Is Pin-Debit still cheaper? Depends...

Merchants can WIN BIG with Pin-Debit and Signature Debit Cards! 

It used to be cheaper to take pin debit cards via the debit networks instead of through the credit card interchange networks. A customer would enter his pin number onto a Pin-Pad instead of a signature for payment acceptance. The debit networks are Pulse, Maestro, Interline, Jeanie, NYCE, Star and others.  But with the Dodd Frank Act, it is cheaper to take debit cards just like a regular credit card, without the pin entry.

The Dodd Frank Act regulated the large banks so that they couldn’t charge more than .05% plus $.22 for a debit card.  Congress thought that the large banks were gouging people who wanted to use a Signature Debit Cards. Small local banks and credit unions won the right to be able to still charge merchants a higher rate for debit cards run through the Visa/MasterCard network.

There are good reasons why a merchant would still want to utilize the debit networks and accept pin entries.  Merchants who have a lot of chargebacks would want to encourage their customers to enter their pin with their debit card.  Transactions that go through the debit network are as good as cash.  They cannot be charged back.  So, liquor stores, for example, many times want to keep using the pin debit network. You would probably can save another .75% off the Interchange Rates. The debit networks charge, on average, 1% plus a transaction fee of $.15 compared to .05% and $.22 for a regulated debit card. Both are excellent and should be accepted, when possible, by all retail merchants! (Pin-Debit is NOT available for account where card is NOT PRESENT/KEYED!)

For consumers, however, there are more issues to consider when using a Pin-Debit Card to make payments. Since it is linked on one's bank account, if that information is ever compromised, the perpetrator could have access to the consumer's entire bank money! There is also the issue of overdraft. If the customer purchased a higher ticket item and there was not enough funds to cover the transaction, the bank will implement a Non Sufficient Funds Fee ($30-$50) per incident! Ouch! 

If you are NOT ACCEPTING Pin-Debit and want to know more about it, give us a call! 

Merchant Processing Solutions
954-938-2420

Yamilet Strauss talks about our consultative approach with merchants!

 

Yamilet Strauss, President and CEO, of Merchant Processing Solutions Inc. is a pillar of the business community in South Florida. She has been active in the merchant services industry for more than 20 years! She opened Merchant Processing Solutions in 2006 along with her twin-sister, Claudia Mosley. Together these ladies have created a trustworthy brand in the merchant services industry! 

Yamilet talks about here Consultative Approach when working with Merchants! 

If you would like to speak with Yamilet, Claudia, Stephanie or Camilo 
please give us a call @ 954-938-2420

What do you know about alternative merchant service programs?

 The following video explains the difference between: 

• Convenience Fees
• Service Fee or Service Charge
• Surcharge Fees
• Non-Cash Adjustment

It is very important that merchant know these difference upfront before working with a merchant processor that puts them into the wrong program. The penalty for not implementing or operating these programs correctly can result in temporary or permanent suspension from Visa, MasterCard, Discover & American Express. 

If you have any additional questions about these programs, call the experts at 

Merchant Processing Solutions

954-938-2420

Let's talk Clover!

Unique Software Product that works terrific for some industries! 

Merchant Processing Solutions is an expert on the Clover Suite of Products and Services! We have years of experience implementing the products in many different businesses. However, the following are the industries that MOST prefer the Clover Products due to their reliability and performance! 

Clover Flex and Clover Mini

Retailers: 

• Retailers have both brick and mortar stores and mobile stores, like flea markets/Kiosks/mobile.
• The Clover Flex and Clover Go devices allow the flexibility to be remote while the Clover Mini or Clover Flex has a more permanent position within a store environment. 

The Clover Restaurant Suite is an essential for
managing the restaurant & saving money! 

Restaurants: 

• Features on Clover POS systems for restaurants are outstanding! Unlike other POS systems that have limited features, Clover Market offers a multitude of add-on apps to customize a restaurant's system to meet their needs.
• Restaurants have multiple points of payment connect like at the table, at the counter, over the phone and online. Clover can manage all payment connections in real-time. 
• Clover offers the Clover Station, Clover Mini, Clover Flex, Clover Go payment collection points of sale. They also offer kitchen printers for orders. 

Clover Flex and Clover Go allow for quick payment acceptance on the road! 

Service businesses:

• Service Professionals need to be fluid in their payment acceptance. Clover Flex Clover Go allow real-time payment acceptance while on the road. 
• Clover Flex can create a paper reciept while Clover Go can email or text a receipt to the customer. 

If you have been thinking about a great payment acceptance device and an even better back office dashboard, look no further than our Clover Suite of Products! Call Merchant Processing Solutions today for a free consultantion on these and other products! 

