Reading A Merchant Statement Part 3

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Reading A Merchant Statement Part 3

And Our Final installment on this topic, continuing from last weeks blog, let’s review some more things you need to learn about – not all may apply to you – but many will – so read on.

Monthly and other Misc Fees

CUSTOMER SERVICE / STATEMENT FEE – Monthly fee assessed for overall maintenance

and support of your Signature account

TIP: Merchant accounts can have so many names for the monthly fee we couldn’t possibly list them all.

 

CHARGEBACKS – Processing fee for any chargebacks received in the month

DEBIT ACCESS FEE – The flat-fee charged for accepting debit cards.

WIRELESS TERMINAL FEE – The flat-fee charged for each wireless terminal you use.

HELP DESK – The charge for each help desk call you make to the processor’s help desk.

AVS FEE – Address Verification Service inquiry fee.

This fee MAY appear in the Authorization Fees section

Note that if any of these fees are item-related (such as CHARGEBACKS), then you will see an item count in the center column.

Summary of Monetary Batches – Dollar amounts and the process date of each batch you process, and all chargeback / adjustments for the month. The ‘R & C’ column is for Returns and Corrections, and is not commonly used. This will usually be 0. Note also that debit transactions may appear as separate batches.  At rare times you’ll see reserve account and daily discount information posted here.  If you have anything but a zero here – it’s time to ask your processor to explain it in detail to you.

Contact Merchant Zoom today and we’ll consult with you on your best options.

Headquartered in Pinole California, MerchantZoom, Inc. was founded by Wally Arakozie. Previously employed by one of the largest merchant processing companies here in California for nearly a decade. Since the company’s beginnings MerchantZoom, has grown into a reputable national merchant provider.  Along with delivering state of the art technology and competitive rates, MerchantZoom, thrives on personalized local customer service and support. In order for your business to ZOOM!

 

Address

759 Appian Way Ste 1A Pinole, CA 94564

E-Mail Us

Info@mchzoom.com

Contact Us

1-844-624-9666

Website

www.mchzoom.com

Facebook

https://www.facebook.com/mchzoom

LinkedIn https://www.linkedin.com/in/mchzoom

Twitter https://twitter.com/mchzoom

 

Content Release Date May 22, 2017 – MerchantZoom Inc.

Press Release by 72 Charms LLC, content is the responsibility of MerchantZoom, 72 Charms simply does it’s work for hire, contact us if you need to promote your business, otherwise, contact, MerchantZoom at http://mchzoom.com to take care of your processing needs.    If you need social media content management or WordPress design reach out us at www.72charms.com

Reading A Merchant Statement Part 2

Continuing from last weeks blog, let’s review some more things you need to learn about – not all may apply to you – but many will – so read on.

 

Summary of Card Fees Continued-

Authorization Fees – This section outlines your authorization fees for the month, broken out by the authorization type. Authorizations occur each time you attempt to process a card, as well as each time you close a batch.

(Note that the fees for batch authorizations will appear under the Visa card type.) Some of the authorization types you may see will be:

* POS/LOC or 950 – The per-authorization charged each time your terminal dials out and connects to the processor, using a local phone number.

* POS- WATS-The per-authorization charged each time your terminal dials out and connects to the processor, using a toll-free phone number.

* VOICE-LOC – The charge for each voice authorization (when you must “call center” for an authorization)

* AVS – the per inquiry charges for Address Verification

 

You should see the following items listed:

Card type applicable for the fees below it.

Card fee type, including those items explained above

The dollar amount and/or item count used to determine the fee

The per item or percentage rate of the charge

The total charge for that fee, for that card type

The total fees for that card type

The amount of any pre-paid, qualified discount paid throughout the month. This amount

is DEDUCTED from fees total

The total card fees, after deducting any pre-paid qualified discount fee

 

TIP: How to do the math: 1) ADD up all the figures (total card fees for each card type)

2) SUBTRACT the pre-paid discount figure

3) The difference is the amount charged for Card Fees

 

TIP: pre-paid qualified discount fee Is also known as a “Daily Discount” and may not apply to your account. If it does apply to your account, you should talk to your representative about why you are on daily discounting.  While some merchants may prefer it, it can make accounting much more difficult.

 

Next week we’ll tell you more…stay tuned…or call us and we’ll personally educate you.

 

Contact Merchant Zoom today and we’ll consult with you on your best options.

