🎄Merry Christmas & Happy New Year 2021!🎄

    

Merchant Processing Solutions wishes all our clients and friends a very Merry Christmas & a Blessed New Year! 

What's the Difference between Convenience, Surcharge & Service Fees?

 

Convenience Fee:

• A convenience fee is a fee charged by a businesses, government agencies, schools, etc for payments made by credit cards instead of cash, check, or ACH. 
• Before the decision to allow convenience fees in almost all states, only federal, state & local agencies were allowed to impose this fee when paying taxes, tickets, tuition etc! 
• A Convenience Fee is typically a fixed flat amount.
• Convenience fees are charged by businesses to cover the cost they pay for processing a credit card payment.
• There are strict policies and regulations when it comes to convenience fees and surcharges; make sure you kow them prior to setting up a program.

SURCHARGE FEE:

• A Surcharge Fee is a percentage charged by businesses/merchants to a credit card transaction to cover the merchant’s costs for processing that payment. Instead of the merchant having to absorb this expense, the customer who chooses to pay by credit card pays.
• Many know this better as "cash-discounting". The practice of offering a lower cost to customers that pay with cash instead of credit cards. 
• Surcharge Fees are still not legal in several states. 
• Rigerous posting that items or services are Cash Pricing and that use of a credit card will incur a Surcharge Fee.

SERVICE FEE: 

• Service Fees are charged by government agencies, schools, etc for payments made by credit cards instead of cash, check, or ACH. 
• A service charge is also a fee charged to customers for something specific, such as a bank charging a fee for using an ATM that's not part of its network or a vendor charging a fee for making a payment with a credit card.
• Service Fees can range from a convenience in the manner of purchase to a fee for faster response. Each merchant will impose their own Service Fee based on their business model.

Merchant Processing Solutions can help you understand your options and save money with one of our options. Give us a call today! 

Merchant Processing Solutions 

954-938-2420

So what am I paying for Merchant Processing?

I cannot tell you the number of times I ask merchants what they are paying and they do not have the slightest idea! They THINK they are paying less because they only heard part of the fees and not the whole fee structure! We, as a company, request a copy of our potential customers' statement to do an indepth analysis of their current processing and give them the results. We hope they decide to change over to our company since their company has been overcharging them for awhile. However, if they unfortunately are trapped in a long-term contract (we do not have a contract) or they are stuck using hardware or software that they are unable to get out of, they can take our analysis and ask their current provider to drop their rates! 

Merchant Processing Solutions Inc. Analysis Sheet

Merchant Processing Solutions calculated the volume of sales of each BRAND CARD (Visa/MasterCard/Discover/American Express) and multiply that by the percent charged by your processor for their services. We then add any monthly fees to calculate what they are charging. For our part, we tell you what we could have paid along with our monthly fees so you can see the difference between your current processor and our company! And of course, we would hope you make the change over to us! 

But how can I just see what I am paying myself? I mentioned in a previous post that the easiest way to keep an eye on your processing fee is to implement the NET EFFECTIVE METHOD:

•     Divide what you paid in Total to your processor in fees by the full amount of your Total sales for that same month. You will come up with the REAL percentage of what you are paying that processor. I tell merchants that if they were ONLY to do that each month, they would NEVER get abused by their processor. 

Based on the example above: 

•     Total Fees Paid to Processor: $3,206.67 divided by Total Monthly Sales: $126, 859.34 = 2.53% (See Net Effective Line in Analysis).

Merchant Statements appear to the average merchant as jibberish! So hard to understand!! Merchant Processing Solutions tries to help merchants get a handle on their merchant services costs and lower them substantially! 

If you would like to know what you are paying for merchant services or need our help to understanding your fees, call us! 

Merchant Processing Solutions 

954-938-2420

  

How to understand your merchant statement!

Understanding your merchant statement each month is upsetting because many companies make it next to impossible for you to decipher their terminology and fees. Let Merchant Processing Solutions give you some help with that! 

