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

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

Claudia Mosley, VP Merchant Processing Solutions

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

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

Merchant Processing Solutions

954-938-2420

Can I use Venmo for my business?

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

Claudia Mosley & Yamilet Strauss, 

owners of Merchant Processing Solutions talk about Venmo! 

Venmo has two types of products: 

    Venmo Family & Friends: 

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

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

Venmo Business: 

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

VENMO is actually taking 6.65% on each transaction! 

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

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

    Merchant Processing Solutions Inc.
954-938-2420

High Risk Merchant? We can help!

 

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

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

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

Call Merchant Processing Solutions today! 954-938-2420

What are you paying for Credit Card Processing?

What are you paying for credit card processing?

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

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

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

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

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

Rates are lower when the credit card is present! 

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

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

    Merchant Processing Solutions 

954-938-2420

PayPal Here Discontinuing on April 3, 2023!

 

PayPal Here Info on Discontinuation! 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

954-938-2420

Does your Merchant Processor refer your business?

Merchant Processing Solutions partners with many South Florida Businesses to create synergy for themselves and their customers! They share knowledge, insights and referrals! Does your merchant processing company do that for your community?

We are here to serve!

Call us today! 

954-9382420

Merchant Processing Solutions Gives Back!

Merchant Processing Solutions Inc. prides itself on giving back to the community via a variety of different events and activities. We started Global Dreams several years ago to help children in the United States and abroad! In 2022, with the multitude of events that MPS created, they were able to raise more than $20,000 to continue their non-profit support! 

Giving Back in 2022! 

We THANK all those who attended and contributed!

Merchant Processing Solutions Inc.
954-938-2420

 

It's not ONLY about YOUR RATES!

Rates are important but how can you control them?

Merchant Services is not ONLY about rates, its has to do with several variables that impact your bottom line! Its about understanding your business and setting your company up on the right platform & rate structure, customer payment interaction and technology to suit your needs and your budget!

You need to make sure you choose the right pricing structure for your business! 

Understanding the platform pricing is even difficult for us in the industry!

• Flat Rates put all cards under one rate. They bank on the majority of your cards being debit cards. Processors make more money using this pricing method.
• Qualified/Mid-Qualified/Non-Qualified; Tiered Rates are the most confusing! Each company decides the threshold for all three of these rates and charge incrementally by adding different percentages to each Tier based on the type of card like Debit/Credit/Rewards/Business etc. Its hard to know if you are being treated fairly with these rates.
• Interchange Plus Pricing is the most transparent pricing method. (Merchant Processing Solutions puts their merchants on this method!) The actual wholesale price of each card is passed along to our merchants with a NEGOTIATED FLAT FEE FOR OUR PROCESSING on top. Although this has become the most popular, we are seeing abuse by processing companies that are charging .75% - 1.25% over the actual wholesale rate of each card.

If you don't know what method your processor has you on, call us today for a free analysis!

How do you accept payments: In-Person or Not in-person? In-person is when the customer and the credit card is at your store, office, shop or you are at their location and the card can be TAPPED/EMV CHIPPED/SWIPED! You need to have the right equipment and the correct rate plan in order to receive the lowest rates.

Example: If you are at a customer location and key-enter a credit card payment via your smartphone, you do not get retail rates. Once you key-enter the information, the transaction is transmitted via data (cellular or WiFi) for approval. It is now considered a higher risk since the card cannot be "TOKENIZED" or verified as an authentic credit card. Only when the credit card is Tapped or EMV Chipped (NOT Swiped as that does not tokenize the card for verification) and returned as verified, your rate is the lowest possible.

What technology is right for your businesses' payment acceptance? 

Technology Matters! The type of technology/equipment/POS System you choose to run credit card transactions, is very important. Low rates are important but if you are using a credit card stand-a-lone terminal and key-entering credit cards over the phone, you are paying higher rates and your employees to sit on the phone and key-enter numbers! Then they have to print the receipt and mail/scan & email the receipts to the customer! This is a waste of time and money for any company. The solution for Call Centers or Billing Departments is to have a Payment Button on their company website for payment or a virtual terminal on each employee's PC allowing them to take calls and enter payments into the Payment System and send receipts via email to the customer. For a few dollars a month, a business can send Invoices or set-up Recurring Billing that had a payment link making it easy to get paid quickly!

