Thursday, April 25, 2019

The Future of Payment Acceptance!


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In-Store - Terminal or POS System




What Merchants Need to Know about Payment Acceptance



  • Buyers will be offered a variety of payment experiences from Merchants.
    • InStore, Website - PC or Smart Phone, Mobile App, Over the phone to a call center, Embedded Invoices and other Marketing Material Links
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Mobile Payment Capture

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eCommerce Payment Capture
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Payment Embeded Invoices

  • More businesses will look for ways to simplify their payment accounts.
    • In-Store is set-up with a terminal that gives NO DATA except batching info, last 4-digits and maybe the name of the customer.
    • Website is set up with another product that does not talk to the terminal therefore creating more work for the merchant/owner.
    • Mobile is set up with another provider like Square and now there are three RATES, three ACCOUNTS and nothing talks to each other. Creating a MESS!
  • It will become more difficult to balance customer experience goals with fraud goals.
    • As buyers use more of these disconnected payment acceptance methods, the Customer Experience will suffer!
    • Customer Support will have to comb several merchant accounts for the customer data in order to address the issue. The longer it takes for customers to get things right, the more likely the customer will instigate a Chargeback Dispute. 
    • Merchants lose about 80% of all Chargeback Disputes because their merchant services data information is unknown to them and just give up! Consequently, losing a lot of money! 
  • The new Visa Claims Resolution program will help merchants better dispute chargebacks.
  • Chargebacks are increasing by more than 30 percent each year! Some are mistakes (people don’t recognize the name of the company or remember the name on their credit card statement) while others are attempting to steal from the merchant by committing credit card fraud. 
  • The Visa Claims Resolution program informs merchants when a chargeback is initiated by a card owner. This advance notice gives merchants the opportunity to gather more information about transaction such as the device ID number or IP address where the purchase originated. Merchants will be opting-in to the Visa Merchant Purchase Inquiry (VMPI) process to help them mitigate mistake chargebacks and help merchant keep their hard-earned money.
    • B2B billing for small and medium sized businesses will transition to digital. 
      • B2B payments account for more than $35 trillion in business done!  The majority of these payments are made by traditional paper checks or potentially wire transfers. Paper billing systems (mailed invoice and means: slower time to receive payment, potential of lost invoices and checks, not to mention the cost of postage, paper, and printing! Within the last couple of years, Government Contracts have switched to paying their vendors with PCards (Purchase Cards). These credit cards are attached to the contract and only used to pay and track payment to the contracted vendors witch to digital hasn’t taken off until just recently.
      • Electronic invoicing options with Pay My Invoice button allows for immediately payment. Many of these invoicing products offer tracking and updating capabilities without having to rewrite the invoice! 
      • B2B companies are now able to get B2B Payment Acceptance Software that automatically enters all the Business/Corporate/Government criteria required to accept these credit cards at a MUCH REDUCED rate!  
    B2B Payment Acceptance is now the FUTURE!
    Looking to Save Money on Credit Card Processing?

    Call Merchant Processing Solutions today! 
    954-938-2420

    Monday, April 8, 2019

    Mobile, Virtual Terminal, Website & Document Payment Links.....Oh, My!

    Introducing the newest product to our extensive merchant services technology:

    MX Merchant 

    Accept payment on your PC

    Great for call centers & sales reps
    MX Merchant is a great way for a business to capture payments from multiple sources for only $10.00 per month! 
    Capture the occasional walk-in sales
    • Take payments over the phone at the office using the MX QuickPay option on your desktop or iPad
    • Take Payment on your Website 
    • Take Payment on your Mobile Phone
    • Take Payment off of marketing materials
    Use your mobile phone to capture payments









    MX Merchant offers Real-Time payment and data capture for reporting purposes and more! 

    Transactional information captured into MX Merchant
    Measure your business performance
    with MX Insights


    What could you do with this information?
    • Create a customer database
    • Track sales 
    • Track customer history
    • Track marketing dollars
    • Track employee sales
    • Analyze your business performance
    All of the above is offered for $10.00 per month! 