1. Know how to access you monthly statements: 
• Most companies today have a backoffice and you can access them there.
• Check your "snail mail" and OPEN IT! 
2. Read the "ATTENTION" box to make sure you understand increases in your rates or other information that effects your merchant account.
3. If nothing else, check your NET EFFECTIVE! 
• NET EFFECTIVE = SAMPLE Merchant Fees Below: ($593.47 / $23,850) = 2.49%
4. Check to see if you had Refunds/Chargebacks or any other "penalties" on your account.

Merchant Processing Solutions is looking to make each one of you informed merchants! If you would like to know more about your merchant account or looking to change processor, please call us and allow us the opportunity to show you an honest/local/professional merchant processing company: 

Merchant Processing Solutions Inc.

954-938-2420

Small business trends for 2022

This New Year is one of hope, as we slowly leave 2021, the year of partial recovery from the pandemic. Although every year is met with resolutions, new goals and expected change, 2022 needs to be the one your business heeds to! While trends come and go, it is expected that many of these are here to stay!

1. E-commerce businesses will thrive: 

E-commerce businesses that sell products and services online is huge. Just watch the news today to see millions have already shopped for Christmas online! Those millions of customer will most likely NEVER walk into an actual store! Great websites, easy to navigate shopping carts along with secure payment options can easily make a customer feel safe shopping from home. If you’re thinking about starting a business, save on the costs of a storefront and open an e-commerce business! Good Social Media & SEO will get a new business active quickly! 

2. Remote work will continue to be popular:

Remote work was a direct result of the Pandemic. Employers NEVER thought it would work! Employees will NOT be productive! Nearly half of employees in the USA worked from home in 2021 due to the pandemic, one good thing resulting from a bad situation! In fact, it has been seen as a blessing for many workers. 

Remote work has taught employers and employees that offering work-from-home options can:

• Boost productivity
• Attract and retain top talent (anywhere!)
• Improve work-life balance

3. Communication applications will only grow in importance:

During the last 2 years, families, friends and businesses have had to change the way they communicate with one another; REMOTELY! Applications and tools, like video conferencing software and messaging platforms, have been booming since Covid struck in 2020. Making sure you have remotely consulting options between your employees and their customers will be essential in 2022. 

Recently, I hear a business coach say the instead of driving 45 minutes to visit a client, she requested they Zoom consult. The client was reluctant at first feeling that they were paying for In-Person consultantions and not getting that benefit. However, within a couple of calls, the fact that the client also had the ability to just "jump-on-line" and have his call, made more sense that juggling workday inconsistancies and "squeezing-in" face to face meetings! The business coach says she now consults exclusively online! 

4. Cashless payments will become standard for businesses:

Digital Payment Apps

There was a time when cash was king; No Longer! Cash is one of the dirtiest things on the planet! Touch cash can lead to transmitting bacteria and disease. Businesses also have seen an up-tick in counterfiet money! Cashless payments are all the rage! 

Cashless payments can include a variety of payment methods:

• Credit and debit cards
• Mobile or digital wallets (think touch-free technology)
• Payment apps

As more cashless payment options will become available, your business may have examine your choice of processor. Not all cashless payment options are the same! Accepting standard payments like credit/debit cards can be expensive if the merchant just jumps in with their bank, or an unknown online source. Considering cashless payment options is what Merchant Processing Solutions offers its potential merchants when it comes time to pay.

What to look for in a merchant services company:

• Discount Rates based on Interchange Plus Pricing NOT FLAT RATE or BUNDLED RATES!
• No Contract 
• Local Customer Service, Installation and Consulting
• Transparency in statements, costs and fees

5. More and more events will be virtual events held online

Virtual events like conferences, meetings, and trade shows are becoming VERY POPULAR as they can help expand your reach and allow for more attendees. Or, hybrid events that are with both in-person and online options. Simple meeting businesses, customers, and employees save both time and create a safe environment for all! 

6. Personalized artificial intelligence will become more commonplace

Artificial intelligence (AI) is now part of our business world. This technology helps streamline certain tasks, and it’s going to become even more sought-after in the years ahead. Depending on the type of artificial intelligence your company needs, the technology can help you increase sales, gather customer data, and prevent fraud!