Merchant Processing Solutions, has brought this issue up many times over the years but ONLY by getting your situation analyzed will you know if you are getting the best rate, on the best technology for your customer interaction. 

Call us today for a free consultation!

954-938-23420

Stop Using PayPal For Your Business!

34,000+ ACCOUNTS HACKED! 

The information in this article is being brought to you by Merchant Processing Solutions who believes that informed merchants are safe, get the best rates and equipment to grow their business! Call us today! 

A business can lose a lot by using PayPal. PayPal can be a great asset for small businesses, but it can also be the source of a financial nightmare -- and in more ways than one.  

1. If you have a business or personal account with PayPal, your account could be hacked and your personal information compromised, your bank info used to take money from your bank account or even your credit card info taken and used!
2. Your account does not have to be hacked to be effected by a hack! If the customer that used their account to purchase your product or service is hacked, they can do a CHARGEBACK on the amount of that product, since they did not order it! A business can lose either way if they rely on PayPal for their merchant services processing needs! 

So let's understand what happened! PayPal itself was not hacked. Hackers used fraudulent means to attack vulunerable websites and companies to accumulate passwords and then used those passwords to attack PayPal and gain personal information like SSN, Bank Account and Credit Card info! 

THIS IS A PHISHING EMAIL

Hackers get passwords they can on each hack: 

• The way someone gets access to your account is by somehow discovering your password -- by guessing it, stealing it or getting it via online "phishing."
• Phishing is quite common when someone sends and email asking the owner of an account to verifiy their password, reset their password etc. NEVER GIVE THIS INFO! 
• Example: An email from AMAZON arrives telling the victim that their account has been compromised and will be deactivated unless they confirm their credit card details.
• Hackers ramdomly test those "phished" passwords on larger companies once complied to see if that person used the same password on other sites. If you have used the same password or easy passwords, you will eventually become a victim of fraud! STOP USING THE SAME PASSWORD FOR EVERYTHING!

What can a hacker do with my PayPal account? Once a hacker gets into your account using a password they "phished" from you or via a direct hack into a company or website, they can draw money from any linked account as well as make other unauthorized PayPal accounts in order to make purchases. 

Stop using a NO-FACE company for your processing needs!
Know your Rep and be able to get their help when there are issues
Stop using the same password or easy passwords on important login sites
Enable TWO-FACTOR VERIFICATION on your sites to give you an added payer of protection from hackers
CHECK EMAIL SENDERS INFO - if not from your company delete or report
ONLY YOU CAN PREVENT FRAUD BY SECURING YOUR INFORMATION! 

Check out the Forbes Magazine Article:  PayPal Hacked - Is Your Business At Risk? 

Merchant Processing Solutions Inc.
954-938-2420

Merchant Strategies to implement in 2023!

Merchant Processing Solutions has always been a "merchant advocate"! We want our merchants to know they are paying the best rates with the best solution to meet their business needs! It amazes us to see so many of our potential merchants come to use with inappropriate equipment for their business model, terribly high rates and huge payoff contracts! We want 2023 to be a better year for you, starting TODAY!

Merchant Processing Statements can be very confusing! 
We take the mystery out of them! 

Analyze Your Current Statement (you can whiteout the processor name and account#): 

• Let us show you where you are overpaying and can save money. 
• We would also need to know the type of equipment you are using with that company. Many businesses don't realize that older terminal are no longer offering you good rates due to no being updated properly.
• There are also new payment acceptance methods that don't require terminals or high cost POS Systems. We would give you some options.
• We also need to know how you interact with you customers (in-person, online, invoicing, remote)

Make A Change or Adjustment to/with your current merchant processor: 

• Obviously, Merchant Processing Solutions Inc. would love to earn your business and keep you as a client forever. But the reality is that many merchants have contracts with steep penalties to get out of those contracts! We can help you understand how much you are paying now and how to negotiate with your current processor to potentially lower your costs.
• If your processor does not wish to lower your costs, your potential savings with another company, like ours, might off-set any contract cancellation fees! This would be another choice for you.
• Merchant Processing Solutions would offer you rates and suggest equipment options to meet your business needs and budget! 