 

Headquartered in Pinole California, MerchantZoom, Inc. was founded by Wally Arakozie. Previously employed by one of the largest merchant processing companies here in California for nearly a decade. Since the company’s beginnings MerchantZoom, has grown into a reputable national merchant provider.  Along with delivering state of the art technology and competitive rates, MerchantZoom, thrives on personalized local customer service and support. In order for your business to ZOOM!

 

Address

759 Appian Way Ste 1A Pinole, CA 94564

E-Mail Us

Info@mchzoom.com

Contact Us

1-844-624-9666

Website

www.mchzoom.com

Facebook

https://www.facebook.com/mchzoom

LinkedIn https://www.linkedin.com/in/mchzoom

Twitter https://twitter.com/mchzoom

 

Content Release Date May 15, 2017 – MerchantZoom Inc.

Press Release by 72 Charms LLC, content is the responsibility of MerchantZoom, 72 Charms simply does it’s work for hire, contact us if you need to promote your business, otherwise, contact, MerchantZoom at http://mchzoom.com to take care of your processing needs.    If you need social media content management or WordPress design reach out us at www.72charms.com

Reading A Merchant Statement Part 1

Let’s review some things you need to learn about – not all may apply to you – but many will – so read on.

First we have the, Statement Message – This section will contain important information about your account, including any new Visa/ Mastercard rules, programs, etc.  There will also be tips on how to receive the lowest discount rate, special online reporting enhancements, and other important information.  Make sure you read this section thoroughly each month.  It’s also going to tell you about price increases and warnings.  Almost no one reads these – yet – these are undeniably the thing a representative will come back to you and say – “well, did you read the statement message because it was disclosed to you there”.  He may be a bit rude but guess what he’s right…it’s your responsibility to ready it – even if it’s not mailed to you and it’s e-mailed or online and you have to download a PDF.

 

Next we have Total Charge To Your Account – This is the total charge that was debited from your business checking.  It includes all transaction, authorization, discount fee surcharges, and other fees for the month.  The breakdown of these fees is outlined in the following sections.

 

Then we have Summary of Card Deposits – This section shows you, by item count and dollar volume, the total sales, returns, and adjustments (chargebacks and/or re-presentments) for each card type that you accept, for the month covered.  The last column of this section shows you the Net Sales for each card type.  Note that we do NOT show adjustments for card types other than Mastercard and Visa.

 

Be sure and do the duly informed duty of checking the Statement Header – Includes your merchant number, name, mailing address, and the period that the state.  Statement Header – Includes your merchant number, name, mailing address, and the period that the statement covers.  Our Customer Service phone number is also at the bottom of the statement header.

 

Next week we’ll tell you more…stay tuned…or call us and we’ll personally educate you.

 

Contact Merchant Zoom today and we’ll consult with you on your best options.

 

Headquartered in Pinole California, MerchantZoom, Inc. was founded by Wally Arakozie. Previously employed by one of the largest merchant processing companies here in California for nearly a decade. Since the company’s beginnings MerchantZoom, has grown into a reputable national merchant provider.  Along with delivering state of the art technology and competitive rates, MerchantZoom, thrives on personalized local customer service and support. In order for your business to ZOOM!

 

Address

759 Appian Way Ste 1A Pinole, CA 94564

E-Mail Us

Info@mchzoom.com

Contact Us

1-844-624-9666

Website

www.mchzoom.com

Facebook

https://www.facebook.com/mchzoom

LinkedIn https://www.linkedin.com/in/mchzoom

Twitter https://twitter.com/mchzoom

 

Content Release Date May 8, 2017 – MerchantZoom Inc.

Press Release by 72 Charms LLC, content is the responsibility of MerchantZoom, 72 Charms simply does it’s work for hire, contact us if you need to promote your business, otherwise, contact, MerchantZoom at http://mchzoom.com to take care of your processing needs.    If you need social media content management or WordPress design reach out us at www.72charms.com

Factors Utilized in Determining Risk Profile of a Merchant Account

 

There are many payment processors to choose from. The key is selecting the right payment processor

to afford you the best price and proper match. To do this, you want to first understand your risk to the

payment processor. Because most payment processors require a personal guarantee from the owner of

a small company, your personal credit is one of the factors that will determine the relative risk of your

merchant account. Additionally, a card present account will typically be seen as less

risk than a card not present account.

