels and clothing stores. This account is for merchants who don’t plan on conducting business through the mail or online at any point. Generally, these types of accounts process large volumes and are for point of sale (face to face) transactions only. These types of accounts generally feature the lowest rates because the sale is made pesonally. Credit cards of customers can be inspected, swiped and signatures can be matched before you accept payments. This type of account offers minimum scope for fraudulent payments since the credit card and details can be visually inspected.
  
  
• Wireless: Wireless accounts are in vogue among merchants. They process cards through a wireless terminal or with a card reader attached to a cell phone. This option is a great way for mobile businesses or independent professionals to broaden their customer base by having the ability to accept credit card payments. Also, this could be a beneficial option for restaurants. Customers can swipe their card at the table, cutting down on the possibility of employee fraud.
  
  
• Internet: Internet merchant accounts are meant for transactions over the Internet i.e. for business owners who have services or products advertised, marketed and sold online. These types of accounts allow customers to enter card information through the website either through a virtual terminal or shopping cart. Then a payment gateway authorizes the transaction. These payment service gateways can are now included with most business web hosting packages, and have custom-designed HTML forms or a shopping cart application. These accounts are similar to MOTO accounts
  
  
• Phone/ Mail Order: This type of account is for orders that are placed over the phone or through mail order businesses. It is similar to an internet merchant account where credit card is not present at the point of sale. Customers are purchasing from home. You will need some type of equipment, either pc based or a traditional retail terminal. Merchants usually process credit card payments by entering the credit card information directly into a terminal installed on a personal computer, or through a normal Web browser to process transactions on a payment. Telephone Order accounts tend to charge a higher transaction rate.

The main difference between merchant accounts is the costs associated with them. All carry some type of fees. Retail accounts usually carry the lowest fees since there is the least amount of risk involved per transaction. Internet accounts usually carry somewhat higher fees primarily because there is a higher fraud risk as the card is not present at the point of sale. Wireless and phone/mail order usually fall between the two.

http://www.paynetsystems.com provides complete information about Merchant Account Services and Card Processing Equipment.

Hypercom T7Plus

The Hypercom T7Plus is designed for merchants requiring a compact countertop POS terminal accepting all magnetic stripe cards and delivering fast online transaction authorizations.

The T7Plus features the completely new SureLoad printer with significantly faster receipts delivery. It allows paper rolls to simply be dropped in place without feeding through slots and rollers and supports longer paper rolls at the request of the merchant community. The T7Plus uses thermal paper and silently prints graphic logos directly on receipts, Its quiet operation is welcomed by both merchants and customers. An external PIN pad can be attached where required. Support for new smart cards and EMV-compliant software are both available, along with improved peripheral connectivity. Secondary power supplies are often no longer needed.

The 35-key keyboard allows one-step initiation of all daily functions and transaction types. Full compatibility with previous T7 software reduces certification requirements and training issues. The T7Plus delivers a powerful feature set in an attractive, compact design. It offers low overall cost of ownership thanks to its high reliability, communications capabilities, easy operation and advanced remote software management. The Hypercom T7Plus is a safe choice for merchants wanting a new credit/debit card POS terminal.

• Special Features Hypercom T7Plus:
  
  
  • SureLoad printer eliminates paper jams
    
    
  • Prints receipts in half the time of previous generation printers
    
    
  • Supports longer paper rolls for fewer paper changes
    
    
  • Reads driver´s licenses for positive ID with triple track reader
    
    
  • Operates quietly and quickly



• Certifications
  
  
  • PED Certified
    
    
  • EMV approved
    
    
  • All major certifications - please see our website for the complete listing



• Applications
  
  
  • General Retail
    
    
  • Multi-merchant
    
    
  • Restaurants
    
    
  • Pharmacies
    
    
  • Grocery stores
    
    
  • C-stores



• References:
  
  
  • Hypercom
    http://www.hypercom.com
  • Hypercom T7Plus
    http://www.paynetsystems.com/Equipmentsoftware/HypercomT7Plus.htm
    
    
  • Card Processing Equipment
    http://www.paynetsystems.com/html/equipment_list.htm

Wireless Credit Card Readers: A Gift for Portable Businesses

Credit card is almost a necessity in today’s world. It has truly revolutionized the whole money transaction process. Nowadays most of the payments are made through the use of credit cards, be it the payment made for shopping through internet or be it payment for any item in the market. The processing of the credit card is done through what is termed at point of sale terminal (POS). The point of sale terminal can be of many types. But broadly they could be classified as wireless and non-wireless.

