When's the last time you saw your merchant services rep?

Merchant Processing Solutions is a local South Florida company that also has a national reach to Colorado, New York, New Jersey and anywhere else! We are not only your sign-up rep, but your consultant, installer, and customer service person. We pride ourselves on being available to help our merchants get whatever done they need in the processing industry while they grow their business! 

Claudia Mosley, VP Merchant Processing Solutions

We highly encourage our merchants to know & understand their rates and fees! We also have no contract for our merchant services. Our goal is to create a WIN-WIN environment that makes our merchants want to stay with us!

If you have not seen your merchant reps since the day you signed nor know how to find your rates and fees, call us today!

Merchant Processing Solutions

954-938-2420

Can I use Venmo for my business?

The Venmo app, owned by PayPal, was built for peer-to-peer payments, for sending and receiving money between friends and family. Its personal accounts app is not designed as an online payment solution for small businesses.

Claudia Mosley & Yamilet Strauss, 

owners of Merchant Processing Solutions talk about Venmo! 

Venmo has two types of products: 

    Venmo Family & Friends: 

• Venmo recommends you make VERY SURE you are sending your payment to the correct "John Smith"! The person has to also have a VENMO account to participate in the money transaction. Once your payment is sent, there is no getting it back if you sent to the wrong person. 
• Sending "peer to peer", means you trust that person. You send the money and it goes into the person's bank account. There is no fee to do this type of transaction. 
• However, Venmo strictly prohibits using Venmo Family & Friends for any business dealings! See below: 

        The Venmo app was built for peer-to-peer payments, i.e. for sending and receiving money between friends and family. Its personal accounts are not designed as an online payment solution for small businesses. 

Venmo Business: 

• Requires the business to set up a separate "business" profile. 
• Merchant is charged 1.90% and $.10 per transaction and 1.75% for daily bank transfers! (It is free for 3-5 days transfer hold.) Your total cost per transaction could be 3.65% and $.10! (This is much higher than Merchant Processing Solutions)
• All transfers are reviewed and could be declined, delayed, or blocked if they identify any issue. Reviews may result in your funds being frozen or removed from your account indefinitely! 
• All support is via Chat or email; no live contact. You are on your OWN!
• Chargeback issues
• Payment issues
• You will still get a 1099 for IRS Reporting letter at the end of the year.
• Lastly, your customer, paying with a credit card will be charged 3% to process as well. 

VENMO is actually taking 6.65% on each transaction! 

Nothing in this world is free or even cheap! There is ALWAYS a gimmick! 

But NOT with Merchant Processing Solutions! We are transparent with low pricing and NO contract. Call us BEFORE using VENMO, we can save you money and headaches! 

    Merchant Processing Solutions Inc.
954-938-2420

High Risk Merchant? We can help!

 

Most of the mainstream merchant processing companies and banks do not want "high-risk" businesses! They are concerned with disgruntled customers that do chargebacks or legal issues that might arise from a high-risk industry! 

If your company falls into the "high-risk" processing needs, call Merchant Processing Solutions and let's see what we can to differently to get you up and accepting payments! 

Want some expert advise on how to get set-up on a high-risk merchant account? 

Call Merchant Processing Solutions today! 954-938-2420

What are you paying for Credit Card Processing?

What are you paying for credit card processing?

Merchants are constantly complaining about their merchant processing rates. But they don't ever seem to understand why they are paying so much or how to change it! At Merchant Processing Solutions Inc, we pride ourselves on consulting with our merchants to understand their frustrations, payment method and their cost of accepting credit cards. Here are some of our findings:

• The Merchant is set up on the wrong payment method! There are basically 3 main payment methods that merchant processors use on their accounts; Interchange Plus Pricing, Tiered Pricing or Flat Rate Pricing. 

• Interchange Plus Pricing is passing along the wholesale rates to our merchants and ONLY adding a flat (smaller) percentage for our company to do the processing and payment of transactions.
  