Next, we compare, the common items that determine the overall

risk of a merchant processing account.

Attribute Lower Risk Higher Risk Comments

Processing Method Card            Present Card Not Present Card present transactions represent less risk to the merchant processor

Average Ticket < $100               > $1,000 Larger tickets tend to be more prone to chargebacks

Processing limit <$25,000/mo > $50,000/mo Greater processing volumes must be underwritten more carefully

Forward liability 0 days >           30 days Delays between transaction and product delivery lead to buyer remorse Guarantor’s credit credit score

> 700 credit score < 650 Personal credit very important in evaluating small business merchant acct.

Age of business Bus. >                5 years old New business New businesses much more likely to go out of business

Capital Cash Reserves                Little or no reserves Chargebacks may deplete your cash on hand

Product/service                        Easy to explain Innovative bus. plan New bus. plan may be difficult for underwriter to grasp

Sales tactics                              passive aggressive Out bound telemarketing are among the most aggressive sales tactics

 

All else being equal, a riskier merchant account can expect to pay higher fees. Additionally, you should

expect the approval process to take longer and plan your application process accordingly.

 

Contact Merchant Zoom today and we’ll consult with you on your best options.

 

Headquartered in Pinole California, MerchantZoom, Inc. was founded by Wally Arakozie. Previously employed by one of the largest merchant processing companies here in California for nearly a decade. Since the company’s beginnings MerchantZoom, has grown into a reputable national merchant provider.  Along with delivering state of the art technology and competitive rates, MerchantZoom, thrives on personalized local customer service and support. In order for your business to ZOOM!

 

Address

759 Appian Way Ste 1A Pinole, CA 94564

E-Mail Us

Info@mchzoom.com

Contact Us

1-844-624-9666

Website

www.mchzoom.com

Facebook

https://www.facebook.com/mchzoom

LinkedIn https://www.linkedin.com/in/mchzoom

Twitter https://twitter.com/mchzoom

Content Release Date May 1, 2017 – MerchantZoom Inc.

Press Release by 72 Charms LLC, content is the responsibility of MerchantZoom, 72 Charms simply does it’s work for hire, contact us if you need to promote your business, otherwise, contact, MerchantZoom at http://mchzoom.com to take care of your processing needs.    If you need social media content management or WordPress design reach out us at www.72charms.com

Miscellaneous Fees

Ok, so most of our readers know by now, about, discounts and authorizations and such, let’s dive in to the unholy waters of “other fees”.   Let’s define what they mean and who get’s the money.

Set up Fees:

This fee may be charged by your sales professional for the set up of your account

or for the Terminal or gateway.  Some acquirers provide the equipment or gateway for no charge, they typically charge more for service or have a high termination fee to make up for the out of pocket expense. The key here is to know if you are paying for the third party or gateway or if the fee is merely to set up your account.  So the real question is are we “licensing” the gateway or “paying” the sales professional to write the deal?   Typically, there is “wiggle room” in these fees, but know that you’d not work for free, so should your sales professional?  If it’s actually a “licensing” cost, well, that money is gone and not much to get around it unless there is some type of “promo” going on because sales are slow.  If there is “jump” because they don’t last.

 

Monthly Fees:

Many acquirers name their monthly fees differently. Be sure to ask what all

your monthly fees amount to and what you get for those fees. Most accounts have some form of a

monthly fee often referred to as a customer service fee, statement fee, maintenance fee or account fee.

Do not sign up for any warranty or maintenance program. You will be better served paying for any

equipment if it malfunctions and/or buying your own supplies when needed.

Annual Fees: Some acquirers charge an annual fee. Make sure you get value if you are paying

an annual fee and you clearly understand what that fee entails.

 

Minimum Fees:

Most acquirers charge a minimum fee that will be assessed if your combined

discount and transaction/authorization fee do not exceed a certain amount. The minimum fee is

assessed by subtracting the amount you were billed for your discount and transaction/authorization fee

from the minimum fee amount.  Famous trick applied upon merchants who “demand a super low rate and get it”  because they never pay it, instead the representative factors in the rate they want to charge in to the “minimum rate” and puts the fee in that spot.

 

Third Party or VAR Fees:

Third parties can be a needed and necessary component of your

merchant account. While it would be too long to list all third party fees here, it is important with any

third party to compare their fees with at least one other similar third party to ensure the fees are in line

with their competitor. Common third parties include Internet Payment Gateways and wireless

transaction providers.

