Charles Baratta, The Merchant Service Group Blog

Case Study Videos: With the current shift to consumer-driven health
care, patients are now responsible for a larger portion of their total
health care payments. It is estimated that physicians receive only fifty
cents of every dollar billed to patients after the patient leaves the
office. This equals an industry-wide t…otal of $300 billion* lost each
year to patient non-payment. See how medical providers are saving over
50% on their bad debt, and putting it back into their bank
accounts..cool case studies: Patient Pays Videos

If you’re still behind the curve when it comes to online payments maybe it’s time to bring your business website into the 21st century. That essentially means implementing the technology necessary to accept customer payments online. But before you go placing the first free “shopping cart” on your website, there are a few details you should know.

“Shopping carts,” “Webshops,” “Webstores,” or internet stores are the most common and popular means to interact with customers on the internet. Amazon and eBay are seen as the pacesetters of online shopping having gone through many evolutions to perfect the science and technology of selling online. The vast majority of internet-based businesses now utilize some form of transacting with their customers. Dozens of “Shopping Cart” companies are now providing online shopping solutions featuring a variety of high and low end services. But beware of what may appear to be too-good-to-be-true offers that are essentially that. Do your research, compare prices and services and make sure you understand the agreement. Here are a few other pointers:

Does the shopping cart service include support? Companies offering free carts usually don’t offer support. Instead, they will rely on annoying ads that inject themselves into your website or collect names and emails of your customers. Nothing is more frustrating than trying to integrate these types of free services into your website only to find there is no technical support to assist you. Will the freebie service communicate with your payment gateway? Will anyone be able to help you if the service has technical problems? Unless you hire a technical guru, these types of shopping carts may cost you more in the long run. It’s usually better to invest in a service that will be there and not lose you money and customers.

Is the shopping cart usable and user friendly? Make sure that the average customer can navigate through the sale of your product or service with ease. A shopping cart that makes it difficult progress or degrades the customer’s experience will probably lose customers. “Test drive” various services using someone who frequently shops online. Get their opinion before deciding on a service. Another rule of thumb is that the service should be “clean,” easy to read and with no distractions. A customer should know exactly what they’re paying for.

Does the service keep the customer at your website or does it redirect them to a “affiliate” where they suddenly question who they’re doing business with? If the service requires a redirect, you should be able to customize the appearance of the page to make it look and feel just like your own. Customers should be comfortable and not worry about the security of the transaction.

Security is big. With so many internet scams and security incidents, the last thing you or your customers want to worry about is a security issue. Will the service be encrypted? Read any agreement carefully as to liability issues. Customers expect their financial information to be highly protected when they conduct online transactions. Any shopping cart service should state clearly on your website that customer data is encrypted and protected.

Finally, how will the service integrate with payment gateways? Make sure your shopping cart will be compatible with these gateways. Also make sure your website technology will incorporate the service without major and costly modifications. The most popular gateways are Authorize.net, VeriSign and LinkPoint.

Let Merchant Service Group help you expand your business by accepting credit cards and other electronic payments. Visit us at BusinessCreditCardProcessingSecrets.com.

Article Source: http://EzineArticles.com/?expert=Melvin_A._Campbell

If you have a business and you want to attract more customers and even increase the amount of the average purchase, accepting credit cards are the way to go. This is also the most convenient way for customers to make purchases in your store. But to accept credit cards either online or in person, you need an account with a credit card processing provider. This is a company that makes the transaction between your credit card terminal and the credit card network possible.

Searching for a provider can be confusing and you’re likely to get a lot of offers. But before deciding on one, make sure you understand what you’re getting your business into. Since your provider gets a portion of every transaction that’s made in you store, know the services it offers and the amount you’re going to pay for these services.

Inquire about fees. You can expect to be charged twice for each transaction. One charge will be based on a percentage of the total sale. The other charge will be a flat rate per-transaction fee. Before deciding on a vendor for this service try to negotiate for the best rates possible.

Often, the fees are dependent of the kind of product or service you have and the average sales. Use this as your guide in looking for a good provider. Choose one that gives you the best value for the least amount of money.

Always be aware of hidden fees. In most cases, you’ll be required to pay a service fee every month in addition to your transaction charges. But some companies may charge a processing fee and other additional charges. Stay away from these companies. To be on the safe side, check if the provider has been blacklisted or reported to government or consumer groups.

Let Merchant Service Group help you expand your business by accepting credit cards and other electronic payments. Visit us at BusinessCreditCardProcessing.com.

Article Source: http://EzineArticles.com/?expert=Melvin_A._Campbell

Accepting credit card payments from customers as part of your daily business practice may seem like an intimidating prospect but it’s really not that difficult. However, before you decide to take the leap away from operating a cash-only business, there are some things you need to know when choosing a merchant services provider.

The first thing you should know is that the first vendor you approach probably does not have the perfect package to meet your needs. You really have to shop and when you shop, do so on the basis of what is the best account for your needs rather than who is the best provider. If you manage to combine both it will be icing on the cake.