Here are just a few examples of AI in business:

• Chat Rooms on websites and social media
• Smart assistants (e.g., Siri/Goggle/Alexa)
• Facial recognition for Customer Logins on their accounts
• Personalized recommendations - Proprietary Mobile Apps
• Fraud-detection systems - Connected to your PCs, Website and Payment Gateways
• Personalized ads and marketing - Social Media/SEO etc

7. Video marketing will continue to grow in popularity

As a business owner, you must decided based on your loyal customers, what makes them buy your products and services? Video marketing is taking over the advertising work! NOT old school "hollywood" type of videos but consumer filmed videos, testimonials and helpful instructions, tips and ideas to make your product better! (See our example)

Merchant Processing Solutions Inc YouTube Channel

Video marketing offers many perks and opportunities for business owners to reach their potential customer; approximately 84% of people say a brand’s video convinced them to buy a product or service. And 54% of consumers would like to see more video content from a brand like instructions, support and tips! Incorporating videos into your marketing stragegy will be a MUST in 2022! Create real videos and upload them to different platforms, like Facebook, TikTok, and YouTube! Create your own YouTube Channel to market your company products and services! Mix it up with instrutional videos, tesitmonials and product introductions! 

Merchant Processing Solutions Inc. prides itself on knowing merchant processing trends and overall business trends that will help our merchants grow and thrive in today's volital business world. Consulting with our merchants allows us to better understand their needs and desires and give them the tools to accomplish those goals! 

Embrace, grow and thrive in 2022 with 

Merchant Processing Solutions Inc.

954-938-2420

How Versatile is Your Point of Sale System?

 

Today's Businesses need to accept payment from customer the way they want & need to pay! 

How many ways can you sell your products or services? 

1. In-Person Sales - Retail Point of Sale with Terminal for Tap/Chip/Swipe
2. Remote In-Person Sales - Iphone with Bluetooth Card reader for Tap/EMV/Swipe
3. Over the Phone Sales - QuickPay Virtual Terminal on a PC
4. Your Branded Mobile App - Your own mobile app with your products and services along with Payment portal.
5. Invoice Sales - Send Invoice with Payment Portal Included 
6. Email Sales - Add a "Pay Here" Button in and email for payment
7. Website Sales: 
1. Selling and collect payment via a Shopping Cart
2. Sell and get payment via a Button that opens a payment form for customer payment

  

Mobile Payment Acceptance 

How many ways can your customer get a sales reciept?

1. In-Person paper sales reciept
2. Remote, Over the Phone, Mobile App, Invoice, Email & Website - Text or email receipts

 

Over the Phone Payment Acceptance on PC

How can I keep track of my customers?

Merchant Processing Solutions POS capture Customer Data for Marketing, keep customer history, sales analytics & loyalty programs. 

Payment Form & Invoice Form 

How do I know how they paid me?

Our POS captures the SOURCE where the sales transaction was originated. The system can also  identify which sales person enter the transaction if it was Retail, Mobile or Over the Phone!

Can your Point of Sale System do the following:

• Add a Payment Link to your email?
• Offer you reduced rates on the B2B Credit Cards you Accept?
• Can your POS System automatically save your customers info for history and future sales?
• Does your POS Offer your customers Invoicing with tracking and reminder notices?
• Does your POS Offer your Customers Recurring Billing with Customer Authorization Letters
• Does your POS System offer you automatic SYNC with your Online QuickBooks Account?
• Can your POS System allow unlimited users with only ONE monthly fee?
• Can your POS System offer you the opportunity to "Legally" past the processing fees on to your customers via our Convenience Fee Program? 

  Merchant Processing Solutions wants to offer you the best POS System for your business! Please call use today to review your needs!

Merchant Processing Solutions Inc.

954-938-2420

  

A Giving Heart!

 

Merchant Processing Solutions gives back to Non-Proft Organizations in several ways! 

We are proud of our philanthropic endeavours. Every year our company support multiple non-profit organizations to help the less fortunate of our community and the world as proud founders of Networking With a Cause, a non-profit organization that gives back to many charities locally and internationally. We also implemented the National Giveback Program which helps non-profits recoup some of their merchant processing fees allowing them to keep more of their donations. 