As the name suggests that the wireless terminals does not have any wire connected to them and hence can be moved to any place. This is the biggest advantage of the wireless credit card processing terminal, which makes it a necessity for portable businesses. A wireless credit card reader allows you to sell your goods and services without being tied down to an office or counter. Business moves pretty fast these days and you need to be able to keep up with your competitor. Wireless credit card readers provide a significant advantage for some businesses. For example, taxi drivers, seasonal businesses with temporary locations, and large lot businesses can all greatly increase efficiency by accepting credit cards wirelessly.

Besides this, there are various other reasons for the popularity of wireless credit card processing terminals. Your business transactions are done on the spot and the receipt is printed out without causing any inconvenience. Those who use a wireless or portable credit card reader are able to take their business wherever they want. It not only increases sale but also saves a lot of time. In addition, it helps in reducing a lot of operating expenses.

Here are just a few of the many benefits of using a wireless credit card reader:

- You can carry this machine in your pocket. Wireless credit card readers are small, lightweight, and portable.

- No second phone line needed when you have wireless reader and, moreover, there is no need to rent phone lines at trade shows.

- Now you can accept cards where it previously was impossible (in a parking lot, outside a sports event, etc.)

- By swiping credit cards you get lower rates. This one feature alone can save you hundreds of dollars per month.

- Reduces risk. Swiping reduces chance of fraudulent or stolen card being used.

- Increased security. Wireless processing reduces the amount of cash you and your staff handle.

- Wireless credit card readers have built-in printers – means there is no to carry two separate pieces of equipment.

Browse through http://www.paynetsystems.com/credit-card-processing for more information on Wireless Credit Card Readers.

Credit Cards Processing Methods

Today a majority of credit card transactions are sent electronically to merchant processing banks for authorization, capture and deposit. Various methods exist for presenting a credit card sale to "the system." In all circumstances either the entire magnetic strip is read by a swipe through a credit card terminal/reader or the credit card information is manually entered into a credit card terminal, a computer or website.

- Credit Card Terminal

A credit card terminal is a stand-alone piece of electronic equipment that allows a merchant to swipe or key-enter a credit card's information as well as additional information required to process a credit card transaction. A credit card terminal is a dedicated piece of equipment that only processes credit cards although it is common for related transactions including gift cards and check verification to also be performed. A credit card terminal typically must be plugged in to a power supply and connected to a telephone line.

- Automated Response Unit (ARU)

An ARU (also known as a voice authorization, capture and deposit) allows the manual keyed entry and subsequent authorization of a credit card over a cellular or land-line telephone. With this method a merchant typically imprints their customer's card with an imprinter to create a customer receipt and merchant copy, then process the transaction instantaneously over the phone.

- Payment Gateway

A payment gateway is an e-commerce service that authorizes payments for e-businesses and online retailers. It is the equivalent of a physical POS (point-of-sale) terminal located in most retail outlets. A merchant account provider is typically a separate company from the payment gateway. Some merchant account providers have their own payment gateways but the majority of companies use 3rd party payment gateways.

The gateway usually has 2 components:

a) the virtual terminal that can allow for a merchant to securely login and key in credit card numbers or

b) have the website's shopping-cart connect to the gateway via an API to allow for real time processing from the merchant's website.

- Level 2 or Level 3 Processing - Purchasing Cards

Visa and Mastercard have created a specialized type of credit card used primarily by government agencies and businesses. Increasingly, corporations and government agencies are relying on this form of payment to compensate their service providers and suppliers. Businesses benefit by receiving their funds quickly and by winning competitive bids and government contracts where purchasing cards are the required form of payment. The downside, however, is the increased costs associated with receiving these payments. These costs will usually be much higher than accepting a standard consumer credit card.

- Merchant Account Marketing

Merchant accounts are marketed to merchants by two basic methods: either directly by the processor or sponsoring bank, or by an authorized agent for the bank and additionally directly registered with both Visa and MasterCard as an ISO/MSP (Independent Selling Organization / Member Service Provider). Marketing details are by card issuers like Visa and MasterCard, and are enforced by various rules and fines.

