Archive for January, 2008
Pos Terminal
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The system of credit card processing we take for granted each day has a lot of moving parts. Many business owners in this process the same way that meat eaters think about making hot dogs – prefer not to see how it's done, just want to have one at the right time. However, is useful to understand a little about how credit card processing system works, and most importantly, how to give you as a business owner in a position to maximize profits.
The main actors in the process are the merchant, the issuing bank, acquiring bank, merchant services provider and the association. A brief description of duties:
Merchant · (business owner) – accepts credit cards for payment and services. Open a merchant account with a Merchant Services Provider (MSP).
Issuing Bank · – credit cards to customers (holder) based on creditworthiness
· Merchant Services Provider – Provides the business owner with the processing system, hardware and network bank credit card that best meets your needs.
· Bank acquirer – processes payments through the issuing bank, and payments going back to the store less of their fees.
Associations · – Visa and Mastercard are examples associations of banks that agree to certain rules.
When a card, the draft of the sales goes to the bank's acquisition of the routes through the Partnership for the issuing bank. The issuing bank for approval – the purchase, and communicates that back to acquiring bank approving the transaction. All this takes place fairly quickly. This is what is happening when the restaurant 'runs through your card. "
Later the merchant operations in block and send them back to acquiring bank for payment. The acquiring bank forwards this information to the association which then takes the money from the issuing bank. This step is called compensation and settlement. The last step is the acquisition for the bank to pay the merchant, less the discount rates. This last part is called "financing". The whole process takes between one to three days.
Clients usually start prior charges, and cancellation by the issuing bank.
Why a company accepts credit cards? Accepting credit cards is often a good thing to do, offering customers a convenient payment option. The disadvantages, of course, are the fees and sales outlet for additional equipment such as terminal, pin pads and the like. The benefits of the fees are in fraud protection and faster payments to the merchant.
Most customers or Web-oriented companies usually can benefit from accepting cards credit. According to Forbes magazine, 82% of the members of the American Express card and 79% of the holders of Visa and MasterCard agreed that regardless of the nature of business, merchants should offer customers as a whole array of payment vehicles as possible.
Here is a list of 10 things a trader must know and do to minimize the cost of processing credit card – and keep more of their business transactions. A small tip: always best to seek advice from a professional in this area – it costs you nothing and you have the potential to tilt the table in his favor.
1. Deciding the best way accepting cards – If your business processes 10 or fewer transactions per week, your authorization is all that is needed. For the highest rates of transactions, terminals, magnetic stripe card or PC stroke based software card acceptance should be considered. Internet businesses can use the terminals virtual shopping cart. You have to decide how the card information will be recorded. The options are: manual input, a card printer, a point of sale (POS), or virtual terminal.
2. Get the best rates of exchange grade. Each merchant pays a fee discount at the store to accept cards payment. Interchange fees are a component of the discount rate and include the fees that Visa and MasterCard charge for the funds in the merchant's bank and obtain the billing information to the bank of the cardholder. Some things you should know about interchange fees:
3. Interchange fees vary by type of store or industry and type of card the card holder uses
4. New businesses usually pay the fees because they are considered higher risk.
5. Retailers can keep costs to a minimum by taking steps to ensure that the process "qualified" transactions – the cheapest category of exchange that applies an operation in the physical store Swipes the card through the terminal and receives authorization
6. Exchange rates are higher for firms not less than the purchase is performed without the presence of the customer.
7. Merchants who want to accept cards over the Internet should make maximum use security mechanisms AVS (Address Verification Service, or CVV – Card Verification Value (3-4 digits on the back of a card).
8. Avoid the back office to act promptly to resolve a cardholder dispute. A chargeback translates into extra costs.
9. Automatic settlement allows all transactions to be automatically resolved without the merchant has a lot of your daily credit card receipts. However, it is more expensive than manual batch settlements.
10. Most leases MSP offers for sale equipment, avoiding higher costs in advance.
The right card processing solution for your business depends on the nature and volume of their transactions. The banks will not always have the best solutions. It would be useful baseline and have a review one annual free trade in professional services, and it is essential that consultation first credit card acceptors.
Peak Performance Solutions is a Business Services company. We provide a range of business services to help businesses grow their business, reduce their costs, and develop their people.
Peak Performance Solutions has partnered with First Financial USA to provide the lowest cost credit card processing rates, competitive POS equipment, and the best in customer service.
Visit: http://www.peak-ps.com/21.html for information on our credit card processing services.
Visit: http://www.youtube.com/watch?v=rQokX7YvVTE for a 3 minute video that describes a new training system for the membership of Chambers of Commerce, and NFP Associations, that also creates new revenue for the Chamber, or the NFP Association.
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