    You can also add a couple of more products for a few bucks more! 
    • Invoicing with tracking/remote updating/partial payment options - $9.95 mo
    • B2B Payments - lowers your rate when accepting business/corporate/government credit cards - $19.95 mo.
    • Loyalty card and Mobile App Programs - Call MPS about these products!
    Merchant Processing Solutions Inc prides itself on transparency in our rates, equipment and software products. We look to give our merchant the BEST IN CLASS PRODUCTS AND SERVICE! If your merchant services company is not offering you all the above mentioned for $10.00 per month....call us today! 

    MERCHANT PROCESSING SOLUTIONS INC.
    954-938-2420

    Friday, March 22, 2019

    Success with Chargebacks!

    • Why did the bank take my money! 
    Chargebacks are a forced transaction reversals initiated by a cardholder's bank. In other words, one of your customers were unhappy for any reason, they did not get satisfactory results when they came to your company for resolve and therefore submitted a request to their credit card company to get back their money! This mechanism is meant as a consumer protection mechanism against merchants who might be tempted to sell sub-par products or services. Merchants are forced to be more transparent in their dealings with their customers for fear of getting a chargeback. This is NOT to say that today, many customer are abusing this mechanism just to get stuff FREE!

    How can I protect my business from Chargebacks? There are several things you can do to prevent disputes and chargebacks from happening:


    • Provide your contact information everywhere. Buyers may not resort to a dispute or chargeback if they can talk to you about the problem. 
    • Good Customer Service is a MUST for not getting disputes and chargebacks
    • Be responsive. No one likes to wait! Make it a habit to respond to a problem within 24 hours. Allowing an issue to fester into a bigger problem, pushes customers to resort to legal matters like chargebacks.
    • Suggest Dispute Resolution - compromise. Find some middle ground or look at the big picture....how will this disgruntle customer talk about our company to others. How can that negatively impact our business?
    • Provide a clear return policy. Make sure it is visible EVERYWHERE! We suggest at the bottom of every page on your website. That the bottom of your receipt and of course something written right next to your check-out area of the store. 
    • Leave nothing hidden and you will find yourself better covered. The more transparent you are the less costly chargebacks your company will get.
    What happens when I get a chargeback? 

    • Your customer has written a letter to their credit card company with a complaint about their purchase. 
    • Wrong product sold
    • Damaged product on delivery
    • Fraudulent use of customer's credit card
    • Tried to return merchandise to company but issue was not resolved.
    • You get a chargeback dispute in the mail.
    • You have 14 days to respond to this dispute letter with corresponding paperwork. 
    • If you prove that you had visible Refund/Exchange Policies, that your product was not damaged or sent wrong, you may be able to win your dispute. 
    • Most merchants don't even open their mail prior to the 14 days to know they had a chargeback! 
    • Many do not have Refund/Exchange Policies visible EVERYWHERE and lose their disputes. 

    Lastly, taking credit card information over the phone is VERY RISKY! Are they who they say they are? Is it their own credit card? Many merchants think that if they send out a Credit Card Authorization Letter for signature, they are covered....YOU ARE NOT! In order to win your dispute, you will need Photo ID from the customer, a picture of the credit card along with the Authorization Letter. If you key-enter into a machine, make sure you click on CARD NOT PRESENT. By saying the card is present, you run the RISK of having your dispute denied due to the fact that you lied by saying the card was present! 

    We highly suggest that if the customer is not present that you refer the client to purchase online at your website. Your website can have VERY STRICT guidelines to help prevent fraud and potential chargebacks. The client inputs all their data and no member for your company is taking that information manually and putting it into a machine or Virtual Terminal. If it is a large priced sale, we highly recommend that you use ACH Accounts. 

    Merchant Processing Solutions Inc has been highly successful in helping our clients mitigate their chargebacks. We ask our merchants to contact us if they get a chargeback so we can help them review the dispute and prepare their defense. Many times with the right paperwork, the dispute is favorably resolved for the merchant. 

    We had a large client that was getting more than 25 chargebacks a month during their busy season. We found out that they were accepting credit cards wireless terminals that were cutting out constantly. This created confusion as to whether the transaction actually went through or not!! We suggested hardwired Internet terminals in to their multiple locations. The transaction began going through seamlessly and not duplicate transactions were being create. This merchant went down to less that 5 a season!! 

    Testimonial: 

    Yamilet, Claudia and Stephanie are the most dedicated customer service people I know. I make a phone call and get results! Recently, I had a customer dispute a large transaction. My "no nonsense women" reviewed my dispute documents, told me what I needed to provide and helped me get those submitted to the right people. Within a couple of days, the money was returned to my account! 

