How to win a Chargeback!

A chargeback is a mechanism designed by the credit card companies to protect their card holders against unscrupulous merchants! It allows a merchant to pay with a credit with confidence that if the product is faulty, does not arrive, does not meet the expectations sold by the merchant, the customer can reach out to their credit card company and initiate a "dispute" for the money spent. 

Common Customer Dispute Categories: 

No knowledge Dispute - The customer tells their credit card company they do not recognize the transaction and initiate a dispute to get their money back. 

    How to avoid this type of dispute: 

• Make sure the name of your business is spelled correctly with your merchant processing company and shows correctly on any receipts, invoices & credit card statements. 
• Make sure that the name your customer knows you as is showing on customer credit card charges. 
• Do Not set up your credit card company with your legal entity name unless it is the same name your customer see on your website/storefront and business card. 
• Example: Store name is Frank's Deli but your processor set your account up under the legal entity name of Smith's Enterprises LLC. This will immediately raise a flag to customers when they do not know that your store's legal entity name on the transaction is actually Frank's Deli! 

Product Returns Dispute - The customer tells their credit card company that they wanted to return the product and could not. 

    How to avoid this type of dispute:

• Make sure that your company's RETURN POLICY is prominently posted in the store (near the cash registers), online before checkout, and on ALL RECEIPTS! 
• Make sure your company has specific Warrantees/Guarantees also posted in stores and online. 
• If the customer is entitled to a REFUND, make sure they are PAID within 7 days of receipt of the product. 

Product Not Received Dispute- This customer has already paid for an item to be delivered and it does not arrive. 

    How to avoid this type of dispute:

• Make sure that the customer receipt gives an expected delivery date of their purchase.
• Send a receipt to customer along with the Shipping Company's Tracking information
• Stay in touch with the customer via email/text to give any shipping delay from the manufacturer or shipping company. 
• Make sure your shipping company delivers to the correct customer location and takes a photo of the delivery. 

Want to work with a merchant processing company that sets you up properly to NOT lose Chargeback Disputes? We also help all our merchant fight their disputes! Give us a call today! 

        

Merchant Processing Solutions Inc.
954-938-2420

Did you accept Credit Cards between January 1, 2004 thru January 24th, 2019?

Merchant Processing Solutions wants our merchants to know where and how they can be part of this Class Action Lawsuit. This lawsuit has just been settled and they are looking for the plaintiffs (merchants) that were impacted during this time! If you are someone you know had a business and accepted credit cards between January 1, 2004 and January 24, 2019, they can be part of this settlement! 

Please reach out to us at Merchant Processing Solutions Inc - 954-938-2420. We can help you with the required forms to be part of this Class Action Lawsuit! Please read below and give us a call! Thanks 

Visa Agrees to Landmark Settlement with U.S. Merchants Reducing Rates and Guaranteeing No Increases for at Least Five Years

3/26/2024

SAN FRANCISCO--(BUSINESS WIRE)--Mar. 26, 2024-- After nearly 20 years of litigation, Visa (NYSE: V) today announced it has agreed to a landmark settlement with U.S. merchants, more than 90 percent of which are small businesses, lowering credit interchange rates and capping those rates into 2030. The settlement also provides updates to several key network rules giving merchants more choice in how they accept digital payments.

The agreement’s multi-year benefits for businesses include:

• Lower interchange rates. The settlement will reduce credit interchange rates for U.S. merchants, comprised largely of small businesses.

• Interchange rates will not go up. The agreement will cap the reduced credit interchange rates for five years, providing an unprecedented level of cost certainty long sought by merchants.

• New ways to manage costs. The settlement gives merchants greater flexibility at the point-of-sale, including the opportunity to steer to preferred payment methods and more optionality around surcharging. It also provides funding for new programs to educate small businesses about payment acceptance options and how to best manage costs.

“By negotiating directly with merchants, we have reached a settlement with meaningful concessions that address true pain points small businesses have identified,” said Kim Lawrence, President, North America, Visa. “Importantly, we are making these concessions while also maintaining the safety, security, innovation, protections, rewards and access to credit that are so important to millions of Americans and to our economy.”

Today’s settlement agreement with merchants resolves claims against Visa, Mastercard and other defendants brought by the injunctive relief class in the lawsuit entitled In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation. It is subject to approval by the court.

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable, and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at visa.com.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are identified by words such as “will,” “is expected,” and other similar expressions. Examples of forward-looking statements include, but are not limited to, the terms of the settlement agreement and expectations regarding the impact of the settlement agreement.

By their nature, forward-looking statements: (i) speak only as of the date they are made; (ii) are not statements of historical fact or guarantees of future performance; and (iii) are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from Visa’s forward-looking statements due to a variety of factors, including the timing and outcome of the court approval process, Visa’s ability to recognize the intended benefits of the settlement, Visa’s ability to effect its obligations under the settlement agreement, and various other factors, including those contained in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023, and our other filings with the U.S. Securities and Exchange Commission.