Merchant Processing Solutions Inc.
954-938-2420

QR Codes for Payment Acceptance

 

QR codes are fast becoming the most popular way to upload information into your smart phone. Many restaurants, fast food establishments and other retail vendors are using QR Codes to dessiminate information to customers or potential customers. But did you know they are equally useful to collect payment on sales? 

So what is a QR Code? QR (Quick Response) codes have been around since the 1990's. Created by Japanese car manufacturers to track cars and auto parts during the manufacturing stage. It has since taken on a life of its own and is used to convey all kinds of information including marketing, contact, instructions, menus, promotions, and more. They can be seen in brochures, signage, business cards, flyers, posters, billboards, and even television. A person using his phone camera can scans the QR Code a link appears and the customer clicks on that link to take the person to the shared information. 

QR Code for Merchant Processing Solutions 
Click on this to go to our Website! 

Merchant Processing Solutions can help merchants create a payment QR CODE that can be sent to your customer to accept payment. 

1. Create a Payment Link with Merchant Processing Solutions. 
2. Go to the Internet > Search for a QR Coder Generator Website (many are free)
3. They will ask you to to add the Payment Link you want your customer to open and then it will create the QR Code. Some Website even allow you to enhance the color and more! 
4. Once the QR Code is generated, copy is as a picture. I keep mine (for our website) in my files on my phone. 
5. When I need to send someone my website or contract info, I just upload the picture to the TEXT or EMAIL I am sending and the customer gets all my information or can pay me by just clicking on the QR Code. 

QR Codes can be: Text, Emailed, Air Dropped, embedded in an email/letter/flyer.

Pay quickly without waiting online! 

Currently, we have a couple of fast food restaurants that are asking their credit card patrons to use the QR CODE to make payments so that they can free up staff to service the customers faster! 

If your business is interested in using our Payment Link method to collect payments without having to haul around cumbersome/expensive terminals, call us! 

Merchant Processing Solutions Inc.
954-938-2420

Non-Cash Adjustment Program

Non-Cash Adjustment Programs is now legal in the State of Florida! Implementing a non-cash adjustment is another way business owners can offer a discount off of their listed, stated and advertised prices. Customers who pay with credit and debit cards do not receive the discount and will notice a non-cash adjustment on their receipt. 

This shows a flat rate but percentage can also be used.

There are rules and regulations to be followed but this program can easily help you lower you overall costs of merchant processing! Merchant Processing Solutions is offering a SUITE of processing options that are a COMPLIANT one-stop shop for fee based solutions allowing merchants to save money and provides you with new revenue streams!

Non-Cash Adjustment Program Rules: 

• Registration with the card brands is not required 
• A non-cash adjustment may be assessed as a fixed  amount or percentage and may be applied to credit cards and signature debit 
• A non-cash adjustment may be assessed in a Card-Absent Environment and Card Present Environment 
• The non-cash adjustment may not exceed the 4% cap

Payment Acceptance Connections: 

• In-person Terminals
• Over -the -Phone Payments 
• Invoice & Recurring Payments
• Mobile Payments
• Email Payment Links 

The Cost of this non-traditional Processing Option Program is $20.00 per month! 

Call Merchant Processing Solutions to get more details and save money! 

954-938-2420

BBB Rating A+, Google My Business 4.7

 

Is your merchant processing company local? Are they part of the Better Business Bureau in your community? Do they have a A+ Rating? 

If you are not sure, or know they are NOT....what are you waiting for? Merchant Processing Solutions would love to work with you and your business to give you the best service in the industry! Just ask our merchants! 

Reviews from Google: 

Norberto J. Torres - Kinesis Chiropractic

 27 mins ago

I had a wonderful experience working with Stephanie! Her attention to detail and her passion for her career made it a no brainer to work with her. I highly recommend Stephanie and her team!

    

Natalie Jenkins - Carpe Diem Inspections 

 4 weeks ago

Great business to work with. Just started my own company and weighed the different companies prices out and MPS was by far the better option. Stephanie answered all my questions and made things feel easier. I highly recommend Stephanie and her services with credit card processing.

 

Salerno Pawn and Jewelry

 6 weeks ago

Simply the BEST! Thank-you!!!!

Deborah Danto

 6 weeks ago

Yami, owner of MPS, is extremely knowledgeable and responsive with respect to providing solutions and customer service for our business and nonprofits for which we serve.

 

These are but a few of our glowing reviews. 

We want YOU to be one of our "Raving Fans"! 

Calll Merchant Processing Solutions

954-938-2420

Are You Taking All Your Merchant Deductions on Your Taxes?