    I love working with Merchant Processing Solutions they do everything and go above & beyong to make sure their clients are happy.  I can reach them at any time and I feel their smile shining through the phone as if they were right in front of me.  They are extremely reliable and passionate about what they do and I will support them always.  Merchant Processing Solutions is great to know and work with.  I would not trust anyone else with my merchant account.
    Marj - Jus HipHop


     If you want a merchant processing company that cares this much about you and your business....call us today!     954-938-2420      

    Wednesday, March 13, 2019

    Who is my target audience? B2C, B2B, B2C, or B2G?


    Many merchants are set up to accept payment from ALL Consumer Type Credit Cards! But what if you could get lower rates because you ONLY do business with other Businesses!! 

    B2B Payment Acceptance


    Business-to-business (B2B) is a business model that focuses on selling products and services to YOUR TARGET MARKET; other companies not consumers. Think of yourself as a support company that helps other companies succeed through your products and services! A B2B focused company is going to be successful, if they develop strong customer service, loyalty and create meaningful change in their customer’s business. 
        • Strong Customer Service: When are my customer's open? Can I be there to keep their doors open? Do I help them be self sufficient? What do I need to do to make sure THIS CUSTOMER is not turning customers away?
        • Loyalty: Have I created enough VALUE for this CUSTOMER so that he is loyal to my company? Does my customer feel that our company cares about them and want to make sure they succeed? Can I create reciprocal loyalty by purchasing their product and service?
        • Create Meaningful Change: Does my product and/or service create enough synergy for my customer? Does it make a difference to the way they do business or create their business?
    The companies you provide product and services to, are just like your company! They have employees to train, customers to satisfy, facilities to maintain, rules and regulations to abide by and all they really want; is to grow their business! By putting yourself in their shoes as a fellow business person, you can be a great asset to a new and existing business. You might also be working with several companies in the same industry. You get to see what works and what does not to help you create a viable niche within that industry. You can determine how valuable your product and/or service is to your target market.

    However, In order to grow your business based on other businesses, you have to be accommodating with accepting payments. You will possibly need to accept checks, direct deposit, wire transfers, and of course credit card payments. Did you know that business credit card rates are higher than consumer cards? And I am not even referring to American Express which currently is less that some MasterCard and Visa Business Cards!!! Business are unaware that they can do something about the high rates of business cards, they can be set up with B2B Merchant Processing and start paying less! 

    With the Merchant Processing Solutions Interchange Optimizer Software, you can be
    confident that the credit cards you receive are qualifying at the best possible rates for all B2B, Purchasing and Corporate cards. The software identifies the proper data fields necessary to meet government contracts at an affordable rates! So whether you are a B2B or Government vendor, get set up with low rates for credit card payment acceptance!



    Merchant Processing Solutions Inc! 
    Call us today! 
    954-938-2420

    Wednesday, March 6, 2019

    Increasing your business via Rewards Program


    Merchant Processing Solutions Presents Real Rewards +

        • Real Rewards Plus gives you a platform to engage with your customers 
        • Real Rewards Plus supports e-gift cards for you or to send to family & friends
        • Real Rewards Plus offers in-app messaging and promotional content.
        • Real Rewards Plus allows fast food & restaurants to text their menu and customers can order from there and pay for pick-up via the Express Orders component!
        • Real Rewards Plus offers a Loyalty Program - after so much money or visits, your customer can receive free or discounted merchandise.
        • Real Rewards Plus will boost your sales by bringing back customer to increase their points for more purchases. 
        • Real Rewards Plus allows you to CONNECT & ENGAGE with your customers via Push Notification Campaign right to their phones, no need for them to download another APP! 
        • Real Rewards Plus is an affordable service @ $19.95 per month plus cost per text. 

    Don't miss out on a chance to increase your sales & grow your business...

    Call Merchant Processing Solutions today and ask about our Real Rewards Program!

    $$  954-938-2420  $$





    Friday, February 15, 2019

    Looking for Innovation & Superior Customer Service...


