Home: Message List - How do I start accepting credit cards in my business?

Re: How do I start accepting credit cards in my business?

NRU Investor — Wed, 02 Jul 2008 05:15:46 GMT

Good evening. I know there are alot of companies out there that promise you things that sound good but you have to be very careful. I know that you need to accept credit cards and offer gift cards, but would I would like to do is save you money which is important but last but not least is help you make more money, which is the reason why you went into business. With Alpha Omega Processing powered by NPC we have over 25 years in experience with credit processing. NPC processes 1 out of 4 credit card transactions in the world, and is the 5th largest processing companie in the U.S. We offer annual fees, no application fees, and no contracts. We offer the lowest rates and it will only go down from there,not up. Feel free to call me at 678-371-5049- so that I can get all of your questions answered or you can email me at tmack0306@yahoo.com. Give me a call so we can talk about your business and get your business off the ground.

Tory Mosley
Business Owner Advisor

Re: How do I start accepting credit cards in my business?

amspcs — Tue, 24 Jun 2008 20:19:05 GMT

Oops I listed the same link twice.

The second link should be: http://www.merchantservices-help.com/FAQ.
html

Again, the other link is: http://www.merchantservices-help.com/merc
hant-glossary.html

Sorry

Re: How do I start accepting credit cards in my business?

amspcs — Tue, 24 Jun 2008 19:23:55 GMT

No reason for any small business to be confused unless he/she was negligent in doing his/her homework.

Here are some resources we have made available to small merchants to help them understand the process a little better. They include a glossary of merchant account terminology, and common FAQ's: They explain Interchange, rate structure, include useful links, and much more.

No hard sell,just free and useful info, facts and links:

http://www.merchantservices-help.com/merchant-glossary.html

http://www.merchantservices-help.com/merchant-glossary.html

AMSPCS
amspcs@juno.com
www.MerchantServices-help.com

Re: How do I start accepting credit cards in my business?

UBCOA1 — Tue, 24 Jun 2008 18:46:04 GMT

Ok, You guys are going to confuse the bejesus out of this Forum Member!

It's nice that you all want "help" but keep in mind that terms like "Interchange", "Bin Fees"" etc mean nothing to most merchants.

They want the bottom line in Plain English. It sounds like this Forum Member needs to held by the hand and taught from scratch.

For the smaller merchant, and I have to assume we are talking about a small business here due to the nature of the question, there are things he needs to know but there is no sense in over complicating it.

One response referred to "advance Fees". I dont know who he is with but unless someone is charging Application, Setup Fees what advance fees could he possibly be referring to?

My advice is to run away if someone tries to charge you upfront or Advance fees for a merchant account.

If you are looking for someone who specializes in dealing with smaller newer merchants than I would be more than happy to talk to you further. You can email me at pete@process4less.com.

Re: How do I start accepting credit cards in my business?

TBG_Global — Tue, 24 Jun 2008 18:44:55 GMT

All of the comments made are very valid. If you have any past statements, a new processor would need them in order to profile your business and get you the best quote.

There are companiie that will allow you to donate some of your processing dollars to a charity of your choice without charging you any extra. The Charity would receive the donation in your name quarterly. It is good advertising without an additional cost.

You can contact me at proc4charity@theberngroup.com.

Anthony

Re: How do I start accepting credit cards in my business?

Blademan — Tue, 24 Jun 2008 18:08:35 GMT

All these replies sound like good advice but seem to be posted mostly by those in the CC industry. It may not be a bad idea to investigate the offerings of PayPal, especially if your business will include internet sales.

Re: How do I start accepting credit cards in my business?

amspcs — Mon, 12 May 2008 19:05:20 GMT

Good post from the previous writer, many valid points. A few,however, merit further comment and clarification:

Interchange Plus or Interchange Cost (also known as Passthrough pricing) happens to be our preferred pricing mechanism as well. I agree it is probably the fairest deal for many (but not all) merchants if set up properly and honestly.. However, let's be realistic here. To infer the that ANY processor is going to offer the very same pricing to the typical small business or 'mom and popper' as WalMart or "ALL the big companies" get is absurd. Obviously this is unrealistic and impossible since..a processor grossing a few pennies on every hundred dollars processed for one merchant doing $10,000 per month vs another merchant doing untold hundreds of millions per month represents two entirely different scenerios in terms of pricing, overhead factor, and every other conceivable variable....agreed? It should also be clarified that Interchange Plus is a pricing mechanism, not a rate structure in and of itself. I've seen many a merchant statement featuring 'interchange plus" pricing that are supreme gouge jobs for many reasons.....margins too high, add-on fees, you name it.