 

Early Termination Fees:

One of the widest disparities in acquiring pricing is in the Early Termination Fee. This fee is often overlooked because it is not assessed until you close your account and is not associated with your account set up. Be sure to clearly understand your Early Termination Fee. Never agree to an Early Termination Fee that is charged regardless of when you close.  Buyer beware.  Free terminals often aren’t free and are “paid for” on “exit” as an alternative Early Termination Fee.

Contact Merchant Zoom today and we’ll consult with you on your best options.

Headquartered in Pinole California, MerchantZoom, Inc. was founded by Wally Arakozie. Previously employed by one of the largest merchant processing companies here in California for nearly a decade. Since the company’s beginnings MerchantZoom, has grown into a reputable national merchant provider.  Along with delivering state of the art technology and competitive rates, MerchantZoom, thrives on personalized local customer service and support. In order for your business to ZOOM!

 Address

759 Appian Way Ste 1A Pinole, CA 94564

E-Mail Us

Info@mchzoom.com

Contact Us

1-844-624-9666

Website

www.mchzoom.com

Facebook

https://www.facebook.com/mchzoom

LinkedIn https://www.linkedin.com/in/mchzoom

Twitter https://twitter.com/mchzoom

Content Release Date April 24, 2017 – MerchantZoom Inc.

Press Release by 72 Charms LLC, content is the responsibility of MerchantZoom, 72 Charms simply does it’s work for hire, contact us if you need to promote your business, otherwise, contact, MerchantZoom at http://mchzoom.com to take care of your processing needs.    If you need social media content management or WordPress design reach out us at www.72charms.com

PCI – Risks – Level 4 Requirements

Payment Card Industry’s Data Security Standards and the guidelines small merchants should follow.

Payment Card Industry (PCI) Compliance All merchants must be PCI compliant.  PCI compliance refers to a merchant’s compliance with the industry’s Data Security Standards (DSS) which are promulgated to protect cardholder data.  Not only do you want to protect cardholder data to ensure your customer data is secure but should you be hacked and found to be operating outside of industry standards then you could be liable for significant fines from the Card Networks as well as required to notify all impacted customers; certainly a very expensive and embarrassing situation.

The size of your business dictates the required administration and validation needed to comply with the industry’s Data Security Standards.  From Visa’s website, you can validate your level, however as most merchants are Level 4, we have indicated those requirements and attributes below.

Level 4: Merchants processing less than 20,000 Visa e-commerce transactions annually and all other merchants processing up to 1 million Visa transactions annually

REQUIREMENTS

Annual Self Assessment Questionnaire (SAQ) recommended • Quarterly network scan by an Approved Scan Vendor (ASV) if applicable • Compliance validation requirements set by acquirer

The full definition of all four levels can be found at the following site:

http://usa.visa.com/merchants/risk_management/cisp_merchants.html

While the requirements for PCI compliance vary radically depending on the type of merchant and method of processing, keys to remember are:

All merchants must complete an SAQ.  These are managed by the PCI Security Standards Council and can be found at:

https://www.pcisecuritystandards.org/saq/index.shtml

The PCI Security Standards Council was founded by American Express, Discover, JCB, MasterCard and Visa.  The Standards Council is an open global forum launched in 2006.  Basic rules for small merchants include:

– PIN data, magnetic stripe data, CVV data must never be stored in any format. – If cardholder data is stored, it must be encrypted and if physical copies are kept, they must be in locked cabinets. – Any third party storing, transmitting or processing card data must be PCI compliant and listed as PCI compliant on the following site:

https://www.pcisecuritystandards.org/security_standards/vpa/

– If your card processing equipment, PC or software is connected to the Internet, you should install a commercial grade firewall and get scanned quarterly by an approved scan vendor (ASV).

 

Contact Merchant Zoom today and we’ll consult with you on your best options.

Headquartered in Pinole California, MerchantZoom, Inc. was founded by Wally Arakozie. Previously employed by one of the largest merchant processing companies here in California for nearly a decade. Since the company’s beginnings MerchantZoom, has grown into a reputable national merchant provider.  Along with delivering state of the art technology and competitive rates, MerchantZoom, thrives on personalized local customer service and support. In order for your business to ZOOM!

