Text Message Marketing to Drive Sales

Over the years, as a merchant services rep, not only did I always strive to help my merchants reduce their processing costs…I also shared ideas on how to increase sales. In one of our earlier emails, I shared some ideas on the benefits of building an email list and using auto responders for that purpose. Here’s another idea that you may find intriguing and, most importantly, profitable.

Text Message Marketing: Make Ineffective Advertising Obsolete

Increase sales, customer frequency and customer loyalty while slashing your advertising budget

HERE’S SOME INTERESTING STATISTICS

SMS, also known as text messaging, is built into over 95% of all mobile phones in the marketplace today

Text messages have over a 90% read rate compared to an 8% read rate of email and 2% for print media

Today, more than 92.5 million consumers actively text message in the United States

A recent Juniper Research report indicates that 30% of consumers
want coupons and deals sent to their mobile phones

No other marketing medium can compete with the cost, ROI,
read rates or redemption rates of a text marketing campaign

YOU OWE IT TO YOURSELF AND YOUR BUSINESS TO EXPLORE THIS…NOW!

It only takes a few minutes to set up

There is nothing to buy or install

Never any contracts or commitments to sign

Just log-in to your account, type out your special offer, hit send and your customers

have your offer on their mobile device in minutes and your SALES INCREASE

Increase Sales on Slower days

Sell excess items and stock

Fill up your business

Rescue from bad weather

Promote a new item

Contest Promotion

Ideas only limited by your own creativity

We provide you with a 30 Day Action Guide and numerous resources to help

maximize the benefits of your mobile marketing campaign

Use Referral Code: Mike1500

FOR 1500 FREE TEXTS

Credit Card Processing Rates! Enlightened, Confused, or Mad? Make it better!

I've been in the merchant services business for many years and rarely, if ever, have I come across a merchant that feels that their fees for processing credit cards are FAIR. I think part of that comes as a result of a lack of transparency that is provided to them. There are numerous types of pricing models that can be implemented and, as you might imagine, most of them are more in favor of the processor, not the merchant. While in the field, I have always utilized the consultative approach with my merchants and taking care of their credit card processing needs. I ask numerous questions regarding their business and how they typically transact business. I'm always looking to determine what the absolute best, least expensive, pricing model will be for them. In addition, I search for other tools that may help them increase business with things like gift cards or check services. I never recommend equipment or services that won't be beneficial to their bottom line. Unfortunately, I'm sad to say, many in our business don't come close to taking that same approach.

American business owners, like yourself, are fed up with the unfair, hidden, and excess fees imposed by the banks and processors (you do know that those fees make up the majority of your Discount Rate, don't you?). In October, Visa and MasterCard posted their new Interchange Rates. Typically, adjustments are made twice a year (April and October). This time around, there were NO INCREASES that I was able to see but yet, I know of many merchant services providers, that imposed increases to their merchants (primarily those that are on a Tiered pricing model). Does this seem fair to you? I'm guessing the answer is a resounding NO. This, once again, is why, as I've written about many times in the past, is all the more reason for being priced in a more transparent form utilizing a Cost-Plus Pricing model. This way, no increases that aren't actually imposed on the provider, can be passed on or "hidden" from you.

Studies have shown that Americans pay the highest swipe fee rates in the industrialized world. Forty-four countries around the world have enacted some form of swipe fee reform that has brought rates down. In my opinion this industry has been broken and unregulated for far too long. Back in the early 1980's, big banks, Visa and MasterCard demanded that credit card swipe fees (a huge source of income for them) be shielded from free market forces. Well, guess what....they won that fight and the result has been an unfair, uncompetitive system of escalating swipe fee charges to you during a time that, do to advanced technology, their actual cost has gone down.

Senate Bill 1212 has been proposed to STOP THE BLEEDING . This bill is a great starting point to the interchange fee situation prevalent in the US. The bill simply stands for the proposition that powerful credit card companies should have to play fair and disclose prices and terms. I encourage you to stand up, join business owners like yourself, take action and be heard and add your name to the petition by going to THIS SITE .

With all that being said, you know how quickly things move through the legislative process so what can you do for yourself in the meantime? You got it....you need to be more proactive and get a better, more thorough understanding of how this industry works. More importantly to you, is the need to get a better grasp on how pricing works and absolutely make certain that you know EXACTLY what you're paying in fees for every card and transaction type in your business. What are you waiting for? Pick up your phone, right now, and get your rep or your processors Customer Care on the phone and ask the questions. If you don't feel like you're getting the straight story or an outright runaround, start looking elsewhere. Thanks for reading!

