Traditional Merchant Processing vs New Industry Merchant Processing Methods

The payment industry is rapidly changing and transitioning from a cash-based world to a cashless one. Less than 10 years ago, President Obama predicted that Americans would move away from credit cards and towards debit cards and cash! We believe that this is far from what transpired! Most Americans today appear to have very little cash on-hand and use a credit card with a limit to protect themselves from Identity Theft and Fraud. Savvy consumers know that they have to play their part in protecting their income and bank accounts. Merchants are see more credit card payments today than in the past while in some cases they are paying higher rates than need be.

As we see this payment acceptance industry shift to an increasingly digital world, where cash is protected and credit cards are used, consumers are looking at easier ways to make purchases and payments. Let's look at the traditional processing methods of the merchant payment processing industry and what the industry is moving towards in the near-future.

Traditional Terminal 

Traditional Processing Methods:

• 48 Hour Funding Equipment Leasing
• Contracts
• Pin-Based Debit
• Bundled Rates - Qualified, Mid-Qualified & Non-Qualified
• Per Item & Authorization Fees & Batch Fess
• Multiple Accounts to service multiple products with multiple fees like: Terminal, Website, Mobile, etc
• Counter-top credit card machines with paper receipts (Landline)
• No data capture for marketing or inventory

New Industry Processing: 

• Point of Sale (POS) credit card processing with paper receipts or email
• Integrated processing using retail, eCommerce & Mobile with FULL data capture for marketing and inventory with email receipts and email INVOICING.
• EMV compatible terminals connected using WiFi, Internet, Wireless (Cellular Data) or Landline.
• Mobile Credit Card Processing - Taking your business to the customer with Mobile Apps,
  
  Smartphone or Tablet Payment Acceptance. These methods can accommodate customer info and inventory, on the go! Text or email receipts make is very convenient for customers too!
• ECommerce is now considered a "way of life". If you do not have an Internet presence via your own website, you DO NOT EXIST! A website works for you 24/7 and allows your clients to shop at their leisure and purchase whenever they want, increasing business revenue. 
• Company Mobile Apps - Most companies today use the Internet as their business card to the

  

  Ever-going Mobile Apps

  world and then introduce their customers to their Mobile App. Made easy to navigate and shop without having to log onto a computer. 
• Rates are going either:
• Interchange Plus Pricing (wholesale rates offered to the Processor by Visa/MasterCard/Discover/American Express) with a low flat fee for their part of the processing. 
• Or Flat Rate, which is higher but includes all monthly fees, Brand Assessment fees, and processor fees. 
• ACH - Check Payment Acceptance via credit card processing
• ApplePay, SamsumgPay and more - Use Near Field Communication (NFC) to find and capture your credit card info after you have authorized the sale. Then this information is sent out via a "tokenization processing" whereby none of your data info is transmitted only a provisional passcode that is used ONLY for that one sale. 
• Merchant Processing Reps that are thriving with these new industry standards like the TEAM at, Merchant Processing Solutions Inc., are consulting with their merchants/customers to find the best products and services to fit their business needs. They consult on all industry verticals. Here are some same verticals:
• Restaurants - traditional or mobile

  

  POS Equipment & Software

• Automotive - traditional or mobile
• Retail - traditional or mobile
• Medical & Healthcare
• eCommerce - Website or Mobile Apps
• Non-Traditional businesses
• Distribution Centers & Suppliers
• Global Businesses
• Businesses that require the use a Point of Sale equipment & specific software
• Non-Profits 
• Home Professionals - HVAC, Plumbing, Electrical, Painting, Roofing, Handyman, Pest Control, Fire Mitigation, Cleaning Professional and many more.

Only a company like Merchant Processing Solutions Inc. that puts its clients AHEAD of profits will work ethically with your company to determine whether a POS System or other product actually fits the YOUR business needs and budget. Don't just go out and buy a payment acceptance system or sign up with a merchant processing company until you have had a consultation with Merchant Processing Solutions Inc. 

Creating Relationships not just transactions! Call Today @ 954-616-8048