Three Tips For Small Business Payroll

Three Tips For Small Business Payroll

Successful payroll system can be deployed for a business which is properly organized and wherein due and careful attention is paid to all the aspects including adherence to local, state and federal rules and guidelines. The process can be simplified by using computerized software payroll package. There are packages which keep a track on the employees’ sick leave and earned leave. This provides an insight into actual working time that an employee gives to the business.

Apply to Internal Revenue Services (IRS) for employees identification number (INS), for this use IRS form from SS (Secretary of state). This can be ...

Keys To Getting A Payroll For Small Business

Keys To Getting A Payroll For Small Business

Payrolls for small businesses are very essential. The efficiency of small business is directly proportional to the payroll for the business.

Here are a few attributes to look for when evaluating the usefulness of these programs:

User friendly: For avid users, accounting software need to be user friendly. The purpose of these tools is to help make it easier for the beginners.

Good Customer support: Any company can offer an instruction manual or post FAQs (Frequently asked questions) to their website, when it comes backed up by a live person. It proves to be very useful.

Ease of Paycheck printing ...

Three Reasons Why Restaurants Need POS Systems

Three Reasons Why Restaurants Need POS Systems

One of the most difficult and time consuming aspect in running a Restaurant effectively is managing the inventory. If inventory management is not done in a systematic way and is done manually it is a huge task and is difficult to manage. You can end up spending hours each month just counting condiments.

Modern ‘Restaurant POS System’ can reduce considerable time in managing inventory and can ensure better control in running a Restaurant.

At some point of time you need to replenish an item which has been consumed. The hardest part of managing the inventory is the initial set up ...

Tips On How To Buy A Great Restaurant POS System

Tips On How To Buy A Great Restaurant POS System

A great and effective POS (Point of Sales) system serves as a tool and an in-built mechanism device which ensures effective and controlled running of a Restaurant. If you have bought or researched point of sale (POS) systems within last five years and have analyzed it in detail, you might have undoubtedly encountered a problem which has frustrated so many Restaurant owners. That is a market flooded with products, but few if any unbiased, third party reviews. Fully featured POS system which could maximize profits is not assured by simply going through vendor brochures. Some more aspects more than ordinary ...

Three Ways To Save On Your Credit Card Processing

Three Ways To Save On Your Credit Card Processing

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 ...

EMV For Your Small Business

EMV For Your Small Business

The concept of ‘Plastic Money’ that is use of credit or debit cards has taken the world by storm. Till two decades in the past, people had no idea how to maintain and improve their financial discipline. For financial transaction the currency had to be carried along, stuffed in briefs, wallets or whatever sources. It was very cumbersome and fraught with the risk of loss due to theft or negligence in transit. Moving with money was not only inconvenient but involved lot of risks. What if the money you carried was insufficient to strike the deal or instead if you ...

How Does A Merchant Cash Advance Differ From A Bank Loan?

How Does A Merchant Cash Advance Differ From A Bank Loan?

There are times in a business when there is a financial crunch. There may be enormous reasons for a business to slide and nose dive. Factors contributing to such a sorry state at times could be:

You need to pay vendors or suppliers and you are short of funds as your business is low due to many factors, internal or external.

You need to purchase inventory and have no funds with you. Lack of this can cause a slip in your business.

The downward sales of your business may result in a situation where you may find yourself confronted with ...

Merchant Cash Advance For Convenience Stores

Merchant Cash Advance For Convenience Stores

Running convenience stores is a substantial business and is becoming very popular. Adequate spacious premises and a range of stocks, which are in demand and are of daily use type are required to be sufficiently stocked at all times. Financial resources are required all the time to make up for all the exigencies.

Various options to meet financial requirements are available.

Bank’ finance: Bank’s can finance such ventures. The credit needs are worked out by the bank by way of their own analysis mechanism. Banks study the financial statements, trading accounts to assess the capabilities and worth of the ...

