2024 Merchant Processing Industry Trends You Should Know About!

Merchant processing industry continues to undergo significant transformations in today’s rapidly evolving digital landscape. In 2024, both businesses and consumers will experience new trends that promise to make payments more secure, efficient, and convenient. Understanding these new trends will help you increase revenue while maintaining secure, effectient and convenient forms of payment connections for your customers!

1. Contactless Payments will Surge - it started during COVID-19 and has grown exponentially over the past couple of years. Tapping your card is cleaner and faster than handing over to someone to swipe or insert for EMV approval!                               
2. More Instant Peer-to-Peer (P2P) Payments - Zelle/Venmon/Cash App have gained a lot of traction over paying with checks & cash. However in 2024, these companies will be sending out 1099K IRS Forms to both businesses and individuals that make more than $600 per year!                                                        
   
   
   
3. Enhanced Data Security - Every merchant services company is required to secure the merchant and their customers' data. PCI Compliance has been around since 12/2004 so we are amazed when our merchants do not understand what it is and how ignoring their PCI Compliance Certification can impact their business in many ways: 
1. The merchant processor will charge a hefty monthly penalty on top of the monthly fee if the PCI Certificate is not completed with 90 days of the opening of the account. 
2. Up to $100,000 in fines due to breach
3. Customer Chargebacks with a $30.00 each plus the cost of the charge
4. Loss of business due to ruined reputation
5. Account Closure by processor due ton chargebacks                                     
4. By completing the PCI Compliance Certification merchants get the following benefits: 
1. Companies like TSYS offer $100,000 in breach coverage for their merchant that complete the Annual PCI Compliance Certificate.
2. Their merchants are trained and understand how to handle customer data to avoid a breach.
3. A monthly fee is charged instead of a huge Annual Fee or penalties
4. PCI Compliance is especially important for ONLINE Businesses               
5. Biometric Payment Authentication Will Gain Traction - some of the industry brands like MasterCard are now introducting SELFIE PAY. This program allows a customer to use a biometric checkout program creating more security for the merchant.                                                                             
6. More Personalized Payment Experiences like BUY NOW/PAY LATER payment options are currently available  with more programs are expected to hit the payment industry soon customizing to customer experience.                    
7. Worldwide credit card brands are working on Cross-Border Payments which will help increase business reach and revenue. 

Merchant Processing Solutions is a local processor for Nationa Reach! We understand that each merchant/business has specific wants and needs for collecting payments. We are help to help you consider your options and help create the payment collection program that not only meets your needs, but your budget! 

Call Merchant Processing Solutions today 954-938-2420

Visa / MasterCard Interchange Fee Settlement Recovery.

The lawsuit is about claims that merchants paid excessive fees to accept Visa and Mastercard cards because Visa and Mastercard, individually, and together with their respective member banks, violated the antitrust laws.

The settlement creates the following Rule 23(b)(3) Settlement Class: All persons, businesses, and other entities that have accepted any Visa-Branded Cards and/or Mastercard-Branded Cards in the United States at any time from January 1, 2004 to January 25, 2019, except that the Rule 23(b)(3) Settlement Class shall not include (a) the Dismissed Plaintiffs, (b) the United States government, (c) the named Defendants in this Action or their directors, officers, or members of their families, or (d) financial institutions that have issued Visa-Branded Cards or Mastercard-Branded Cards or acquired Visa-Branded Card transactions or Mastercard- Branded Card transactions at any time from January 1, 2004 to January 25, 2019. The Dismissed Plaintiffs are plaintiffs that previously settled and dismissed their own lawsuit against a Defendant, and entities related to those plaintiffs. If you are uncertain about whether you may be a Dismissed Plaintiff, you should call 1-800-625-6440 or view the list of Dismissed Plaintiffs for more information.

The Notice has important information for merchants that accepted Visa and Mastercard from January 1, 2004 through January 25, 2019. It explains the settlement in a class action lawsuit. It also explains your rights and options in this case. The court also issued a “Notice of Exclusion” to the Dismissed Plaintiffs and an additional notice to those merchants explaining their right to file claims.

Click Here to Submit a Claim

Need for information? Please give us a call! 

954-938-2420

Merchant Processing Solutions Inc.

Start 2024 with No Merchant Fees!

 Merchants no longer have to carry the burden of their customer's credit card fees! Here why and how! 

MERCHANT BENEFITS: 

• Merchants have been paying the credit card fees to entice customers to pay now and pay later! 
• Merchants get their credit card fees with 24-48 hours with credit cards helping the revenue flow of the business. 
• Merchant are able to sell immediately higher prices product and services when the customer have a credit card with the available. 

