Surcharging Vs Convenience Fees

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Surcharging Vs Convenience Fees

Our Advice?  Don’t…however we encourage you to educate yourself….

If a customer is gracious enough to choose you…accept their payment and deliver….with thanks.   If you still think you should be charging extra fees because credit and debit cards charge you…please….this article was wrote for you.

CONVENIENCE FEES A convenience fee is associated with an “added value” that the cardholder receives in connection with a non-face-to-face card purchase in the form of an alternate payment channel outside of the merchant’s customary payment channels. For instance, a movie theatre is permitted to charge a convenience fee to cardholders that purchase movie tickets for a future showing through the Internet.  This alternate payment channel offers the cardholder added convenience since they do not have to be physically present to complete this transaction, thus a convenience fee is allowable. The movie theatre (this would be their customary payment channel), however, may not levy a “convenience fee” at the ticket counter. Visa and MasterCard define a Convenience Fee as a fee assessed by the merchant to the cardholder for payments processed through an alternative payment channel. A convenience fee cannot be assessed to the payments received in the customary, or standard, payment channel since there is no added convenience to the cardholder. The standard convenience Fee rules are: – Convenience Fee can only be charged in an alternative payment method. – Non face to face transactions only. – Disclose it is for using an alternative payment method. – Has to be flat or fixed amount, not a percentage of the sale. – Applicable to all alternate payments accepted including cash and check. – Included in the transaction total. – Disclosed prior to the completion of sale. – Cannot be charged by a third party. – Cannot be added to a recurring transaction. – Cannot be assessed by e-commerce company only by the merchants. – The Fee must be clearly and conspicuously disclosed to the cardholder and afford the cardholder an opportunity to opt out of the sale. – The fee should not be advertised as a fee assessed by MasterCard or Visa because it is not their fee.  As such, the fee cannot be advertised or otherwise communicated as an offset to the merchant discount rate. Point-in-Fact.  Offering the customer the option to pay with a credit card is not considered an added convenience, and merchants may not assess a convenience fee for any transaction completed through the customary payment channel. SURCHARGING A surcharge is a fee charged to the cardholder for using a credit card to pay for goods and/or services. Any merchant is able to implement a surcharge as long as they follow the guidelines. The surcharge amount may not vary with each customer/transaction The surcharge amount must be consistent, whether a flat fee or percentage is charged.

The MAXIMUM Surcharge Amount is 4%, however the surcharge must be in-line with the Discount Rate, i.e. effective rate of cards currently accepted. Merchants should calculate their effective rate for the past 6 months, and then take the average to obtain their surcharge amount. Merchants must register and wait 30 days before implementing the surcharge. Merchants must disclose at the Point of Entry to the store that they surcharge. Merchants must disclose at the Point of Sale (checkout) that they surcharge. Merchants must disclose the dollar amount surcharged on every receipt.

Merchants MAY NOT surcharge any debit cards EVER for any reason, signature, prepaid, or pin. Surcharging is for Credit Cards only.  It’s this over-step that gets merchants in trouble.

Merchants who surcharge may still be liable for fines if they mistakenly surcharge a debit card. Merchants who surcharge will not be able to accept American Express – and therefore must be willing to refuse all American Express cards – including American Express Debit Cards (such as BlueBird issued by WalMart).

If getting the best rate while maintaining the cutting-edge and secure credit card processing technology with customer service of a U.S. Company is what you’re looking for, then look no further, because, the knowledgeable employees of MerchantZoom are standing by to answer your questions and get you started processing credit cards today!  Testimonials are available on the website.  We are local.  We are national.  We are trusted!

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 Feb 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

Baby Steps To Merchant Services Part 2

In our second part of our series….we continue…

Ask the right questions.

There can be so many ancillary fees associated with a merchant account, so be sure to ask the right questions up front or when negotiating with a new provider. Here are some of the most frequent fees to ask about:

  • Are you being charged an annual fee?
  • Are you paying a monthly minimum penalty?
  • Are you signing a contract term and what is the early termination fee?
  • What is the monthly service fee?
  • What is the statement fee? (It should be online now days no need to print and mail paper!)
  • What is the batch fee? (This shouldn’t exceed 10 cents.)
  • American Express should be on “Opt-Blue” now days…make sure it is.
  • Is there a setup fee? If so why? Have the rep justify it.
  • Is there an application fee? (A small fee is reasonable.)
  • What is the PCI compliance fee? (This should not exceed $100 per year.)
  • What are my funding times? (24 to 48 hours including American Express and Discover now days.)
  • My fees be debited monthly? (Daily discount is a thing of the past.)
  • 24/7 customer and tech support for no additional charge.