 Address

759 Appian Way Ste 1A Pinole, CA 94564

E-Mail Us

Info@mchzoom.com

Contact Us

1-844-624-9666

Website

www.mchzoom.com

Facebook

https://www.facebook.com/mchzoom

LinkedIn https://www.linkedin.com/in/mchzoom

Twitter https://twitter.com/mchzoom

 

Content Release Date April 17, 2017 – MerchantZoom Inc.

Press Release by 72 Charms LLC, content is the responsibility of MerchantZoom, 72 Charms simply does it’s work for hire, contact us if you need to promote your business, otherwise, contact, MerchantZoom at http://mchzoom.com to take care of your processing needs.    If you need social media content management or WordPress design reach out us at www.72charms.com

Fixed Acquirer Network Fee (FANF)

Today we are going to  learn about one of the Card Association Fees, known as the FANF.

 

On April 1, 2012, Visa® began a new Fixed Acquirer Network Fee (“FANF”) assessed to acquirers on a merchant Taxpayer ID basis. The FANF fee applies to all businesses that accept Visa® credit and debit cards, regardless of who their merchant services provider is.

 

This means that all Acquirers, are assessed these fees.  The MSP Network Fee will also apply to all Visa® transactions.

 

Separate FANF charges are imposed on (i) merchants processing transactions where a

cardholder is physically present (“CP Merchants”), with the exception of merchants primarily

operating as Fast Food Restaurants and (ii) merchants processing transactions where a

cardholder is not physically present (“CNP Merchants”), which shall include merchants acting as

merchant aggregators for other merchants, or merchants primarily operating as Fast Food

Restaurants (MCC 5814). If a merchant falls into both categories described above, the merchant

will be charged the FANF charge and the MSP Network Fee as both a CP Merchant and a CNP

Merchant. The MSP Network Fee will be charged to all CP Merchants and CNP Merchants

regardless of the type of merchant.

 

For CP Merchants with less than 50% of their monthly Card Present sales volume from the High

Volume Merchant Category Codes (“High Volume MCCs”), FANF charges are assessed on a per

location basis, with fees ranging from $4.50 ($2.00 FANF + $2.50 MSP Network Fee) per

location per month for CP Merchants with one to three locations to over $26.50 per location

per month for CP Merchants with more than 250 locations.

 

For CP Merchants with at least 50% of their monthly Card Present sales volume from the High

Volume MCC, the FANF charges are assessed on a per location basis, with fees ranging from

$5.40 ($2.90 FANF + $2.50 MSP Network Fee) per month for CP Merchants with one to three

locations to over $7.50 ($5.00 FANF + $2.50 MSP Network Fee) per location per month for CP

Merchants with more than 20 locations.

 

For CP Merchants, FANF charges and the MSP Network Fee appear on statements as FANF CP

and MSP Network Fee.

 

Contact Merchant Zoom today and we’ll consult with you on your best options.

 

Headquartered in Pinole California, MerchantZoom, Inc. was founded by Wally Arakozie. Previously employed by one of the largest merchant processing companies here in California for nearly a decade. Since the company’s beginnings MerchantZoom, has grown into a reputable national merchant provider.  Along with delivering state of the art technology and competitive rates, MerchantZoom, thrives on personalized local customer service and support. In order for your business to ZOOM!

 

Address

759 Appian Way Ste 1A Pinole, CA 94564

E-Mail Us

Info@mchzoom.com

Contact Us

1-844-624-9666

Website

www.mchzoom.com

Facebook

https://www.facebook.com/mchzoom

LinkedIn https://www.linkedin.com/in/mchzoom

Twitter https://twitter.com/mchzoom

 

Content Release Date April 10, 2017 – MerchantZoom Inc.

Press Release by 72 Charms LLC, content is the responsibility of MerchantZoom, 72 Charms simply does it’s work for hire, contact us if you need to promote your business, otherwise, contact, MerchantZoom at http://mchzoom.com to take care of your processing needs.    If you need social media content management or WordPress design reach out us at www.72charms.com

1099-K IRS FAQ

1099-K Internal Revenue Code (IRC) Section 6050W

Form 1099K is used to report income received from income received from electronic payments such as credit cards, debit cards, PayPal, and other third party payers. In most cases, the payment settlement entity (PSE) will send you a 1099K by January 31.

Section 6050w of the IRS tax code enacted by the Housing Assistance Tax Act of 2008 took effect on January 1, 2011 and required payment processors to report merchant income to improve tax compliance by businesses that accept credit cards.

