Cheers from eCom Merchant Solutions!
Tuesday, December 14, 2010
Christmas Tree Decorating Party
Cheers from eCom Merchant Solutions!
Friday, December 10, 2010
Take It On The Road!
Looking for an inexpensive way to accept credit cards when you are on the go this holiday season? Well, if you are one of the millions who utilize a smart phone the solution may be right in front of you! Today's IPhone's (and soon other smart phones) are becoming compatible with secure payment solutions and card reader attachments are now available through eCom Merchant Solutions!
If you didn't have a reason to put a new smart phone on your Christmas list, you will once you hear about how convenient and cost efficient using it for your on the go credit card processing needs can be. The old wireless terminals costing upwards of $1,000 are a thing of the past! You'll want Santa to put you on the "Nice" list this year!
Why is it so cost effective?
Processing credit cards face-to-face is the most secure way to transact. After all, when the customer is face-to-face you could ask for photo ID if you were uncertain of their identity. The Credit Card Payment industry charges lower rates and fees anytime you are able to swipe a credit card. However, because of the high cost of the wireless equipment needed to swipe credit cards and monthly wireless access fees, the benefits of the lowered rates could not be fully appreciated.
With the new smart phone attachments often costing only $75, there is no longer a need for the costly equipment. And as far as monthly wireless fees, you are already paying for the wireless service so that you can utilize your phone, why not let this service multitask? All that is required from there is an Authorize.Net secure Virtual Point of Sale Gateway and a retail based merchant account.
Contact your representative for more information on this or visit; http://www.ecommerchantsolutions.com/retail to learn more.
If you didn't have a reason to put a new smart phone on your Christmas list, you will once you hear about how convenient and cost efficient using it for your on the go credit card processing needs can be. The old wireless terminals costing upwards of $1,000 are a thing of the past! You'll want Santa to put you on the "Nice" list this year!
Why is it so cost effective?
Processing credit cards face-to-face is the most secure way to transact. After all, when the customer is face-to-face you could ask for photo ID if you were uncertain of their identity. The Credit Card Payment industry charges lower rates and fees anytime you are able to swipe a credit card. However, because of the high cost of the wireless equipment needed to swipe credit cards and monthly wireless access fees, the benefits of the lowered rates could not be fully appreciated.
With the new smart phone attachments often costing only $75, there is no longer a need for the costly equipment. And as far as monthly wireless fees, you are already paying for the wireless service so that you can utilize your phone, why not let this service multitask? All that is required from there is an Authorize.Net secure Virtual Point of Sale Gateway and a retail based merchant account.
Contact your representative for more information on this or visit; http://www.ecommerchantsolutions.com/retail to learn more.
Monday, October 11, 2010
Be a Fraud Watch Dog! Woof!
OK card not present merchants! It's that time of year again. The holiday seasons are coming and lots of people will be doing their Christmas shopping online this year. Good news for business. Also, good news for fraudsters who know you will be busy trying to fill orders and working on a strict deadline.
So, keep a few important factors in mind when processing a credit card.
Step 1. You know to check the billing address with what's on file at the bank. Did you know that some merchants are taking a step further by confirming address information when it is different from the shipping address? Some merchants have saved themselves and unknowing cardholders thousands of $ by checking the address on Google Maps before shipping to a location other than the billing addres.
Step 2. Watch for purchases made with multiple card numbers, but all being shipped to the same address. This could be a fraudulent attempt to use stolen card information.
Step 3. Question unusually large orders. Especially if the purchaser is outside of the country and/or is asking for express or overnight shipping.
Most of all, go with your gut. If you have a feeling that a customer is not being completely up front with information you may need to take a little extra time to probe them more. It may be best to request another form of payment if you feel there is a possibility there could be fraudulent activity.
Do not rely solely on the authorization of the transaction. All the authorization can do is verify that the card has not yet been reported as lost or stolen. Since many of the credit card information being used fraudulently is a result of the fraudster obtaining card information via black market sites, sifting through garbage and stealing mail, etc. and not actually from physicall stolen cards, it is feasible that the cardholder is not aware their card number is in the wrong hands at time of card authorization.