CUSTOMER BENEFITS: 

• Customers can purchase more, higher priced products and services without needing cash. 
• Customers can pay off their purchases when they want to but enjoy the purchase immediately! 
• Customers have 180 days from the date of purchase on the receipt to do a CHARGEBACK! 
• Customers have protection against FRAUD on their credit cards. 
• Customers can track their credit card purchases for taxes. 
• Customers can receive REWARDS/POINTS/CASH BACK from their credit cards to enjoy for a multitude of activities and products! 
• Most credit cards offer some time of warrantee/guarantee with the purchase.
• Credit Cards, different from Pin-Debt Cards, protect the customer from potential hacking into outside vendor accounts and gaining access into the customer's 

It is legal in ALL 50 States to offer the Cash Discount Program promoting the acceptance of CASH by the merchant which lowers the cost of purchase to the customer! However, there is NO DISCOUNT for customers who want to pay with their credit cards and reap all the benefits given them by their credit card company! 

Want to know more on how your business can saves thousands of dollars a year? 

Call Merchant Processing Solutions Inc. 
954-938-2420

 

Tell me about the Kiosk POS Machine!

 

Digitally automate customer orders of goods and services. Creating better flow and increase sales. Already implemented in several industry types!  

• Ticketing booths
• Airport check-in terminals
• Food ordering kiosks at quick service and casual restaurant 

Kiosks are designed to be durable, secure, and reliable, and they may also incorporate features such as printers, card readers, and barcode scanners to facilitate transactions and interactions with users. Kiosks are interactive self-service platforms that provide a range of functionalities to users.

POS kiosks are an all-in-one system. The point of sale software that helps a business accept transactions is installed into a kiosk. The kiosk is a terminal hardware where a customer can then place their own orders, buy their own tickets, or check out at a store by themselves without a cashier. All kiosk machines automate customer orders of goods and services. Creating better flow and increased sales. Already implemented in several industry types!  

Merchant Processing Solutions Inc.
954-938-2420

Clover Para Restaurantes

CLOVER PARA RESTAURANTES

 Los Beneficios: 

• Podemos encontrar la mejor oferta posible que te beneficia.
• Tu opinion importa y puedes ahorrar dinero al elegirnos.
• Desponibilidad 24/7. Resolveremos todos los probelmas por usted, no un #800! 
• No tienes que estar en un CONTRATO; donde no tienes control.
• No tienes que preocuparte por la installation de los equipos, la creacion del producto, or aprender al usario. Nos encargamos de todo para ti sin cargo extra. 

Quiere saber mas? Llamanos al 954-938-2420 para una cita! 

Merchant Processing Solutions 

www.ProcessMPS.com 

WHEN IS "FREE" NOT FREE!

We LOVE FREE STUFF! But savvy purchasers know that this is ONLY a HOOK! It is designed to get you interested, make you sign up for something and then hit you with their real terms and conditions plus additionally needed products and services! 

Examples: 

• Download a FREE Video Game through one of the App Stores - HOOK - To move forward and get points you must either listen to endless commercials or buy the points to continue playing! 

• Online, you find a product that says FREE just pay for the Shipping & Handling - HOOK! Once you pay the S&H with your credit card, the small, undisclosed print that is hidden somewhere, says they can now charge you monthly for the same product until you CANCEL! But you never signed up!!! It was suppose to be FREE! 

As you can see there are plenty of FREE OFFERS but they ALL have stipulations that you need to know BEFORE you Sign-Up! 

The same with FREE Merchant Services Equipment! Free is NOT FREE when the following conditions are present: 

1. Long-Term Contract (3-4 years) with a large Cancellation Fee
2. No Warranty on the equipment after 1 year. If the device fails after year 1, you are totally responsible for the repair. 
3. The merchant Rates & Fees are usually at least 50% higher than with NO FREE Equipment. 
4. If you have a FREE POS System, you are responsible for uploading and maintaining all UPGRADES which many are then charged. Failure to NOT do the Upgrades can result in your account being CLOSED, as they can pose a Security Measures to protect your business and the processing company! 
5. No help when installation, maintaining your system and growing your business! 

Merchant Processing Solutions offers the following: 

1. Equipment Purchases at our cost
2. Equipment Leasing with 48 hr. equipment replacement. 
3. Bring your own equipment when applicable.

So before you focus on FREE, it really does not mean FREE with processing equipment, give us a call to discuss what a better option might be for your business! 

Merchant Processing Solutions Inc. 
954-938-2420

What's the difference between Surcharge and Cash Discount??

 

Both receipts are legal... how would you like your business to run?

You won't need to change your shelf or menu pricing with either method! Simply offer a discount on items to your cash customers. 

For most businesses, there's no harm in offering a cash discount IF you've set your prices to account for credit card purchased! This mean you have calculated your operating costs including the fees for accepting credit cards! We find it CRAZY that businesses forget to all those costs of financing their customers meals, products or service until they can pay their credit card bill! You see if you did not take credit cards, almost half your customer would NOT be able to enjoy your restaurant, store or service! 

