Choosing Merchant Processing Needs

 

What kind of merchant account does my business need?

It's so confusing!

Merchant Processing Solutions takes the headache and confusion out to choosing the best processing system and services to meet the needs of your business! 

When we consult with our clients, we make sure we understand the scope of their business. This way we can recommend the best hardware and software set up to meet the clients needs and to help them grow! 

We help our Merchants set up their processing accounts the right way; their way! 

Merchant Processing Solutions makes sure we set up your account, your way! A merchant account needs to be easy to operate, easy to learn, easy to understand and easy to grow with your business! 

• Traditional merchant processing (merchant pays fees)

• Surcharge the fees to the customer

• Do you need to create Invoices or Recurring Billing 

• Do you have a Call Center

• Do you need multiple payment acceptance connections: Mobile, Online, Invoicing etc

• Will you text, email or print receipts

• Do you want or need to keep track of customers, sales or inventory

• Do you want to connect your merchant account to QuickBooks

• Will you be using any industry specific software or hardware

• Will you be accepting checks

• Do you work with Business, Corporate or Purchasing Cards 

Please call Merchant Processing Solutions to find out how you can successfully set up a merchant account that gives you everything your business needs to grow and be successful! 

Merchant Processing Solutions 

954-938-2420

CHECK OUT OUR B2B BUSINESS SOLUTION!

 

Merchant Processing Solutions is offering different merchant bundles for different types of business! Which one are you?

You can actually save money processing credit cards with other businesses! 
Ask Us How! 

• B2B Solution: Helps reduce costs for merchants whose customers are other businesses! These customer rarely come to your place of business and mostly pay "CARD NOT PRESENT". We make sure that you have the right tools to get paid! 
• Invoice & Recurring Payment Collection
• Website Portal Collection
• Virtual Terminal for Call Center Collection
• Mobile Collection for Deliveries 

Get paid "Upon Delivery" with MX Express! 

We also set you up with our B2B Optimizer saving you thousands a year when you process Business, Corporate & Purchasing Credit Cards. Make your business run smoother and more cost effective with our B2B Solution. 

Call Merchant Processing Solutions Today @ 954-938-2420

Introducing Remote Capture & Deposit with MX Merchant!

Merchant Processing Solutions now offers ACH Deposits along with your merchant processing; all in one Point of Sale System!

Save Time: 

•     NO more trips to the bank to deposit checks!
•     NO more waiting for "checks in the mail"! 
•     NO touching checks; customers can input their checking info into Invoices, Website Payment Portal or call!

Save Money:

•     Saving your time or that of your employees to deposit checks into your account takes time which equates to money! Time better spent each week growing your business!
•     Give your customers multiple options for them to pay you with a check/ACH transfer that does not cost them any money; Like Zelle etc.
•     By taking ACH payments instead of Credit Cards all the time, you can save on processing fees! 

     Call Merchant Processing Solutions today to learn how you can "stop running to the bank"!!

Merchant Processing Solutions Inc.

954-938-2420 

    

 

🎄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