Merchant Cash Advance For Florists

Merchant Cash Advance For Florists

Entrepreneurs dealing in Florists business are doing a good job. It does not take a fortune to start and set up a florist business. It is a business which be started with low capital. Such a business also has stiff competition. The shelf life of the products is very short. So people have to be on the lookout for good clientele and should possess a variety of flowers which are unique and fresh. Financial resources are required to have abundant stock. The entrepreneurs keep looking for options to be in the business.

Bank’s finance is usually not available for ...

Merchant Cash Advance For Liquor Stores

Merchant Cash Advance For Liquor Stores

Liquor stores are prominent outlets where quality liquor is made available to people Entrepreneurs dealing in liquor are doing soaring business. It is a costly venture. Setting up a quality liquor store requires huge expenses.  

Banks are reluctant to finance liquor stores because of the fragile nature of liquor business. Quality liquor properly brewed and of standard brand, ensuring quality, is very costly and has few buyers. Whatever the nature of business, it has a clientele which is ever growing with rising economy.

The entrepreneur requires finances to set up liquor store. There are various options available namely bank’s ...

Merchant Cash Advance for Auto Repair

Merchant Cash Advance for Auto Repair

Auto repair business, a small business enterprise is a good business. Setting up and running such a business requires lot of capital. Automobile business is an ever increasing business. This sector is doing soaring business with lot of companies from advanced countries jumping in the fray with their latest automobiles are competing neck to neck with each other. This provides people from all walks of life and from all nook and corner owing vehicles. All these vehicles require maintenance and spares.

Auto repair business requires lot of funds. Big auto repair gadgets, hydraulic machines, spacious workshops with standard equipment and ...

Merchant Cash Advance for Dry Cleaners

Merchant Cash Advance for Dry Cleaners

Small business enterprises are always in need of funds to remain in business. These business enterprises do not have very big investments but nevertheless need funds. Dry cleaning business is becoming popular because modern fabrics require very careful handling and washing these delicate fabrics is strictly ruled out.

Setting up of dry cleaning business requires funds as the gadgets involved are costly and require careful handling. Substantial equipment, machinery and technique may well spoil the garments, entrusted for dry cleaning special clothes require very special handling by experts. Slight error or faulty and substandard dry cleaning equipment, subsequent ironing and ...

Merchant Cash Advance for Dentists

Merchant Cash Advance for Dentists

Professionals such as dentists require huge funds to set up a clinic on their own. These clinics require spacious premises, latest machines and other surgical equipment besides skilled personnel. These premises have to be kept in very hygienic conditions and special dental chairs and glass paneled interiors with patients seating facilities etc are required to be provided.

The setting up of a clinic and incidental expenses that go with it are taken care of by way of bank finances. The loan process is processed by banks as per the projected report of the proposal with adequate collaterals, to cover the ...

Merchant Cash Advance in Hotels and Motels

Merchant Cash Advance in Hotels and Motels

Hotels and Motels are big business enterprises. Huge investments are involved in hotel and motel business. These concerns are usually financed by banks and industrial finance units. Running hotels and motels sometimes run into rough weather. Financial stress does occur in such big concerns also. There are many factors that contribute to such financial crisis.

Banks do not readily come forward to assist hotel and motels for these financial crises. The modalities are procedural norms of banks are very cumbersome to complete. Banks require collaterals for short term loans and these are one time affair. Financial crisis keep on occurring ...

Merchant Cash Advance For Beauty Parlors

Merchant Cash Advance For Beauty Parlors

Small business entrepreneurs while running their business face financial crisis at one time or the other. Sometimes these financial crunches affect the business adversely and the business needs financial assistance.

While looking around for financial help one has bank’s finance and outside borrowing from the market as one source and merchant cash advance as other viable alternatives. Bank’s finance is always difficult to obtain because of tedious documentation, lengthy procedures and formalities and providing of collaterals. The outside borrowing from the market is available to tide over the financial crunch but at enormously high rate of interest. The ...

Merchant Cash Advance for Bars

Merchant Cash Advance for Bars

Merchant Cash Advances are a viable source for operating capital and cash flow. Merchant Cash Advance is different from small business loans. To tide over routine cash crunches in a business there is nothing better than Merchant Cash Advance.