Processors must report all settled payment card transactions under section 6050w, as well as perform backup withholding at a rate of 28% beginning in 2012 for merchants that have incorrect TIN or tax filing names. Merchants should confirm with their processor that they have the correct individual Tax Identification Number and tax filing name.

The IRS must receive the total payment volume received by US account holders whose payments exceed both below levels per year:

  • $20,000 in gross payment volume from sales of goods or services.
  • 200 separate payments for goods or services in the same year.

 

A Merchant’s payment processor should ask their payment processor to update their account(s) with a tax ID number, if they do not already have one. A Merchant’s tax ID number could be one of the following:

  • Your Social Security Number (SSN)
  • Your Employer Identification Number (EIN)
  • Your Individual Tax Identification Number (TIN)

Below are guidelines to determine which tax ID number a Merchant should provide. A Merchant should keep in mind to use the tax ID number that they use when reporting any taxable income related to their Merchant Account to the IRS.

Business Entities with an EIN: Merchants who operate through a business legal entity such as a corporation or partnership provide the company EIN and company name.

Sole Proprietors with an EIN: Merchants who operate as a sole proprietor using an EIN, provide company EIN and their own name. They should not provide a business name or a DBA name (“Doing Business As”) with their EIN.

 

Individual Sellers and Sole Proprietors without an EIN: Merchants who are an individual seller or sole proprietor and operate under their SSN or ITIN provide their SSN or ITIN and name. They should not provide a business name or DBA name with their SSN or ITIN.

Contact Merchant Zoom today and we’ll consult with you on your best options.

Headquartered in Pinole California, MerchantZoom, Inc. was founded by Wally Arakozie. Previously employed by one of the largest merchant processing companies here in California for nearly a decade. Since the company’s beginnings MerchantZoom, has grown into a reputable national merchant provider.  Along with delivering state of the art technology and competitive rates, MerchantZoom, thrives on personalized local customer service and support. In order for your business to ZOOM!

 ddress

759 Appian Way Ste 1A Pinole, CA 94564

E-Mail Us

Info@mchzoom.com

Contact Us

1-844-624-9666

Website

www.mchzoom.com

Facebook

https://www.facebook.com/mchzoom

LinkedIn https://www.linkedin.com/in/mchzoom

Twitter https://twitter.com/mchzoom

 

Content Release Date April 3, 2017 – MerchantZoom Inc.

Press Release by 72 Charms LLC, content is the responsibility of MerchantZoom, 72 Charms simply does it’s work for hire, contact us if you need to promote your business, otherwise, contact, MerchantZoom at http://mchzoom.com to take care of your processing needs.    If you need social media content management or WordPress design reach out us at www.72charms.com

Millennials – Reaching Them

Ah…politics…picky consumers….things keep changing….they always have folks.  They always have.  Fact is they will always change.  Right now we see big box retailers suffering huge painful deaths, while, the brands they built, such as “Sears’ Craftsman” get sold off to competitors like “Black and Decker”.  Sounds ominous for us little retailers, but facts couldn’t be further from the truth.

Little business on “Main Street America” is up 2.9% and building out in strip malls all over America at a frantic pace.  Consumers or should I say “Millennials” are just tired of their parent’s old brand and old marketing techniques and same old products.  JCPenney, Macy’s, Sears, oh my…a staple of the “Millennials” parents don’t look like they are going to make it.   They aren’t adapting well.

Even Wal-Mart is succumbing to fact that eBay and Amazon has changed the world and is offering free 3 day shipping direct to your home.  Big restaurant chains are in similar positions.  Yet, everyday we see another small company open another small restaurant and the “Millennials” flock to it like a moth to light.

Cybersecurity which used to threaten “small business” seems to target mostly large business.  No one really cares about cyber currencies like “bit coin” .  Millennials aren’t going to give their money to big box restaurants and retailers.    At least, not unless there is no other option.  Don’t take this as  “who gives a damn” attitude.  Millennials have money, they are technically savvy, and they are demanding.  They understand the value in a marketplace and demand it.

If you are a small business.  You better take their form of payment the way they choose, from standard credit and debit to mobile phone payments.  You had also consider omni-commerce and social media marketing over traditional methods.  This generation tends to listen to the radio and watch TV less than any generation before it.  Millennials will talk to you.  Ask them – how to you find a “restaurant” like mine?  Etc. Etc. …. They will tell you….if you ask and choose to listen….if you don’t, that’s fine, understand, Millennials aren’t going to complain about it when you find yourself selling off your “assets” …. They will have already moved on to whoever is interested in speaking directly to them….