- Marketing by Banks

A bank that has a merchant processing relationship with Visa and Mastercard, also known as a member bank, can issue merchant accounts directly to merchants. To reduce risk, some banks limit approval to merchants in its geographical area, those with a physical retail storefront, or those that have been in business for 2 years or more.

- Marketing by Independent Sales Organization (ISO)/MSPs

To market merchant accounts, an ISO/MSP must be sponsored by a member bank. This sponsorship requires that the bank verify the financial stability and suitability of the company that will be marketing on its behalf. The ISO/MSP must also pay a fee to be registered with Visa and Mastercard and must comply with regulations in how they may market merchant accounts and the use of copyrights of Visa and Mastercard. One way to verify if an ISO/MSP is in compliance is to check a website or any other marketing material for a disclosure "company is a registered ISO/MSP of bank, town, state. FDIC insured". This disclosure is required by both Visa and Mastercard and will cause a fine of up to $25,000 if it is not clearly visible. In almost all cases, if there is no disclosure, the company is likely to be an uninformed 4th party or worse. In many cases unregistered operators have been responsible for some of the worst horror stories from merchants.

References:

http://en.wikipedia.org/wiki/Merchant_account#Methods_of_processing_credit_cards

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For more information on Credit Card Processing Equipment, Terminals, Machines & Software you can visit: http://www.paynetsystems.com/html/equipment_list.htm

Payment processing via iPhone

A wide range of payment processing solutions are available for merchants via several channels including e-commerce, software developers, and financial institutions. Increased popularity of mobile devices has made payment processing an easy option for merchants. Business owners can use their iPhone to conduct real business.

Merchants can now process credit and debit card transactions through iPhone using its secure networks or iPod Touch over a WiFi or 3G wireless connection. Use of iphone has increased the ease, efficiency and security of transactions for goods and services, anywhere there is cell coverage.

The new iPhone Virtual Terminal is reportedly the only payment processing terminal available for the iPhone and iPod Touch, which eliminates the need for dedicated or fixed processing equipment. Iphone gives independent contractors, small business merchants and entrepreneurial start-ups mobile access to secure payment solutions.

Transactions can be processed at places such as conventions, street fairs, antique shows, and by business owners performing mobile detailing, on-site consultation or construction. The list is endless on who could benefit by offering the convenience of accepting credit cards on the spot and the confidence of getting immediate authorization for a credit card payment.

This gives business owners the benefit of processing transactions anywhere when they are out of the office, all with a single account.

Source: http://www.paynetsystems.com/credit-card-processing/

Types of Credit Card Processing Fees

There are a variety of fees you may encounter when setting up a credit card merchant account.According to www.websitemarketingplan.com, If a potential merchant account/credit card provider does not mention one or more of the following credit card processing fees:

Application Fee: A charge to process your application for a credit card merchant account.

Yearly membership: Additional, annual credit card processing fees may be required to accept credit cards for certain specialized industries such as casino accounts.

Set-Up Fee: A fee or fees charged to process and activate your merchant account and/or gain access to a secure Payment Gateway.

Gateway Access Fees: A fee for using the secure server (such as Authorize.net) to approve and process transactions. Depending upon arrangements with the payment gateway processor, your credit card merchant account may include gateway processing fees as a separate line item or include it as part of a general monthly processing fee.

Monthly Statement Charges: Some institutions charge fees to generate and process a monthly statement.

Discount Rate: A credit card processing fee charged to process each transaction, based on a percentage of the transaction's dollar amount. The rate is based on risk associated with the transaction and will likely be different for each type of credit card transaction you process. An online transaction processing fees rate, for example, is generally higher than in-person retail discount rates because the associated risks are higher.

Address Verification Service (AVS): A separate processing service that cross-checks your customers' credit card number with the mailing address. The small per-transaction credit card processing fee is sometimes included in the discount rate.

Fixed transaction Fees (charged in addition to discount rate): Flat fees you pay for every credit card transaction processed.

List of Credit Card Associations

American Express



American Express Company (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company that is headquartered in New York City, New York. Founded in 1850, the company also has major offices in Fort Lauderdale, Florida; Salt Lake City, Utah; Greensboro, North Carolina; Phoenix, Arizona; Sydney, New South Wales, Australia; Markham, Ontario, Canada; London and Brighton, United Kingdom. The company is best known for its credit card, charge card, and traveler's cheque businesses.