Combat Skimming of Credit Cars at Your Business

The fraudsters are getting even more active these days than before. They're out to steal credit card numbers in any way they can and they're not just after the processors and major retailers any longer. The term often referred to is "skimming" which is defined as the "unauthorized capture and transfer of payment data to another source for fraudulent purchases". According to ADT Security Services Inc., skimming nets fraudsters approximately $350,000 daily in the United States. And payment consultancy Celent LLC estimates skimming drains the global economy of $1.2 billion annually. So, you can see why the bad guys are actively searching for any opportunity or target that they can.

Skimming can be accomplished by stealing the data directly off of payment cards or by infiltrating payment networks via POS terminals, terminal locations, wires, communication channels, switches and so forth. One of the most common types of attack occur directly at the Point of Sale terminal and usually takes place with the merchants own personnel. Staff and outside contractors are "targets" of fraudsters, either through "bribery or coercion," The people that fall for this "temptation" are people who have both criminal intent and they have direct access to the customers credit card and aren't really observed or monitored much at the time of payment.

One specific industry is particularly prone to this situation and that would be in restaurants. Typically, the wait staff disappears with the diners' credit cards and can skim the card numbers in private or simply write down the appropriate information for later sale to the bad guys. If you happen to be in the restaurant business, you may want to seriously consider obtaining a few wireless terminals that can be taken directly to the customers table. Not only will this protect you but your customers will feel more at ease as well. And, a side benefit to this would be that now you will be able to capture pinned debit transactions and the resulting savings that go along with it.

You may have read in the news not long ago about huge data breaches at a couple major retailers as well as some of the largest payment processors in the business. Even they weren't immune to these sophisticated crooks. However, security measures have stepped up dramatically in those places so the cons are looking for easier targets. Smaller merchants are particularly vulnerable to skimming attacks. Mom-and-pop operations are busy with the day to day running of their businesses and might overlook signs that their terminals, or elsewhere in their business, have been compromised.

The security standards council has prepared a FREE 25 page supplement for merchants that provides photographs of how merchants can detect evidence of tampering. The report also recommends that merchants routinely inspect their businesses from the POS to the point where the cables leave the building. There are also pictures available to show merchants what actual tampering devices look like. For example, a key logger attached to an electronic cash register, for example can be smaller than a quarter and can easily be mistaken as part of the register.

Another suggestion is for merchants to limit the access to payment locations that customers and vendors have. These tampering devices can be quickly placed virtually anywhere in the system path. Installing surveillance cameras would also be a good idea and worthwhile investment. Times are tough these days and the fraudsters, either through bribery or coercion target staff and outside contractors to assist them in their endeavors.

The FREE report has helpful tips to help merchants quantify their risk levels. There are more than two dozen questions posed to merchants that are designed to evaluate whether they could be classified as low, medium or high risk to skimming attacks.

The second appendix is basically a checklist that allows merchants to document the details of their POS terminals and systems. "Take a picture of your device," Russo said. "What's the serial number? Where's it located? Where is the label? Is the label on the right side or the left side? So that when periodically somebody goes around and looks at these things to check them, they check them against this list to see if there's anything that looks different from what they had before."

Interchange Rate Comparisons 2006-2010

Just last week, I was contacted by a merchant that had received notification of substantial increases in their rates. The processor claimed that it was due to “adjustments in interchange rates from Visa and MasterCard”. They were going to see an increase of .30% + $.10 in their Non-Qualified transactions, even though there was nothing like that reflected in the new Interchange levels.
I thought it might make an interesting topic to take a look back at credit card processing Interchange Rates. Since we just had an adjustment to rates in April, I decided to go back to April 2006 for some comparisons. As you might imagine, there are hundreds of different rates based on the card or transaction type. Rather than make this an extremely lengthy, and boring, article, I simply chose to focus on a few of the most common type transactions. So, let’s take a look:

Visa CPS Retail Credit: This is for a plain old generic Visa card (with no perks or Rewards attached) that is swiped thru your credit card terminal. This still represents quite a chunk of credit card sales for most merchants. If you’re on a Three Tier Pricing, this will typically show up in your Qualified rate category. If you’re on Four Tier Pricing, it is Tier 2. If you are on Cost-Plus or Interchange-Plus pricing, it will show up as a separate line item as CPS Retail Credit. In April 2006, the Interchange Rate was 1.54% + $.10 and is still the same as of the new Interchange Rates in April 2010. How have your Qualified, or Tier 2 rates been affected in that time frame?Visa