Traditional small business loans are provided by banks that adhere to certain guidelines and frameworks insisted upon by banking control authorities. These loans are cumbersome to obtain. Tedious and completed documentation and length loan clearance mechanism along with collateral for loans are some factors which are very difficult to follow.

Merchant Cash loans are very simple. There are not hassles and ...

Merchant Cash Advance for Restaurants

Merchant Cash Advance for Restaurants

Small business enterprises often face financial crunches, which affects their business enormously. The crippling financial resource makes it impossible for them to run the business and sometimes the situation becomes so alarming that they have no remedy other than calling it a day. Such entrepreneur looks around for help but no one seems to hold their hands and enable them to tide over the situation.

One of standard solution is to obtain a bank’s finance. Bank’s do finance small business concerns but are not spontaneously coming forward to assist a business concern that is showing a dip in ...

Business Phone System For Small Business

Communication is the most important thing for any business. So in a small business, business phone system must be helpful. It will decrease the communication cost and helps a small business to operate the business more efficiently. If you are an owner of a small business, your first and initial focus must be on a phone system, because communication with business client and customer is very essential for a business. So it should be under careful consideration.

 Before all discussion you have to note that there is no any specific reason to call any business small. However, we call a ...

Credit Card Processing Checklist

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

Set Up Checklist:

1. Do shop around and get multiple bids. offers bid from the top processors. 

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

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

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

5. Do opt out of paper statements to save on your monthly statement fee. Use the ...

"Merchant Cash Advance for Small Business"

"Merchant Cash Advance for Small Business"

In modern days when there is a stiff competition all around and the need to present you ahead of others to sustain business and to remain as a front runner, one needs abundant financial resources. The financial crunch is a great hurdle and affects the business enormously. This affect hits one’s business very badly. Situations arise, when one is confronted with such financial crunches, that the idea to either close down the business or borrow from outside sources at high rate of interest becomes the only option. Such a situation is very alarming as these outside borrowings, which though ...

Ripped Off: How Credit Card Processors rip off small business.

The Top Processing Schemes

Ripped Off 

The inside secrets about how the banks rip your business off on your credit card processing and the steps you can take to protect your business.  

1.  The Incredibly Low Teaser Rates - 

Fact: There is not one Visa/Mastercard rate. Visa/Mastercard list their rates, called interchange. The interchange schedule have over 300 rate categories.

Solution: Demand to see a schedule of rates.

2. Enhanced Billback –

Processor promises low rates and then adds high surcharges for non-qualifying transactions.

Fact: Card Types and Transaction types (swiped or key in) qualify at different

Visa/Mastercard Interchange ...

Things To Be Aware Of When Opting For A Business Phone System

There are several considerations that rely on the requirements of your business when opting from one of the several business phone systems. You would need to ensure that whatever phone systems for office that you opt for has features that are accessible that are important to the operations daily of your business.

Several businesses need some general features like voice mail, capability for conferencing etc. Several businesses need a method for the caller to leave a message when the receiver of the call does not get the phone answered. A few phone systems possess this in-built while others need an ...

A Credit Card Processing Statement

People who utilize the credit cards for several deals criticize the unnecessary deductions that are done to their accounts quite often. Several times the deductions are done by the credit card processing companies as the fees which are very essential for the contribution to their revenue. The impetus is on everyone to be aware of all the components of the processing of the credit card statement so as to be aware of the dealings better.

It is not an easy task to have knowledge of the statements. This is possible due to the varied designs which rely on the credit ...

The Importance Of Payroll In Business

Some of the business functions make a great impact on the morale of the employees. One such function is the management of the payroll. Several businesses nowadays depend on the simplicity of direct deposit. There are a few companies that rely on the payroll processes that are manual. Sometimes these processes that are manual are a source of problem.

Some of the methodologies make a great impact as the getting of the payroll outsourced for small business. Why do several companies depend on the payroll outsourcing management to the services of the payroll company? The salary which is based on ...