If the bottom line is the most important factor in choosing a merchant account, you will need to know there are four common pricing structures in the merchant account industry. These include flat rate, interchange-plus, tiered and enhanced recover reduced (ERR). The flat rate and interchange-plus rates are usually better because they are less expensive and easier to compare than tiered and ERR. However, almost all interchange-plus accounts require a contract and cancellation fee. For now all you need to know is that the flat rate and interchange-plus fee structures are most commonly used by small business.

To determine what account pricing structure best suits your needs there are some factors to consider. As MerchantCouncil.org states, “No single account will have the lowest merchant account rates and fees across the board – and it doesn’t have to, it just needs to have great rates where it matters to you. Dealing with providers is a game of give-and-take. They’re in business to make a profit, and so are you. When you ask a provider to lower one fee, you should be prepared for them to raise another.”

Among the fees you will have to contend with include monthly processing volume, average ticket, monthly minimum and statement fees. If your business does significant volume, you will have more leverage to ask for a lower rate on your volume. If your business tends to have a high average ticket but lower volume, it is in your best interest to demand a lower discount rate. If your business is almost entirely seasonal, avoid accounts that charge monthly fees.

Other features to consider before choosing a merchant account are the cost of equipment, software or maintenance fees. Some providers will throw in the credit card terminal reader at no cost for signing on to their services. Watch out for long term contracts and proprietary equipment. If customer service is important, check with your potential provider as to their quality of service ratings. Finally, having a merchant account that is local may be a huge plus when there is a need to deal face-to-face with someone who knows your name and your business needs.

Now that you have a good sense what to expect as far as cost and features, the hard part may be finding the right provider. An immediate internet search of merchant account providers draws literally thousands of hits. For the beginner, this could be overwhelming to the point that settling on the first provider may be the easiest choice. Don’t. Instead, here are some tips to avoid being corralled into the first provider that comes along. Ask other business associates. Try networking and comparing notes with others. Your bank may also be a good starting point as well. Another option would be to try an online quoting service that can compare rates based on your business profile.

Once you’ve narrowed down your selection to several vendors, compare rates between your selections. Feel free to share your options with each of the vendors and let some competition take place between them. Once you’re ready to settle on a final choice, read the fine print carefully and make sure you understand all the details when it comes to cost and features. The next thing you’ll need to do is submit your application. This will take a little time as underwriters assess risk. Much of this will be based on whether your customers are present when they submit their credit card information or whether they are absent. Once approved, make sure you stay up to date on the account. Maintaining the account is important to control costs.

Let Merchant Service Group help you expand your business by accepting credit cards and other electronic payments. Visit us at BusinessCreditCardProcessing.com.

Article Source: http://EzineArticles.com/?expert=Melvin_A._Campbell

Did you know that utilizing a merchant account is likely to increase both business traffic and your average ticket sale? According to several studies, consumers are likely to disassociate any “pain” felt from relinquishing their money in a purchase if the transaction is conducted using a credit card. As odd as that may seem, it’s true. Without getting into the psychology of it, using a credit card tends to lead to more spending and more spending leads to more business. That makes having a merchant account essential for your business’ success.

It’s also becoming increasingly difficult to conduct financial transactions in this day and age without using a credit card. Although cash remains king in this economy, credit and debit cards are the most common means of payment. If your business has woken up to the reality that you need to embrace plastic, There are a few things you ought to know.

The first thing you’ll need to do in order to start accepting credit card payments is to set up a merchant account. This usually requires that you submit to a credit check (although it’s not always necessary) so that the provider can be sure they will be paid (I’ll get to that in a moment). Merchant account providers may also request legal documentation to confirm that you are a valid business entity. These are certainly reasonable requests but they also give an indication that the provider is doing their diligence in setting up your account.

Before you settle on a merchant account vendor, make sure you do your research on exactly how much their services will cost you. Providers can charge a handful of fees as part of their services. Some of these are charged once but most are recurring. Most vendors will charge a one-time application or setup fee. (Watch out for those who may try to charge you both!)

When it comes to processing the transactions, expect to pay two different fees. The first fee, typically called the discount rate, is a flat percentage of the transaction sale. The second fee is usually based on the number of transactions you process on a monthly basis. This is called the transaction fee and is typically a flat fee.

Other fees you may encounter include statement and minimum monthly fees. The statement fee covers the cost of providing you a detailed list of every transaction during the month while the minimum monthly fee charges you if you don’t process a minimum number of transactions. As a business trying to minimize costs, it is always in your best interest to shop diligently and choose a merchant account provider with the lowest fees or no fees at all.

Once you’ve decided on a service provider for processing your customer’s credit cards, you’ll probably want to make sure you have all the proper equipment and software in place. Card terminals, pin pads and check readers will help allow the transactions to process smoothly and efficiently. Having the proper software installed on your business’ PC’s will also allow you to finalize, print and batch your transactions. And of course, these items should be a part of the contract you set up with your merchant account provider.

Let Merchant Service Group help you expand your business by accepting credit cards and other electronic payments. Visit us at BusinessCreditCardProcessing.com.