Another reason not to rely solely on your credit card authorization is because address information can easily be obtained once the thief has the cardholders full card number and name. Be sure to get the CVV code. This 3 digit code on the back of the card will ensure that whoever is making that purchase has the card physically in their presence.
In addition to obtaining as much information as possible when authorizing a credit cards, keep accurate records of any further correspondence via email, phone, fax, etc. If you have caller ID pay close attention to where they are calling from. In some cases fraudsters from out of country have been known to utilize the TTY relay system for the deaf to disguise where they are calling from.
In all, keep thinking about how you can help deter fraud. It may take a little extra time, but will be worth it because it will keep costs down for everyone. So be sure to play your important role in being a fraud watch dog.
So, keep a few important factors in mind when processing a credit card.
Step 1. You know to check the billing address with what's on file at the bank. Did you know that some merchants are taking a step further by confirming address information when it is different from the shipping address? Some merchants have saved themselves and unknowing cardholders thousands of $ by checking the address on Google Maps before shipping to a location other than the billing addres.
Step 2. Watch for purchases made with multiple card numbers, but all being shipped to the same address. This could be a fraudulent attempt to use stolen card information.
Step 3. Question unusually large orders. Especially if the purchaser is outside of the country and/or is asking for express or overnight shipping.
Most of all, go with your gut. If you have a feeling that a customer is not being completely up front with information you may need to take a little extra time to probe them more. It may be best to request another form of payment if you feel there is a possibility there could be fraudulent activity.
Do not rely solely on the authorization of the transaction. All the authorization can do is verify that the card has not yet been reported as lost or stolen. Since many of the credit card information being used fraudulently is a result of the fraudster obtaining card information via black market sites, sifting through garbage and stealing mail, etc. and not actually from physicall stolen cards, it is feasible that the cardholder is not aware their card number is in the wrong hands at time of card authorization.
Another reason not to rely solely on your credit card authorization is because address information can easily be obtained once the thief has the cardholders full card number and name. Be sure to get the CVV code. This 3 digit code on the back of the card will ensure that whoever is making that purchase has the card physically in their presence.
In addition to obtaining as much information as possible when authorizing a credit cards, keep accurate records of any further correspondence via email, phone, fax, etc. If you have caller ID pay close attention to where they are calling from. In some cases fraudsters from out of country have been known to utilize the TTY relay system for the deaf to disguise where they are calling from.
In all, keep thinking about how you can help deter fraud. It may take a little extra time, but will be worth it because it will keep costs down for everyone. So be sure to play your important role in being a fraud watch dog.
Tuesday, June 1, 2010
Reference Guide
There are a lot of words involved in the world of credit card processing that are not self explanatory. Like legalese, the verbiage the credit card industry uses can be confusing.
For your convenience, Authorize.Net has compiled a list of words that will be helpful in explaining many of the terms you may see and hear when speaking to your Account Representative or reviewing your statements.
The Glossary can be located at; http://www.authorize.net/resources/glossary/
For your convenience, Authorize.Net has compiled a list of words that will be helpful in explaining many of the terms you may see and hear when speaking to your Account Representative or reviewing your statements.
The Glossary can be located at; http://www.authorize.net/resources/glossary/
Friday, March 5, 2010
Make Sure You Get the Lowest Rate Possible: Here's How!
In credit card processing, getting the lowest rate doesn't just mean shopping around. Even when you are quoted a low rate, that does not mean you will get that low rate on every card you process. There are things that you as the merchant must do on a daily basis when entering credit card information to make sure the low rate is applied to that transaction.
For Retail Merchants
If the customer is in your presence and you are swiping the card, most of the information the system needs to qualify is gained from the card's magnetic strip. However, pay close attention to what the terminal prompts you to enter after swiping the card.