If getting the best rate while maintaining the cutting-edge and secure credit card processing technology with customer service of a U.S. Company is what you’re looking for, then look no further, because, the knowledgeable employees of MerchantZoom are standing by to answer your questions and get you started processing credit cards today!  Testimonials are available on the website.  We are local.  We are national.  We are trusted!

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 Feb 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

Baby Steps To Merchant Services Part 1

Make sure your rep is reputable.

Merchant services reps aren’t called the “used car salesman of financial services” for nothing. This reputation comes from decades of businesses being duped and taken advantage. Be sure to find someone to represent you who is LOCAL and whom you can trust, who has experience and can explain the industry jargon.  Get references.

Understand common pricing models.

There are three standard pricing models in credit card processing: flat rate, tiered pricing and interchange plus (also known as cost-plus pricing).  There a few other variations but they are all one of these three in some form.  Make sure your rep can explain all three to you.

Flat-rate pricing is best for merchants who are processing small monthly volumes. Tiered pricing generally feature three levels (sometimes more) called qualified, mid-qualified, and non-qualified tiers. Processors essentially bundle the rates it costs them to process transactions and offer you these tiers. As with flat-rate pricing, it’s simple to understand, but, costs you more.  The preferred pricing model is interchange plus. The term interchange is the wholesale cost that the card brands (Visa, MasterCard, Discover) charge a credit-card processor to process your transaction. You get access to those hundreds of wholesale costs and have a pre-negotiated rate that gets added to the top of it.  Does your rep know the differences among these pricing structures and have a good explanation as to why they’re choosing one for you?

Next week we’ll talk about a few more simple steps to take with your merchant services!

If getting the best rate while maintaining the cutting-edge and secure credit card processing technology with customer service of a U.S. Company is what you’re looking for, then look no further, because, the knowledgeable employees of MerchantZoom are standing by to answer your questions and get you started processing credit cards today!  Testimonials are available on the website.  We are local.  We are national.  We are trusted!

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 Jan 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

The Truth About Meet Or Beat Offers For Merchant Service!

Meet or Beat – $100 – $250 – $500 – $1000

What offer did you get lately?

Let’s explore a few facts today.

1)      Interchange can NOT be changed by ANYONE period!  Interchange is set by the card associations such as Visa and MasterCard and not an individual company.

2)      The markup is all that is at stake and all that is we are negotiating.  Ever.  Do not forget this.

3)      Equipment is never part of this equation.  Never-Ever.  Never.

Fact is most people can’t ever qualify for the “beat” offer and it’s rare if “ever” a company actually gets a payout on one of these marketing gimmicks.   Why?

If I can sell you at one rate then they can sell you at the same rate.  The only difference is how many parties are involved.  First, is you the merchant.  Second, is your processor – that’s two – these are required.  If your company is direct then than we are all are on the same playing field.  However, there are so called “resellers” who buy from someone who buys from someone and therefore the “margin” is deeper than need be.   A company like MerchantZoom is direct and is not a “reseller” so you have the best possible pricing.

Bottom-line is simple.  If you’d like a lower rate.  Than let us talk about accomplishing that.  9 out of 10 times we can achieve that for you.  Reach out to us today and let’s have a conversation.

 

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 Jan 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

Time To Change Your Merchant Account Provider?

It’s a new year!  Are you frustrated with high rates and fees charged by your current merchant account provider? Have you had service problems related to credit card processing and had trouble getting customer support on the phone? Is there some other reason why you’re not satisfied with the products or services delivered by your provider? Is your merchant account agreement up for renewal soon and you’d like to see if you can do better?

Free Account Review

MerchantZoom can help in all of these cases by reviewing your current credit card processing package and offering a viable alternative. It’s as simple as contacting us and providing copies of your most recent merchant account statements. We’ll do a free analysis of your current rates and fees to see if we can save you money.  We are a nationwide provider.  We can visit you in person in the “Northern California Bay Area” or we can do business via phone, fax, and e-mail anywhere in the USA!

