Part 2

In the initial part, I discussed what the Durbin Amendment is and how it affects your organization. In this segment, I will go over why merchants aren’t saving beneath Durbin and what action it is possible to take to ensure your small business realizes the Durbin savings.

Part One

Your company can increase its sales significantly by simply implementing a lead generation strategy outlined in this guide.  Independent research shows that 99 percent of sales reps will abandon a lead if they fail after three attempts to get the sales negotiations going.   Additional research shows that this is way too early give up on these leads which leave good sales and money on the table.

Our company did an audit of 50 leads sold to one of our vendors.  The results showed that after three months, only five of the leads had been sold.   Eight merchants responded that they ...

Processing Checklist

1.     If your processor raises your rates during the contract term, this action nullifies the early termination penalty for 30 days in most cases.  Please check with your processor first.

2.     Make sure your account is settling properly.  Check your device with your bank.

3.     Check your statements each month to make sure you being charged what you were expecting. Again, understand what downgrade charges are before you complain about your bill.

4.     Keep your credit card terminal is a safe place away from liquid and heat as best as possible.

5.     Check your customer's IDs and ...

Follow these steps for smooth set up and processing of your account:

Set Up Checklist:

1.     Shop around and get multiple bids.  At www.blindbid.com, we offer bids from the top processors. 

2.     Get completely setup at least two weeks before you need to process your first card.

3.     Get new processing equipment that fits your business needs and is PCI compliant. 

4.     Accept American Express One Rate plan – this gives you the lowest American Express rate and consolidates your billing.

5.     Opt out of paper statements to save on your monthly statement fee.  Use the online account instead ...

The biggest trend continues to be the Durbin Amendment. Small businesses received the biggest reduction in their credit card processing charges in the history of the electronic payment industry.  Most small businesses will not realize these savings unless they take action. 

As part of the Dodd – Frank Wall Street Reform and Consumer Protection Act of 2010 passed by Congress in 2010, the Durbin Amendment was written to give the Federal Government the power to set interchange rates for debit card usage.  Essentially, this amendment significantly lowered the rates beginning October 1, 2011.

In the past, debit card processing rates, or ...

Top 10 Keys to Lower your Credit Card Processing Costs

1.     Switch to Interchange Plus Pricing

2.     Know your Business Type

3.     Get set up under the correct Visa/MasterCard Program

4.     Know your card mix and average transaction

5.     Use Latest Processing Technology

6.     Review your statements (at least every 6 months)

7.     Accept All Card Types and transaction methods

8.     Be in Contact with your account executive

9.     Get multiple bids for card processing service 

10. Buy value – not price

Introduction

Blindbid is conducting a series of whitepapers to empower small business merchants to save on their processing ...

Credit card payment has become commonplace nowadays, which is why most retailers are now using credit card processing services in order to provide this payment option for their customers. Some even went beyond that and turned to wireless credit card processing. How exactly does wireless or online credit card processing work, and how will this benefit your company? This article discusses all the information you will need to know about this payment option.

How does wireless credit card processing work?

Wireless credit card processing works essentially the same way as ordinary credit card processing, in that a customer can use ...

The retail and business industry today continues to challenge itself by providing merchants with technology that can help them, no matter if they are considered to be small business, to run with the bigger corporations and companies.

One such technology that these businesses can use are credit cards. However the problem with credit cards is that it would require people to get the necessary affiliation before they can accept credit card payments on the fly. This is why there are a lot of new businesses that are called credit card processing for small business or better known as merchant services ...

To affect cost reduction when a third party takes care of credit card processing services, certain precautions are required to be taken.

Clean the magnetic strip reader every day to make it very effective and in perfect operative condition. This is necessary because each time your card reader finds it difficult to recognize the strip and the card is to be manually operated, your cost goes up. The transaction may well be approved but the cost of approval will be more.

Change your account from using a monthly minimum to be one without. These steps will help your company to ...