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Best Credit Card Processor

Businesses that accept credit cards feel the pinch when Visa and MasterCard raise their interchange fees, but some are affected more than others. Depending on which type of pricing structure your merchant account utilizes, you may be paying a lot more than you think when interchange fees are increased. CardFellow ->>

February 18, 2010

Top 10 Questions to Ask When Getting a Merchant Account

There's a steep learning curve involved in getting the best merchant account, and it's natural to feel a little overwhelmed. We've put together the following ten questions that you should ask prospective merchant service providers. The answer to which will help you avoid some of the largest pitfalls that face businesses that are in the market for a new merchant account. Merchant account questions ->>

February 17, 2010

Credit Card Machine Leasing: Enough is Enough

Complex rates and fees and obscure merchant account pricing contribute a great deal to the healthy skepticism that merchants feel toward the credit card processors. But one of the greatest contributors, for which there is little justification, is the outrageous practice of leasing credit card equipment used throughout the industry. Credit card machine leasing ->>

February 15, 2010

Shopping for a Merchant Account: What You're Really Comparing

When shopping for the best merchant account, you're really looking for the lowest markup over base costs. There are true costs associated with credit card processing that providers can't control. Think of credit card processing as a tangible product for a moment. Like with any product, there are costs to bring it to market that aren't negotiable at the retail level. The aspect of price that is negotiable is the markup over wholesale. Shopping for a merchant account ->>

Updated: February 9, 2010

How to Get the Best Merchant Account for Your Business

Business owners want the best merchant account, but there's no provider that can offer the perfect account to every business. Providers may claim 100% satisfaction, but as the saying goes, "You can't please all the people all the time" and the same is true with merchant accounts. Best Merchant Account Services ->>

January 27, 2010

Merchant Account Rates Too Good to be True

An online search for merchant accounts through your favorite search engine will produce countless results from merchant service providers promising retail rates as low as 1.39%. You know the ads - the ones that "guarantee the lowest rates and fees". Aside from the fact that these rates seem too good to be true, doesn't it seem kind of that every provider can guarantee lowest merchant account rates? Merchant account rates too good to be true ->>

January 14, 2010

Merchant Account Pricing & Volume

When it comes to credit card processing and paying interchange fees - the more you make, the more you pay. But when it comes to the rates and fees that you pay to your merchant account provider, this is not always the case. Tiered, enhanced recover reduced (ERR) and interchange plus pricing are all volume based pricing models, but flat fee merchant account pricing is not. Merchant Account Pricing & Volume ->>

Updated: January 4, 2010

MasterCard Convenience Fee Guidelines

Tyler's question submitted on Decemeber 30th regarding MasterCard's convenience fee guidelines for educational and government/municipal merchants stumped us. After contacting MasterCard for confirmation about their program, we've confirmed that there are special MasterCard convenience fee guidelines for approved merchants in the education and municipal categories. Convenience Fees ->>

December 22, 2009

Affect of Interchange Fee Increases on Merchant Account Pricing Structures

Shopping for or comparing merchant accounts is a task that many business owners dread. The pricing is confusing, the sales pressure is intense and every provider promises to offer the lowest rates and fees. Luckily, there are two fundamental things that you can do to cut through the fog and ensure you're paying as little as possible to processing credit cards. Save on Credit Card Processing ->>

December 15, 2009

Save on Credit Card Processing

Shopping for or comparing merchant accounts is a task that many business owners dread. The pricing is confusing, the sales pressure is intense and every provider promises to offer the lowest rates and fees. Luckily, there are two fundamental things that you can do to cut through the fog and ensure you're paying as little as possible to processing credit cards. Save on Credit Card Processing ->>

November 30, 2009

The Latest & Greatest: Flat Fee Merchant Account Pricing

The interchange plus merchant account pricing model is quickly becoming the most sought after form of pricing for businesses seeking the best merchant account. It's often touted as the only truly transparent way to process credit cards. While this may be true, it doesn't tell the whole story. Flat fee merchant account ->>

November 16, 2009

Inconsistent Buckets

If you're processing credit cards on a tiered merchant account pricing model, inconsistent buckets are a vital subject for you to understand. The term inconsistent buckets is used to refer to a merchant service provider's ability to dictate at which tier an interchange category is charged on a tiered merchant account pricing model. Inconsistent Buckets ->>

November 12, 2009

4 Great Merchant Account Resources

The problem with getting accurate information on merchant accounts and credit card processing is that everyone is trying to sell you something. Getting useful, unbiased information through all of the sales chatter isn't an easy task. To that end, I've compiled a list of what I feel are the best resources on merchant account and credit card processing. Resources ->>

November 5, 2009

Are you paying double for credit card returns?

