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

Merchant Processing Solutions can help!

Merchant Processing Solutions is a unigue processing company because we can help and accommodate most merchants regardless of their business or personal situation! 

Example: 

We recently were approached to help a person with his political campaign. If you can see below, that this industry is RESTRICTED. This means that you need a good merchant services company that will work with a variety of platforms to find the right combination to accept you as a merchant. For this particular person and his industry, we went to 2 companies and the second accepted his application! He is currently set up and his campaign is moving along great! 

I explain this to our readers and merchants for them to know that most banks, big companies will not play with these industries mentioned below! They ONLY want the to approve and sell to "mainstream" companies that are easy and they can charge a lot! 

High Risk to the Credit Card Companies means
NO Merchant Account for High Risk Companies! 

Merchant Processing Solutions offers "mainstream" merchant processing to merchants who fall within the acceptable standards of business! But many companies of our companies, like those on our RESTRICTED LIST find it hard to get reasonably priced merchant services due to the nature of their business! Check out our list, then give us a call if we can help!  

• Adult Material & Entertainment
• Advertising Monthly or Quarterly Billing Max 
• Age Sensitive Products
• Air Craft Services 
• Airlines Includes charters, private jets, aircraft lease payments, regional, national and
• international airlines
• Ammunition & Gun Sales
• Merchants primarily selling weapons, weapon parts, or ammo 
• Animals by Mail 
• Art Galleries and Art Dealers Restricted
• Auctions
• Automobile Rental Car Agencies 
• Automobile Sales (Used) 
• Bail Bonds
• Bill Payment Services
• Bridal and Formal Wear 
• Business Opportunities (Work-at-Home)
• Business Selling Goods or Services Internationally
• Carpet and Flooring 
• Catering 
• Cell Phone Stores and Plans 
• Charters & Tours Excluding Day trips 
• Coin Dealers
• Collectibles/Memorabilia
• Collection Agencies 
• Concierge Services
• Construction/ Home Improvement Contractors
• Cabinets & Counter Sales
• Consumer Electronic and Computer Hardware, Products, Sales, Supplies, Service, and Repairs
• Credit Repair Services 
• Crowd Funding
• Cruise Lines 
• Dating Services 
• Debt Consolidation 
• Debt Counseling Services 
• Debt Representation Services
• Services primarily 
• Detective Services/ Private Investigators 
• Dietary Supplements 
• Direct Marketing 
• Drug Paraphernalia 
• Educational Materials/ Seminars/ Self Help/Life Coaching
• Electronic Cigarettes (E-Cigarettes)
• Escort Services 
• Fireworks Retailers (Unlicensed) 
• Foreign Entity or Foreign Resident owned Merchants 
• Fortune Tellers, Psychics, Astrologers, Spiritual Readers Includes astrologers, numerologists, palm readers, psychics, and spiritual advisers.
• Freight Forwarding, Shipping Businesses 
• Furniture & Mattress Stores
• Hair restoration Services Non-Medical 
• Home Based Charities 
• Hookah Establishments Retail only- No Drug Paraphernalia 
• Immigration & Naturalization Services 
• Internet Service Providers & Computer Networking MCC 4816 
• Kitchen and Bathroom Cabinets & Counters Installation (Large average tickets > $2.5K )
• Limousine and Taxi Services 
• Magazine Subscriptions (Internet, Direct Mail, Telephone)
• Massage Parlors, Massage Therapy
• Membership clubs Must be < 12 months future service 
• Modeling Agencies / Beauty Pageant Organizations
• Moving Companies
• Multilevel Marketing Businesses Opportunities 
• Non Profit or Charitable entities Start ups (any business with less than 12 months of verifiable business history) 
• Nutraceutical Businesses
• (Teeth Whitening, Colon Cleansers, Sexual
• Enhancements, etc.)
• Merchants that are engaged in the sale of teeth whitening, colon cleansers, sexual
• enhancement supplements, etc. Also includes Acai, Hoodia, Noni Juice, HGH, Coral
• Calcium.
• Restricted
• Online Auctions
• (CNP auctions) Includes penny auctions Restricted
• Online Electronic Sales Includes businesses primarily engaged in the sale of electronics via MOTO or the Internet. Restricted
• Online Jewelry Sales Includes businesses primarily engaged in the sale of jewelry via MOTO or the Internet. Restricted
• Online Malls Restricted
• Online/ Mail order Event Ticket Sales Minimum 1 yr. in business and 6 months satisfactory previous processing Restricted
• Past Due Collection Services Includes all entities attempting to collect on past due debt on the behalf of third parties. Restricted
• Patently Offensive Material
• (Racist, Bigoted Materials)
• Includes merchants selling goods or services designed to incite hate, violence, or abuse
• of individuals or groups. Prohibited
• Pawn Shops Restricted
• Pay Per Click and parked websites All types of products/services Prohibited
• Payday Lending Includes all entities primarily offering short-term loans, title loans, and cash advance
• services. Prohibited
• Penny Auctions Includes all pay per bid and bidding fee auction services. Normal auction houses and
• consignment shops are acceptable. Restricted
• Pharmaceuticals
• Pharmacies 
• Plastic Surgeons
• Political Fund Raising/ Political Action
• Committees / Political Campaigns (all Types) 
• Pools and Hot Tubs
• Prepaid /Discount health Plans 
• Prepaid Phone Card Sales 
• Recurring Billing Agreement term < 12 months
• Scooters/Hooverboards Sales 
• Security and/or Surveillance equipment and service 
• Social Networking Sites 
• Sports Forecasting
• Storage & Warehouse Companies 
• Surveillance Equipment
• Technical Support Call Centers
• Telecom Merchants and Transactions Pre-paid phone cards, re-chargeable phone cards, recurring phone services (MCC 4814 and 4816)
• Telemarketing Companies 
• Timeshares & Services 
• Tobacco
• Trade/ Vocational Schools 
• Travel Agencies & Tour Packages 
• Used Car Sales
• Video Streaming & Audiotext Merchants 
• Vitamins, Nutritional Supplement Businesses Businesses 
• Web Design MOTO/ Internet 
• Weight loss Center and Programs
• Window and Door Sales and Installation 

