Merchant Processing Solutions Inc. is a local south Florida company that provides merchant processing solutions to its merchants. We pride ourselves on honest rates, innovative solutions and intelligent technology to meet our customers' needs.
We believe that our customer is NUMBER ONE so their needs have become ours. We offer local support during the installation process and we understand what is going on behind every transaction.
Building Relationships not just Transactions.....
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 verificationhelps 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!
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!
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!
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.
Your customer needs to also get set up as a Venmo user PRIOR to any transaction.
Your money is NOT secure! Venmo offers NO chargeback protection or fraud protection!
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.
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!
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 has been working with non-profits for many years. We understand they issues and can help mitigate their high costs of merchant processing along with providing them more effective ways to connect to their customers!
Non-Profits absolutely need a website to share their mission and collect funds
Non-Profits should have a mobile device to accept payments in events
Non-Profits need a BackOffice that captures donor information and payment history
Non-Profits need to include a Payment Link or QR Code with any emails or letters sent to donors
Many non-profits start with their bank that hands them a terminal that can only take in-person payments within incurring a penalty fee and higher rate for over the phone payments! Then they go to a different provider like PayPal for their website, then they add a mobile card reader for events!!! That's 3 or more separate accounts! STOP THE MADNESS! We offer one account that can capture payments on all the above mentioned payment connections! You can do the following:
Website Donate Here button
QR Code at table at events
Payment Link under your signature line for donations
A mobile device connected to a cellphone for in-person donation acceptance
All patron information is stored in one Backoffice along with their payment history!
The easier non-profits make it for people to donate, the more they will attain their goals!
Unfortunately, it's not just getting donations, its also paying a reasonable price on your merchant processing of those credit card donations! Merchant Processing Solutions prides itself on offering non-profit rates and fees to help reduce the impact of credit card fees.
Want to learn more or speak with some of our Non-Profits that enjoy the benefits of working with MPS? Call us today!
How a transaction dispute and chargeback is processed!
A customer, for a number of reasons, doesn’t recognize a charge on their credit card statement or does not agree with something on that charge, contacts their CREDIT CARD issuing bank to dispute the charge.
The CREDIT CARD issuing bank reviews the customer’s dispute. They may deny the claim OR accept it.
If they siding with the customer, the issuing bank takes the cost of the CNP transaction plus any additional fees (Chargeback Fees - Approximately $30.00) out of the business’s merchant account. The issuing bank may refund the customer’s money, satisfying the customer.
The CREDIT CARD issuing bank records the chargeback information and relays it to the business’s Merchant Processing bank.
The business’s Merchant Processing bank reviews the data and either resolves the issue with data on file (like duplicate charge) or notifies the business.
If the Merchant Processing bank forwards the chargeback to the business, the business can accept the chargeback (lose the money) or dispute it back. The merchant will have to provide evidence that the customer made a legitimate purchase, knew the price, agreed to the price and received their purchase from the business. Providing evidence can be difficult if the business doesn’t know what is needed to RESERVE the Chargeback!
With the merchant evidence in hand, the Merchant Processing acquiring bank represents the business’s chargeback dispute to the customer’s CREDIT CARD issuing bank. If the issuing bank sides with the business, it returns the transaction amount to the merchant account. If the issuing bank sides with the customer, the chargeback stands, and the business can pursue arbitration. In some cases, the issuing bank sides with the business but files a second chargeback if new information further supports the customer’s dispute.
STOP LOSING CHARGEBACK DISPUTES!
The merchant loses a lot when they lose a Chargeback?
Lost merchandise.
Chargeback fees (Typically $30 each)
Shipping costs.
Potential credit card penalties. (Some processors drop merchant that get too many chargebacks due to RISK!)
High transaction fees. (Merchant Processors purposely charge more in fees and rates to companies that have a tendency to receive Chargebacks) Example: Travel Industry, Elective Surgery, Energy & Vitamin Industry are a few)
Network termination. (Even the Brands can cancel a merchant if they deem them a HIGH RISK due to many Chargebacks!)
When you work with Merchant Processing Solutions, you have a merchant advocate that will notify YOU of a new Chargeback. Tell you what the issue is and how we can dispute it to KEEP YOUR HARD EARNED MONEY! If you are losing money every month due to Chargebacks, call us today and let us help you keep your money by winning the disputes!
Merchant Processing Solution is a local South Florida merchant services company that has been involved with the business community since its inception in 2006! Connecting and Networking is synonymous to the MPS mission. We believe that when we gain a new merchant, in fact, we have gained a new Partner!
The MPS TEAM is actively participating in many civic and business organizations like the Ft. Lauderdale Chamber, Miramar Pembroke Pines Regional Chamber, Weston Florida Chambers of Commerce. We also individually participate in business leads groups granting us the opportunity to recommend our merchants to other potential customers! Its amazing what can happen when we reach out and connect our merchants to other B2B Businesses!
If you do not have a local merchant processor, you are missing out on the potential networking and promoting opportunities given you by Merchant Processing Solutions! Call us today!
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?
Are they a local company that can come to you for consultation, installation, training and customer service issues.
What is they pricing model? What are their monthly fees, brand assessments, and fees?
Interchange Plus Pricing
Flat Rate
Tiered Pricing
How effective and responsive is their Customer Service?
Do you have a dedicated merchant processing rep that knows and understands your business? Do you have their cellphone #?
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:
eCommerce for websites
Retail for in-person sales
Mobile for remote credit card capture
Invoicing or Recurring Payments sent via email
Virtual Terminal for phone sales
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!
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!
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!
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
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 Solutionstoday, we can help!