Article Source: http://EzineArticles.com/?expert=Melvin_A._Campbell

Article Source: http://EzineArticles.com/?expert=Melvin_A._Campbell

Now that you’ve made the decision to start taking credit and debit cards from your customers, you’ll need to obtain a merchant account. This process takes anywhere from 3-5 days but there are some requirements to meet as part of this process. Keep in mind that a merchant account is in essence, a line of credit to and for your business. The merchant account vendor allows you to sell your products and services while the customer’s payment is being transferred from their issuing bank to yours.

Because a credit card processing merchant account acts like a line of credit you will need to have – you guessed it – a credit check conducted. As the business owner and principal, the merchant account provider looks at your credit and assesses risk based on your history. Your creditworthiness will obviously affect your ability to obtain an account and whether or not there are any stipulations on the use of the account. Individuals with poor credit will likely be denied while individuals with marginal credit will have to pay additional fees or rates.

A few reasons why you may be turned down due to poor credit include having an account in active collections, active tax liens, unacceptable business types, monthly volume not matching average ticket and showing up on the Member Alert to Control High-Risk (Merchants) list (MATCH). Merchant account vendors will check each of these as part of their risk assessment before determining your creditworthiness.

If you’re credit rating is good or great, that should give you some leverage when looking around for the best rates. However, if your credit rating is borderline, you do have options to get approval but it may cost you additional time or money. Once you are approved, your personal credit rating will no longer be considered nor affect the rates or fees on your account. In fact, a negative personal credit rating will not cause you to lose an account already in place.

If during the application process you run into a problem due to a marginal or poor credit score, there are some options you have to obtain the account. Perhaps you can have a co-signer with a higher credit rating help you obtain the account? Another option would be to accept an Automatic Clearing House (ACH) delay on the account. This is actually typical for new accounts and allows your business to gain credibility with the merchant account after a period of time processing your transactions. One final option would be to submit to a rolling reserve delay in which the processor withholds a pre-specified percentage of the gross sales until processing credibility is established.

Although VISA and MasterCard are the two most common cards, you will likely be asked whether or not you want to accept American Express and Discover Card as part of the application. Both companies charge higher rates and fees but both cards are worth accepting since most businesses cannot afford to lose customers. Both Discover and AMEX don’t charge a setup fee and Discover does not charge a monthly statement fee.

The whole process takes several days to obtain approval. Expect 3-5 days as the processor runs through preliminary checks. If your personal credit is marginal, it will likely take longer as they evaluate other risks associated with your business. If your new business is relying on the holidays, be sure to plan ahead as this is a hectic time for merchant account vendors to process applications. Be patient and remember, there are options should you be denied.

Let Merchant Service Group help you expand your business by accepting credit cards and other electronic payments. Visit us at BusinessCreditCardProcessing.com.

Article Source: http://EzineArticles.com/?expert=Melvin_A._Campbell

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Whether you’re a small or huge store, credit card processing software is usually a good solution for your business needs particularly if you use a computer. The best part is that you don’t need to buy any additional hardware. Just use your existing Windows-based PC or laptop or Macintosh computer to process all major cards and deposit the transaction amount into your bank account. Here are some great programs to get you started:

JPOS Retail Swipe Software is a 21st century processing software solution that is based on the Java platform. It can be used on any Windows PC or Windows laptop with an Internet connection. Receipts can be printed on any printer. With a USB swiper, you’ll have a complete credit card terminal. If your laptop has Wi-Fi, an Air Card or wireless broadband modem from your cell phone company, you have an inexpensive wireless terminal.

PC Charge Pro is the standard in the industry for PC credit card processing. With a variety of features and the ability to process all credit cards, this software is a great choice for any business. It comes with file import and export, recurring billing, customer database and user permissions among others. This works on any Windows PC or laptop. Internet connection is preferred but not necessary since transactions can be sent through a modem and phone line.

AnyCard Basic is a simple authorization program that uses touch-tone processing available through most card processing centers. It takes the place of card readers or expensive third party software systems, keeping overall costs down.

Let Merchant Service Group help you expand your business by accepting credit cards and other electronic payments. Visit us at BusinessCreditCardProcessing.com.

Article Source: http://EzineArticles.com/?expert=Melvin_A._Campbell

Business Cash Advance
Understanding the EFG Business Cash Advance

The history and popularity of the business cash advance is closely tied to the growth and acceptance of credit cards and merchant accounts. As more and more businesses opened merchant accounts to accept credit cards as a form of payment, financial pioneers, such as Express Funding Group, were then able to start extending business cash advances based on the cash flow passing through those merchant accounts. Your monthly credit card sales will determine the amount of your business cash advance, and your personal comfort level will be a substantial factor in setting your repayment schedule. Express Funding Group is one of the few institutions prestigious enough to accept American Express receipts in addition to Visa, Master Card and Discover as the basis on which your Business Cash Advance is calculated. Unlike the traditional small business loan, our business cash advance is unsecured.

Article Source: http://EzineArticles.com/?expert=Melvin_A._Campbell