AmericanExpress.com

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Diners Club



Diners Club International, originally founded as Diners Club, is a charge card company formed in 1949 by Frank X, McNamara, Ralph Schneider, and Matty Simmons. When it first emerged, it became the first independent credit card company in the world.

Dinersclub.com

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Discover Card



The Discover Card is a major credit card, issued primarily in the United States. It was originally introduced by Sears in 1985, and was part of Dean Witter, and then Morgan Stanley, until 2007, when Discover Financial Services became an independent company. Novus, a major processing center, used to be partners with the company as well. The Novus logo has since been retired and now the Discover Network logo has replaced it.

Discovercard.com

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Japan Credit Bureau



Founded in 1961, JCB established dominance over the Japanese credit card market when it purchased Osaka Credit Bureau in 1968 and its cards are now issued in 20 different countries. Fifty-nine million JCB cardmembers worldwide use their cards to purchase over US$62.7 billion of goods and services annually in 190 countries worldwide. JCB also operates a network of membership lounges targeting Japanese, Chinese, and Korean travelers in Europe, Asia, and North America.

Jcb-Global.com/english

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MasterCard



MasterCard Worldwide (NYSE: MA) is a multinational corporation based in Purchase, New York, United States. Throughout the world, its principal business is to process payments between the banks of merchants and the banks of purchasers that use its "MasterCard" brand debit and credit cards to make purchases. MasterCard Worldwide has been a publicly traded company since 2006. Prior to its initial public offering, MasterCard Worldwide was a membership organization owned by the 25,000+ financial institutions that issue its card.

MasterCard.com

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Visa



Visa Inc. (NYSE: V), commonly referred to as VISA (Visa International Service Association), is a multinational corporation based in San Francisco, California, USA. The company operates the world's largest retail electronic payment network, managing payments among financial institutions, merchants, consumers, businesses and government entities. Before Visa Inc's IPO in early 2008, it was operated as a cooperative of some 21,000 financial institutions that issued and marketed Visa products including credit and debit cards.

Visa.com

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References:

http://en.wikipedia.org/wiki/Credit_cards

For more information on Accept Credit Cards and Credit Card Processing, you can visit: http://www.paynetsystems.com

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Credit Card Processing - Step by Step Processing

Internet credit card processing is done by following a series of steps to transact the credit card online. The process begins when the consumer decides to buy something; this is when the merchant’s commerce application prompts the consumer for credit card merchant service information. This includes general information with a shipping address usually. This follows with the consumer entering payment information either into a form secured by a protocol or into an application, such as Internet Explorer or Netscape Navigator. With the secured form, the payment information is protected by Secure Sockets Layer as it is sent to the merchant.

Using the payment software incorporated in the Web server, the merchant sends the encrypted transaction to the acquiring processor for authorization. The authorization is a request to hold funds for purchase. The acquiring processor either authorizes a certain amount of money or declines the transaction. An authorization reduces the available credit limit but does not actually put a charge on the customer’s bill or move money to the merchant. If the transaction is authorized, a "capture" is the next step. The capture takes the information from the successful authorization and charges the authorized amount of money to the consumer’s credit card merchant service. In line with bank card association rules, the merchant is not allowed to capture transactions until the ordered goods can be shipped, so there may be a time lag between the authorization and the capture .If the consumer cancels the order before it is captured, a "void" is generated; if the consumer returns goods after the transaction has been captured, a "credit" is generated.

The final step is to "settle" the transaction between the merchant and the acquiring processor. Captures and credits usually accumulate into a "batch" and are settled as a group. When a batch is submitted, the merchant’s payment-enabled Web server connects with the acquiring processor to finalize the transactions and transfer cash to the merchant bank account.

For More information visit Credit Card Processing and Merchant Account Services visit: http://www.paynetsystems.com

Source URL:
http://www.paynetsystems.com/credit-card-processing/?s=authorization&paged=2

Virtual Terminals: Capture Sales Beyond Internet

A virtual terminal is a web-based application that allows businesses to process credit cards on line. And for this you all you require is an Internet connection and the login information to the virtual terminal. This is ideal for businesses that wish to accept credit cards at more than one location.

Virtual Terminal allows you to manually process credit card transactions from any computer with an Internet connection in the world. You simply login to a secure website with a login and password and you are able to charge cards, perform authorizations, and even process credits. In addition, you have complete on line reporting of all the transactions and orders.