    Merchant Processing Solutions has been a successful merchant services company since 2006. The brain-child of Yamilet Strauss, she recruited her twin sister, Claudia Mosley to help her develop and grow one of the most ethical credit card processing companies in South Florida. Their main focus is the business owner and educating them on how to accept credit cards more affordably.

    MPS Guiding Principles: 

    • No customer cancellation fees
    • No equipment leases unless the merchant wants such
    • No monthly minimum fees
    • Interchange Plus Pricing Rate Method for ALL merchants
    • No hidden fees
    • Find the RIGHT SOLUTION for each merchant's business needs
    • Your local customer service 
    • We answer the phone 
    • Help the merchant with fighting chargebacks & other technical issues
    • Help the merchant with consulting and installation of their account & equipment
    • CARE ABOUT OUR MERCHANTS

    Recently, it had become harder to be out growing our business while also helping our merchants grow theirs....we realized we needed some "back-office" help! Yamilet and Claudia researched options that would bring VALUE to not only us but our merchants. Today, we can proudly announce we have brought on Priority Payments Systems to help us manage our back-office like; statements, customer service, technical support, application submission to both First Data & TSYS, and some of the BEST new products & services in the industry! 

    How does our new back-office help our merchants?
    • Allows us to be more available to new and existing customers
    • Allows us to have more than just us to get customer service done quickly
    • Allows us to offer better rates and cost on equipment
    • Allow us to be more transparent with our merchants as they will have a direct portal into their account. 
    • Allow us to track applications better and get you started quicker! 
    If you would like to know more about Merchant Processing Solutions, 
    call us today @ 954-938-2420. 

    Tuesday, February 12, 2019

    Bringing Value to our Tropical Financial Credit Union Partnership


    Merchant Processing Solutions is honored to partner with such a prestigious credit union like Tropical Financial Credit Union. We both have the same basic principles towards our members/merchants... we work for them! Credit Unions offer products and services that positively impact the member. Many times their offerings are less expensive and they are not-for-profit so YOU the member are actually "Shareholders" and earn money back on your            accounts! TFCU makes you a part of the company and has YOUR INTERESTS at heart! 



    Merchant Processing Solutions Inc. is a for-profit company but with high integrity, transparency and honestly. We do not sign our merchants to a contract; we prefer to WOW them than hold them hostage! We do not charge monthly minimums; we understand the struggle you are going through and our goal is to HELP not be a burden! Lastly, we believe in our merchants, we WANT them to success and grow! To this end with become "raving fans" of our own customers with the hope of helping them through their business journey ... 



    These past 6 weeks have been great for both Merchant Processing Solutions and Tropical Financial Credit Union. We have come together to train TFCU employees on how we can help their member businesses' accept credit card payments more affordably. Plus the MPS TEAM has spend time at each location promoting our new relationship with TFCU members with a table display! We want TFCU members to know we are here for them and can ask us questions anytime! Do you want to learn more about Tropical Financial Credit Union or Merchant Processing Solutions? 
    Call us Today! 954-938-2420




    Tuesday, January 1, 2019

    Merchant Processing Solutions Partners with Tropical Financial Credit Union


                      
    For Immediate Release:  

    Merchant Processing Solutions Inc. Partners

    With Tropical Financial Credit Union


    Merchant Processing Solutions to provide merchant services 
    to more than 54,000+ TFCU members!


    Fort Lauderdale, FL, January 1, 2019 Merchant Processing Solutions Inc. has been chosen to offer an array of merchant services to members of Tropical Financial Credit Union Members. TFCU is a local South Florida Credit Union with more than 80+ years of financial expertise. Looking to provide exceptional customer service for its members, they began looking at Merchant Processing Solutions Inc., also a local South Florida Company with more than 12 years of experience. Both companies feel they can come together and provide local presence and expertise for TFCU Member Businesses.

    Merchant Processing Solutions Inc. is a wholesale merchant processing company thriving in South Florida since February 2006. Since its inception, Yamilet Strauss and Claudia Mosley have focused on providing traditional and innovative merchant services to ensure the success of South Florida businesses. The company offers personalized merchant processing solutions for almost every major type of business. They are a full-service, full-disclosure National Bankcard Processing Company. They believe in “creating relationships not just transactions”!