Call Merchant Processing Solutions Today! 
954-938-2420

Merchant Processing Solutions - A Top Florida Based Credit Card Company in 2021!

 

Click Below to see the full article! 

Merchant Processing Solutions - Top Credit Card Based Company in Florida!

About Daily Finance: Daily Finance is one of the fastest growing online finance, crypto and fintech magazines. Daily Finance is a finance, fintech and cryptocurrency magazine founded and owned by Fupping LTD. Daily Finance aims to provide independent analysis and research.

From left to right: Claudia Mosley, Yamilet Strauss
Stephanie Cates & Camilo Guzman

Merchant Processing Solutions Inc is proud to be among the 
TOP 47 BEST FLORIDA BASED CREDIT CARD COMPANIES IN 2021! 

We take pride in our approach to merchants; they are our business partners. Their success is tied to our success! Merchant Processing Solutions Inc is about building relationships and not just transactions! If you would like to work one of the Best Florida Based Credit Card Companies, call us today! 954-938-2420

Do I need Signature Debit and Pin Debit?

The Brands

Customers can purchase products and pay for services using different types of credit cards: Business, Corporate, Government, Personal, Rewards - Points or Cash, Standard, Debit and Pin Debit. I have discussed in previous blogs the difference in merchant processing Business, Corporate, Government and Personal. 

PIN PAD for PIN Debit Card Acceptance

 

Today, I would like explain the difference between DEBIT CARDS: PIN DEBIT (Personal Identification Number) and SIGNATURE DEBIT. Seemingly similar, there are notable differences:

