Digital/Mobile Wallet Acceptance is a MUST for Merchants Today!!

 

Over the past 8 years, digital wallets or mobile wallets have become a leading online payment method in North America. A 2023 FIS (Fidelity Information Services) Global Payments Report says that the use of digital wallets (Apps) by consumers in the United States and Canada has gone from 14 percent in 2014 to 32 percent in 2022. They predict that by 2026, digital wallets will make up 41 percent of all ecommerce transactions and 16 percent of POS transaction in those countries. Merchant Processing Solutions includes these digital/mobile wallets apps in their payment solutions! 

In the United States, digital wallets are widely used for Ecommerce purchases (32%). While Credit Card payments to Ecommerce sites is 30% and using Debit Cards for online purchases trails at 20%. In 2022, Digital wallets made up 12 percent of the total U.S. POS transactions!

Digital/Mobile Wallet Apps

Today, about two-thirds of American adults use digital wallets to make purchases showing the global shift in payment habits. These are the main mobile Apps being used! 

• PayPal

• Venmo  

• Cash App 

• Google Pay 

• Apple Pay  

Interestingly enough, 31% of Americans surveyed, said they funded their wallets with Credit Cards; 33 percent said they used Debit Cards to fund their digital wallets. Which type of cards a consumer can attach to their wallet app depends on the app. 

Based on this information, merchants need to make sure that they are ready and able to take digital/mobile wallet payments both online and in-person via terminals/POS Software. It would be bad business for a merchant NOT to accept these types of payments that NOW make up 32% of all sales in the United States and Canada! 

Unsure how to get set up to take digital/mobile Apps? Call Merchant Processing Solutions today, we can help! 

Merchant Processing Solutions Inc.

954-938-2420

Terrific Customer Support is the key to a great CLOVER POS!

Support from a company can feel worse than getting a tooth extraction! The time you waste waiting for someone that may or may not be able to help you, takes time away from what makes your MONEY! Let Merchant Processing Solutions be your Clover POS company! We have 2 in-house, bilingual, Clover Techs and your rep will always be there to help you navigate the murky technology waters! 

Claudia, Yamilet and Stephanie are your first line of defense when dealing with our company! We want your business technology to work seamlessly! BUT if anything is needed, giving us a call with quickly help get the problem resolved without you spending hours working with a customer service rep that has NO VESTED INTEREST in your business! We care about your business! 

Terrific Customer Support is the key to a great CLOVER POS! 

• 
  How do I set this POS System up? 
• When do I have the time to add employee info?
• How do I know what is being collected????
• How do I add my inventory, categories, & modifiers?
• How do we install this POS System?
• HELP! 

If you feel like this about your POS System, please give us a call! 

Merchant Processing Solutions Inc.
954-938-2420

What are the benefits of using a Clover POS System?

Clover is ideal if you're a growing business that needs to manage multiple employees, as well as keep track of inventory and customers. It can give you the ability to collect customer feedback, easily track sales trends, set employee hours, manage payroll and more without paying an extra monthly fee.

More importantly, Clover's mobile design makes it easy to hand over payment devices to customers and accept payments (including credit, NFC, EMV, and signature/PIN debit). Customers can be at the counter, in line, or on the go quickly and efficiently with Clover.

The Clover Flex boasts a built-in printer, camera, and QR scanner, as well as 4G/LTE and WiFi connectivity options. Customers like not seeing their credit cards leave their sight! And employees like the built-in tip feature...never missing the opportunity to get rewarded for good service! 

Clover allows the business to know who, what, when and a transaction was run. No more guessing! Whether you have the Clover Station, Mini Clover, Clover Flex or the Clover Go, you'll be able to check the Clover Dashboard on your PC or Smartphone to see how you business it doing; whenever you want! 

Give us a call today to see how this great POS System can help your business grow! 

PS We specialize in setting up Clover in Restaurant environments!! 

Merchant Processing Solutions Inc.
954-938-2420

Ahoramos mucho con Merchant Processing Solutions!

 

¡El propietario, Gerard Abraham, de Colombian Mountains Cafe, agradece a Merchant Processing Solutions por configurar su procesamiento comercial para que su empresa ahorre más de $1200 por mes en comparación con su procesador anterior! 

Si no está satisfecho con las tarifas de procesamiento de su comerciante, llámenos y lo ayudaremos a ahorrar hoy.

Merchant Processing Solutions Inc.

954-938-2420

Merchant Processing Tips from Claudia Mosley

 

Claudia Mosley, Colombian born, United States Citizen talks about her rise from immigrant to female entrepreneur with her successful business Merchant Processing Solutions! 

 

Merchant Processing Solutions wants to inform and help our South Florida Business owners get the best processing available to meet their needs along with the best pricing. Give us a call and let us help! 

Merchant Processing Solutions Inc.

954-938-2420

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