If you're like most people, you don't give too much thought to the process of issuing refunds to your customers for credit card purchases. After all, it's a pretty easy process - just swipe their card through your machine and follow the steps to initiate a return of their purchase. The funds will be credited back to your customer and you'll be issued a refund for the original processing charges, right? Credit Card Refunds ->>

Visitor Question November 5, 2009

Credit Card Convenience Fee

Michele has submitted a great question on the subject of charging tenants a convenience fee when they pay for their rent using a credit card. Convenience fees are a confusing topic that, if used properly, can help to alleviate the cost associated with accepting credit cards for appropriate business types. Convenience Fees ->>

Merchant Account Information Guide Update: November 4, 2009

Merchant Account Fees & Pricing Structures

The merchant account information guide has been given a large and much needed update to discuss the different merchant account pricing structures available in the marketplace today. The guide now discusses interchange plus pricing, tiered pricing, enhanced reduce recover (ERR) and flat rate credit card processing pricing models. Fees & Pricing Structures ->>

November 4, 2009

5 Quick Tips to Big Credit Card Processing Savings

There are many things that you can do to save substantially on your monthly credit card processing fees, and most of them don't take much time at all. This article covers five things that you can do to reduce your merchant account fees. Some of these tips only require a few minutes of your time but can impact your costs substantially. Save on Credit Card Processing ->>

October 31, 2009

Business Credit Card Updates and Tips

Since the credit crisis began a year and a half ago, business owners and consumers have seen a huge credit crunch and a contraction in credit. Simply put, credit is not as available as it was before. On the consumer end, they are finding that credit card issuers are raising their interest rates and cutting their credit lines and in some cases even closing their accounts. Several business owners have also faced this issue. Credit Cards ->>

Merchant Account Information Guide Update: October 22, 2009

Interchange Fees Explained in Plain English

There's no doubt that interchange is an intimidating topic, but it's one that you can't afford to bypass if your business accepts credit cards. Interchange is a crucial subject to understand if you don't want to overpay for credit card processing. This section provides an explanation of interchange in plain English without all of the cumbersome technical jargon. Interchange Fees ->>

Updated: October 20, 2009

Flat Rate Credit Card Processing

A flat rate merchant account would make the lives of business owners and accountants much easier, but they eventually come to realize that there's nothing flat about merchant account fees. Fortunately, there is something close. While it still won't boil processing charges down to a single rate, interchange plus pricing does apply a flat mark-up to all discount fees. Flat Rate Credit Card Processing ->>

October 15, 2009

Merchant Account Residuals - Cause for Chaos

There's plenty of information available regarding the "hows" of merchant accounts and credit card processing, but hardly anything covers the "why." Why is the industry so competitive? Why is it so hard to tell exactly what you're paying for? Why are pricing models for credit card processing so confusing? These are all important questions that can help shed light on why things are as they are in the payment industry. Merchant Account Residuals ->>

September 29, 2009

Credit Card Processing Options for an Ever-Changing Market

Industry competition has produced more credit card processing options for businesses than ever before. In terms of both the number of different providers from which they can choose and the type of pricing structures available, merchants have never had more choices than they do in today's marketplace. This article will cover the different options available and will analyze the pros and cons that each has to offer. Credit Card Processing Options ->>

September 17, 2009

Just Give Me the Best Rate!

The biggest mistake that you can make when searching for the best merchant account is to throw negotiation out the window in an attempt to strong-arm providers into giving you their lowest rates and fees right away. The problem isn't that they don't want to help; it's that they don't have enough information to offer a quote even if they wanted to. Best Rate ->>

September 9, 2009

Merchant Account Contract

Much of the ill feelings toward the credit card processing industry are a result of horror stories surrounding lengthy contracts and hefty cancellation fees. The negative stereotypes aren't totally undeserved but their origins are quickly becoming a thing of the past. Merchant Account Contract ->>

July 16, 2009

Merchant Account Comparison Chart

There are two big problems with these charts that render them virtually useless. First, they're extremely biased. Second, you can't accurately compare merchant accounts from one provider to the next because there is no set pricing structure to use as a basis. Merchant Account Comparison Chart ->>

June 19, 2009

Merchant Account Complaints

The credit card processing industry doesn't exactly have a stellar reputation and merchant account complaints are far more common than they should be. In this article I'll talk about how you can avoid doing business with the bad eggs in the industry, why it's so tough to be heard when you have a merchant account complaint and what you can do to get the word out about a poor provider that you've encounter. Merchant Account Complaints ->>

June 15, 2009

Merchant Account Leads

The payment card industry is fiercely competitive and the calls, letters and visits from salespeople can be relentless. The attention can be annoying and even aggravating at times, but as I'll explain in a moment, there is a money-saving silver lining to the cloud of sales pressure. Merchant Account Leads ->>