• Customer Identification 
• Signature Debit Cards are verified by the customer's signature on their sales receipt. Signature Debit Account come with all credit card processing accounts. 
• PIN Debit Cards require the customer to enter a personal identification number. If you want a PIN Debit Account, you will have to sign up for one with your credit card company as it goes with the PIN Network and not the credit card network. So in essence you have two different account on your statement! 
• Purchase Limits
• Signature Debit Cards are approved if the customer's credit limit has not been met or the card reported lost or stolen
• Pin Debit Cards are ONLY approved if there is enough money in the their bank account to cover the purchase.
• Transaction Authorizations
• Signature Debit Cards are approved through the credit card Brands Network such as Visa, Mastercard, Discover, or American Express. The customer will be approved based on the credit limit on each card.
• PIN Debit Cards are connected to pin ebit networks such as Interlink, STAR, Maestro, Cirrus, and many others. Debit network checks the bank account associated with that PIN Debit Card and only approves the transaction if there is enough money to cover the transaction at that moment!
• Merchant Services Pricing 
• Signature Debit goes through the Brands (Visa/MasterCard/Discover/American Express) and a merchant processing company to make purchases. Each of those entities charge for their services so traditionally, using or accepting payment with a credit card can be higher than with Pin Debit Cards.
• Pin Debit Cards typically include lower percentages than credit cards, but they come with higher fixed per-transaction fees. A merchant can save money by accepting Pin Debit for large sales but the customer has to have that money sitting in the bank account for that transaction to be approved! 
• Monthly Service Fees
• Signature Debit cards run through a Merchant Services Company like Merchant Processing Services and you can negotiate your monthly fees and rates. 
• Pin Debit Cards run through the PIN Network and have monthly fees that are Non-negotiable. 
• Payment acceptance
• Signature Debit can be accepted via a regular terminal, online, over the phone, via an Invoice in person or card not present. 
• Pin Debit Cards require a special Pin Pad machine that attaches to a terminal. Each transaction must be IN PERSON and the customer must enter a valid PIN into the Pin Pad device for the transaction to be valid and go through the PIN Network for a lower price. 

Signature Debit Cards

I would be remiss to not include the 2011 Durbin Amendment  and its impact over that last several years in the processing of Debit Cards. The Durbin Amendment caps debit card fees charged by banks with assets of more than $10 billion at about .05%. These are your large national banks Citibank, US Bankcorp, Bank of NY, Wells Fargo, etc. Smaller, local banks with less assets can charge anywhere from .05% - 1.25%.

Understanding if you should take Signature Debit or Pin Debit or both is vital to the success of your company. 

• Anything CARD NOT PRESENT (Online/Call Center/Invoice/Via Smartphone/Via App) are NOT considered eligible for PIN DEBIT! However, you can get Signature Debit and with the Durbin Amendment, most merchants recieve the benefit of the lower mandated fees! 

• Only Retail Transactions using a terminal and a PIN PAD with a PIN Network Connection will allow your business to accept PIN Debit properly. Remember, the customer must have the money in the bank for this transaction to be approved! NO BUY NOW, PAY LATER! 

Learn more about processing debit cards and whether your business should be set up to accept PIN DEBIT! Call Merchant Processing Solutions today! 

Merchant Processing Solutions Inc.
954-938-2420

What are the steps to set up a merchant account?

1. Have a Business Plan - This plan need to include the following: 

1. Exactly what product or service you are providing.
2. What will that cost to make/acquire/distribute/marketing & sell! 
3. What is your product inventory or list of services with pricing.
4. Who is your Target Audience?
5. How will they pay you for your product or service?
•  In-person @ a store or office
• Online @ Website
• Branded Proprietary Mobile App
• Via Invoice or Recurring Payments
• Mobile Payment Capture via card readers 
6. How will the customer get the product or service? Delivery/Shipped/In-person/Pick-up
7. What should your average sales ticket be and how much do you think you will sell monthly? 

These are questions that a new business needs to consider prior to moving forward without any further costs incurred. Once you know the answers to these questions, then you can move forward with investing in your new business. 

2. What do I need to start a business?

1. You will need to create your Articles of Incorporation documents. There are many online temples for this document or better yet to protect you and your company, hire an attorney to properly set up these important documents. Cost will vary.
2. Go to Apply for an EIN - there will be a cost to this.
3. Register your Business with your state's Department of State-Divisions of Corporation - upload and pay for your business to be registered with your state. 
4. Once you have created and filed all these documents and filed them with your state, you are ready to move forward.
5. Find a location and sign a lease. Or if home office have that information ready. 
6. Open a bank account for your business. Check both banks and credit unions to see which is the best fit for your business. Credit Unions are less expensive than banks. 
• BE CAREFUL when working with these institutions, they are required to sign up business up for everything they offer. Their philosophy is the more they control your business, the harder it is for you to leave them! 
• Make sure they give you a bank letter or starter checks that contain your Business Name, address and phone #. This is required for merchant account and other services you may need to get started! 