POS Systems For Restaurants

The POS systems in restaurants give the food service management for various restaurants of all styles and sizes. This awesome software is exceptional and is to the customization to suit the requirements of the food service business. This cost effective software can assist in the transformation of your food service into a highly profitable business.

Point of sales facilitates awesome software that has been specifically created to suit the managerial requirements of the restaurants. This software can be customized to meet the particular requirements for coffee shops, sub shops, pizzerias, multi-chain stores, etc. This would result in high levels of ...

VOIP Helps Your Business

If you own a business, the business VOIP service can prove out to be highly beneficial for you. The IP phones for business purposes are reliable, flexible and good in terms of affordability. It is less costly than the landline services.

The conventional services usually charge for voicemail, call waiting and caller ID and levy an additional charge for long distance that includes the monthly fee. When you utilize these services you would have to pay one monthly fee and that is all. Several other features are inclusive in it at no additional expense that includes called ID, call forwarding ...

The POS Systems Simplify The Management

The restaurant Point of Sales systems help in the simplification of several tasks that involve minimizing the waste that is concealed, providing easy operations every day in pizza establishments, multi-store chains and small cafes.

The features such as inventory control, employee hour management and fast credit card deals are easy tasks with the help of computer management. The Point of Sales system in restaurants facilitate with extraordinary growth in management and great marketing and also hidden waste removal. There is organization, simplification and streamlining of the food service business with the assistance of this exceptional software.

The experts in the ...

Point Of Sales Web Solution

Possessing a Point of Sales system in your stores increases the complications when you have to deal with all the systems that are utilized by your stores. You have to make sure that all the Point of Sale systems update all the data that it has, updates the software if there is availability of any up gradation and make sure that the whole system works nicely every time.

You not only finish ...

Solutions For Credit Card Processing

The merchant service industry is considered to be a very dicey business and it is designed to dupe you. That is the reason that several providers of merchant account would want to compel you to undergo a period of 3 years contractual time. They always have hidden charges and once you sign on for a deal they will dupe you to the fullest extent.

The first and foremost aspect is to look for a reputed company that does not possess a contract or the fees for setup. Do not forget that quotes are of no use. It is the paperwork ...

Benefits of a Bi-Weekly Payroll

Some of the employees need a weekly payroll in comparison to the bi-weekly payroll. But this type of practice does not hold good for many businesses. Businesses have to take into consideration all the aspects before taking any decision.

One of the major advantages of a bi-weekly payroll is that the salary of an employee can be tracked quite simply. For computing the deductions, the payroll team need not be bothered about taking out the deductions on basis of a week. The bi-weekly payroll enables the payroll team to have more time to get your money processed. It permits more ...

About POS System

There is a great choice of POS systems to opt from. The POS systems have a variety of functions such as remote printing and ordering, touch screen menus, automated billing, staff supervision which are highly accessible to you. It is very pivotal to be aware of all the technical knowhow and the cost of the POS systems which are facilitated by the supplier of the POS system.

The kind of POS system that you buy should possess all the functions and facilities that are required for your business to flourish. There are various systems to opt from that are suited ...

Uses Of A Business Phone System

Communication is a very important aspect as far as business transactions are concerned irrespective of the fact that they are small or big. A business phone system is a highly efficient means of communication that is very important for business deals. The conventional means of communication for example letters are becoming outdated and several companies have chosen business phone systems that facilitate the quick confirmation of different deals that they undertake. Several businesses are concentrating on the utility of business phone systems as they can communicate with their business associates and clients properly and without any loss of details.

The ...

Tips on Merchant Cash Advance to Improve your Business

For any kind of activities funds are a must for any business in order to increase the organizations profitability. Merchants, The small businesses and also well established enterprises would have to weigh their options before they finalize on the best funding method. Providing a fast finance to any of the businesses is called as Merchant Cash Advance. The advances are always available against any business resources such as future credit card sales.

Merchant Cash Advance is a gross sum of payment taken for a particular business in return for an agreed percentage of future credit.
The Merchant Cash Advance companies ...