Whether you add a surcharge or reduce the cost if paying with CASH, you're passing the credit card processing fee on to your customer who enjoys the experience TODAY with the cash! No to mention points, cash back and more! 

Want to know more about surcharging or cash discount? Give us a call today! 

Merchant Processing Solutions Inc.

954-938-2420

Yes, Gift Cards make you money!

 

As we approach the 2023 Holidays, Merchant Processing Solutions suggests you look at selling HOLIDAY GIFT CARD compatible POS System. Gift Cards are the most purchased gift over the holiday season. Last year, 2022, $899.3 Billion dollars in gift cards were sold. Gift Card sales increase 114% from October – January each year.

Based on these stats, a business can increase yearly earnings by almost 20% with just offering Gift Cards for their products or services! This is certainly true for restaurants, cafes and coffee shops where these gift are perfect for employees, employers, teachers and other service individuals in our lives. 

I warn you though, BE CAREFUL! There are companies that partner with Gift Card Companies that not only charge for the service but a percentage and even some charge transactions fees! 

You also want to be able to design your own gift card and purchase the amount of cards you want to have on hand. Make sure that the process to set up the Gift Card Program and the uploading of money to each card is simple for all your employees to do! 

I believe this could be a great program to kick off the Holiday Season and those SOLD CARDS will be redeemed in 2024! 

Please lets get together to chat, thanks

Merchant Processing Solutions Inc. 

954-938-2420

Do I need a two-step verification on my merchant account?

A 2-Step Verification puts an extra barrier between your business and cybercriminals who try to steal usernames and passwords to access business data. Turning on 2-Step Verification is the single most important action you can take to protect your business and personal data.

Keylogger programs enable hackers to spy on you, as the malware captures everything you type. Once inside, the malware can explore your computer and record keystrokes to steal passwords. That access can come from ANY internet login program including your MERCHANT ACCOUNT! When they get enough information, hackers can access other accounts on your computer, including your email, social media, and online banking.

Prevent hackers from accessing your account with an additional layer of security. When you sign in, 2-Step verification helps make sure your personal information stays private, safe and secure. In addition to your password, 2-Step verification adds a quick second step to verify that it's you.

Two-Step Verification is there to help protect! 

We all know this additional step is annoying but necessary... but we at Merchant Processing Solutions want nothing more than your business to be successful without the horror of a hack, fraud and identity theft! 

Call us today for a free consultation!

Merchant Processing Solutions Inc.
954-938-2420

Are you accepting digital payments? More than 1 Trillion transaction over the last 12 month!

Globally, there have been more than 1.08 trillion digital payment transactions. 

digital money transfer, digital and physical goods purchases, digital ticketing purchases, banking, NFC payments, QR code payments and bill payments, found the strongest growth will be in three markets; driving overall digital commerce adoption.

How can you accept recurring payments via your Website?

What are the benefits?

• No more chasing clients for their payments!
• Saves time: Customers no longer have to log into their bank or enter their account details whenever they need to pay.
• Guarantees payments are made on time.
• Boosts customer loyalty: Businesses can form closer customer relationships with a subscription model.
• Predicts cash flow: Companies can better predict cash flow once recurring payments are set up.
• Trackable payments: Both customers and businesses can track all their payments in one place.

 

Set your customers up for Recurring Payments and watch your cash flow improve drastically!

Give us a call today to see how we can help!

Merchant Processing Solutions
954-938-2420

No need to spend thousands on a Retail POS System!

ONLY $24.95 per month!!!

MX Retail  

MX™ Retail is a comprehensive solution for your business. 

• MX Retail handles all your sales & servicing transactions. 
• MX Retail offers a robust BackOffice management and inventory tool
• On-boarding products, tracking and simple to complex inventory sales.
• MX Retail keeps all of your product information organized and in one easy-to-use location. 
• In the IOS product screens, you can add a product name, description, picture of the product, create your own tags, variants and options, organize your products with collections, and manage suppliers for quick ordering. 
• MX Retail also keeps track of your customers’ orders, making it easier for you to quickly locate the customers information and the status, whether it is fulfilled, unfulfilled, paid, and/or unpaid. 
• MX Retail manages your discounts in one simple view. Discounts can be tedious, but with MX™ Retail, they don’t have to be. 
• MX Retail has a large selection of reports: 
• Collected Taxes
• Monitor invoices & Recurring contracts, and orders. 
• Profitability reports are also available based on the cost and sale price for each product as well as quantity sold. 
• User reports monitor User Sales, Tips to calculate commissions.
• ACH Reports to monitor settlements > deposits > money into your bank account!

