Merchant Processing Solutions Inc. is a local south Florida company that provides merchant processing solutions to its merchants. We pride ourselves on honest rates, innovative solutions and intelligent technology to meet our customers' needs. We believe that our customer is NUMBER ONE so their needs have become ours. We offer local support during the installation process and we understand what is going on behind every transaction. Building Relationships not just Transactions.....
DID YOU KNOW? Business, Purchasing and Corporate cards are eligible for significant savings when processed with optional enhanced Level II and Level III data. We call this our B2B Optimizer Plan! Our proprietary technology identifies the proper data fields necessary to meet the preferred Interchange categories for all major card brands with no additional prompts or data for your merchants to enter.
When the B2B Interchange Optimizer App on our MX Merchant Dashboard is enabled, our proprietary solution verifies that the additional Level II and Level III transaction data needed for those payments is provided during the authorization, so that your merchants receive the best possible rate with NO Additional Effort!
Lower your merchants’ eective rate, while increasing revenue. The B2B Interchange Optimizer App is available exclusively in the MX™ Merchant Marketplace App Store. Contact us today for more information, additional resources, or to schedule a demo.
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| Learn how to get paid quickly and efficiently! |
Since last August 2021, the state of Florida has started that business while abiding by the Brands (Visa/MasterCard/Discover/American Express) guidelines, can implement a Surcharing Program to pass credit card fees on to their customers. The problem we have seen, is that most reps in the field and even merchants have NO IDEA how to get legally set up on these programs and WORSE, they don't know what one is which! If you get set up on the wrong program, you can be shut down. There are rules and regulations that have to be followed with each of the following programs.
There are 4 types of Surcharging (Surcharging is the “catch-all” phrase for merchant being set up for the customer to pay the processing fees!
Many merchant processing companies tell you that your agreement has NO CONTRACT but after they are gone and you need to cancel, you find out that there was a Cancellation Fee! WHAT???? Yup, people lie to sell things... Merchant Processing Solutions does not! Our merchant processing agreement has it in writing that there is ZERO on the Cancellation Fee section! So no matter why you have to make the desicion to cancel your service with us, there is NO CHARGE!
Even if your representative says there is no contract cancellation fees, don't believe them! Ask to see the language verifying this information or get it in writing, from the company if that rep does not own the company, before you sign an agreement. The representative may tell you its in the Terms and Conditions section and NOT on their agreement you are signing. But by signing that Representative's Agreement for his merchant processing company, you are accepting anything that existing in the Terms and Conditions of that company! So, KNOW WHAT YOU ARE SIGNING!
Want to work with a company that offers full disclosure on pricing, rates, fees and contract terms?
Merchant Processing Solutions Inc tries to stay relavent within the industry. New processing trends, hardware and software solutions are not always viable or practical for our merchants. Decifering what is the best solution for a merchant requires complete understanding of our merchant's business and client payment interaction! What was once an industry of imprinting credit card reciepts on a kuckle-buster machine, mailing them to the Card Brand and waiting weeks for the check to come to the merchant via snail-mail, it a thing of the past!
The Internet has changed how we accept payments, how quickly they get approved and paid to the merchant. But there is still room for improvements!
Merchant Processing Solutions is a local South Florida company that prides itself on Community!
Yamilet Strauss has been an active member in the Greater Fort Lauderdale Chamber of Commerce for more than 10 yrs. She has been an active member holding several board and committee positions over the years! Yamilet is understands the value of business relationships and aiding others in the growth of their business! GFLCC Member
Merchant Processing Solutions Inc is a founding member of the Weston Florida Chamber of Commerce in Weston, Florida. This young chamber has grown over the last 3 years due to the commitment of its members! Stephanie Cates and Claudia Mosley actively participate in the Chamber's Leads Groups, Luncheons and After Hours Business events! Supporting our local business partners if a priority for MPS!