We have had the honor of working with the following charitable organizations:

Healing Hands of Hope Orphanage in Colombia

America's Planned Giving -
Restoring Families after Hurricane Irma

Highland Food Resources

One World Quest

More Charitable Organizations Since 2006

• Leukemia and Lymphoma Society
• Juvenile Diabetis   
• Girl Scouts of Southeast Florida
•  Good Karma Pet Rescue
• Transforming Youth, Transforming Communities
• Beacon of Hope
• 4Kids of South Florida

Currently, Merchant Processing Solutions's Business
Networking with a Cause is supporting Global Dreams. 

Merchant Processing Solutions gives of their earnings and hosts charitable events to help non-profit organizations. When you work with our company, you too are helping charitable organizations! 

Merchant Processing Solutions Inc.
954-938-2420

Networking with our Community Businesses & Chambers!

Merchant Processing Solutions has been a strong women-owned company in Fort Lauderdale since 2006. We based our company principles on doing what is right by our customers and becoming "partners" with our them! NO company can be an island and expect to survive! Therefore, we quickly began joining forces with chambers of commerce, banks, accounting firms, web designers, restaurant groups and non-profit associations providing advise, cost effective pricing and extraordinary customer care. Our goal is to bring a higher-level of integrity and honestly to an otherwise "wild-west" industry! 

Claudia Mosley, award winner, with Stephanie Cates & Yamilet Strauss
Humanitarian Awards from the Hispanic Bar Association of Broward

Merchant Processing Solutions is active in the following: 

• Greater Fort Lauderdale Chamber of Commerce - Advisory Board Member
• Miramar Pembroke Pines Regional Chamber of Commerce - Member
• Weston Florida Chamber of Commerce - Affinity Partner & Member
• Tropical Financial Credit Union - Vendor Partner
• Referral Partner for Web Designers, Accounting Firms, Restaurant Group and non-profits
• Americas Business Networking Community
• Various business associations in South Florida - Hispanic Bar Association Broward and Lawyers & Friends

Merchant Processing Solutions has been awarded the following distinctions: 

Yamilet Strass & Claudia Mosley
Woman of Influence 2020

  - Entrepreneur of the Year 2010 – Leader Magazine

•   - 100 Outstanding Women of Broward County 2012 – FLCC
• 
  
•   - Established Small Business of the Year in 2016

  - Nominated Small Business of the Year in 2018

  - Humanitarian Award from the Hispanic Bar Association of Broward County in 2019

  - Pinacle Award Winner; Professional Business Person of theYear in 2019

  - LifeStyle Magazine 2020 Most Influencial Women of South Florida in 2019

Stephanie Cates Pinnacle Award Winner 2019

We’re proud to help your business drive forward by offering services, equipment and support, fulfilling high-level payment industry standards. Merchant Processing Solutions Inc. is proud to work with our local chambers, banks and business organizations to bring a local, honest and professional perspective to the community. 

Merchant Processing Solutions Inc.
954-938-2420

We can SYNC with your QuickBooks!

 How would you like your payments to SYNC automatically with your QuickBooks? No extra time connecting payments with customers, and invoices. 

QuickBooks is a great financial tool but expensive to use as a processor!

Let MX™ QuickBooks Sync give you the best of both tools! 

Manually tracking sales data can become an accounting nightmare. With MX™ QuickBooks Sync, merchants can synchronize financial data from the MX™ Merchant payment platform to Intuit’s QuickBooks Online tool. MX™ QuickBooks Sync automatically updates daily transaction data to QuickBooks Online, including all transactions, customer information, invoices and more!

MX™ QuickBooks Sync AUTOMATICALLY UPDATES your QuickBooks Online seamlessly; saving our merchants countless hours of manual entry. 

This App works with the following products:  

• MX™ Invoice
• MX™ Quickpay
• MX™ Express
• MX™ Retail with an integrated countertop terminal

What data is synced from MX™ Merchant to QuickBooks?