Merchant Cash Advance – To Avoid Fraud

Merchant Cash Advance (MCA) are also called as Business Cash Advance offers you simple and quick way to receive finance for a small and medium-sized firms by selling certain part of your credit card sales proceeds. 

• Merchant Cash Advance in technical terms is a purchase of all your future revenues rather than just a simple loan.
• Merchant Cash Advance (MCA) is not bounded by any financial rules
• Merchant Cash Advance (MCA) are not regulated by any federal laws governing the lending industry as it falls beyond any jurisdiction.

Merchant Cash Advance (MCA) Industry has touched $10 billion mark. Looking at ...

Why Choose Merchant Cash Advance

Merchant Cash Advance is a profitable alternative for conventional loans in difficult financial conditions. Merchant Cash Advance offers a quick cash advance for your business with the help of an easy process of approval that is compliant with the Merchant Cash Advance regulations and laws. You have the facility of offering a portion of the revenues of your credit card to avail the cash advances for business purposes. There are some factors as to why you should opt for Merchant Cash Advance for your medium or small scale business

1. Quick Turnaround time: The conventional applications for loan may take ...

Benefits Of Merchant Cash Advance

Merchant funding can be facilitated with a Merchant Cash Advance. It is another method of opting for a conventional bank loan. You would be able to procure cash that depends on your credit card sales. There are no individual guarantees involved to this type of cash advance. Merchant funding offers you working capital within three business days or less.

There are no limitations about using the money for business purposes. It enables you to enhance your business to the extent you desire. The process of merchant funding is fast and provides your business an easy payment term.

A merchant cash ...

Fast Business Alternative for Loans: Merchant Cash Advance

In today’s worst hit economy, many of our business owners have lost more than what they have gained. There are instances where many professionals have borrowed much more money than what they have earned in the past which has resulted in more debt. The benefit of a merchant cash advance is that the individuals need to only have to repay it when their business begins to prosper in credit sales industry and make a significant improvement on their profit margins. This kind of payment option turns out to be less stressful than lending money from the banks, more headaches ...

Tips - Merchant Cash Advance

As business owners we are always tend to be very busy with our clients when it comes to day-to-days dealing.

Below are some of the best to consider when entering a merchant cash advance agreement:

Contract/Terms & Conditions

Ø  Always read the entire document on contact or terms & conditions which includes the fine print

Ø  Do not sign the document until you have completely read the document and fully understood the provided information in contract

Ø  When not clear, Please ask more questions to your merchant cash advance provider to get more clarity on the information provided in the contract ...

Some General tips on Credit Card Processing

Some General tips on credit card processing

In today’s scenario many of our ecommerce companies take easiest route with the best available services such as PayPal or brick. Business owners have enough going on in their daily busy schedules without having much to worry about getting ripped off by a credit card processor. You just need to negotiate.

Most of our business can have major savings just by re-examining the credit card processing terms and conditions.

Here are some of the tips that would guide or help you in your savings:-

Cancellation fees – Know them up front. 

Always read ...

Banks reject 60% of small business loans

The federal government doled out $30 billion dollars to small community banks to help small business get the credit they need. Instead of loaning the money to mainstreet, the banks repaid their TARP obligations. Only 4 billion or 13% of the money went to small business and I think it is crumb. The cake went to the banks to clear their books. This whole program was very disingenuous. It has become harder and harder for small businesses to get the credit they need.  

A recent study conducted by Pepperdine University found that 60% of small business loan applications were rejected ...

Cash Back inflates Merchants' Revenue

Merchants might get upset that the IRS's computer program to track merchant revenue does not take into account cash back. So merchants that provide this service for their customers could be on the hook for a bigger tax bill. Let's say a merchant gives $5,000 a month in cash back to his customers. His processor must report the merchant's monthly processing volume. The IRS program does not account for cash back. It treats that as regular earned income that the merchant must pay taxes on. Imagine paying taxes on an additional $60,000 that was basically ...

Durbin Amendment Goes into Effect Today: Lower Debit Fees

The Durbin amendment goes into into effect today, which will dramatically lower your card processing fees.