LAS OLAS LIFESTYLE MAGAZINE - SEPTEMBER 2022
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| Merchant Processing Solutions Inc. 954-938-2420 |
Why is the platform important for my business? If you are a retail business and see most of your customers in person, you need a RETAIL Platform; your transactions will be run cheaper. If you are an eCommerce merchant, you need to be on a secure/encrypted/SSL gateway platform to ensure the safety of your business and your customers’ data!
If a merchant services company places you on the wrong platform, you could be shut down for being on the wrong platform. You definitely would pay higher rates and fees if you are an eCommerce merchant and they put you on a Retail Platform. Or if you are mobile and the processor did not give you the ability to take Mobile App payments!
A meeting with Merchant Processing Solutions helps you and us determine which of the platforms available are right for your business based on:
• How you take payments
• What POS System you are using
• What additional features are you looking:
o Inventory management
o Invoicing
o Recurring Billing
o Social Media and Loyalty Programs
We ONLY want to set your business up to accept payments the way YOU need to! Call us today to discuss your needs!
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| Working at an Orphanage |
Yamilet and Claudia have a limitless passion for helping underprivileged children in the South Florida and Latin America. They believe wholeheartedly that the only way to eradicate poverty and crime is through education. To that extent, they have worked with several charitable organizations that promote health, welfare, and education for children! With Yamilet and Claudia, it is not just about fundraising but being part of the actual solution! They have participated in community projects within the US and Latin America; bringing needed supplies and physically working to create better environments for the children they so deeply card about! Having been raised by a single mom, they understand what it takes for children to elevate themselves out of their circumstances. So, whether its building classrooms in Colombia, bringing backpacks to low-income schools in Florida or helping educate tomorrow‘s world leaders, Yamilet and Claudia are committed to making a difference and helping empower children to create their own dreams!
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| Feeding families in Ommokalee FL |
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| Helping to establish a school for orphans in Cartagena, Colombia! |
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| Helping with the education of our youth in the USA! |
Ever since 2010, Merchant Processing Solutions began hosting fundraising events highlighting local nonprofits and their favorite cause in Colombia, Global Dreams USA. These endeavors have allowed them to build amazing relationships with local nonprofit, and our caring business community. The events are an avenue for like-minded people to become more involved, learn how to help and do wonderful things for our fellow man! Many local restaurants and other businesses support the event venues, giving them more exposure and demonstrating their caring nature to the community. Yamilet and Claudia also feel that these fundraising events allow local business professionals an opportunity see explore the different non-profit organizations and decided for themselves which to get involved with. Amazingly enough, their clients are just as excited in supporting the causes. Their merchants value and appreciate their involvement with charities. It speaks to the caring nature of Merchant Processing Solutions and their leaders, Yamilet and Claudia!
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| Claudia Mosley & Yamilet Strauss, owners of Merchant Processing Solutions Inc. |
Yamilet and Claudia were only thirteen years old when immigrated from Colombia to the United States with their single mom. Their
mother was a very hard worker and did everything she could to give them opportunities, even if that meant
sacrifices to their family. As kids, they witnessed the result of hard work
through their mother, she was their best example of dedication and arduous work. They have never backed down from what is hard to accomplish and as a result, Yamilet and Claudia have grown their business through economic challenges, business changes and
even a Pandemic … and thrived!
Early in their careers, they had the opportunity to work together in a large merchant services company, Claudia was the Controller, while Yamilet was the Sales Director. Through their positions within the company, they helped grow that company to the point where is became lucrative enough to be sold. This event opened new opportunities for Claudia and Yamilet, and like Mom taught them, they seized the opportunity! They realized during their time at that their former company, just how much they enjoyed working together and the industry was the perfect fit for these two hard-working entrepreneurs!