For Mail Order/Telephone Order and Internet Merchants
This means the customer is not in front of you with card in hand and you are key entering transactions. In most cases through a virtual terminal on your computer rather than a physical terminal. That means you must enter all the information the Payment Card Industry requires. In addition to batching out daily and entering tax information when applicable you will need to enter the following information along with the card number, expiration and amount of transaction;
If you follow all of these tips you should be getting the qualified rate the majority of the time. If you are not, you will want to contact your merchant service provider as other factors may be involved in your rates being higher. For example;
Your merchant service provider may be able to review your account processing history to determine if one of these factors is involved in you not getting the qualified rate the majority of the time. In cases where these factors are causing you to non-qualify, your provider may not be able to assist. Ultimately, the Payment Card Industry has the final say on what will qualify and what will not.
However, your agent may be able to provide other solutions to cutting costs elsewhere, so it is always a good idea to communicate any concerns you may have in regards to your fees.
For Retail Merchants
If the customer is in your presence and you are swiping the card, most of the information the system needs to qualify is gained from the card's magnetic strip. However, pay close attention to what the terminal prompts you to enter after swiping the card.
- Is your terminal asking you to enter a tax amount or invoice number? Some Business cards will require a value be placed in these fields in order to qualify. If you are skipping passed this prompt or if your terminal has never prompted you for additional information when swiping a Business card and you are seeing a lot of non-qualified fees on your statement, you may want to contact your merchant service provider to make sure they programmed your terminal correctly.
- Is your terminal batching out every night? Most terminals are set up to automatically batch. But, if you are manual or if the auto-batch capabilities are not functioning properly and are skipping a day when they should be batching, this could cause all your transactions from that day to process at the non-qualified rate.
For Mail Order/Telephone Order and Internet Merchants
This means the customer is not in front of you with card in hand and you are key entering transactions. In most cases through a virtual terminal on your computer rather than a physical terminal. That means you must enter all the information the Payment Card Industry requires. In addition to batching out daily and entering tax information when applicable you will need to enter the following information along with the card number, expiration and amount of transaction;
- Always use the AVS (Address Verification System). This includes the street numbers and zip code associated with the billing address.
- Enter an invoice number. Even if your book keeping does not operate with invoice numbers. You can place random numbers in this field.
- Enter the 3 didgit CVC code on the back of the card.
If you follow all of these tips you should be getting the qualified rate the majority of the time. If you are not, you will want to contact your merchant service provider as other factors may be involved in your rates being higher. For example;
- Out-of-country cards will always process at the non-qualified rate because non-US based banks do not provide address information to allow for the added security of the AVS.
- Some Business Rewards and Corporate Purchasing cards will automatically process at the non-qualified rate regardless of information entered at time of transaction.
- Government cards will always process at the non-qualified rate.
Your merchant service provider may be able to review your account processing history to determine if one of these factors is involved in you not getting the qualified rate the majority of the time. In cases where these factors are causing you to non-qualify, your provider may not be able to assist. Ultimately, the Payment Card Industry has the final say on what will qualify and what will not.
However, your agent may be able to provide other solutions to cutting costs elsewhere, so it is always a good idea to communicate any concerns you may have in regards to your fees.
Tuesday, March 2, 2010
Should You Sign a Personal Guarantee?
Recently I was reading a post on a social forum. The commentator was a business owner complaining that their bank required a Personal Guarantee in order to setup a merchant account allowing them to accept credit/debit cards. The strict wording of the Personal Guarantee was also of concern to this person. They did not like how, even in death, it gave the bank the right to pursue legal action against their heirs, administrators, etc.
They were advised to try another service provider. Their next post was about how happy they were with a provider they found who did not make them sign a guarantee. All they had to do was pay 3%+ in processing fees and the bank placed $10,000 of their own money on reserve for 6 months or for the life of the account.
Do not be fooled! Holding $10,000 of your own money in a non interest baring account and charging you way more than you need to pay is just a back door way of getting a personal guarantee out of you and making more money doing it. If you can't or wont personally guarantee the legitimacy of your business then the bank will by taking your own money and holding it in case you process credit cards and decide to take the money and run without delivering product or services.
If the situation did arise whereby they had to pay back the card holder for undelivered product/services, they've already got the money to do that with. they are "guaranteed" that money will not come out of their own pockets. But, at what cost to the business owner?
$10,000 could have earned that person a significant amount of money had they been able to invest it. Even keeping it in the bank would have, at least, earned them some interest on their own money.