CPS Rewards 1: Rewards cards pay the card holder some form or reward in the form of cash back or bonus points. You, as the merchant, have the privilege of accepting these cards and paying more for them. In a sense, you are paying the customer, indirectly, to shop with you. As a Three Tier merchant, these will typically be Mid-Qualified and as a Four Tier Merchant as the third tier. And, of course, as a Cost-Plus merchant, they will show up as their own line item. Interchange Rate was 1.65% + $.10 in April 2006 and is the same today. How have your Mid-Qualified or Tier Three rates been affected in that time frame?

Visa CPS 2: Simply, this Visa Rewards card pays a larger reward to the card holder and, you got it, you get to pay more to accept it. Some processors will put this into your Mid-Qualified or third tier category, however, some will slam you by putting it into your Non-Qualified or fourth tier. I know of one processor that “reclassified” Rewards 2 transactions in July 2008 (in between typical Interchange Rate adjustments) and took them from Mid-Qual to Non-Qual and Third Tier to Fourth Tier…EVEN THOUGH THERE WAS NO RATE INCREASE. That represents an immediate increase in their bottom line and a subsequent decrease in yours. Why do you think they did that? You’ve seen the ads all over the place for “enhanced-double rewards” type cards. More and more consumers are getting them, and using them in your business. Interchange was 1.90% + $.10 in April 2006 and went up to 1.95% + $.10 in October 2008 and remains the same today. How have your rates been affected in the past four years in this category?

Visa CPS Key-Entered: Now this doesn’t typically represent a bunch of transactions for most brick and mortar type businesses but still warrants attention. April 2006 showed an Interchange Rate of 1.85% + $.10 but, in April 2009, it was reduced (that’s right, I said reduced) to 1.80% + $.10 and remains the same. These will be classified Mid-Qualified or Tier Three by most processors. How much did your provider reduce your rates on these types trnsactions?

MC Merit III: Here again, this is a generic MC swiped thru your POS system. It was 1.64% + $.10 in April 2006 but, in either April or October of 2007, they came all the way down to 1.58% + $.10 which is where it remains today. These are Qualified or Tier Two transactions. I believe the substantial drop was to come more in line with where the Visa rates were. I'll bet your rates weren't reduced, were they?

MC Key-Entered: April 2006 showed 1.95% + $.10 and also in October 2006, it dropped .06% to 1.89% + $.10 where it remains today. Here again, these will be Mid-Qual or Tier Three, typically. And of course, your processor reduced your rates....didn't they?

I know this may seem to be a lot of rambling but the point I want to make
is this. As you can see from these basic illustrations, there hasn’t been much in the way of overall increases over the past four years. Have your rates remained the same or have you experienced increases (like the merchant that contacted me), or “reclassifications”? Do you even know? Unfortunately, many merchants rarely look at their statements in great detail much less compare them to previous months or years to look for changes. You should definitely look at your statements each month and…COMPARE!

Let me ask you this now. In October 2007 when MasterCard lowered their rates on some of their cards, did your processor lower your rates? Nah, that never (or should I say, rarely) happens. If you’re priced on any kind of tier system, you likely didn’t see any kind of reduction in your rates. However, if you were on Cost-Plus pricing, which is the most transparent form of pricing, the reduction would have automatically been applied.

At MY WEBSITE, you’ll find unbiased SOLUTIONS to all your credit card processing questions and concerns. This blog, also provides timely and relative tips on an on-going basis that you will find helpful. As always, thanks for reading and please pass this article on to other business owners in your circle of influence.

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5 Tips for saving on your credit card processing rates