 

Keep Track of Your Credit Card Fees, Chargebacks, & Refunds 

The law requires that banks and merchant processing service companies report GROSS REVENUE RECEIVED by the merchant. These entities DO NOT take into consideration the following: 

• Refunds - Merchants issue refunds days or weeks after a sale (the original sale is still counted in your Annual or Monthly Gross Sales
• Monthly processing fees (Your Annual Processing Fees only reports you TOTAL Sales without the Cost!)
• Chargebacks - Chargebacks are costly. Not only is the monthly pulled from your account during the arbitration period and if you lose, it is returned to the customer's credit card! But you also incur Arbitration Fees ($15 - $60) per incident! 
• Cost of Technology - Software and Hardware (either one-time purchase, monthly subscription fees or annual fees)

Are you overpaying the IRS on Credit Card Revenue?

Your Business needs to have accounting procedures in place to keep track of not only your sales revenue but your sales cost (which are NOT REPORTED IN THE MERCHANT SERVICES ANNUAL IRS REPORT) these separate items and YOU need to keep track of them! In other words, don't count on your Accountant or CPA to ask you for this information or actually find them in your paperwork. If your not TRACKING YOUR COSTS, you are losing a lot of money! 

It's simple, create a spreadsheet and then each month look at your monthly statement.    Record the following each month: 

• Total Revenue (found on first page of statement)
• Total Fees (found on the first page or at the end of the statement)
• The Fees will include any monthly fees, the rates paid for each transaction, any per item fees, authorization fees, Brand Assessment fees, any return/refund fees or chargebacks fees and PCI Compliance or Penalty fees. (Pay close attention to your fees)
• Check for any Chargebacks - Record that amount
• Chargebacks are sent to you from your processor by mail or email. Some companies have a BackOffice where you can find a section for NOTIFICATIONS, check there as well! Be sure to answer these chargebacks them in a timely manner!  
• Total Refunds/Returns given back to customers. 

Here's the difference between Merchant Processing Solutions and other processors:

1. We make sure you are PCI Compliant so you are not charged a high NON-Compliance Fee monthly!
2. We make sure you rates are low (interchange plus pricing) 
3. No minimum monthly payments
4. We get notified, along with you, when a Chargeback Dispute has been lodged. We make you aware of this issue and help your collect documentation necessary to win the chargeback.
5. We help you understand your statement and learn how to calculate you fees quickly and easily! 

If you would like to work with a professional team call 
Merchant Processing Solutions today! 
954-938-2420

Do I need Pin-Debit Processing?

 

Do I really save money with Pin-Debit Acceptance?

There are two tupes of Debit Cards: Signature Debit and Pin-Debit. So what's the difference?

Signature Debit: 

A signature debit transaction requires the cardholder to sign a receipt; either paper or electronically as a way of verifying the customer. These cards are processed via the BRANDS Network (Visa, MasterCard, Discover, American Express) and are subject to their interchange rate. These cards are treated just like a regular credit card and require NO Additional Equipment or Set-Up Fees. 

The rates and fees for the SIGNATURE DEBIT via the BRANDS NETWORK ranges from .05% - 1.65% with Transaction Fees between $.04 - $.30.

PIN DEBIT NETWORK

PIN Debit 

A pin-debit transaction,requires cardholders to enter their PINs (personal identification number) into the terminal to verify their purchase. Pin-debit transactions are processed through a different card netwrok called the PIN-DEBIT NETWORK. Some of the brands included in this network are: Accel, Jeanie, NYCE, STAR, or Shazam. The rates charged by these network brands are all different based on the pin-debit company choosen by your bank that assigned you your pin-debit card. You can find which one you have by looking at the front of your card!

The rates and fees for the PIN DEBIT NETWORK ranges froom .05% - 1.30% with Transaction Fees between $.03 - $.21.

PIN or Signature? What’s the best for my business?

Each business must decide for itself what it best for them. But here are some guidelines: 

1. If you do a lot of online or card not present transactions, Pin-Debit does not work for those transactions as it is ONLY set up for In-Person using a Pin-Debit enabled Pin-Pad.
2. You need to register with the PIN DEBIT NNETWORK brands and have an additional set-up on your merchant account. 
3. With the new Durban Ammendment, most Signature Debit credit cards are regulated and can only charge the merchant .05% plus the transaction fee. This is typically cheaper than the PIN DEBT NETWORK. 
4. Ask yourself, how many of my customers will pay me with a Debit VS Credit card. A debit card pulls the money immediately while a credit card will float the money until the bill is due. 

If you need help understanding of deciding on which is best for your business, please call us! 

Merchant Processing Solutions Inc.

954-938-2420

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!