That's the good news. But there is a catch. If you are on a 3 tier or surcharge (billback) plan, you won't realize the savings. However, your processor will.   

The government is lowering the interchange rate or wholesale rate not the retail rate that you pay.  Think of it this way. You pay the retail rate at Starbucks when you buy a cup of coffee. Now if the government lowered the price of coffee beans, but not the price of a cup ...

Reasons Why to get a Visa Credit Card

The Visa Credit Card is one of the most respected and reliable credit cards in the world. This comes as no surprise since the company behind it has offered reliable and trustworthy services for many decades. The Visa Credit Card is also for its collaborations with many other companies and retail stores. There are many types of Visa Credit Cards available and you can pick from the wide selection of cards depending on your needs. You can also get a Visa Credit Card from any bank that is a member of the Visa association.

Visa was created by the banks ...

Is Tokenization the New Credit Card Security Wave?

With the ever-growing popularity of plastic money, criminals have constantly developed ways to go around the credit card security system to take advantage of credit card owners and issuers - from actual stealing of the credit card itself to breaching of networks in order to get hold of sensitive information.

To address the problem of card theft, individual cardholders are always reminded to take care of their credit cards and to be cautious with whom and when to share credit card information. This minimizes the chance of others to take advantage of them. However, when it comes to network breaching, the ...

Are Debit Card Rates Cheaper than Credit Card Rates?

If you have a card that has a logo of Visa or MasterCard on it, it does not necessarily mean that you have a credit card in your hands. There are actually two types of cards that bear the Visa and MasterCard logo. You could be carrying either a credit card or a debit card. While these two cards serve similar purposes, they are actually two very different things. When you use a debit card to pay for something, the amount you need to pay is immediately deducted from your bank account. If you use a credit card, on the ...

Why are my credit card processing rates going up?

For a merchant to enjoy the privilege of accepting credit cards in their place of business, there are certain credit card processing fees that they have to pay for with every transaction that they process. You may have noticed that there are some differences with the processing fees that are being charged to you, and you may have noticed that the fees have been rising. There are many explanations as to why these credit card processing rates are rising, but here are a few ones that may be useful for you:

3-tier pricing this is the most popular kind of ...

What businesses qualify for EBT?

An EBT or Electronic Benefit Transfer is a system used in the United States which allows a state government to provide financial assistance as well as material benefits through plastic debit cards to welfare recipients. The most common benefits that an Electronic Benefit Transfer gives are food and cash. Food benefits are federally-authorized and can be used in purchasing non-alcoholic beverages and food products. Formerly called food stamps, the term has now been changed to SNAP or Supplemental Nutritional Assistance Program. Cash benefits, on the other hand, provide State General Assistance and Temporary Aid for Needed Families.

A recipient can ...

PCI Compliance Reduces Card Fraud

PCI Compliance or Payment Card Industry Compliance is one of the most important requirements of credit card acceptance. These safeguards have been put in place to protect sensitive information belonging to banks and card holders.PCI Compliance is essential to protect the electronic transaction industry from rampant fraud.

These requirements are so stringent; it can be difficult to achieve PCI compliance. In fact, an estimated 65% of all multi-national companies are still in the process of achieving PCI compliance. However, PCI compliance is a process that is bound by clear-cut boundaries. It is a constantly evolving mechanism and things are ...

What is a Billback? What should I be afraid of?

A billback is actually a surcharge credit card company’s use when certain transactions do not qualify for the lowest qualified rate.

The billback pricing model uses target interchange qualification levels. In this model you apply a fixed discount rate (interchange price) to all transactions regardless of their individual interchange qualification levels. The merchant is then assessed "billback" for the rate differential between the initial target and the cleared interchange qualification rate.

For example, let's assume you have a $100 retail credit card transaction for which the target rate is 1.54%, and the card actually clears at 2 ...

What is virtual gateway?

An ecommerce gateway, or also known as a virtual gateway, allows merchants to authorize and settle credit card transactions online. It is like the physical terminal, but online.