Customer Info: 

• First Name
• Last Name
• Company Name
• Email
• Phone
• Mobile
• Website
• Billing/Shipping
• Name
• Address 1
• Address 2
• City, State, Postal Code, Country

Invoice Info: 

• Includes any discounts, payments or refunds applicable to the invoice
• Partial refunds against an invoice payment accounted for as a Credit Memo
• Invoice Id
• Customer Id
• Invoice Number
• Invoice Date
• Due Date
• Billing
• Shipping
• Email
• Name
• Address Line 1
• Address Line 2
• City, State, Postal Code, Country
• Email
• Name
• Address Line 1
• Address Line 2
• City, State, Postal Code, Country

Items: 

• Description
• Unit Price
• Unit Quantity
• Line Discount Amount
• Line Amount
• Invoice Discount Amount
• Total Amount

With Merchant Processing Solutions, you can get the best of both worlds for only $25.00 per month for our MX™ QuickBooks Sync. Give us a call and start saving time and money! 

Merchant Processing Solutions Inc.

954-938-2420 

 

Surcharging is now legal in Florida!

Consumer Protection

Florida Attorney General Office Link

Adding a surcharge fee to credit cards just got legal! 

How to Protect Yourself: Credit Card Surcharges

Source: The Florida Attorney General's Office

When you use a credit card to pay for goods or services the merchant is charged a fee by the credit card company. These “interchange fees,” also called “swipe fees,” are often calculated as a percentage of the amount you purchase. Some merchants may choose to recoup these fees by adding a surcharge to your purchase.

Are credit card surcharges legal?

Yes, except in some states with laws that prohibit credit card surcharges. Florida has a law prohibiting credit card surcharges, but that law was held unconstitutional by federal courts. Therefore, merchants in Florida may add a surcharge to credit card purchases.

Can businesses charge whatever they want as a surcharge?

No, major credit card companies have rules that limit the amount a merchant can add to a customer’s credit card purchase but typically prohibit businesses from charging more than their actual cost for processing credit card transactions.

Can businesses apply a surcharge to debit card transactions?

Under federal regulations credit card issuers can only receive fees for debit card transactions of up to 21 cents, plus 0.05 percent multiplied by the value of the transaction, plus 1 cent for fraud prevention. As a result, most credit card companies prohibit merchants from surcharging debit card transactions.

Are businesses required to disclose a credit card surcharge?

Yes. Credit card surcharges must be disclosed before purchase. Most credit card companies require merchants to disclose credit card surcharges in online transactions, on a sign at the store’s point of entry and point of sale, and on the receipt. Additionally, any undisclosed fees may constitute an unfair or deceptive trade practice prohibited by Florida law.

File a complaint.

If you are charged an undisclosed fee you can report it to our office by calling 1-866-9NO-SCAM (1-866-966-7226) or at www.MyFloridaLegal.com. You may also report it to your credit card company.

Offset the cost of processing fees for credit cards 

with our MX Advantage Program! 

Merchant Processing Solutions Inc.
954-938-2420

Partnering with your software is possible!

What features do I want? 
What is the cost?
Which one should I choose?

There are thousands of apps and software that allow industry merchants to do their jobs easier like setting appointments on their website or a mobile app, tracking inventory, tracking customer history and more! Many businesses are attracted to these apps because they fulfill a need or a "Pain-Point" in their business! Here at Merchant Processing Solutions, we are all about making your business work better for you at a fair cost! 

Recently, we had several opportunities to help merchants save money and reduce "Pain-Points" in their business! 

Example #1: Customer uses PhotoBiz and was using the suggested merchant processor and paying over 3.50%. The cost was not so much the problem, but the lack of data capture. The processor she chose did not add anything but the last 4-digits of the card used and an email address. This required weekly reconciliation to match up orders with payments! 

Merchant Processing Solutions helped this merchant change to another processor within her same software and we helped her design the fields she needed to capture data and made her business run smoother! She is also paying less on her processing fees! 

Example #2: Customer uses Repair Desk software for his repair business. This company automatically linked his account to PayPal! He found out that he was paying over 4% plus $.30 per transaction! He was going to drop the software company due to the high cost or bite the bullet and increase his prices to his customers. He called me to see if I had a suggestion on software through Merchant Processing Solutions. We chatted on what he liked about the software and if he knew another that would work as well! He did not and really liked this one for his business. 