Re the " lower rates from a Direct Processor" claim. Sounds good but in essence not much more than a contrived sales pitch.. The problem is it grays the difference between "Acquirer" and"Processor",which aren't necessarily the same. All credit card services, no matter who the front or back end processor, originate from an Acquirer who in turn has licenses with the bankcard associations, Visa and MC. The bankcard associations set the rates that are the same for all Acquirers and therefore for all processors, the rate structure is called "Interchange". So when someone is selling off Interchange or Passthrough, whatever you want to call it, the Interchange rate on which the re-sold pricing structure is based is EXACTLY the same since there is only one Interchange, regardless of whether or not it's being resold by a "direct processor" whatever that means or not. For the record, we and countless other Agents have access to and sell the services of those identified as "direct processors" every day with no 'middleman fees" whatsoever, including Global, First Data, Vital, etc., and we sell off true interchange if that's the best solution for the merchant.

I need to point out that the claim that Heartland Payment Systems is " the ONLY full disclosure pricing provider in the industry." is what's known in the sales biz as 'puffing', which means it's opinion for selling purposes, not documented fact by any stretch. '. I know Heartland very well and agree they are a first-rate honorable company. But for anyone to claim that they are the ONLY honest guys out there and nobody else honestly discloses their pricing is incorrect. True there are lots of bad guys out there in our industry, but there are many honorable people as well. I consider myself to be in the later category, please don't lump me with the bad guys. As far as full disclusure of rates and terms goes, one of the Acquirer contracts we represent is 40-something pages long ! I can't imagine fuller disclosure.

The website mentioned by the previous poster was excellent. I'd also like to direct readers to www.MerchantServices-help.com which also contains a vast amount of useful information regarding credit card processing glossary and terms, FAQ's, ecommerce and rate structure info sites etc.

I too would be happy to answer any inquiries. Email to amspcs@juno.com.

B. Godofsky
AMS, Inc.

Re: How do I start accepting credit cards in my business?

chatterboxj — Mon, 12 May 2008 18:22:58 GMT

Thanks MRFINANCE,

I would have been even better if I had left contact info so anyone with questions could actually ask them!!

LOL I am new and thought people could email me from the site -- I guess not!!

Charles "Chad" Johnson III
Relationship Manager - Heartland Payment Systems
charles.johnsoniii@e-hps.com
(304) 886-3113

Re: How do I start accepting credit cards in my business?

MRFINANCE — Mon, 12 May 2008 17:55:14 GMT

Good answer CHATTER!

Re: How do I start accepting credit cards in my business?

chatterboxj — Mon, 12 May 2008 17:19:02 GMT

The last poster, AMSPCS, was 3/4 of the way there. A merchant has to look at the ENTIRE setup not just the "Hook" rate. Many times this will be a teaser rate or will not apply to their situation. I have seen so many merchants that have been sucked in with a teaser and then pay thousands more a year than they have to.

Visa and MasterCard have over 100 differant rates for differant cards. A three tier set up is good but you are still not getting the best possible setup. The best setup is Interchange Plus or Cost plus. This is how ALL the big companies are setup, including Wal-Mart.

Look for a Direct Processor. There are 8 or so processors that move the money around and lots of others that buy the rate from one of them and resell it to you. Some of the Direct processors are Heartland, Global, RBS Link, First Data, Paymentech, and Nova. Once you have a direct processor, THEN compare setups. Service is a HUGE thing to look for. If you need help, do you have a local representative? Is their a US based, english speaking help desk?? (this eliminates 1/2 of the processors off the bat)

The key is to know your rights and make sure that the company you are dealing with is giving them to you.

check out the site www.MerchantBillOfRights.com

It is not a sale site, just an information site.

The company I work for (W-2 employee not sub-contracted sales person) is Heartland Payment Systems. They are the ONLY full disclosure pricing provider in the industry. Heartland is a direct processor (no middleman fees like several others represented here) and every month you will see EXACTLY how much went to Visa and Master Card and how much went to HPS to move the money around.

I am happy to answer any questions and if we can earn your business that is great. If not then you will still be better informed.

Good Luck!!

Chad Johnson
Heartland Payment Systems
www.heartlandpaymentsystems.com