The E-commerce Gateway is an encrypted channel that passes the transaction securely from your computer or your customer's computer to the financial institutions to capture the authorization and approval. Once the transaction is complete, the information is sent back through the Gateway to complete the order and provide you with verification. The Gateway is also necessary for the secure transfer of funds from your customer's credit card to your merchant ...

Are American Express Rates Too High?

Most merchants complain that American Express charges too high a percentage and therefore they refuse to accept the card. This is a mistake. American Express does charge a higher percentage than Visa/MasterCard, but the percentage may be only half a percent or less more. American Express volume for most merchants is less than 20%. Is gaining an American Express customer worth that extra half of a percent? Most merchants are willing to discount items by 25% or more for a sale. The answer is yes. Also, American Express is the most popular business card. Many businesses can only pay ...

Which is Cheaper? Credit or Debit?

As a consumer, you are asked all the time debit or credit. Have you ever wondered why? The merchant will tell you that pin debit card transactions are more secure. This is true. But pin debit transactions are cheaper in most cases for the merchant. Pin debit transactions are more secure for you and the merchant. You also lower the processing costs for the merchant. You are doing the merchant a favor. So the next time, the merchant asks you debit or credit? Say debit.

If your store is processing both credit and debit card transactions, you may be one ...

What does EIRF mean?

EIRF is an acronym of the term Electronic Interchange Reimbursement Fee. Basically, an interchange fee is a term used in the credit card industry. This term refers to the fee which a merchant's bank or acquiring bank pays the customer's bank or the issuing bank after a merchant accepts the use of a card for a particular transaction. The issuing bank, in a payment transaction, would then deduct the interchange fee in which it pays the acquiring bank that handles the transaction in behalf of the merchant or business owner. In turn, the merchant is paid by the ...

PCI Compliance Stops Sniffers

A packet sniffer is computer software that is used to intercept traffic passing over a digital network. When data transmits back and forth, the sniffer can capture each packet and decode the content using other tools. The problem with this kind of software lies on how it is used. It has given hackers a venue to steal credit card information from a stores database. There have been several reported incidences wherein hackers used this kind of software to get credit card information and use it for their own benefit.

Now that online shopping has increased in popularity, more and more ...

Why is PCI Compliance Important

While PCI compliance is not a law, it is still very important regulation of the credit card processing industry. PCI compliance is all about how the information of cardholders is being handled, secured and stored. This is a very sensitive type of information, especially for those that handle information for thousands of people in a year. The problem with the fulfillment of PCI compliance is the hassle of showing compliance every year and the fees involved.

But despite that, this is of utmost importance for a business to be fully trusted by the Payment Card Industry, and for your company ...

How to Reduce Breakage at Your Store

Business losses are not unusual. In fact, whatever business you might have, there will always be some kind of business losses whether huge or small. If your business involves maintaining a store, then these losses which often go unexplained are common. These losses are called breakage and it is often only 3% of a company operation. Nevertheless, losses are still losses; and reducing them to a minimum is any business owner priority.
For businesses that involve a store, breakage is often higher if the store is purely cash-based. This is in contrast to stores that accept credit card transactions, where ...

What is PCI Compliance?

The Visa/MasterCard associations created the Payment Card Industry Compliance standard that must be followed by all companies that accept Visa/MasterCard. PCI compliance is a must if these companies, such as merchants or credit card companies, want to accept credit card payments. These standards must be met at all times to avoid severe penalties
There are six standards in the process of PCI compliance that must be met, such as the following:
Maintaining a secure network this refers to the kind of network that the data of the credit card and the holder is exposed to. The company must ...

Does anyone have Discover Cards?

Most merchants will take less than 5% in Discover Card Volume per month. That percentage may be growing. The Discover Card used to be independent of Visa/MasterCard association. Recently, that has changed. Discover Card is hoping to become the 3rd option to Visa/MasterCard. Most processors now process Discover Card at the same rate as Visa/Mastercard and make deposits on the same day as well.

