Agent/ISO Educational Webinar Series
If you’re an Agent or ISO and looking for more education, be sure to register for our webinars. Presented by industry experts, these free, one-hour webinars are held monthly and open to all. We cover a range of topics from tax tips to lead generation. Our webinars are loaded with useful information and tips to help you improve your bottom line. Register for one today: www.merchantwarehouse.com/webinars
Topics:
- The Real Deal on PCI – What You Really Need to Know
- What Makes Your Portfolio Valuable and How to Sell It
- Marketing Strategies to Generate Leads
- 10 Dirty Little Secrets in Your Agent Agreement
- Building and Managing Your Database of Leads
www.merchantwarehouse.com/webinars
4 Ways to Save on a Merchant Account
Almost any business can now accept credit cards with little to no start-up costs.
So how do you make sure you are getting the lowest costs for the long run? Following are four ways you can save money on your credit card processing, and avoid frustrating traps.
1) Don’t Sign an agreement with a long-term commitment!
Signing a contract or an agreement with a term and termination fees commits you to staying with a processor regardless of your satisfaction or pricing changes. Many times these fees are hard to find in an agreement so check if there it a term listed and then find charges for cancelling before the termination date. Don’t take “we never charge that” as an answer from a sales rep. If it is in writing, they will charge it.
- Cancelling in the midst of your term means paying a steep termination fees or remaining monthly fees, many times up to $1,000.
2) Never Focus Exclusively on Percentage “Discount” Rates.
Companies who quote extremely low rates are usually trying to distract you from ‘gotchas’ that will have you paying much more in the long-run. Almost all processors have the same general costs so if something seems much lower, assume they are taking a loss to recoup revenue somewhere else.
- Getting the lowest rates doesn’t necessarily mean that you’re getting the best deal. Remember, the different between tenths of a percent are almost immaterial.
3) Look to Save on Processing Equipment.
Most equipment can function with any processor and costs have declined dramatically. Many companies now even offer free applications for processing on an iPhone, Blackberry, Android and Windows Mobile platforms or over the Internet. There is no reason to pay a lot out-of-pocket if your processing needs are basic.
- Never lease equipment. Leasing is extremely costly, and involves long-term agreements.
4) Ensure You Have the Right Type of Merchant Account for Your Business.
There are different types of merchant accounts based on the way credit card transactions are accepted. It is always cheaper to have the right merchant account type for your business.
- Always work with a firm that can explain the differences between the different merchant account types and which asks questions about your specific processing environment.
PCI & PA-DSS Compliance: What It Means for Your Business
July 1, 2010. That’s the the date when all payment processing applications are required to be PA-DSS validated. Who should care? Well, if you sell point-of-sale (POS) systems with payment processing functions or, if you accept credit, PIN-debit and other electronic card payments, then you should. You can visit the PCI Security Standards Council (PCI SSC) website to learn about the requirements and certification process, but here are a few reasons why it’s important to your business.
First, if your payment processing system is not PA-DSS validated/PCI compliant, you can no longer process card payments. Yes, that’s correct. According to the PCI SSC guidelines, you are prohibited from using payment processing systems that are not PA-DSS certified, and if you continue to use a non-validated payment application, your business could be shut down. Is there a compliance policeman knocking down your door on July 1st? Probably not, but that doesn’t preclude you from being audited.
Second, if your network is breached and cardholder data is stolen, you could be held liable for the occurrence. This could cost you thousands of dollars, not to mention an impact on your brand/business and customer loyalty.
Third, you may find yourself on a waiting list if you delay your compliance audit. This could impact your business. If you’re a Level 4 merchant, you’ll need to complete the PCI SSC’s self-assessment questionnaire and quarterly scans by a Qualified Security Assessor (QSA). If your solution is already PCI compliant, that questionnaire may be considerably shorter. If you’re a POS developer, your payment applications require you to complete a more robust audit process that could cost several thousand dollars, in addition to making software updates/changes that may be necessary to achieve compliance.
So start planning your compliance strategy today. If you’re a Level 4 merchant, check with your POS provider or VAR to be sure your existing solution is PCI Compliant and ask for recommendations for a QSA. If you are a POS developer or VAR, discuss PA-DSS options with your payment processing vendor. You can minimize the costs and headaches associated with PA-DSS compliance if you integrate or use a PA-DSS certified solution. Merchant Warehouse offers a complete suite of PA-DSS validated solutions that minimize compliance. Check the PCI SCC website for a list of PA-DSS certified solutions and certified QSAs.
Payment Processing Solutions for SMBs
Every small- to medium-sized business needs either a basic method of accepting credit, PIN-debit and check payments or a feature-rich, integrated POS system. In these economically uncertain times, be sure your payment processing solution addresses the following SMB concerns: benefits, productivity, revenue, security and innovation before you make that call.