Call Merchant Processing Solutions TODAY! 

954-938-2420

VENMO: Information that can save your business!

Venmo is a peer-to-peer (p2p) payment app, making it easy to send money to and from friends and family. It's widely used, you can send money by whichever payment method you want, and recipients get funds instantly. However, it was never really designed to be a payment method for businesses! 

Negative Points to Using Venmo Apps:

• Payments are public by default
• Can't cancel payments
• No international transactions
• Popular with scammers

Besides, sending money to someone using a credit card, costs that person 3% fee. You can avoid this by paying with a debit card, bank account, or your Venmo balance. Your not really saving any money VS a legitimate merchant processing company like Merchant Processing Solutions! 

If you receive money, you MUST move it quickly to your bank account as Venmo is not FDIC Insured so if your money disappears from your Venmo account for whatever reason, unlike your bank, you are NOT protected! ! 

There are two options to transfer your money to your bank account: 

• Venmo to your bank account fast: Instant transfers have a 1.75% fee, with a $0.25 minimum and a $25 maximum. 

• Venmo to your bank account that takes one to three business days to settle is FREE! 

Although designed for personal to personal payments some folks have started using Venmo to get paid for business products and services. There are multiple reasons why you should NOT use it for business.

1. Your customer needs to also get set up as a Venmo user PRIOR to any transaction.
2. Your money is NOT secure! Venmo offers NO chargeback protection or fraud protection! 
3. The buyer has NO protection if they send the money to fraudsters nor can they do a chargeback should they NOT get their product or service.
4. Also all the Negative Points from above on the P2P Venmo account

Many people I have spoken to, tell me they use Venmo like cash and feel they do not have to report their earnings to the IRS. In July of the year, the IRS changed the law and now if you collect $600 or more for the sales of goods and services through a payment services company you MUST provide your Tax Info and you will be sent a 1099 for all sales $600 and higher. If you do not submit your tax info for yourself or your business, the payment services company (i.e. Venmo) is required to withhold 24% of those payments and send it to the IRS for backup withholding. This is required by the IRS and helps to ensure that any applicable taxes due on these payments are paid.

If you want to get paid for your products and services LEGALLY, please give Merchant Processing Solutions a call so we can help you determine which product gives you the best solution for your business! 

Merchant Processing Solutions Inc.

954-938-2420

Food Truck Merchant Services Experts!

Attention Food Truck Owners! 

The three states with the most food trucks in the United States are California - 883, Texas - 744, and Florida with 725 respectively. There is one food truck for every 37.7 persons in these states!!

Average food truck revenues typically fall between $250,000 and $500,000 if they are still operating after 3 years. The food truck industry is worth $1.2 billion and is expected to grow 3-5% in 2023.

The food truck industry's market size has grown by an average of 4.9% each year since 2018. That's a 25% increase! The demand for food trucks predicts this industry to grow even more in the future.

As of May 2023, the industry's market value is $1.49 billion. That's up from 2020's $1.1 billion.

With everything that is great about this unique industry, 60% of the food trucks fail the first year! That number jumps to 45% within the first five years and 65% for the first decade. But if you were in the restaurant industry, you have it even worse! The same 60% of the restaurants also fail in the first year, but 80% fail within the first five years. Operating a successful food truck is hard but not impossible!So lets understand why! 

Merchant Processing Solutions has worked with Food Trucks and Restaurants in the South Florida Business Community and knows what it takes to have a successful Food Truck Business! 

Here are 5 Ways to Avoid Mistakes and Fail in Your Food Truck Business!! 

• Know Yourself:
• What value will you bring to this business? 
• Are you the chef? 
• Financial person? 
• What is your position and job with this business?

• Know Your Product or Service:
• What are you selling?  WHY? Who does it benefit? What makes your product or service BETTER than your competitors?
• Is there profitability doing this business?
• Do not just buy the cheapest equipment! Research the options your truck needs to be successful and grow. 
• Make sure you get set up to accept CREDIT CARD PROCESSING with Merchant Processing Solutions, we know how to get you set up and be successful! 

• Knowing Your Audience:
• Who are you looking to sell to, why?
• What are the benefits that your target audience wants or needs?
• Can you deliver the product or service easily to that target market?
• Can you effectively meet the demand of your audience?

• Know where you’re going to sell your product or service from the food truck:
• Research the licenses required in your city/county/state. 
• Research where there is a large percentage of your target market and see what locations are available PRIOR to investing your money! You may have a great idea for food, know your target market, get everything ready to only find there is NO WHERE FOR YOU TO PARK AND SELL! 
• Without this step, you can quickly become unprofitable.

Please give Merchant Processing Solutions a call today for a free consultation! 

Merchant Processing Solutions Inc.

954-938-2420