June 1, 2009

Interchange Pass Through: What it is & why you need to know

The demand for interchange pass through pricing has been fueled by the rapid spread of information online that has led to increased merchant awareness. Interchange is a complex topic, but simply understanding the basics of how it affects the credit card processing fees that merchants pay is vital knowledge for any business owner or manager. Interchange Pass Through ->>

Updated: May 29, 2009

Multiple Merchant Accounts May Help Reduce Processing Fees

Getting multiple merchant accounts may seem counter-productive when you're trying to save money on merchant account fees, but for many businesses another account would actually lower credit card processing charges. Multiple Merchant Accounts ->>

May 26, 2009

Merchant Account Consultant

There are experts in every field willing to sell their skills to anyone who could benefit from them, and the payments industry is no exception. The question is whether this new flood of payment consultants are simply salespeople giving themselves a new title, or if they're legitimate professionals that will help to combat the abuses toward merchants born out of the lack of unbiased information and support. Merchant Account Consultant ->>

May 19, 2009

Consumer Discount and Fee Transparency Amendment

The Consumer Discount and Fee Transparency amendment to H.R. 627: Card Holders' Bill of Rights offered by Sens. Richard Durbin (D-IL) and Kit Bond (R-MO) has been met with fierce lobbying pressure by the payment and industry and merchant groups alike Consumer Discount and Fee Transparency Amendment ->>

May 14, 2009

4 Tips to low merchant account fees

This article covers four tips to help you lower your merchant account processing fees. Even if a single one of these tips applies to your situation, you may be able to cut your processing expenses substantially. Low Merchant Account ->>

May 13, 2009

Start Accepting Credit Cards

There are many incentives to start accepting credit cards as a form of payment for the products and services that your business offers. In this article I'll talk about the importance of accepting credit cards, what to expect as you compare merchant accounts and how to keep your merchant account in good standing once you begin processing. Start Accepting Credit Cards ->>

Visitor Comment May 12, 2009

Cost & Considerations to Cancel a Merchant Account

Cancelling a merchant account is as simple as contacting your merchant service provider and requesting that the account be closed. Although the process of closing an account is simple, it is sometimes accompanied by a surprise in the form of a potentially large early termination fee. Cancel Merchant Account ->>

May 12, 2009

Merchant Account Hold: What it is, why it's done & how to avoid it

An extremely important but seldom talked about topic regarding credit card processing is that of merchant account holds. One of the most financially devastating things that can happen to a business is for a processing bank to freeze its merchant account. If this happens to your merchant account, you won't be able to access the account and your funds from open authorizations will be held without deposit for an undisclosed period of time. Merchant Account Hold ->>

May 5, 2009

Merchant Account Effective Rate

The trap that many people fall into is that they get intimidated by the volume and apparent complexity of the different charges associated with merchant processing. Instead of looking at the big picture, they fixate on a single aspect of an account such as the discount rate or the early termination fee. This is understandable but it makes recognizing the total processing costs associated with an account very difficult. Effective Rate ->>

April 30, 2009

Basis Points and Merchant Accounts

The terms "basis point" in reference to credit card processing and merchant accounts is used to refer to the percentage of a sale that a business pays their service provider to processing a credit card transactions. Basis points sound a lot more complicated than they really are. Simply put, the basis points are 1/100th of 1 percent or 0.01% and they're used specifically when referring to the discount rate that a merchant pays to process credit cards. Merchant Account Basis Point ->>

April 22, 2009

The Mainstreaming of Interchange Pricing

Until recently interchange pricing has only been available to merchants with enough processing volume to support the profits that merchant service providers have become accustomed to reaping from the conventional three-tier pricing structures that have dominated the merchant account landscape. Interchange Pricing ->>

April 9, 2009

Credit Card Processing Calculator

Over the past several years many credit card processing calculators that estimate a business's monthly processing costs in an attempt to make the task of comparing merchant accounts transparent have popped up on various web sites. A credit card processing calculator sounds like a useful tool at first, but the reality of creating one that's accurate is another story. Credit Card Processing Calculator ->>

Update: April 9, 2009

Personal Credit & Merchant Accounts

Visitor submitted question:
If a merchant account gets closed due to excessive charge backs, or any other reason, can the merchant account ding your credit score, or is your credit score left intact?Personal Credit & Merchant Accounts ->>

April 2, 2009

The Lowest Merchant Account Rate isn't Always Cheapest

Diligent business people will do their homework when shopping for a merchant account. They'll get multiple quotes and negotiate the lowest rates to get what seems to be the least expensive merchant services. Here's the kicker, a merchant account with a low rates may not be less expensive than an account with a higher rate. Cheap Merchant Account ->>

March 26, 2009

When to Switch Merchant Account Providers and How

When an account is cancelled because a business no longer needs to accept credit cards, it usually means that the business is being dissolved and there's no reason to have an account at all. However, cancelling a merchant account to switch to another provider that promises lower rates may be more trouble than it's worth – literally. Switch Merchant Account Provider ->>