    Tropical Financial is a Credit Union, not a bank! They are a not-for-profit financial institution owned by people like you, run by a volunteer board of directors, who are also members of the credit union. They have been assisting South Florida Businesses grow since 1935. They currently have 10 local branch locations, more than 5,000 convenient CU Shared Branch locations nationwide and several Partner Companies, where they provide financial services for their employees. “Making you feel good about banking!”

    If you are tired of banking fees and high merchant services fees, check out Merchant Processing Solutions Inc. and Tropical Financial Credit Union! Get started today!

    Stephanie Cates is VP of Merchant Sales and Marketing for Merchant Processing Solutions Inc. She can be reached at 954-938-2420.


    Saturday, December 15, 2018

    Funding your 2019 Business Plan

    Are you preparing your 2019 Business Plan?
    We at Merchant Processing Solutions truly care about our merchants. We know they struggle, just like everyone else to see what works and what does not! More importantly, how to fix it. If you did your 2018 Business Analysis already than you will be ready to dive into the preparing your 2019 Business Plan.


    1. Your Mission Statement: What is it that you want to achieve in 2019? Make sure you include: who, what, when, why and how you want to reach this achievement. Put projections/goals to reach within a month/quarter/6-month and 12-month period of time. Include sales volume, business growth and any expansion.
    2. Revisit and Analyze the market & your product/service: Is the product or service I sell, still selling? Is your target market still the same as it was when you started 2018? How does this target market want to be marketed to? 
    3. Know your Competition: Check out your competition, how are they communicating to the target market and how do you differentiate your business/service/product from them!
    4. Organize Internally & Externally: Promote and praise good employees! Look at your superstars with praise, promotions & bonuses! Look your under achievers and ask how you can help them become superstars. Note the expertise and qualifications of each member of the team in your business plan and plan your strategies accordingly. Look at your external relationships like loyal customers/vendors and referral partners. How do they help your business and how can you grow that relationship?
    5. Sales and Marketing Strategies: Look at your marketing efforts by dollars spend VS sales made; how did you do? What marketing dollars gave back nothing? Which marketing efforts worked? Look at your competition, how are they communicating with their customers and POTENTIAL CUSTOMERS? Consult with professionals if you are spending aimlessly! 
    6. Financial Strategies: This is where most businesses falter. They overspend and then find the business on a respirator! Sometimes it only looks like overspending because those running the business have NO TIME to actually sit down and review the spending and find alternate vendors or systems to minimize costs! How much does your time worth? Most smaller business owners do EVERYTHING! And you can't be an expert in everything. So, find yourself some vendors and ask for analysis of your current costs like:
                            - Merchant Processing
                            - Telephone/Internet Systems
                            - Payroll Systems
                            - Insurances
                            - Bank Services
                            - IT Services
                            - Equipment Rental Services

            These are only a few but you get the idea, there are many companies that will actually do this for you with NO FEES UNLESS THEY SAVE YOU MONEY! Once you have reduced your costs, funding future growth becomes much easier! 

    Merchant Processing Solutions wishes to offer any of our readers a FREE Statement Analysis to determine what they are paying and if it is a fair price to be paying. You can decide to go back to your own company and see if they will reduce their fees or we would be more than happy to partner with your business for your merchant services needs! Let us know! 

    Merchant Processing Solutions
    954-938-2420


                         


    Monday, November 26, 2018

    Start analyzing your 2018 business NOW!

    Analyzing your 2018 business NOW!  


    Image result for analyze images
    Making sense of it all! 
    ·         What makes you money? What sells the most, when and by whom? Knowing this can help you decide many others lingering questions about your business.

    ·         What is NOT selling? Understand why it is not selling? Is it priced correctly? Is it being promoted to the right buyers? What made you order this to sell in the first place?

    ·         What on your to-do list that MUST be done to grow your business? I have asked business owners why I don't see them at local networking events; the answer is almost always, "I'm just too busy!" I say you have not set up your priorities to do what will help you grow that business.
    o    Automate your systems; sales, customer capture for marketing, inventory, ordering & staffing processes.
    o   Look at your sales reports once a week & adjust.
    o   Take time once a week to review your inventory to make sure you have just the right of on-hand products to sell.                    
    o   Check your marketing strategy, are you doing what you said? Is it working?