Card Fellow Report on Heartland PCI Fees

Monitoring your merchant statements is HUGE! 

• We can't tell you the number of times people tell us their rates only to find out that those rates are from when they signed up with their processor! However, 2-5 years later they are paying almost double! 
• We are a concierge merchant processing company catering to the needs of our merchants. We help them understand their monthly statements and help them dispute anything from wrongful fees to Chargebacks! 
• Recently, a merchant told us he had NEVER seen his statements because they were somewhere online and he could NEVER get anyone to explain how to see them! RIDICULOUS! It's your processors job to give you ALL the TOOLS you need to run your business successfully! 
• This same merchant was told he NEVER did his PCI Compliance and had incurred monthly penalties of $125 each month. (This is higher than the average) Even $29 each month (average fee) due to neglect by your processor who did not advise you on how to complete or the consequences of not completing is unprofessional! 

Your merchant account is your responsibility to manage. However, you are NOT an expert and know how! We are the experts that would like to be your consultant and partner for your processing needs. If you don't have a true partner, helpful, accessible, informed and professional...call us! 

Merchant Processing Solutions Inc.

954-938-2420

Ways to Reduce Business Costs in 2023

Stop wasting money on merchant services when you don’t need to! Here are effective ways that you can reduce merchant costs, and it’s easier than you think.

• Use the right technology for your business- Don't use a terminal if most of your business is done over the phone! Send out invoices, add a payment button to your website, create a QR Code for payment, and email or text a payment link! (See ours below!)

• Go Paperless -

 

In most instances, there is no need for customers to get paper reciepts or statements. Add paperless options to your technology; like text or email reciepts and see those paper roll purchases dimish! 

• Send your current statement to Merchant Processing Solutions and anyone else you trust to do a cost analysis of your current situation - 

We have noticed that without annual OVERSIGHT, merchant processing companies tend to increase pricing, they do tell you in the obscure shadows of your statement each month, but you really don't know the impact until its too late! Also calendar your expiration date of any contracts with merchant providers at least 2 months before expiring! This gives you time to unload those companies with NO PENALTY! (Merchant Processing Solutions has NO CONTRACT!)

• Lower employee and contract vendor hours by hiring a merchant processor that offers BACKOFFICE Account and Data Retention - 

Business owners burden themselves with so much accounting and paperwork it becomes overwhelming that they need help. Instead of looking for the right merchant processor like Merchant Processing Solutions that helps with a robust BackOffice, they add hours to their employees to do the reconciliation or they hiring accountants, bookkeepers or CPAs. These people are great for what they are intented to do but the business has to have their sales and customer data managed and up-to-date in order for those professionals to do their job! 

• Manage your time better - if you have to spend hours updating your financial books, you are not growing your business! Spend time Networking, adding Social Media awareness and other marketing options will help you grow your business! Merchant Processing Solutions can help you with Recurring Payments, Invoicing Payments, Website Payment Options to accept payment and then we offer a robust BackOffice to monitor and report your sales at a glance. Want more? We also offer QuickBooks plug'n play that will automatically upload your sales info! 

These are but a few recommendations for 2023! As we enter the new year, look at your expenses surrounding payment acceptance. Want to know if you are payment a fair rate? Call Merchant Processing Solutions TODAY!

954-938-2420

Feliz Navidad & Prospero Ano 2023 de Merchant Processing Solutions!

 Merchant Processing Solutions le desea toda la alegría, el amor y la paz que trae esta época del año. ¡Gracias por su apoyo y por ser una gran parte de nuestra familia empresarial! ¡Les deseamos un navidad feliz y un próspero 2023!

Happy Holidays & the Best in 2023!

Merchant Processing Solutions wishes you all Happy Holidays!