Merchant Processing Solutions contacted his software company and asked about the possibility of connecting our company with their software? I was told that they actually had several options however PayPal was the most well-known and many merchants just chose that processor. After about 10 minutes of conversing with the agent, I found out that they also work with the Vital/TSYS platform which is one of our products. She told me how to connect our account to his software and not only could he stay with what he liked, but at a much lower processing cost!!! 

Merchant Processing Solutions cannot always mesh with a software or mobile app, but we take the time and research each request to see how we might be able to help our potential customers! This is one of the reasons Merchant Processing Solutions has retained more than 85% of all our merchants since 2006! We are proud of this accomplishment and our dedication to our merchants is the reason why! 

Thinking about buying software for your business? Know the good, the bad and the ugly prior to purchasing! Call us!

Merchant Processing Solutions
954-938-2420

No need to be an expert in merchant services, call us!

It is next to impossible to become an expert on the payment processing ecosystem. What is important is for a business owner to understand the rates, fees, assessment and monthly charges associated with a merchant account. Fortunately, this is actually very simple when you work with Merchant Processing Solutions Inc! 

The Brands

The Card Network: BRANDS (Visa/MasterCard/Discover/American Express) determine "Interchange" it is the universal cost all businesses must pay in order to accept credit card payments. Interchange is set by the card networks (BRANDS) and interchange rates are always made public and can be found online. The reason Interchange is so hard to understand is that each had BRAND issues hundreds of different rates between the various cards networks and issuing banks (DEBIT/CREDIT/REWARDS/POINTS/BUSINESS). The good news is virtually every business pays the same interchange and there is no negotiating interchange! 

In order for a customer to get a credit card, they must work with an entity that has a relationship with one of the BRANDS (Visa/Mastercard/Discover/American Express):

• Sam's Club works with Discover Card
• COSTCO works with VISA Card
• Macy's works with American Express
• My Bank's Debit Card works with MasterCard
• Amazon works with Visa
• Disney works with Visa    

Each of the above examples of credit cards leads to confusion due to their negociated BRANDS Interchange Rates & assessment fees, merchant processing fees and merchant platform transaction fees. So, if every merchant pays the same fees for interchange and association dues, why are merchant processing fees so different? Its because each of the above mentioned cards were negociated at different Interchange Rates 

• Simple Signature debit cards is .05% - 1.00%
• From simple to a high end rewards credit card is: 
• Visa Rates: 1.15% + $0.05 - 2.40% and $0.10 per Transaction
• Mastercard Rates: 1.15% + $0.05 - 2.50% and $0.10 per Transaction
• Discover Rates: 1.35% + $0.05 - 2.40% and $0.10 per Transaction
• American Express Rates: 1.43% + $0.10 - 3.30% and $0.10 Per Transaction

Pricing Structures for Merchant Services! 

The REAL variability which a merchant can control, is what he is paying in merchant processing fees! This is where this get "sketchy", "confusing", "misleading", and sometimes, "out-right dishonest"! How can they do that? Its how they calculate your rate:

• Interchange Plus Pricing - Using the EXACT RATES, FEES & ASSESSMENTS given by the BRANDS and adding a flat percentage on top for their pay of accepting, capturing, approving and depositing money into the business bank account. They may also charge monthly costs. This is considered the most transparent of all the rates because the ONLY variable is the merchant processing rates/fees/costs.

• Tiered Pricing/Bucket Pricing/Standard Pricing/Qualified Pricing/Packaged Rate Pricing - Uses a rate structure usually with three groups; “Qualified,” “Mid-Qualified,” and “Non-Qualified” rates. These tiers, or “buckets,” represent three different possible rate tiers imposed by a merchant processor on credit card transactions ran by your business. Qualified transactions receiving the lowest markups while Non-Qualified transactions receive the highest. Instead of getting the REAL Interchange Rates for each transaction, your are being charged at the very high-side of those Interchange Rates due to their bundling hundreds of rates together into a TIER! This means you pay more and their is no transparency in what you are paying! They could just charge you Mid-Qualified or Non-Qualified for all your rates and you would not even know! Companies that offer Tiered Pricing adverstise and get merchant to sign 3year + contracts based on the Qualified Rates and then hit then with the other Tiered Rates! This pricing method is the MOST DECEPTIVE! 

