One of the many spinning cogs in every business is merchant services. If this cog breaks the whole business will grind to a screeching halt – and for any business this is unacceptable. In order to prevent a disaster in this arena, every business needs a reliable merchant account to keep their business up and running. By implementing a few easy strategies, you can ensure that you find a reliable and trustworthy merchant services provider to keep your business running as it should.
The first and easiest way to ensure a good merchant services provider is to only deal with reputable companies. There are plenty of fly by night merchant account companies that will promise you the moon, but all too often these are the companies that let you down. They often attract merchants because they have slightly better rates, but you definitely pay for it in the long run. Stick with the more reputable companies and you will save yourself a lot of headache. In the event something does go awry with your merchant account, they will be better at fixing the problem than less reputable merchant account processing companies. Continue reading How To Ensure Great Service In A Merchant Account Provider
There are so many merchant service providers out there on the internet right now; it’s almost too many to count! You can type “merchant account” into Google, and millions of results will pop up – but how do you know what merchant account provider will do the best job for your business? Unfortunately, most of the merchant service providers you find online will not take the time to explain their fees to you, they’re more interested in getting you to sign on the dotted line and kiss all of your hard earned profits goodbye.
At MerchantService.com we have a different approach. We’d rather have an educated merchant than a customer that has no idea what they just signed up for. For that reason, we work with all of our merchants to find them the most cost effective solution for their business.
The so-called Durbin Amendment was originally set to have taken effect on July 21st, 2011. This component of the Dodd-Frank Wall Street Reform and Consumer Protection Act was to have set a proposed maximum debit card interchange fee of 12 cents for both pin debit and signature card debit transactions, only for banks that had $10 billion or more in assets. This worked out to be a 70% reduction in the average debit card fee ($.44) according to the Fed.
The Final rules issued raised the maximum Interchange fee to $.21 per transaction, with an additional allowance of 5 basis points of transaction value to account for fraud costs. And included an interim proposed rule to allow banks to charge an additional $.01 cent per transaction if they meet certain fraud prevention standards established by the Fed.
Bottom line, Merchant’s remain the winners through these Interchange expenses decreases while issuing banks are still the biggest losers, but not as much as originally feared.
When Do The New Merchant Services Rules Go Into Effect?
MerchantService.com announced today their online merchant services quote generator which completely changes the way businesses shop online for credit card processing solutions. Much like auto insurance companies, business owners now have the ability to fill out a simple form and receive an instant quote for a new merchant account.
“You can receive an instant online quote in as little as 1 minute and an on-line application is there for you to complete. Just print it out, sign and fax in. We’ll call you back to cross the T’s and dot the I’s, so you can start increasing your bottom line profits immediately. It’s as simple as that,” said Gino Kauzlarich, president of MerchantService.com, Inc.
The program offers Interchange Pass Through (IPT) pricing to all businesses regardless of their size or credit card processing volume. A merchant account that uses an Interchange Pass Through pricing method applies processing fees by adding a small percentage to the actual interchange (Wholesale) rate for every transaction and all dues and assessments are passed through directly at cost. This ensures that a merchant only pays the wholesale rate in addition to a small mark-up that goes to their merchant service provider.
“Because it is a true IPT program, 100% of the Durbin Amendment cost savings will accrue to our merchant’s benefit. Our merchant’s will be free to keep the savings, or pass them on to their customers,” said Kauzlarich.
While there are many merchant service websites that offer basic quotes for a few business types like: Retail, Mail Order, Telephone Order or Internet. MerchantService.com is the first to offer instant online quotes for all major business types, not only taking into consideration acceptance method but processing volume, business type, average ticket and longevity.
In addition to being a valuable resource when comparing pricing online, the quote generator is designed to be very user friendly. Merchant can also utilize this tool to review their existing rates since at least twice a year (generally every April and October), Visa and MasterCard re-assess their processes, regulations and fees then announce rate changes and new fees. Many times existing providers will layer on additional rate increases above the Interchange adjustments.
Established in 1995, MerchantService.com provides leading edge credit card machine and business management solutions proven to increase total sales, accelerate cash flow, improve efficiency and reduce expense. MerchantService.com also features the most economical merchant services pricing program, Interchange Pass Through, for all merchants, and has not raised their markup rates over interchange in 15 years of operations.
PCI DSS stands for Payment Card Industry Data Security Standards. The rigorous application of these merchant account standards ensures that credit card merchant account holders are in compliance with industry standards for financial data security and is a key component of maintaining customer financial security. Every business that accepts credit cards must be PCI DSS compliant, as it is a requirement from the Payment Card Industry Security Standards Council (PCISSC).
PCISSC Oversight and Certification for Merchant Account Holders
The PCISSC, or PCI council, was originally formed with American Express, Discover Financial Services, JCB, MasterCard Worldwide, and Visa International in September of 2006. The purpose of the council is to manage PCI DSS with the goal of monitoring merchant account holders and credit card processing. The PCI council claims to be independent of each of the PCI council founding firms.