    ·         Build your Team! Surrounding yourself with an excellent team of professionals, all focused on your company's success will be your greatest achievement!
    o   Accountant, Sales, Marketing, Advertising, Customer Service, & Operations people.
    o   Measuring & understanding YOUR strengths and weaknesses will help you determine what professionals you need on your TEAM!
    o   Train your TEAM on your VISION and empower them to do their job.

    ·         Delegate some of your to-do list. You need to realize that you, the owner, cannot do everything! Either you hired a TEAM or you automated processes and got systems to do the work. Now you need to ONLY do that which is only done by the owner!
    o   Get it go.....don't do what you have others doing!
    o   Empower your team to do what they were trained to do.
    o   "GIVE UP" those things that can be done better by someone else!
    o   Find out what you do BEST and do it!

    ·         Stay on top of your industry trends and customer trends. Too many business owners stay behind closed doors never realizing that their business world is changing...fast! Doing the previous 5 things should allow you the time to become a "subject matter expert" on your business and industry.
    o   Attend local business events - chambers, expos & trade shows.
    o   Talk to your customers. Find out why they buy or don't buy from you.
    o   Check out your competition and find out why their customers buy from them.
    o   Find out how your customers want to be sold; online, retail, in-person, catalog? Now ask yourself, are we providing that level of service to our customers?


    ·         Don't be afraid of change...............
    o   To change your vendors, products or amount of inventory.
    o   Add eCommerce or Mobile Payments to the marketing/selling mix.
    o   To look at different marketing strategies to attract different buyers; Instagram, Twitter, your own Mobile App!
    o   Allow your TEAM to be part of the experience and decision!


    We hope you all had a great, successful 2018!

    We look forward to working with you in 2019!


    Happy Holidays!

    From Merchant Processing Solutions Inc.
    954-938-2420

                  

                  




    Thursday, November 15, 2018

    Be cautious in accepting credit card payments this Holiday Season!

    Tis the Season...

    Unfortunately, celebrating the holiday season and spending money go hand-in-hand. Now starting with "pre-Black Friday" sales through till "after Christmas" shopping, buyers allow their emotions rule their purchases! Many purchasers feel forced into buying gifts and the "keeping up with the Jones" creates a need to buy bigger and more expense gifts. All these purchases along with holiday entertainment and travel can really add up quickly! 



    Image result for christmas gifts images
    The Holiday Season is Here!


    According to data published last year by Mastercard, 15% of all online purchases will request a return for cash or credit to their credit card. Overall, 30% of all purchases over the holiday season will be returned. Even if your store has a 14 day - 30 day return policy with a receipt, Visa/Mastercard/Discover/American Express allows credit card disputes (chargebacks) for up to 180 days from date of purchase! You putting a sign on the counter does not OVERRIDE the credit card companies rules and regulations! 


    Avoid returns, chargebacks and fraud during this Holiday Season? 
    1.  

    • Make sure that you clearly have signage in your store, kiosk, or at the craft show table, that explains your return policy - EXPLICITLY! 
    • If you have an online eCommerce website, make sure your return policy is clearly visible with even a "pop-up" indicating that the customer "Read" the policy! Image result for credit card receipt with return policy images
    • Add to the bottom of your receipt your return policy. The customer is required to include this with the dispute documents.

      Image result for credit card receipt with return policy images
      Add your own Return Policy to your Receipts! 

    • Implement a "security code protocol" at checkout. Train your staff to ask for Photo ID from EVERYONE. Check signatures, and photos!

    • If your business is retail with in-person sales, ALWAYS USE EMV CHIPPED TERMINALS! This helps eliminate fraudulent credit cards.

    • If you have an online eCommerce website, check with your Gateway Provider about the best FRAUD PROTECTION tools to implement. 
    • Online eCommerce business should request a Delivery Confirmation on shipped products with signature. This makes it much harder to claim the product was not received!
    • Be VERY PROACTIVE with your customers! Respond to emails, phone calls especially if they are complaints within a reasonable period of time. It has been said that good customer service center answer the call within the third ring!  

    Image result for customer service images
    Repeat Business comes from excellent Customer Service! 
    • Online eCommerce websites need to provide accurate, details descriptions with 360 photos of the products being sold. 
    • Make sure that your Business Name, Address (physical or digital) and a phone number appears on all receipts.
    Need more information about this call 954-938-2420! 

    Happy Holidays from Merchant Processing Solutions Inc!