Not only is that person out the interest and/or investments they could have earned with the ability to have access to their own money, but their rates were much higher than they needed to be. Had they simply signed the Personal Guarantee they could have saved and earned potentially thousands of dollars more annually.
The Personal Guarantee is necessary and, with the recent down turn of the economy, it's here to stay. It is understandable why a business owner would not wish to expose themselves or their heirs to any liabilities, however, try to consider the costs and weigh the options before choosing to allow the merchant service provider to hold your money and increase your rates.
If you know that your business will operate in good faith fashion in accordance with all standard and legal guidelines and regulations then, chances are, you could save your company time and money by signing that guarantee and never face any negative consequences for having done so. The strong wording scares most merchants away from doing this, but would not be enforced unless the business operates in an illegal manner costing the merchant service provider money.
Ultimately, the final decision is up to the business owner as to whether they choose to opt for a reserve in place of a guarantee. No one likes to feel as though they are exposing themselves, but there may be advantages that overcome the strong wording and the possible exposure. It is up to each individual business owner looking to establish a merchant account to determine what is best for them.
They were advised to try another service provider. Their next post was about how happy they were with a provider they found who did not make them sign a guarantee. All they had to do was pay 3%+ in processing fees and the bank placed $10,000 of their own money on reserve for 6 months or for the life of the account.
Do not be fooled! Holding $10,000 of your own money in a non interest baring account and charging you way more than you need to pay is just a back door way of getting a personal guarantee out of you and making more money doing it. If you can't or wont personally guarantee the legitimacy of your business then the bank will by taking your own money and holding it in case you process credit cards and decide to take the money and run without delivering product or services.
If the situation did arise whereby they had to pay back the card holder for undelivered product/services, they've already got the money to do that with. they are "guaranteed" that money will not come out of their own pockets. But, at what cost to the business owner?
$10,000 could have earned that person a significant amount of money had they been able to invest it. Even keeping it in the bank would have, at least, earned them some interest on their own money.
Not only is that person out the interest and/or investments they could have earned with the ability to have access to their own money, but their rates were much higher than they needed to be. Had they simply signed the Personal Guarantee they could have saved and earned potentially thousands of dollars more annually.
The Personal Guarantee is necessary and, with the recent down turn of the economy, it's here to stay. It is understandable why a business owner would not wish to expose themselves or their heirs to any liabilities, however, try to consider the costs and weigh the options before choosing to allow the merchant service provider to hold your money and increase your rates.
If you know that your business will operate in good faith fashion in accordance with all standard and legal guidelines and regulations then, chances are, you could save your company time and money by signing that guarantee and never face any negative consequences for having done so. The strong wording scares most merchants away from doing this, but would not be enforced unless the business operates in an illegal manner costing the merchant service provider money.
Ultimately, the final decision is up to the business owner as to whether they choose to opt for a reserve in place of a guarantee. No one likes to feel as though they are exposing themselves, but there may be advantages that overcome the strong wording and the possible exposure. It is up to each individual business owner looking to establish a merchant account to determine what is best for them.
Friday, February 5, 2010
Welcome to Our Blog!!!
It's eCom Merchant Solutions' first blog and we are thrilled to be out there! We want this blog to be a helpful resource not only for our clients, but for thousands of merchants out there who need a resource to find answers to their questions about credit card processing. And let's face it there's a lot of questions!
This blog is going to be an honest, up front place to find money saving tips, basic knowledge about the ins and outs of credit card processing, the latest news in the industry, and soooo much more!
For our currently existing clients and new members just joining eCom Merchant Solutions' family, it will be a great place to get word about your business out there! We want to help your business thrive and that is why we offer our Facebook page and Twitter account as a means to help you generate buzz about your business!
Stay tuned... this is going to be BIG!
This blog is going to be an honest, up front place to find money saving tips, basic knowledge about the ins and outs of credit card processing, the latest news in the industry, and soooo much more!
For our currently existing clients and new members just joining eCom Merchant Solutions' family, it will be a great place to get word about your business out there! We want to help your business thrive and that is why we offer our Facebook page and Twitter account as a means to help you generate buzz about your business!
Stay tuned... this is going to be BIG!
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