Part four - Merchant Funds Advance The way to find Respectable Firms and keep away from pitfalls

In parts one particular and two and a couple of, I talked about what a merchant dollars progress is, what the qualifications are, and how it operates. During this segment, I will address tips on how to uncover a reliable income advance company, and what pitfalls to avoid.

In order for you to get a reliable merchant money progress enterprise there are many tips on how to do it. I really recommend you get several quotes. There are many causes for this. The 2 ...

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

Merchant Cash Advance:  Is it Right for your small business?

 What is a merchant cash advance?  A merchant cash advance is working capital given by a private provider to a business based upon its future sales.  Advances differ from bank loans in several ways.

An advance is technically a sale of your future sales.    Advances are not regulated, and, in most cases, the amounts are limited to your monthly sales revenue.  The payments are not fixed and the funds are unsecured. 

A loan is a form of debt.   Because the loan amounts are higher, bank loans are highly regulated.  The ...

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 ...

The great news is that the factor rate of merchant cash advances continues to come down.  A merchant cash advance is like a loan, but based on your businesses future sales.  The industry is unregulated so the advances are made much quicker without all the paperwork, and financials.  The advances are unsecured.  Those are the advantages. 

The disadvantage is that the factor rate is higher than a bank loan interest rate.  Only a few years ago, the factor rate was around 1.35.   Now, the factor rates have come down through market competition.  It is possible to get a 3 ...

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 ...