Benefits - Merchants need to fully understand why your processing solution is better and what they receive by using it. Do they have the most competitive pricing on merchant accounts; is there a special technology that improves their bottom line?
Productivity - All things being equal, how quickly and easily does a merchant see an increase in productivity or efficiency using your solution? Do your back-office management and reporting tools readily address this issue?
Revenue - Every business has money on their mind. How does your payment solution help develop and grow revenues? If you offer innovative technology or valuable add-on options, be sure your customer understands how it grows the bottom line. Gift and loyalty cards come to mind as an easy way to increase revenue per transactions and grow customer loyalty.
Security - With PCI Compliance requirements just around the corner, does a new payment processing system help minimize the compliance headaches and ensure card data security? How does end-to-end data encryption technology make a difference?
Innovation - New technology is great if it improves the current business’ situation, but if it adds little value and has a low ROI, it’s a hard sell. Before asking your customer to invest in new technology or upgrade their processing systems, be sure you understand their pain points and how new technology addresses them. Will lowering processing costs make a big difference for a customer or will accepting payments in real-time save money?
All businesses need cost-effective payment processing solutions. When pitching yours, make sure your solution answers these five critical business concerns.
Security Technologies for PCI Compliance
During its review of the current PCI compliance regulations, the PCI Security Standards Council will begin considering new card data security technologies that help merchants protect sensitive cardholder information. Although no revisions to PCI DSS are expected in 2010, Mark Lobel, principal at PricewaterhouseCoopers, suggests there will be a strong push for end-to-end data encryption, tokenization, magnetic-stripe imaging and virtual terminals (payment gateways).
Fortunately, Merchant Warehouse combines all of these features in its MerchantWARE® SECR™ (Secure Encrypted Card Reader) solution to help its merchants achieve PCI compliance and better protect consumer card data. If MerchantWARE SECR’s features are deemed adequate for securing payment data, wouldn’t it be worth it for every business to use this solution in their store?
Merchant Referral Program
Are you an ISV or VAR developing and/or selling POS systems that need secure payment processing capabilities?
MerchantWARE® by Merchant Warehouse® is a complete suite of PA-DSS certified payment processing solutions designed especially for developers and VARs to deliver end-to-end card data protection for their customers. Combined with a generous, easy-to-grow revenue residuals program, the Merchant Warehouse Partner Program is the best one-stop shop for all point-of-sale environments. Explore our Partner Program today and the opportunity to develop a profitable, second revenue stream. Contact us at partners@merchantwaresolutions.com or 800.498.0823.
Avoid Card Processing Fees
Over the past 10 years, the credit card processing industry has seen a steady increase in Interchange fees – as much as 300% since 2001 – and it’s merchants who are left paying the hefty tab.
While the U.S. government is still debating its role to intervene and regulate these non-negotiable, industry-controlled business expenses, and organizations in support of an Interchange fee reform are still collecting petition signatures, frustrated merchants are making the effort to manage these costs on their own. According to the Boston Globe, some businesses are beginning to offer their customers discounts for purchases made with cash to deter card usage and offset the high costs of card fees, while others have gone so far as to forfeit their ability to accept credit cards at the risk of losing a sale and/or customer.
With all of this commotion surrounding Interchange fees, it seems paradoxical that Merchant Warehouse’s patent-pending BINsmart™ solution is not more widely adopted by retail merchants and point-of-sale vendors. With BINsmart, merchants can accept credit and debit card payments while relying on the customized BIN-recognition with PIN-steering technology to assess each transaction and uncover potential savings on card processing fees. Would you use BINsmart to help your business save on Interchange rates? Let us know by commenting below.
Merchant Warehouse’s Record Month is Covered in The Green Sheet
On December 14th, 2009, The Green Sheet featured a brief on Merchant Warehouse’s record month in October 2009. The piece highlights the 3,332 applications that the company collected, the most in its history.
To see the article, click here.
Merchant Warehouse is Featured in Investor’s Business Daily Newspaper
As companies look for new and innovative ways to better manage their businesses, Investor’s Business Daily showcased the co-CEO model that Merchant Warehouse embraces.
IBD reporter, Gary Stern, spoke with Merchant Warehouse’s Scott Zdanis, co-founder and co-CEO, about how this model works for the company. To read the online article in its entirety, click here.
Merchant Warehouse Card Data Security Tips is Featured on FastCasual.com
Since consumers tend to turn to their credit cards to pay for holiday gifts and celebrations, Merchant Warehouse provided consumers and merchants alike a list of tips and best practices to ensure their credit card information is protected against data thieves. Merchant Warehouse’s tips appeared on the Fast Casual publication’s web site.
To see these tips click here.