• Flat Pricing: This pricing was designed to take the confusion and provide a simple and easy to understand fees structure. Because of the widespread confusion in the industry, coupled with merchants tired of being hit with hidden fees, this pricing style has been wildly successful. Companies like Square and Paypal have built their entire business models around flat-rate pricing, and Square especially owes much if its success in offering flat-rate pricing.  So, what’s the catch? With flat-rate pricing, it's simple, but simple is not cheap. In fact, it's pretty expensive. For small businesses or startups not processing very much in card volume, flat-rate pricing is a great solution. However, for most businesses, you're leaving a lot of money on the table by going with a processor that offers flat-rate pricing.

Know what you are getting - Consult with an Expert!  

Merchant processing is a necessary evil that ALL BUSINESSES need to deal with. Knowing which of these pricing methods makes most sense for your business like: 

• Is it easy to reconcile at the end of the month? (Square and PayPal take out their fees on each transaction making is nearly impossible to reconcile Sales with Deposits!
• With Interchange Pricing all you need to control is your merchant processing company - so consult and negociate!  
• Look for a company that has NO CONTRACT - this way if it does not work out, you are not held HOSTAGE! 

From the perspective of a business owner, you don’t need to become an expert on the payment processing ecosystem. What is important to is speak with a company willing to consult with your about rates, fees and charges, be negotiable and offer a variety of hardware and software solutions that meets your needs; NOT THEIRS! 

Merchant Processing Solutions offers Interchange Plus Pricing, the have no contract and offer a variety of equipment to meet the needs for your company! We are happy to consult with you and offer one of our solutions if applicable or tell you to use another type of payment method, like Flat Rate. Give us a call we would be happy to help you make the right decision for your company! Already got merchant services? Send us a statement or call and we can talk to you about what is happening with your account! 

YOU BE THE EXPERT IN YOUR BUSINESS/LET US BE THE EXPERT IN OURS! 

Merchant Processing Solutions Inc
954-938-2420

Whose involved in your credit card transactions?

Most businesses have no idea how many different entities/layers are involved in accepting credit and debit cards. In a typical transaction, as many as seven entities are involved in a single transaction, and it all happens in seconds or less.

Here is the participants involved in a typical transaction:

1. Cardholder/Customer

2. Business/YOU

3. Merchant Processing Solutions Inc/US

4. Merchant Acquirer/Platform

5. Settlement bank/Platform Sponsoring bank

6. Issuing bank/Customer's bank that provided the card to your cardholder

7. Card network/Visa, MasterCard, Discover, American Express

There are at least 7 entities involved in a credit card transaction! 

Once a card is swiped, the business’ point-of-sale device (terminal/card reader/POS System/Website/etc), requests an approval from the merchant processor (Merchant Processing Solutions Inc.). 

Your merchant processor (Merchant Processing Solutions Inc.) requests an approval from the customer’s card issuing bank (Customer's Credit Card Bank) to confirm the customer has credit available to complete the purchase via the Card Network (Visa/MasterCard/Discover/American Express). 

The issuing bank then sends back an approval -- or denial -- through the credit card network to the merchant processor (Merchant Processing Solutions Inc). 

The merchant processor (Merchant Processing Solutions Inc.) then notifies the business electronically, via their point-of-sale device (terminal/card reader/POS System/Website/etc) , if the purchase has been approved or declined.

Finally, upon approval, the customer's credit card bank debits the customers credit card the amount of the purchase AND your Business Bank deposits the amount of the purchase into your business account. 

Every step of the way, these entities are adding fees to the credit card process:

1. The Customers' banks add fees on the amount on their credit card each month

2. You bank monthly fees to have a business account open to recieve these payments

3. Merchant Processing Solutions Inc and all merchant processors charge for their part in giving your point-of-sale devices to accept credit cards and capture the data for processing and payment.