There never seems to be a shortage of merchant services, or credit card processing, reps that are coming thru your door promising to save you some money. It's quite easy for the skilled ( and shall we say, less than ethical) credit card rep to manipulate the numbers and present, what appears to be, a "better deal". So, what can you do to know for sure how to really save money on your fees?
There's a lot that goes into the pricing of a merchant services agreement. Your rates typically depend on the kind of business you have, your average monthly volume, average ticket and how you transact business. What I want to present to you here is 5 Tips that you can do right now, maybe without even considering changing processors, to save on your bottom line. So, without further rambling, here's some ideas for you:
1. GET EDUCATED: Now, I'm not insinuating that you aren't an educated person by any stretch of the imagination. You wouldn't likely have tackled the monumental task of being in business for yourself if you weren't intelligent. But, let's face it, there are so many aspects of running a business, that you can't possibly be an expert in all areas. Credit card processing is one of those cost centers that are necessary if you want to appeal to the masses with your goods and services. In my years of experience in the field, I've seen relatively few merchants that truly understand how this industry works. So, simply, all I'm saying here is you need to dedicate some of your time to find out more so you will become more comfortable with what you are paying and why. The webites for both Visa and MasterCard offer a wealth of knowledge that would be very helpful in your educational process. In addition, you could just head on over to MY WEBSITE and see what you can pick up there. You'll find that it's NOT A SITE SOLICITING YOUR PROCESSING BUSINESS. The knowledge you gain from any of these sites will be time well spent.
2. ASK QUESTIONS: This is one of the simplest things that you can do for yourself. Take a look at your statement, thoroughly. and then, get on the phone with your rep (that is if you're able to even find him/her) and have them explain every single charge. I've seen merchants that are paying monthly for some sort of supplies program that they never use. They've been buying from the local office supplies store and have needlessly been paying these fees. Many processors now charge a monthly fee for sending you a paper statement when you could access them on-line for free. I know you've got a computer because, otherwise, you wouldn't be reading this article. If you're comfortable with downloading, or at least viewing them monthly, on the internet, opt out of the paper fee. You might also check your Discover and AMEX statements too as they both charge for a paper statement and with them too, you can eliminate that fee by getting them on-line.
3. GET A RATE REVIEW: If you were fortunate enough to get in touch with your rep and get their "spin" on all the charges on your statement, you still want to check them out. Keep in mind that most reps are paid monthly residuals based on all the profits generated from your account. If you're paying a statement fee, annual fee, membership fee or any other miscellaneous fees, they may tell you something like "everybody charges those"....don't buy it. They're earning a couple bucks on them monthly and will likely be reluctant to have them removed. So, call the companies Customer Care center and tell them you want a full Rate Review. While you have them on the phone, verify all that the rep told you and make sure you keep good notes for your conversation.
4. SHOP YOUR RATES: Look, there's no shortage of credit card processing reps out there. Heck, you're probably getting several stopping in or calling you weekly. Take one or two of them up on their offer to give you a quote, especially if you've been with the same provider for some time. BUT, only do this after you have taken the time to more thoroughly educate yourself so you will be better able to determine a real offer and a less than realistic offer.
5. CAPTURE MORE PINNED BASED DEBITS: This can add up to immediate savings for you, if you already have a pin pad. Most merchants, and their employees, when presented with plastic to pay for a purchase, ask "credit or debit?". The majority of customers, when given the choice, will simply chose credit because it's less hassle to sign than it is to remember and key in that massive four digit pin number that takes all but a nano second to do. But to you, the merchant, the cost difference can add up quickly. A $50 sale rung up as a credit card will typically cost you, let's say $1.10. That same card, run as a swiped debit card would run about $.67 (that is if you're set up properly to capitalize on this structure). And, last, but not least, that same transaction run as a pinned debit card, could cost you in the neighborhood of $.50 or so. If you have a pin pad, do this: look at the customers card when they hand it to you. If it is a debit card, it will say "debit", "check card" or "money card" on it. Once you are sure that it is a debit card, say to the customer, "I'm going to need you to enter your pin number here in a second", pause briefly (for any objections) and then process accordingly. Many of my merchants have even gone to the extent of telling their customers, when and if they raise objections, of the cost differences and then, the customers are happy to oblige.
Well, that's it for now. I hope that these tips will be of some help to you. As always, I thank you for taking the time to read and wish you great business success in 2010 and beyond.

Credit Card Processing and spring time

Well, spring has sprung and it's feeling good. My grass is starting to turn green, flowers are popping thru the soil, buds on the trees and an abundance of birds have returned from the south. Everything's coming back to life again and that goes for MLS's as well. What, you say, is a MLS! In the credit card processing industry, it refers to Merchant Level Salesperson. If you're in business, especially in the eastern states or midwest, you experience a bunch of new reps coming thru your door or calling on the phone, every spring.

You see, here in the midwest (I'm in Michigan....could never figure out why this is called the midwest since we're nowhere near the west and not really even close to the middle of the country....oh well, that's a topic for another post) outside salespeople find other things to do than be "outside". But come springtime, everybody wants to get out. And, in the credit card processing biz, a whole new round of new reps are hitting the street.