Virtual terminals are very useful for the businesses suffering from mild sales volume. You are relieved from the worry of buying a costly point-of- sale equipment to boost your sales. Additionally, a virtual terminal is accessible from anywhere. You can take a variety of orders and enter them in, no matter where you are. You do not have to try an access what you need through a physical terminal. Moreover, these terminals are more affordable and cost less than payment gateways. It supports a wide variety of powerful features, including comprehensive transaction management and reporting features, to help you manage your business better.

In the case of some virtual terminals, it is possible to have them set up so that your site is processing the payment without redirecting to another site. It makes the process of refunding of money to a customer’s credit card. It also lets you capture the previously authorized transaction, check the status of transactions, and run a variety of reports.

Paynet Systems’ Virtual Terminal (Online Terminal) is archetypal for any business where credit card payments are accepted over the phone, mail or via email. Our Virtual Terminal lets you rapidly capture and authorize credit card transactions in real time, using any computer connected to the Internet, anywhere in the world. And there’s no software to install!

Our low monthly fee includes 24-hour customer service and any future upgrades. Additionally, the Virtual Terminal can be saved on any number of computer “desk tops”. This means unlike software packages that charge for upgrades, customer service, and licensing fees, the Virtual Terminal is all inclusive allowing you to effectively manage your cost associates with accepting credit cards.

Our online terminal can be fully customized to meet any business requirement. We’ve also created its standard version for a variety of business needs.

For More information on Credit Card Processing and Merchant Account Services please visit http://www.paynetsystems.com

Source:

Credit Card Processing

http://www.paynetsystems.com/credit-card-processing

What is a Merchant Account?

To stay ahead in the competitive business world, you need to leverage the benefits of latest technologies. The success of an e-commerce business relies on the ability to accept credit cards. Today, merchant accounts have become widely popular among all types of businesses through out the world.

Merchant account is a bank account which provides an opportunity for businesses to accept credit cards and debit cards as a form of payment. Though a merchant account is offered through ordinary banks, it does not work like your savings bank account. It is a contract between the merchant and the bank providing the account, including set of rules about selling and payment details of products or services.

There are two types of Merchant Accounts:

Over the Counter (OTC) Merchant Account

This is the same what a typical retail merchant has. In this account, the fees for transactions are less. To make a transaction here, the credit cards and debit cards are swiped through the machine and a transaction slip is produced..

Money-Order/Telephone-Order (MOTO) Merchant Account

This account is used by business owners who work in a non face to face business environment. This type of merchant accounts charge higher fees as the card processing involves two steps rather than just one.

Money Order/Telephone Order merchant account is mainly used in an internet based business. The customer enters all his credit card information into a form on a website. Then, the data is then sent out for verification and finally the money gets subtracted out of the cardholder's limit. Sometimes, the card will not be charged at this stage. The amount is just placed in a holding account, and as soon as the product ships out the card is charged for the purchase amount.

It is always noticed that a consumer will spend more when they are able to shop using their credit cards instead of cash payment. Customers can really benefit from merchant account as it gives them the opportunity to use their credit cards and debit cards to shop online or in any retail store and deduct the money from their checking accounts without having to pay interest or any other fees.

Setting up a merchant account is very simple and affordable too. With the emerging new technologies, online payments through merchant accounts have evolved as the most convenient payment mode for customers.

Related Links:

Accept Credit Cards

Is a Virtual Terminal Useful ?

A virtual terminal is used for processing credit card transactions from any computer with an Internet connection and a Web browser. Virtual Terminal is best suited for businesses of all sizes because it reduces the complexity and expense normally associated with authorizing and processing credit card transactions.

A virtual terminal works as follows - You just need to login to a secure website with a login id and password. Then you can start performing authorizations and even begin processing credits. Along with this, you will have a complete online reporting of all your transactions and orders.

By using a virtual terminal you can:

- Enter credit card transactions manually for mail or phone order sales.
- Refund money to a customer's credit card.
- Automatically bill customers for recurring charges.
- check the transaction status and run a wide range of reports
- Capture previously authorized transaction.

A Virtual Terminal is nothing but an online version of the credit card swipe machines used in stores.

Some of the added benefits of virtual terminal are:

- Increases sales
- Saves money
- It's easy.
- It’s affordable.
- It lets you expand your business
- It’s convenient!