  
  
• Tiered Pricing is qualifying credit cards into Debit (Signature) Credit, Credit, Rewards Credit, and Business/Corporate Credit cards. They basically start with a FLAT RATE and take away points for the Signature Debit Cards and then add percentage points for all of the higher categories. Its very hard to understand your rates under this method.

• Flat Rate is just what is sounds like ONE FLAT RATE FOR ALL TRANSACTIONS! But the rate chosen for that rate is typically based on the highest credit card rates. So even for a Signature Debit Card that is .05% you would be paying 2.75% and higher and losing a lot of money if you typically accept a lot of debit type cards! 

• We periodically find businesses using terminals to key-enter, phoned-in payments! Card-not-present transactions are typically about .30% higher than swiped transactions. And when you key-enter the card into a terminal there is an additional penalty added to your rate! We ALWAYS recommend a business use the correct equipment to give them the best rates! 

Rates are lower when the credit card is present! 

We also hear from businesses that they have NO IDEA how to get their online statements, they don't know if they have a contract or how to even call Customer Service! With Merchant Processing Solutions, this will NEVER happen! We are your local consultants, customer service person and NEVER have a contract! 

Want to learn more about how YOU can save money on credit card processing? Call us today! 

    Merchant Processing Solutions 

954-938-2420

PayPal Here Discontinuing on April 3, 2023!

 

PayPal Here Info on Discontinuation! 

What is changing? After April 3, 2023, merchants will no longer be able to accept payments using PayPal Here devices or the PayPal Here app. This means you will not be able to accept PayPal Here payments using your device or via the PayPal Here app from that date. You can continue to use your PayPal account as normal. Any user who purchased a new PayPal Here device on or after February 1, 2022, will automatically receive a full refund for the PayPal Here device purchased. This refund will be deposited into their PayPal account before the end of March 2023. 

Will my PayPal account still be active? Yes, your PayPal account will continue to work. There will be no impact on or change to your PayPal account when PayPal Here is discontinued, and you can continue to use your PayPal account as normal. You will not be able to do in-person transactions only key-entered at the higher rate and transaction fee.

Will the PayPal Here app and SDK still work? After April 3, 2023, all elements of the PayPal Here product including devices, the app, and SDK (API connection to another app) will no longer be supported in the US and will stop working. 

When will the devices stop working? PayPal Here devices and the PayPal Here app will cease working after April 3,
2023.

What if I purchased a device before, February 1, 2022, do I get a refund? Only new devices purchased on or after February 1, 2022, will be automatically refunded.   

When will my device cost be refunded? If the PayPal account you used to purchase PayPal Here is still active, you will receive your refund before the end of March 2023.   

Do I need to return the PayPal Here device? No, you do not need to return the devices. We advise that the device be disposed of responsibly using a local e-waste recycling option. 

Is there any sensitive data kept or stored in the device I should be aware of when throwing it out? No, the PayPal Here device does not store or retain any sensitive data or personal or payment information. 

Will the PayPal Here device work with other payment service providers? No, you will not be able to use the device in any way after April 3, 2023. 

How will this affect my third-party point of sale (POS) application? Please contact your point of sale (POS) software provider for alternative mobile POS terminal/card reader options. 

Is there an impact on my (online) PayPal fees? There will be no impact on your existing PayPal fees. 

Will I be able to download my sales activity after April 3, 2023?  No, the PayPal Here app will no longer be accessible after April 3, 2023. However, you will still be able to view your transaction activity by signing into your account at www.paypal.com.

What if I need to refund a customer after April 3, 2023, for a sale made using PayPal Here?  You will still be able to log into your account at paypal.com, review past transactions, and process a refund if necessary. 

No need to panic, this advanced notice will help you prepare to lose your PayPal Here processing method by getting an even better one!  

Call Merchant Processing Solutions today to get some advice on how you can get set up on an even better processing system! 

954-938-2420