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    Equipment traps!

    Last updated 5 years ago

    If you are leasing a POS system or credit card machine it can end up costing you ten times as much as if you purchased a unit. Leasing equipment can be a big money maker for your processor. Just make sure if you purchase a unit from someone other than your processor that you get one that is approved for use by your processor (some older models are no longer acceptable to process with because they no longer meet requirements). Most processors have a list of approved equipment that can be downloaded from their website or emailed or faxed to you if you call them. If your processing is offering you a "free" system, it usually means they are adding fees to your processing that will, over time, pay them back ten-fold for the unit they are giving you.

    Important Credit Card Terms that Every Merchant Should Know

    Last updated 5 years ago

    Many first-time entrepreneurs do not realize how complicated the process of starting a business is, even in seemingly simple areas such as collecting customers’ payments. In fact, the ability to process credit cards involves four different parties—the merchant, the processing institution, the cardholder, and his or her bank—as well as a myriad of fees. This glossary can help you understand the basic principles of the process:

    Acquirer – The financial institution that agrees to process credit card payments for a merchant in exchange for certain fees.

    Authorization Code – A message from a cardholder’s bank to the merchant’s processing system verifying that the credit card has sufficient funds to complete the transaction.

    Authorization Fee – The amount charged by the acquirer for each attempted credit card transaction.

    Batch Processing – The act of closing out a day’s transactions with the acquirer in order to collect payment, typically performed once every 24 hours.

    Card Verification Code – A three- or four-digit number, written on a credit card but separate from the account number, that helps merchants confirm a card’s validity.

    Discount Rate – The percentage of each transaction charged by the acquirer, which may vary depending on how the card information was submitted.

    Interchange Fee – A charge deducted from the total transaction amount paid to the acquirer by a cardholder’s bank.

    Monthly Minimum – An established amount of transaction fees that must be reached every month—otherwise, the merchant must make up the difference.

    Transaction Fee – A set rate that the merchant pays the acquirer for every approved credit card transaction.

    If you entered into a credit card processing agreement under terms that no longer satisfy you, Merchant Advocate can help. By negotiating with your acquirer on your behalf, we ensure that you are paying the lowest possible rates. Call (732) 727-2073 today to find out what we can do for you!

    What Merchant Advocate Looks at When Making Credit Card Expense Reductions- Merchant Advocate

    Last updated 5 years ago

    For many businesses, the ability to accept credit cards is a necessary—albeit costly—feature. Challenging the high rates charged by a merchant services institution is a complicated process, and many companies feel they lack the leverage or knowledge to do so. Here at Merchant Advocate, we can provide this service for you, using the following information to present an informed argument on your behalf:

    Current Processing Rates
    The monthly expense of credit card processing comprises a number of fees and charges—most notably, the discount rate, which is generally disclosed in your contract as a set percentage. This means that every transaction, regardless of its size, will cost you a certain portion of the total amount. Unfortunately, higher rates often apply for cards that are entered manually instead of being swiped. In addition, each credit card authorization you make will incur a flat transaction fee and an authorization fee, regardless of the size of the purchase. There are many other fees that a merchant services provider may charge, including a fee for customer support, compensation for transactions performed incorrectly, and the cost of communicating via internet or phone with the provider for each transaction.

    Standard Market Rates
    The amount that the merchant services provider charges depends largely on the interchange fees set by the various credit card associations. These vary according to the type of card, transaction method, and business category—and the complex variables at play are often not revealed to merchants, making it difficult to gauge whether a processing rate is a fair deal. Merchant Advocate is able to procure information on the standard rates and fees, and, taking your business’ specific circumstances into consideration, negotiate with your processing institution for an ideal discount rate and reduced fees.

    Learn more about Merchant Advocate’s expense reduction services by calling us today at (732) 727-2073. We will provide a free evaluation of your current credit card processing costs so you can understand how much you stand to save.

    Learn More About Curbing Your Credit Card Processing Fees Here

    Last updated 5 years ago

    Don’t let credit card processing fees continue to eat up your company’s profits. For help getting the best possible rates on your accounts, contact Merchant Advocate. We can help you keep more of your money on every credit card transaction. Call us at (732) 727-2073 to learn more.

    These Excellent Links Will Help You Find More Information On Curbing Your Credit Card Costs

    Last updated 5 years ago

    These links will help you understand merchant accounts and how processing fees impact small businesses. For help getting the best possible rates on your accounts, contact Merchant Advocate. We can help you keep more of your money on every credit card transaction. Call us at (732) 727-2073 to learn more.

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