Discover Card has made some progress in improving its brand image. Discover Card is the exclusive card of Sam Club, the Walmart owned club warehouse. Walmart is the US largest retailer. Partnering with ...

CNP Guidelines

CNP card not present is a kind of transaction that is done without the presence of both the cardholder and the card. Examples of these kinds of orders are things like mail orders or purchases on the Internet. Because of the nature of this kind of transaction, CNP card not present fraud has become quite common. Even though the merchant may issue an official receipt as proof of purchase, the company still has no specific proof that it was the cardholder himself or herself who authorized the transaction.CNP card not present fraud not only affects the buyer, but it ...

Tips for Merchants to Win Chargebacks

Chargeback reversals are the process of restoring expenditure to a consumer credit card as a result of a dispute regarding a purchase charged to his or her card. The most common reasons for a chargeback are when a consumer does not recognize a charge made to his credit card or when his purchase has not been shipped but the merchant refuses to have it refunded. Chargeback’s are essentially the consumer ultimate form of defense against unscrupulous merchants. However, credit card disputes can also be quite a hassle for a lot of merchants. While chargeback reversals were created for consumer ...

Credit Card Frauds at Restaurants - Skimming

Skimming is a form of credit card theft that involves stealing the data off a credit card during the point of sale. This crime is often committed by employees who, when no one is looking, swipe the customer credit card using a portable electronic device that is hooked to a card reader. The customer information is then extracted to the portable device. This can also be done by photocopying receipts with important information contained in them.

Skimming is a common occurrence in restaurants wherein the customer is not required to pay over the counter. Instead, a waiter approaches the table ...

What Is A MOTO Account?

If you are accepting credit card payments without holding the card or without a face-to-face encounter with the owner, you need a MOTO account. This is the abbreviation of Mail Order/Telephone Order account. Merchants get it to cater to their virtual customers. Instead of requiring your customers to come to your office and manually swipe the card, you can process the transaction by simply getting the details of their card.
How it Works? 
The MOTO works for companies that receive their sales through mail or telephone transactions from consumers (B2B MOTO would be appropriate if you receive a majority ...

The History of Credit Card Transactions

If you are accepting credit card payments without holding the card or without a face-to-face encounter with the owner, you need a MOTO account. This is the abbreviation of Mail Order/Telephone Order account. Merchants get it to cater to their virtual customers. Instead of requiring your customers to come to your office and manually swipe the card, you can process the transaction by simply getting the details of their card.

How it Works? 

The MOTO works for companies that receive their sales through mail or telephone transactions from consumers (B2B MOTO would be appropriate if you receive a majority ...

What is Visa/MasterCard Assessment Fee?

Visa and MasterCard are the two leading credit card and debit cards in the entire world. They are in operation all over the world, and people aspire to have a Visa or MasterCard credit card because of their reputation as the most respectable credit card company in the world.

For merchants who make use of the processing of Visa and MasterCard transactions in their store, they have to deal with an assessment fee for every transaction that is being made. The assessment fee is part of the interchange fee, which the card holders issuing bank charges the merchant for the ...

Boycott the Big Gulp

7/11 stores are leading the charge for credit card regulation. The company believes the discount rates have become too high and they want the consumers to fight back. On their website, 7/11 states:

The fees that 7/11 and other stores are charged when people use credit and debit cards have grown significantly over the last several years. We have no ability to negotiate and have no other choice than to go to our customers who are then forced to pay more for everything they buy because of the credit card industry system and ask them to help ...

Will Congress Set Credit Card Rates and Fees?

In June, Rep. John Conyers (D- MI) introduced a bill to Congress and Richard Durbin introducing a similar bill to the Senate to regulate credit card processing fees acquiring banks are charging the merchant. The Credit Card Fair Fee Act, S. 1212 and H.R.2695, is intended "to amend the antitrust laws to ensure competitive market-based rates and terms for merchants' access to electronic payment systems."

Will such a bill really increase competition and lower merchant rates? Doubtfully, the increase in Rewards Card usage is one of the main reasons why rates have risen in the last few years ...

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