This industry has the potential for a very lucrative income (I can personally attest to that after over a decade in the industry)so, it attracts a lot of fresh blood, especially every spring. So, typically, what happens is that they get a day or maybe only a half day, of training and they're sent out cold calling seeing dollar signs in their eyes. They have been provided the basics and mostly, just a pitch from their new sales manager, that of course, will sound like a really good deal to many merchants. However, after a couple months of knocking on doors, getting kicked out, ignored or just told to go away, they give up and go in search of their next job....it's just too hard. Unfortunately, for you, the merchant, you get hammered with all the different approaches from numerous new reps and it gets old real fast. This business, while being a great way to make a living for the honest hard working rep, is also a very competitive and hard business to be successful with.

If you've read any of my other articles and posts to my blog, you know that I am, and always have been, a strong advocate of having merchants get thoroughly educated. Let's face it, if you're selling any kind of goods or services, either in brick and mortar establishments or on-line, you need to accept credit cards.

This industry can be quite complex with lot's of ways for the less than scrupulous rep to take advantage of uninformed merchants. Don't let this be you as it can cost you dearly. Take the time to head on over to my website and learn more than what 90% of the reps that are calling on you, know about the credit card processing industry. It will be one of the most profitable things you can do for your business.

Thanks for coming by and I wish you a HAPPY SPRING and a prosperous year.

What happens when a credit card is processed?

Have you ever considered what actually happens when a credit card is presented for payment of goods or services?  Merchants pay a credit card processor for this service and are charged a Discount Rate.  Here's a look at what the process looks like and costs involved:

• When a credit card is presented for payment of goods or services, the merchant swipes the card thru their credit card terminal.


• The transaction is electronically routed thru to their credit card processor

• The credit card processor electronically routes it thru the network (Visa or MasterCard) and the network earns an Access Fee (Visa @ .0925% and MasterCard @ .110%) on every transaction

• The network then electronically routes it thru the card issuing bank for approval or denial and this issuing bank earns the Interchange Rate (there are well over 200 different rates based on the card or transaction type)

• Then the whole process reverses back from the issuing bank, thru the network, back thru the merchant services provider, and finally, back to the merchant’s terminal with the approval. The processor charges the merchant a Discount Rate for providing the service which shows up on the merchant statement in various formats each month. It is the difference between the Interchange Rates and Assessments and what the merchant is paying that the processor earns for providing the service.

Well, that's how it all works, behind the scenes, and it happens all in a matter of seconds. 

April 2010 Interchange Rate Adjustments

Well, it's that time of year again.  Typically in April and October of each year, Visa and MasterCard make adjustments to Interchange Rates.  What's that you say, you don't know what Interchange Rates are?  Shame on you for not understanding because you're paying it every time you take a credit card.  Well, at least this April, there weren't any significant changes in rates, however, MasterCard came out with a whole bunch of new "categories" that could have an affect on you and your bottom line.

You see, as a merchant that accepts credit cards for the payment of goods or services, you are charged a Discount Rate by your service provider.  This provider, or merchant services processor, pays card issuing banks an Interchange Rate and pays either Visa or MasterCard, an access and assessment fee.  All of these figures represent their cost basis for providing this service to you.  On top of all these fees, the processor adds their markup and presents it to you in the form of the Discount Rate.

For sake of discussion here let me give you a quick example.  Currently, the Interchange Rate for a Visa Debit Card is .95% + $.20 (last time around, October of 2009 it was 1.03% + $.15).  This is one of the few changes for April 2010.  So, a $50 debit card transaction would cost about $.67.  This fee ultimately gets paid directly to the financial institution that issued the debit card.  On top of that is a Visa Assessment fee of .0925% and total Access fees of about $.02.  So, to cut to the bottom line here, the total "costs" is 1.0425% + $.22.  Take a look at your most current statement and see what you're paying for swiped debit cards without capturing a pin number (that's a whole other ball game).  If you're priced on 3 Tier pricing, it will be your Qualified Rate.  If you're on a 4 Tier pricing, it's your 1st Tier.  And, if you're on Cost Plus Pricing it will be a specific line item showing the total breakdown (or at least it should).

