Credit Card Processing Blog

In the rush to find a credit card processing service, many merchants make the mistake of assuming a long-term contract is unavoidable. Before they know it, they’ve signed an ironclad contract that could cost them hundreds, if not thousands of dollars to exit. With many processing provider contracts lasting as long as three years, it’s important that businesses realize there are other options before signing on the dotted line. If you’re searching for a company to handle your credit card transactions, you should first consider the many month-to-month contract options available with payment processing providers. Here are a few reasons you should consider different contract options for your business. Termination Fees As you’re signing a contract, you may not notice the cancellation terms noted in fine print, buried somewhere in pages of legalese. The truth is, credit card processors want to deter you from leaving in every way they can, and through early termination fees, they often succeed. These fees are charged in a variety of ways depending on the terms of the contract. The problem is, even if you feel… Read more

Mobile processing is growing in popularity, opening up businesses of all sizes and types to accept payments. Using just a mobile device and a card reader, merchants can accept credit cards anywhere, including at conferences and trade shows. This feature has made this type of payment processing popular even for bricks-and-mortar locations that already have POS systems in place. But with so many merchants eager to accept mobile payments, the race is on to win businesses over. Almost every credit card processing service now provides card readers that can connect directly to a person’s mobile device. Finding the right service can help a business enjoy significant cost savings over the course of several years. Here are a few things you should look for as you search for a mobile credit card processing service for your business. Security is a Priority As your search begins for a mobile payment processing service, security should be among your top priorities. You’ll be swiping credit card information into the portal, so you need to know protections are in place to keep your customer data… Read more

At one time, cashiering was straightforward, with a button-based cash register stationed at a specific place in an establishment. Thanks to mobile technology, however, retailers now have the ability to move equipment around, accepting payments from the sales floor or at trade show booths. Virtual terminal payment processing is serving as a popular compromise between mobile payment processing and POS. Using a tablet and a few pieces of equipment, a merchant can be set up to accept payments inexpensively. If a merchant prefers, a laptop or desktop computer can be equipped with a credit card reader for accepting payments. Virtual terminals also offer businesses the ability to accept payments via mail or over the phone, with no physical card required. Virtual Terminal Defined A virtual terminal acts as the online version of a credit card processing terminal, providing a merchant the ability to accept payments without expensive equipment. Whether this payment is via credit card or Automated Clearing House (ACH) payments, the virtual handle securely handles these transactions. Traditionally, virtual terminals were ideal for businesses that handled transactions by mail… Read more

If you’re shopping for a great deal on credit card processing, you may have a list of questions to ask. At the top of such lists is usually a question like, “What’s your credit card processing rate?” It seems like a natural question, especially if you’re comparing different paymemt processing providers. Being given a set rate can help you as you call other companies. However, with so many factors going into determining a rate, you likely won’t get the answer you want with that question. The company will probably give you an explanation of the pricing model on which your rate will be determined. A better question than “What’s your rate?” is, “Tell me about your pricing model.” Here are a few things you’ll need to determine in your conversations with various processing service providers. Interchange Plus Pricing vs. Tiered Pricing These two pricing models are dramatically different and, depending on your own business model, one will emerge as a better solution for you. Interchange fees are set by the card companies and are a required part of the fees… Read more

Hotel chains have their own unique credit card processing needs, with a guest usually making reservations months in advance, either over the internet or by phone. Since reservations are often made months in advance, the initial reservation merely holds the room, to be charged only if the guest never shows. A business in the hotel industry has similar needs whether it is a small bed and breakfast or a large chain of resorts. Recognizing the unique needs of hoteliers, credit card processing services have created a suite of services specific to this segment of the hospitality industry. As a business in this industry searches for processing services, it’s important to search for a processor that has services unique to those needs. Here are three major things you’ll need to begin accepting credit cards for your hotel chain. Multifunctional Processing Capabilities In addition to being able to integrate with your website and telephone reservation desk, your payment processor must be able to seamlessly operate throughout your hotel. A customer should be able to present the card at your front desk, spa,… Read more