3. First and foremost, there are many things one has to take into account before making a final decision about a merchant account provider. While rates may seem the most important, the best is actually based totally on your business, how you will accept payment, what data are you looking to capture, what software best suits your company? And the merchant service companies want to know the average transaction amount, who your customers are, what your warrantee, guarantee and refund policies look like. They want to know you have done your homework and will be a solvent and prosperous business for them to partner with! 

1. Determine your payment model: 
• In-person (retail), eCommerce/Online/MOTO (card not present) type of merchant account, (Choosing the wrong will cost you money in penalties!) 
• This depends on your product or service and the demographics of your target audience. 
• B2B customers use business and corporate cards as payment.
• Consumers use Debit and Credit Cards as payment.
• Each of these demographics can be set up so you get the best rate possible on each and every transaction! (Ask us how!)
2. Determine any hardware or software you will use in your business: 
• Track Sales
• Employees
• Inventory
• Financials
3. Determine whether you will have and use a Website for eCommerce Sales and get that started. 
• Make sure to add a Mobile App or a Mobile based website (used most these days)
4. Check LOCAL merchant service providers! 
• You will not be calling an 800# for consultations, installations and customer service! 
• READ the fine print - NO CONTRACT OR PENALTIES should you dislike their company and want to end the relationship.
• Ask if they offer B2B Optimizer if you are a B2B Business and your target market is mostly other businesses, corporations or government entities! 
• Ask if you can connect with QuickBooks from their platform
• Ask if they offer FREE SOFTWARE PLATFORM that captures data on the customer, transactions and history. 
• Ask if they have 1 Free Software Platform that can be used to capture payments via a Website (eCommerce), Call Center (virtual), In-person (retail) or Mobile (in-person remote sales). All of these comes with our Software Platform and is included with your merchant account. 
• THEN ASK THE RATES! 

Merchant Providers promote what appears to be lower rates but if you are on the wrong type of account, working with the wrong credit cards based on your customers and using the wrong software/hardware, the rates are worthless!!! YOU WILL BE PAYING HIGHER RATES AND NOT UNDERSTAND WHY! 

Merchant Processing Solutions prides itself on our consultative approach with our merchant partners. We want long-term customers that know we focus on their success! We work directly with our merchant partners from start to finish; nothing is left to chance. When they work with us, they become family! 

If you are in the process of starting a business and want some guidance through these MURKY merchant waters, call us today! 

MERCHANT PROCESSING SOLUTIONS INC.

954-938-2420

Need a temporary merchant account? MPS can help!

Does your business need a temporary merchant account? 

 Many businesses are set up for specific reasons: 

• One-time Events
• Holidays
• Seasonal Sales
• One-time Donations
• Special Online Sales

Most of these reasons are temporary and the business setting them up do not want any type of contract or cancellation fees! However, many companies that offer NO CONTRACT come with a higher discount rates and monthly fees! Why can't businesses get a one-time merchant account with NO CONTRACT and lower rates and fees!!! You can call Merchant Processing Solutions Inc, we can help! 

Example: Your business is selling homemade creams with aromatherapy oils. You have been accepting digital money, cash and checks from friends and family. Now, you have an opportunity to set up in an Expo and only want the merchant account for that weekend. Merchant Processing Solutions can help you get a one-time merchant account and very affordable rates and fees. 

Example: Your Non-Profit typically accepts checks but this upcoming carnival will be open to the public. More people no longer carry cash, and with the danger of bounced checks, a merchant account is your best option! Let us help you set up a merchant account that will increase your revenue and protect your non-profit from dirty money (fake) or bounced checks! 

Merchant Processing Solutions has helped hundreds of businesses both for profit and non-profit with temporary accounts for whatever reason needed. Let us help you! 

Call Merchant Processing Solutions Inc to inquire about our temporary accounts! 

Merchant Processing Solutions Inc.
954-938-2420