The bottom line here is that you need to become more thoroughly educated regarding this ever-increasing cost center in your business.  Listen, your service provider doesn't want to tell you all this stuff.  All they want to do is just provide the service and hope that you don't ask too many questions.  Trust me, I spent a lot of years in this business and built a tremendous, loyal, customer base.  It was accomplished by establishing mutually rewarding long-term relationships.  Look, the economy is pretty lousy now and isn't showing signs of getting much better any time soon.  You owe it to yourself and your business to learn more about this cost center as it is continually having a growing impact on your bottom line.  You can slowly learn more and apply it along the way, by just subscribing to this blog or coming by often.  Or, you can head on over to my website right now by CLICKING HERE and get the crash course to increased profits.  The choice is yours!

Important Questions to ask about your Credit Card Processing Service

If you're in business, you know that you must accept credit and debit cards for payment. The numbers by industry sources for 2007 have indicated that "payment for goods and services utilizing credit/debit cards, has exceeded that of cash and checks". Like most merchants, you are most likely solicited by phone, fax, email or in person, several times a month. So how do you make a wise choice regarding which provider to go with. The best advice I can give you is to ask lots of questions. Get a feel for the person presenting to you with their knowledge and willingness to openly discuss everything with you. Don't be focused only on the quoted rate that the provider seems to be focusing on. It's not a simple task to weed thru all the hype and nuances of this service but, with proper education, you'll be successful in making a wise choice.

First, let's talk about rate a little bit. Here's the things to know up front and these are the kinds of things the provider should be asking you:

1. What is your average monthly volume

The larger the volume, the better the rate should be

2. What is your average transaction size

This helps to determine if you should have bundled or unbundled rates

Also, if you have a lower average ticket (say under $50), you should be considering 4 Tier pricing in order to take advantage of lower signature debit card rates.

In addition to lower signature debit card rates, consider a pin-pad for pinned based debit transactions that could cost you even less. Many debit networks have CAP maximums.

3. How do you transact business (card present or card not present). Merchants that process 80% of their transactions card present will get most favorable processing rates.

Here's some crucial questions you need answered. Ask the rep what your rate will be for:
* Card-not-present or hand-keyed transactions
* Rewards Cards (there are Visa Rewards 1 and Visa Rewards 2....ask for both)
* Commercial Cards or Business T & E cards
* World cards (especially important if you're in a tourist type area

This is an area that is crucial for you to understand because these cards are charged
a higher interchange rate and if you don't ask the questions up-front, the provider won't
likely volunteer the information because this is where they can really get in your pocket.

4. Retail businesses are pretty straight forward when it comes to rates. However, certain industries can be provided with preferred pricing. Some of these would be, restaurants, grocery stores, petroleum dealers, service industries, utilities, etc. Ask if there are any special concessions for your type business.

5. A good way to get a handle on your current "real" rates is to determine what your
Net Effective Rate. Do this by taking your total fees for the month and divide it by the
total monthly (Visa/MC, do not include Discover and AMEX) volume you processed.
Don't forget to add in any annual fees that you may pay. For example, if you pay $120 in annual fees, add in $10 to your monthly total in order to get an accurate NER.

6. If you're allowing a new provider to quote you numbers based on your current statement,
make certain they are doing a line-by-line comparison. This way you can properly compare
your current NER with what they say their's will be.

Okay, now that you've been able to zero in on rates more effectively, it's time to ask some other questions that often get overlooked by merchants.
* Are there any monthly minimums and if, so, how much are they?
* Are there any annual fees?
* How about any set-up, application or programming fees?
* How long is the contract term (typical is 3 years)
* If I decide to terminate early, what is the early termination fee?
* Are there any batch total fees? If so, how much are they?
* Is there a statement fee?
* How much for the occasional Address Verification Fee?
* What do they charge for Chargeback Handling should they arise?
* How about Voice Authorization and referral fees?
* If you're utilizing Pin-based debit, is there a monthly debit network access fee?
* Are supplies FREE or available for a nominal charge?
* What about terminal replacement? Do they have a plan for that?

There may be other questions that I haven't addressed here. Consider your own experience
with merchant providers. Were there any charges or fees in the past that caught you off guard? Ask about them as well.

The bottom line is simply this...you need to accept debit and credit card transactions in your business. You want to do it as smoothly and efficiently as possible and do so with the most reasonable rates you can negotiate. All providers operate from the exact same cost basis which is referred to as Interchange. So, what dictates rates is simply, how much they feel they need to make off of you or how much they can take advantage of you.

I hope this article has been helpful. However, to further expand your knowledge and total understanding of this industry, check out my informative website. I promise, I'm not just another provider trying to solicit your business. Thanks for reading. Here's my site.

www.creditcardprocessingknowledge.com