5 Essentials Services for a Merchant Processor!

When searching for a merchant processing company, you need to do your homework! Don't just go online, sign up with your bank or anyone else until you get a true understand of your company's needs and budget for your payment processing needs. 

                                    

What do I need to look for in a merchant services company?

1. Are they a local company that can come to you for consultation, installation, training and customer service issues.
2. What is they pricing model? What are their monthly fees, brand assessments, and fees?
1. Interchange Plus Pricing
2. Flat Rate
3. Tiered Pricing
3. How effective and responsive is their Customer Service? 
4. Do you have a dedicated merchant processing rep that knows and understands your business? Do you have their cellphone #? 
5. Is the merchant processor offering you the right product for YOUR BUSINESS or the only product they have that they can sell/rent/lease to you! Do they offer multiple avenues to accept payments within the same account: 
1. eCommerce for websites
2. Retail for in-person sales
3. Mobile for remote credit card capture
4. Invoicing or Recurring Payments sent via email
5. Virtual Terminal for phone sales
6. QR Code embedded for Text/email/paper payment

Merchant Processing Solutions is a local South Florida company that prides itself on personal customer service, individualize consulting based on YOUR BUSINESS not what we want to sell and fair, transparent rates and fees! 

Check out other processors but make us last, you'll see the difference! 

Merchant Processing Solutions Inc.
954-938-2420

What Is a Credit Card Processing Company?

 What Is a Credit Card Processing Company?

A credit card processor makes it possible for you to take credit card payments by connecting the various services involved in the process. These include credit card networks (Visa/MasterCard/Discover/American Express), issuing banks (the customer's credit card company (Bank/Disney/Amazon) and your own merchant payment processing account (Merchant Processing Solutions or others).

When a customer swipes their credit card at a store or pays online, a credit card processing company (MPS) enables the secure transfer of customer data for payment approval to the Networks, collects the funds from the issuing bank (customer's credit card company) and deposits those funds to the YOUR BANK ACCOUNT within one to two business days.

Prior to this automation, stores would use a "knuckle-buster" machine and swipe a carbon copy of your credit card which the customer would sign. Those would be mailed off to the correct Network. A merchant would get a check sent to them about once a month with their funds! Today, in-person collection of payment pays merchants in 24 hours while card-not-present collection takes 48 hours. As long as the merchant closes their BATCH/SETTLEMENT prior the the processor's daily cut-off time for batching! 

Want a knowledgable and honest Merchant Processing Solutions is your answer! 

954-938-2420

Merchant Processing Solutions makes Clover the BEST POS for Restaurants!

 Let's Talk Clover for Restaurants! 

CLOVER OFFERS THE BEST POS FOR ALL TYPES OF RESTAURANTS!

Clover has implemented a business model similar to Apple, the customer purchases their POS device with basic functionality and purchases additional features from an app store; only using what they need! Clover POS systems include accepting payments of all forms, reporting, managing orders, inventory and employees. Users can add things like payroll, gift cards, and other business management tools. So it basically fits all types of Restaurants and their size! 

Pros

• A choice of 4  advanced POS devices each by itself can be a standalone system! 
• A large selection of third-party integration apps such as Marketing, QuickBooks Integration, Waitlist, TimeClock, SeatOn Reservations, Menufy Online Ordering and 193 more!! 

Cons

• Prices are determined by the level of data you wish to handle on your system.
• Some users have complaints about difficult installation, faster access to customer service and inevitable equipment failure! As with ALL POS Systems, what happens when something goes wrong?? With Merchant Processing Solutions, you will NEVER have any of those issues... here's why!

Camilo Guzman, Clover Expert Tech

Merchant Processing Solutions heard their customers and hired a full-time Clover Technician. Introducing Camillo Guzman, a 15 year IT and POS Engineer that also was the General Manager of several South Florida Restaurants for more than 7 years. Camilo understands the restaurants issues and how to make them run  smoothly and effectively. Once introduced to the Clover POS for Restaurants, Camillo was hooked! The systems allows for full integration, mobility and functionality for the restaurant needs. The restaurants pays less for merchant processing while the staff makes more in tips. Everyone is happy! 

Call Merchant Processing Solutions TODAY to speak about getting switched over the Clover. Merchant Processing Solutions makes Clover the BEST POS for Restaurants! 

Merchant Processing Solutions Inc. 
954-938-2420

High Risk businesses need merchant processing too!

Yamilet Strauss, owner of Merchant Processing Solutions

One of the first things merchant processing providers look for in order to approve a merchant account; is credit worthiness! The business' tax returns, bank accounts along with owners' past history and credit score. A high-risk merchant is a business that provides products or services that are subject to regulations, laws, fraud and chargebacks!

• The Risk that processors look for are one of these 5 types: 

• Financial - Does this business sell high-ticket items or services that with a couple of bad sales and chargebacks could close the company?

• Example: Accepting credit cards on car purchases. If the customer finds an issue with the car, the BRANDS allow up to 180 for the customer to do a chargeback!  

• Reputational - Does this company fall within the "norms" of acceptable products or services? 

• Example: Airlines typically have terrible reputations for poor service. In 2021, it was reported that 25% of airline customers requested their money back, in the form of a chargeback!  

• Legal - Is this company legal or fall within the gray lines of the law?                    
• Example: Medical and Recreational Marijuana is not legal in all states yet. Even illegal in some areas where the state approved usage but not sales! Legally selling regulated products or services is tricky and leaves the business open to constant chargebacks! 

• Compliance - Is the business compliant with all the rules and regulations enforced for their business? 

• Example: A company that sells vitamins that are not FDA Approved is a risk for merchant processors as if they do not "fix" or do what the customer expected it to do, they do a chargeback! 

• Operational: Is your business a "custom" product or service? How much of your business is shipped? How many overseas clients do you have? What type of employees to you employ? All of these "operational" risks can make a business a "high-risk" merchant. 

• Being in a high-risk industry increases the likelihood of being labeled a high-risk business. A burlesque club automatically goes into the "Adult Entertainment" category under high-risk. 

• Selling high-risk products can also puts a business into the high-risk category

High-risk businesses have a much higher possibility of financial failure than traditional businesses. That is why it is very tedious to get approved for a merchant account. Merchant Processing Solutions has help many high-risk merchants get approved at REASONABLE RATES for their business. Let us help! 

Call Merchant Processing Solutions today at 935-938-2420

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