Stop Using PayPal For Your Business!

34,000+ ACCOUNTS HACKED! 

The information in this article is being brought to you by Merchant Processing Solutions who believes that informed merchants are safe, get the best rates and equipment to grow their business! Call us today! 

A business can lose a lot by using PayPal. PayPal can be a great asset for small businesses, but it can also be the source of a financial nightmare -- and in more ways than one.  

1. If you have a business or personal account with PayPal, your account could be hacked and your personal information compromised, your bank info used to take money from your bank account or even your credit card info taken and used!
2. Your account does not have to be hacked to be effected by a hack! If the customer that used their account to purchase your product or service is hacked, they can do a CHARGEBACK on the amount of that product, since they did not order it! A business can lose either way if they rely on PayPal for their merchant services processing needs! 

So let's understand what happened! PayPal itself was not hacked. Hackers used fraudulent means to attack vulunerable websites and companies to accumulate passwords and then used those passwords to attack PayPal and gain personal information like SSN, Bank Account and Credit Card info! 

THIS IS A PHISHING EMAIL

Hackers get passwords they can on each hack: 

• The way someone gets access to your account is by somehow discovering your password -- by guessing it, stealing it or getting it via online "phishing."
• Phishing is quite common when someone sends and email asking the owner of an account to verifiy their password, reset their password etc. NEVER GIVE THIS INFO! 
• Example: An email from AMAZON arrives telling the victim that their account has been compromised and will be deactivated unless they confirm their credit card details.
• Hackers ramdomly test those "phished" passwords on larger companies once complied to see if that person used the same password on other sites. If you have used the same password or easy passwords, you will eventually become a victim of fraud! STOP USING THE SAME PASSWORD FOR EVERYTHING!

What can a hacker do with my PayPal account? Once a hacker gets into your account using a password they "phished" from you or via a direct hack into a company or website, they can draw money from any linked account as well as make other unauthorized PayPal accounts in order to make purchases. 

Stop using a NO-FACE company for your processing needs!
Know your Rep and be able to get their help when there are issues
Stop using the same password or easy passwords on important login sites
Enable TWO-FACTOR VERIFICATION on your sites to give you an added payer of protection from hackers
CHECK EMAIL SENDERS INFO - if not from your company delete or report
ONLY YOU CAN PREVENT FRAUD BY SECURING YOUR INFORMATION! 

Check out the Forbes Magazine Article:  PayPal Hacked - Is Your Business At Risk? 

Merchant Processing Solutions Inc.
954-938-2420

Merchant Strategies to implement in 2023!

Merchant Processing Solutions has always been a "merchant advocate"! We want our merchants to know they are paying the best rates with the best solution to meet their business needs! It amazes us to see so many of our potential merchants come to use with inappropriate equipment for their business model, terribly high rates and huge payoff contracts! We want 2023 to be a better year for you, starting TODAY!

Merchant Processing Statements can be very confusing! 
We take the mystery out of them! 

Analyze Your Current Statement (you can whiteout the processor name and account#): 

• Let us show you where you are overpaying and can save money. 
• We would also need to know the type of equipment you are using with that company. Many businesses don't realize that older terminal are no longer offering you good rates due to no being updated properly.
• There are also new payment acceptance methods that don't require terminals or high cost POS Systems. We would give you some options.
• We also need to know how you interact with you customers (in-person, online, invoicing, remote)

Make A Change or Adjustment to/with your current merchant processor: 

• Obviously, Merchant Processing Solutions Inc. would love to earn your business and keep you as a client forever. But the reality is that many merchants have contracts with steep penalties to get out of those contracts! We can help you understand how much you are paying now and how to negotiate with your current processor to potentially lower your costs.
• If your processor does not wish to lower your costs, your potential savings with another company, like ours, might off-set any contract cancellation fees! This would be another choice for you.
• Merchant Processing Solutions would offer you rates and suggest equipment options to meet your business needs and budget! 

Card Fellow Report on Heartland PCI Fees

Monitoring your merchant statements is HUGE! 

• We can't tell you the number of times people tell us their rates only to find out that those rates are from when they signed up with their processor! However, 2-5 years later they are paying almost double! 
• We are a concierge merchant processing company catering to the needs of our merchants. We help them understand their monthly statements and help them dispute anything from wrongful fees to Chargebacks! 
• Recently, a merchant told us he had NEVER seen his statements because they were somewhere online and he could NEVER get anyone to explain how to see them! RIDICULOUS! It's your processors job to give you ALL the TOOLS you need to run your business successfully! 
• This same merchant was told he NEVER did his PCI Compliance and had incurred monthly penalties of $125 each month. (This is higher than the average) Even $29 each month (average fee) due to neglect by your processor who did not advise you on how to complete or the consequences of not completing is unprofessional! 

Your merchant account is your responsibility to manage. However, you are NOT an expert and know how! We are the experts that would like to be your consultant and partner for your processing needs. If you don't have a true partner, helpful, accessible, informed and professional...call us! 

Merchant Processing Solutions Inc.

954-938-2420

Ways to Reduce Business Costs in 2023

Stop wasting money on merchant services when you don’t need to! Here are effective ways that you can reduce merchant costs, and it’s easier than you think.

• Use the right technology for your business- Don't use a terminal if most of your business is done over the phone! Send out invoices, add a payment button to your website, create a QR Code for payment, and email or text a payment link! (See ours below!)

• Go Paperless -

 

In most instances, there is no need for customers to get paper reciepts or statements. Add paperless options to your technology; like text or email reciepts and see those paper roll purchases dimish! 

• Send your current statement to Merchant Processing Solutions and anyone else you trust to do a cost analysis of your current situation - 

We have noticed that without annual OVERSIGHT, merchant processing companies tend to increase pricing, they do tell you in the obscure shadows of your statement each month, but you really don't know the impact until its too late! Also calendar your expiration date of any contracts with merchant providers at least 2 months before expiring! This gives you time to unload those companies with NO PENALTY! (Merchant Processing Solutions has NO CONTRACT!)

• Lower employee and contract vendor hours by hiring a merchant processor that offers BACKOFFICE Account and Data Retention - 

Business owners burden themselves with so much accounting and paperwork it becomes overwhelming that they need help. Instead of looking for the right merchant processor like Merchant Processing Solutions that helps with a robust BackOffice, they add hours to their employees to do the reconciliation or they hiring accountants, bookkeepers or CPAs. These people are great for what they are intented to do but the business has to have their sales and customer data managed and up-to-date in order for those professionals to do their job! 

• Manage your time better - if you have to spend hours updating your financial books, you are not growing your business! Spend time Networking, adding Social Media awareness and other marketing options will help you grow your business! Merchant Processing Solutions can help you with Recurring Payments, Invoicing Payments, Website Payment Options to accept payment and then we offer a robust BackOffice to monitor and report your sales at a glance. Want more? We also offer QuickBooks plug'n play that will automatically upload your sales info! 

These are but a few recommendations for 2023! As we enter the new year, look at your expenses surrounding payment acceptance. Want to know if you are payment a fair rate? Call Merchant Processing Solutions TODAY!

954-938-2420