In 2006, Yamilet and Claudia formed Merchant Processing Solutions, INC. As a new company, they kept the good they learned and implemented it within their own corporate values. They wanted to bring transparency and trust to an industry with way too many uncertainties. They wanted to solidify their reputation with solid sales; not gimmicks and lies! They also realized that many business owners were not even aware of what they were paying or even understood how to read their statements. Yamilet and Claudia decided to take an educational approach to their sales. For Merchant Processing Solutions, it is NEVER about the SALE but the CONSULTING! They disclose every aspect of their business relationship to their clients. They want their merchants to know and understand their rates, fees, obligations, and the technology, upfront, before they become partners in their business!
They are better known as a “Concierge Merchant Services Company” or “partner” to their merchant’s business. Their merchants know they have access to them for all their questions and needs. They have earned the loyalty of their clients specifically due to this philosophy! As their merchant's grow, so does Merchant Processing Solutions! Yamilet and Claudia love staying in touch with their “partners” to bring them new, exciting, and innovative technology, better options on rates and informed on how to achieve their business goals!
If you would like a merchant processor that treats you this way, call us today @ 954-938-2420
The Federal Reserve Bank of New York, which regularly collects data on consumer economic sentiment, reported an increase in short-term inflation expectations on the part of consumers, but a decline in medium- and longer-term expectations. According to the Mastercard SpendingPulse, which measures in-store and online retail sales across all forms of payment, U.S. consumer retail spending, excluding automotive, rose 9.5 percent year-over-year in June; excluding auto and gas spending it was up 6.1 percent year-over-year. (http://www.greensheet.com/emagazine.php)
These are some of the trends MasterCard found in several consumer surveys:
All brands of credit cards charge different fees. Within each brand, such as Visa, MasterCard, Discover, and American Express, there are card levels such as debit/credit cards/high-end rewards/business/corporate/shopping cards. Each of these is set at different rates depending on the bank issuing the cards and the brand they use.
WHAT ARE INTERCHANGE FEES?
When a customer pays with a debit or credit card, the bank that issued the credit card gets a portion of the transaction. This is called an interchange fee (or "wholesale" processing fee). It is intended to cover banks' operating costs and the risk of fraud. But they do not approve or finance that transaction. A business processing company does that service. They will add a fee in addition to the interchange fee to cover their processing fees, funding, and potential fraud risk.
Formula: Interchange Fee (Wholesale Cost) + Merchant Processor Fee = Your monthly business service fees.
AVERAGE EXCHANGE RATES
The typical interchange rate is 1.7% - 2% for credit cards and 0.5% for debit cards.
Here are the average credit card processing fees for the top 4 credit card networks:
Visa: 1.4% - 2.5%
Mastercard: 1.5% - 2.6%
Discover: 1.55% - 2.5%
American Express: 2.3% - 3.5%
Below, are the most common interchange fees you can find for each card association, starting in April 2022.
Note: Credit card networks typically update their interchange fees twice a year, in April and October.
HOW IS YOUR RATE DETERMINED? WHICH METHOD IS THE BEST!
Flat Rate: There are companies that offer a flat rate for qualified/medium/unqualified cards. They usually range from 1.75% to 3.75%. The problem with these types of processors is that they group ALL CARDS in that category and charge more for debit than it should be, more for credit cards, and more if it is in personal or by phone or internet. Most merchants end up paying much higher than if they had used the Interchange Plus Pricing Method.
Interchange Pricing Plus combines the EXACT price given by the Brands; Visa/MasterCard/American Express/Discover and the processor add a FLAT FEE at the top for your part of the processing that includes device connections to the networks to process transactions, customer credit card transaction approvals, and funds to your bank account. You can't just use the BRANDS to process, you need a merchant processing company to help you combine the approval network with your bank account!
Diner's Club, Carte Blanc & JBC are cards we rarely see in the United States. Those cards, if taken, are paid through a check to your business at the end of the month. They are about 3% on each transaction.
I hope this explain has helped business understand why Merchant Processing Solutions offers a better pricing method, by offering Interchange Plus Pricing instead of a flat rate method. You save money and ALWAYS know what we are charging!
If you would like to know more about your rates, call us for a free analysis!