A virtual terminal is very popular among all merchants and is an ultimate solution for merchants who manually enter credit card transactions for mail or phone order sales.

Article Source: http://www.indexed-articles.com

E CHECKS

Merchants have always been apprehensive about accepting checks due to the risks and hassles associated with check acceptance. Check Conversion is one process that comes to the aid of merchants as well as customers by offering a faster, safer and cost-effective mode of check payments. More and more shoppers are accepting check conversion as a quick and easy way to pay for goods and services.

Check conversion transforms paper checks into electronic transactions also known as e-checks that are securely processed in real-time. Funds from authorized payments are deposited automatically into merchants' accounts, usually within two business days.

The conversion process involves the following steps:

- A customer presents a paper check at the point of sale.

- The merchant uses a magnetic ink character recognition (MICR) check reader to scan the check and capture bank account information. (Some point-of-sale terminals also offer imaging capabilities, which capture address information for added security.)

- The terminal electronically sends the account data and dollar amount of the sale to the check service provider for verification.

- The check service provider approves or declines the transaction. If it is approved, the customer signs a sales receipt, which authorizes the merchant to debit the customer's account.

- The check is franked that is, it is marked or stamped as processed and voided; then it is returned to the customer, along with a copy of the sales receipt.

- In as little as two business days, an automated clearing house (ACH) deposit posts the amount of the sale to the merchant's direct deposit account.

Merchants benefit in a number of ways. Firstly, all converted checks are verified, usually at no extra charge. Merchants are guaranteed their funds from approved transactions, because returned checks are the responsibility of their check service providers. Secondly, electronic batch closing eliminates errors and reduces time spent in preparing and reconciling deposits. Thirdly, it results in improved cash flow due to faster closing and settlement.

Merchants van either connect MICR check readers to their existing equipment or upgrade their payment equipment by using terminals with integrated check readers that offer increased processing power and automatic check franking and reduces the excessive cabling at the point of sale. These also include reporting features that facilitate bookkeeping.

To process e-check transactions, store owners must also have merchant accounts with payment service providers that support check conversion. Most check verification services rely on databases of bad check writers to determine whether or not to authorize transactions. So it's important for merchants to go with experienced companies. Ideally, fraudulent check activity should be captured as it occurs.

E-check acceptance enables businesses to maximize sales and customer service while minimizing their risk and costs by incorporating check readers into point-of-sale processing solutions. Finally it hits your bottom line by increasing business and improving customer loyalty.

Article Source: http://www.paynetsystems.com/credit-card-processing/

How home office businesses can process credit cards?

Gone are the days of morning long drives to your office and 4-hour snack-free meetings. People are reclaiming their home lives by being at home more often and perhaps because of it–they’re more productive and contented employees. The number of people working from home has increased in the recent years, and the credit goes to the technology’s ability to connect workers coast to coast and country to country. And credit card acceptance, here, plays an important role in the expansion of your business.

Being able to accept credit cards for home-based businesses makes your business more attractive and simple to customers who wants to pay through their credit cards. This ability may also result in increased sales because customers are better able to make impulse purchases, since they can pay for them instantly. In addition to this, you are free from the harrowing thoughts of getting bounced checks and are not worried about the payments. You’ll know at the moment when you process the payment if your customer has a balance that can cover the cost of the transaction. Moreover, the ability to accept credit cards adds in your goodwill and credibility and give the appearance of being more established than those businesses that accept only cash and check.

Some home based business owners are startled by the process of accepting credit cards and are apprehensive about the associated fees. But today, accepting credit cards is isn’t a herculean task. The growing popularity of e-commerce and the power of the Internet have created a variety of new options for home-based business owners and helped them in understanding the complexities of this ability.

Most home based businesses have unique requirements. Paynet Systems’ sales professionals understand all these requirements and challenges faced by small business owners. They are trained to assess your specific needs, articulate the programs available, and recommend the solution best suited for your business. Paynet Systems’ provide you with a number of home office processing options, that makes accepting credit cards, debit cards, gift/loyalty/stored value cards and cheques easier than ever.

VPOS(Virtual-Point-Of-Sale) Solution, PCCharge Software, Tranz 330 Terminal, Telephone Credit Card Processing are some of the equipments which are fully customized to meet any business requirements.

For more information on Credit Card Processing and Merchant Account Services visit: http://www.paynetsystems.com