Contact Merchant Zoom today and we’ll consult with you on your best options.

Headquartered in Pinole California, MerchantZoom, Inc. was founded by Wally Arakozie. Previously employed by one of the largest merchant processing companies here in California for nearly a decade. Since the company’s beginnings MerchantZoom, has grown into a reputable national merchant provider.  Along with delivering state of the art technology and competitive rates, MerchantZoom, thrives on personalized local customer service and support. In order for your business to ZOOM!

 Address

759 Appian Way Ste 1A Pinole, CA 94564

E-Mail Us

Info@mchzoom.com

Contact Us

1-844-624-9666

Website

www.mchzoom.com

Facebook

https://www.facebook.com/mchzoom

LinkedIn https://www.linkedin.com/in/mchzoom

Twitter https://twitter.com/mchzoom

 

Content Release Date March 27, 2017 – MerchantZoom Inc.

Press Release by 72 Charms LLC, content is the responsibility of MerchantZoom, 72 Charms simply does it’s work for hire, contact us if you need to promote your business, otherwise, contact, MerchantZoom at http://mchzoom.com to take care of your processing needs.    If you need social media content management or WordPress design reach out us at www.72charms.com

Connection Choices

How you choose to connect to your merchant account processing network may seem like a simple, perhaps, not even a question to ask point, but the fact is it could be the single most important impacting your customer service.  This article is restricted to retail, face-to-face environments as our topic.

I can’t tell you how many times I’ve been in line and wondered what the hold up.  Then I’ve watched customers get upset, sometimes even leave.  When I get up to the cashier only to find out that their choice of connection methods has cost them, in terms of angry customers, lost revenue, and more.

Let’s start with a few basics.

The old standard is POTS or Plain Old Telephone System or “Land Line” which refers to traditional copper wired phone.  Typically it’s the slowest connection, but it’s also the most reliable connection and least likely to fail.  Funny fact, most credit card terminals are still programmed on “Land Line” because they are so reliable.  Transactions run 6-7 seconds plus “dial time”.  That’s a long time per card swipe now days.  Most people are using this as “rollover” or “backup line” when the Internet lines go down.  That’s a highly recommended method for anyone who doesn’t want downtime.

Don’t confuse “Land Lines” with VOIP or Voice Over Internet Protocol which looks like a land line phone but is actually just the internet – or so called “Digital Lines”.  Digital Lines don’t work very well with credit card terminals period.  They are not recommended for use at anytime.  If you are using VOIP, then you obviously have an internet connection, you’d be more reliable using that type of connection.

Internet Connections come in a few flavors.  First of all there is “cellular data” such as “LTE” and those work great for low volume mobile phone and tablet readers.   Next, there is “Wi-Fi” which syncs up to your router to provide fast Internet inside your location.  This would be a great option when using a PC, a Mac, or even a Tablet/Phone device that stays inside the “Wi-Fi” zone.  Just make sure you’ve “locked down” your “Wi-Fi” with encryption and passwords.  Transaction times can run at a blazing 1-2 seconds, as long as your device isn’t asleep.

 

The ultimate connection continues to be a “LAN” or corded Internet connection to your router.  It’s the most reliable and it’s the fastest, plus it’s the most secure.  Transaction times can be as quick as ½ a second.

Contact Merchant Zoom today and we’ll consult with you on your best options.

Headquartered in Pinole California, MerchantZoom, Inc. was founded by Wally Arakozie. Previously employed by one of the largest merchant processing companies here in California for nearly a decade. Since the company’s beginnings MerchantZoom, has grown into a reputable national merchant provider.  Along with delivering state of the art technology and competitive rates, MerchantZoom, thrives on personalized local customer service and support. In order for your business to ZOOM!

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759 Appian Way Ste 1A Pinole, CA 94564

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Content Release Date March 20, 2017 – MerchantZoom Inc.

Press Release by 72 Charms LLC, content is the responsibility of MerchantZoom, 72 Charms simply does it’s work for hire, contact us if you need to promote your business, otherwise, contact, MerchantZoom at http://mchzoom.com to take care of your processing needs.    If you need social media content management or WordPress design reach out us at www.72charms.com