You should not place undue reliance on such statements. Except as required by law, we do not intend to update or revise any forward-looking statements as a result of new information, future developments or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240325345937/en/

Curtis Blessing
Press@visa.com

Source: Visa Inc.

Merchant Processing Solutions, working for YOU! 

Call us at 954-938-2420

Deduct merchant fess or avoid paying them!

 

It's Tax Time...AGAIN! 

Merchant Paid Processing Fees: 

• Merchant processing fees are tax-deductible. They are part of running your business.
• Your processor is required to provide a 1099-K no later than January 31st.
• This deduction doesn’t affect your company’s total tax liability; the tax deduction is subtracted from your gross earnings which will lower the total taxable income amount.
• Only Businesses are eligible to deduct credit or debit card processing fees associated with paying taxes, not individuals. 
• Remember this year Cash App/Venmo/Zelle will also send 1099-K forms! 

Customer Paid Processing Fees: 

• Customer Surcharging and Cash Discount is allowed in the state of Florida. 
• Instead of the merchant paying the processing fees from their sale, the merchant account "legally" adds the up to 3% surcharge or the up to 4% Cash Discount fees. No need for guessing.
• Documentation must be present within the environment indicating that these fees would be paid by the customer. 
• The merchant keeps the full cost of the purchase and the customer paid fees cover MOST of the credit card acceptance fees! 

Merchant Processing Solutions wants to know...which are you interested in knowing about? 

• Do you want to wait until next year to deduct the fees charged for credit card processing?
• Do you want to keep your sales revenue on products and servics by letting the customer pay for priviledge of using their credit card? 

Start this new 2024 with keeping more money in your pocket for the growth of your business! Call us to learn more! 

Merchant Processing Solutions Inc.
954-938-2420

What's worse than software integration?

Trying to intergrate your industry software with a reasonally priced merchant processing company can be very challenging! Why... you ask? It's because software companies have partner agreements with a exclusive processing companies to integrate. These partnerships are legal and most software companies recieve a percentage of each sale along with their monthly fees! This is why most software integrated processing is higher then those without the software. But there are a few steps you could
do to take advantage of your software and get much lower processing rates! 

So here are a few tips BEFORE you sign with a specific software company:

• Can your software processor do Surcharge of Cash Discount? 
• Ask how do I process my credit cards using your software? 
• Do you have a exclusive credit card processor that you are associated with that would be the ONLY processor I can use? 
• If they have several options; ask the rates and functionality of each.
• Does your software for invoicing allow me to put my own Payment Link in the invoice so my customers can click on that to pay me?
• If the software uses Authorize.Net or USAePay, you would be able to shop around for the best pricing while having complete integration with your software.  (Best of Both Worlds!)
• Retail business want to know if the software integrates with a credit card terminal/swiper to capture RETAIL RATES CREDIT CARDS & PIN DEBIT CARDS! Retail credit card rates are about 30 bases points lower while Pin Debit rates average around 1%. This is a huge savings to be missing due to the lack of functionality on a software provider. 

So what's the solution? 

• Many of our merchants are saving 1-2% by have a retail terminal in their location that captures the data and uploads it to the payment software gateway. 
• Some of our merchant use our QuickBooks Plug n'Play to bring in all the sales into their accounting software and not pay the high prices of processing with QuickBook. 
• Both of the options above may require a 1-2 step reconciliation process from you or you office team but saving anywhere from 1-4%, if you are set up for Pin Debit/Surcharge/Cash Discount Pricing Methods. 

One final example: We had a merchant ask us about Surcharge/Cash Discount, she was already told that her current Industry Software Company was unable to accomodate that request. She call Merchant Processing Solutions to discuss possible options. She choose:

• The change processors to us and add Cash Discount to her quotes when accepting credit card payments. 
• We added a line in the invoice that directed the customer to copy and paste the link and following the Payment Portal Instructions.
• Each week she reconciles 10 - 15 payments in her software. It takes her about 15 - 20 minutes to do. 

She is projected to SAVE over $10,000 this year in merchant processing. 

Want to know about your options with your software, CALL US! 

Merchant Processing Solutions Inc.
954-938-2420

2024 Merchant Processing Industry Trends You Should Know About!

Merchant processing industry continues to undergo significant transformations in today’s rapidly evolving digital landscape. In 2024, both businesses and consumers will experience new trends that promise to make payments more secure, efficient, and convenient. Understanding these new trends will help you increase revenue while maintaining secure, effectient and convenient forms of payment connections for your customers!