4. The Merchant Platform adds fees to get the approval for the transaction from the Customers' banks and the Card Network

5. The Settlement Bank adds a transaction fee or Authorization fee for their part in accepting payments.

6. The Customers' Banks charges interest on credit card transactions - these do not impace the rates or fees for credit card processing but this entity is making money on credit card transactions! 

7. Card Networks (Visa/MasterCard/Discover/American Express) have added Assessment Fees to the cards. The average is about 18 Basis Points per transaction and sometimes more if the credit cards accepted originate offshore.

The ONLY part of this transaction that a Business Owner can control is how much they pay to the Merchant Processor (Merchant Processing Solutions Inc.)! All other rates/fees/assessments are controled by the other entities and unless you try to sue, like Walmart did, and lost, you will have to pay all the other entity costs. However, working with the right merchant processor who will set you up correctly on the best point-of-sale for your business/industry will help you save! 

Call Merchant Processing Solutions today! 
954-938-2420

Opening a New Business? Grow with us!

Merchant Processing Solutions believes in partnering with our merchants. We look for what they need as far as merchant services. A new business is sometimes cohersed into purchasing or leasing long-term hardware for their business! Unless you have already been in this type of business and absolutely KNOW what you need, start small and then look to grow with your business! 

Bluetooth Card Reader

We might suggest the following: 

• Get a Mobile Card Reader for your smart phone - Not need to buy expensive Wireless Terminals that are bulky and require either a large purchase or lease! 

• Don't purchase a payment acceptance credit card terminal until you know what you need and the grow your company plans on taking! There are hundreds on the market and most merchant services company have invested in a couple ONLY to run their transactions on. If you buy one from that company, decided you don't like them, you might have to buy another! Many companies LOCK their terminals so you can't take the terminal with you to another company! 

• Branded Website with your products and services - Get a real website created! This tells your exisiting customers and potential customer who you are and what you sell! 

• Make that Website an eCommerce Site allowing your customers the ability to pay you anytime for your products or services - If you find that your customer are ready for online purchase or payment of your products, add a Payment Button or Shopping Cart to make your company accessible to customer 24/7!

• Don't invest in a POINT OF SALE system unless you have spend A LOT of time researching your decision! Many companies today are closed circuit companies; they provide the Point of Sale System with an embeded gateway product and a merchant processing company! If you don't like one of these components, you are OUT OF LUCK!!!

At Merchant Processing Solutions, we prefer to spend a few minutes with our customers, New or Existing, to make sure they know what they want and need before making any long-term purchases or leases! Let us help you realize your wants and needs and get you set up accordingly! 

Call Merchant Processing Solutions Today!

954-938-2420

eCommerce Websites and Payment Portals are NOT for the faint of heart!

 

Only real professionals are able to turn a standard informational website into an eCommerce Website! 

Listen to the information provided in this video and then call us to find out which way to set up your eCommerce Website to that it is easy to maneuver and the rates are affordable! 

Ray Torres
Onset Media
(954) 299 5310

Raymond Torres of Onset Media has been designing quality websites form more than 7 years. A photographer and videographer, Ray combines both into stunning websites that speaks to views! 

Ray came to us with issues getting merchant services companies to help with their gateways/shopping cards and payment portal forms. We looked at the problem, found a great gateway portal that would work with his website and provide the functionality his client needed! Of course, no one at that company would help with the design of those proprietary payment portal forms, except Merchant Processing Solutions Inc. We always work with out vendors and merchants to provide extraordinary customer service. It took less than 2 days to completely prepare and test the payment gateways forms and send to Ray. Happily, he finalize the eCommerce Website and handed over to his also happy client! 

Merchant Processing Solutions Inc can those businesses that have a standard website convert it to an eCommerce Website with the help of Web Developers like Ray Torres and our extensive line of payment gateway portals that can and will work with your website! 

Give us a call today, don't settle to the high cost of PayPal or Stripe! We can offer you better rates than those FLAT RATE GUYS!!! 

Merchant Processing Solutions Inc

954-938-2420