1. Contactless Payments will Surge - it started during COVID-19 and has grown exponentially over the past couple of years. Tapping your card is cleaner and faster than handing over to someone to swipe or insert for EMV approval!                               
2. More Instant Peer-to-Peer (P2P) Payments - Zelle/Venmon/Cash App have gained a lot of traction over paying with checks & cash. However in 2024, these companies will be sending out 1099K IRS Forms to both businesses and individuals that make more than $600 per year!                                                        
   
   
   
3. Enhanced Data Security - Every merchant services company is required to secure the merchant and their customers' data. PCI Compliance has been around since 12/2004 so we are amazed when our merchants do not understand what it is and how ignoring their PCI Compliance Certification can impact their business in many ways: 
1. The merchant processor will charge a hefty monthly penalty on top of the monthly fee if the PCI Certificate is not completed with 90 days of the opening of the account. 
2. Up to $100,000 in fines due to breach
3. Customer Chargebacks with a $30.00 each plus the cost of the charge
4. Loss of business due to ruined reputation
5. Account Closure by processor due ton chargebacks                                     
4. By completing the PCI Compliance Certification merchants get the following benefits: 
1. Companies like TSYS offer $100,000 in breach coverage for their merchant that complete the Annual PCI Compliance Certificate.
2. Their merchants are trained and understand how to handle customer data to avoid a breach.
3. A monthly fee is charged instead of a huge Annual Fee or penalties
4. PCI Compliance is especially important for ONLINE Businesses               
5. Biometric Payment Authentication Will Gain Traction - some of the industry brands like MasterCard are now introducting SELFIE PAY. This program allows a customer to use a biometric checkout program creating more security for the merchant.                                                                             
6. More Personalized Payment Experiences like BUY NOW/PAY LATER payment options are currently available  with more programs are expected to hit the payment industry soon customizing to customer experience.                    
7. Worldwide credit card brands are working on Cross-Border Payments which will help increase business reach and revenue. 

Merchant Processing Solutions is a local processor for Nationa Reach! We understand that each merchant/business has specific wants and needs for collecting payments. We are help to help you consider your options and help create the payment collection program that not only meets your needs, but your budget! 

Call Merchant Processing Solutions today 954-938-2420

Visa / MasterCard Interchange Fee Settlement Recovery.

The lawsuit is about claims that merchants paid excessive fees to accept Visa and Mastercard cards because Visa and Mastercard, individually, and together with their respective member banks, violated the antitrust laws.

The settlement creates the following Rule 23(b)(3) Settlement Class: All persons, businesses, and other entities that have accepted any Visa-Branded Cards and/or Mastercard-Branded Cards in the United States at any time from January 1, 2004 to January 25, 2019, except that the Rule 23(b)(3) Settlement Class shall not include (a) the Dismissed Plaintiffs, (b) the United States government, (c) the named Defendants in this Action or their directors, officers, or members of their families, or (d) financial institutions that have issued Visa-Branded Cards or Mastercard-Branded Cards or acquired Visa-Branded Card transactions or Mastercard- Branded Card transactions at any time from January 1, 2004 to January 25, 2019. The Dismissed Plaintiffs are plaintiffs that previously settled and dismissed their own lawsuit against a Defendant, and entities related to those plaintiffs. If you are uncertain about whether you may be a Dismissed Plaintiff, you should call 1-800-625-6440 or view the list of Dismissed Plaintiffs for more information.

The Notice has important information for merchants that accepted Visa and Mastercard from January 1, 2004 through January 25, 2019. It explains the settlement in a class action lawsuit. It also explains your rights and options in this case. The court also issued a “Notice of Exclusion” to the Dismissed Plaintiffs and an additional notice to those merchants explaining their right to file claims.

Click Here to Submit a Claim

Need for information? Please give us a call! 

954-938-2420

Merchant Processing Solutions Inc.

Start 2024 with No Merchant Fees!

 Merchants no longer have to carry the burden of their customer's credit card fees! Here why and how! 

MERCHANT BENEFITS: 

• Merchants have been paying the credit card fees to entice customers to pay now and pay later! 
• Merchants get their credit card fees with 24-48 hours with credit cards helping the revenue flow of the business. 
• Merchant are able to sell immediately higher prices product and services when the customer have a credit card with the available. 

CUSTOMER BENEFITS: 

• Customers can purchase more, higher priced products and services without needing cash. 
• Customers can pay off their purchases when they want to but enjoy the purchase immediately! 
• Customers have 180 days from the date of purchase on the receipt to do a CHARGEBACK! 
• Customers have protection against FRAUD on their credit cards. 
• Customers can track their credit card purchases for taxes. 
• Customers can receive REWARDS/POINTS/CASH BACK from their credit cards to enjoy for a multitude of activities and products! 
• Most credit cards offer some time of warrantee/guarantee with the purchase.
• Credit Cards, different from Pin-Debt Cards, protect the customer from potential hacking into outside vendor accounts and gaining access into the customer's 

It is legal in ALL 50 States to offer the Cash Discount Program promoting the acceptance of CASH by the merchant which lowers the cost of purchase to the customer! However, there is NO DISCOUNT for customers who want to pay with their credit cards and reap all the benefits given them by their credit card company! 

Want to know more on how your business can saves thousands of dollars a year? 

Call Merchant Processing Solutions Inc. 
954-938-2420