Credit Card Processing Options

At MerchantZoom, we also offer recommendations for processing options that can benefit their business. For example, if you have field employees, the mobile card readers are a must addition to your operation to allow them to collect payment in the field when services are rendered, eliminating the need to bill and collect from customers at a later date.  Do business on the Internet? We have online processing options, etc….

Secure and Affordable Credit Card Processing

You owe it to yourself and your business to make the right credit card processing choice that will meet your needs and requirements at a price you can afford. Chances are you shop around for the best deal from suppliers and vendors, so why shouldn’t you do the same when it comes to your merchant account provider?

If getting the best rate while maintaining the cutting-edge and secure credit card processing technology with customer service of a U.S. Company is what you’re looking for, then look no further, because, the knowledgeable employees of MerchantZoom are standing by to answer your questions and get you started processing credit cards today!

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 Jan 13, 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

Breaking Down the Costs of Credit Card Processing

For businesses that accept credit cards, the merchant account statement represents the sum of three basic types of charges: interchange, assessments and markups. Understanding the rates and fees that you are paying is one way to make sure you’re getting the best products and services for your credit card processing needs. It can be hard to understand what a “markup” is versus a “pass thru cost”.

To lay the ground work, it’s important to understand how the charges are earmarked. Interchange fees are paid to card-issuing banks, assessments are paid to the card brands (Visa®, MasterCard®, American Express® and Discover®), and markups are any rate or fee beyond those two cost centers that are paid to your merchant account provider for handling your credit card processing needs.

Interchange comprises the largest portion (as much as 70 to 80 percent) of your credit card processing costs. It is a broad system of varying rates and fees that are set by the credit card brands, charged to merchant account providers and paid to the card-issuing banks.

Interchange is a fixed cost that applies to every payment card transaction you process. While interchange is included in the discount rate you pay your merchant account provider, it is totally outside their control and they do not receive any of the funds.

Interchange fees typically consist of a percentage and a flat transaction fee (i.e. 1.65% and $0.15). Percentages and transaction fees are set by type of card, type of transaction and other variables.

Assessments are a series of rates and transaction fees that the credit card brands charge to generate income. They account for a smaller portion of expense than interchange (2 to 3 percent) and are another fixed expense. Like interchange, this is a cost that is not controlled by your merchant account provider.

Some assessments apply to your gross processing volume, others are charged on certain types of transactions, authorization and settlement requests.

Markups include any rate or fee beyond interchange and assessments, including your provider’s processing charges and costs for hardware/software or electronic payment gateways (i.e. Authorize.Net or NMI.com or others).

Markups are the only non-fixed cost associated with credit card processing, making them the only costs open for negotiation with your merchant account provider. They will vary depending on the type of business you run, your processing volume and average ticket amount, and the method you use for credit card processing.

Working with an experienced and reputable merchant account provider like MerchantZoom is one of the best ways to ensure that you get the best credit card processing solutions for your business needs. We’ve collaborated with hundreds of thousands of clients, most of them small business owners like you. We are committed to providing you with cutting-edge technology, secure processing and superior customer service and support that can help you grow your business. Talk to one of our representatives today!

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 Jan 6, 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

Equipment Choices For 2017!

It’s time to check your merchant services payment terminal.  If it has a cord to a separate printer – it’s probably time to use it as a door stopper this year.   Seriously.  Despite all the new regulations and technical changes over the 2016 year, many merchants have resisted the change and still have terminals that need to be replaced.  We are not going to bore you with a list of terminals that are past “sunset”.  Nope.  Nor are we going to give you a list of terminals that we think you should buy because we “sell them”.  Nope.  What we are going to do is tell you how to make your own educated decision.

  • 1) Check your statement for “PCI-Non Compliance” charges.  If you have them, call your provider, find out if it’s your equipment or because you just haven’t taken your test like you were supposed to do.
  • 2) Check your statement for “EMV Card Not Processed As EMV” chargebacks. If you have them, call your provider, find out if it’s your equipment or because you aren’t using the equipment as intended.
  • 3) If you are a card present retail/service establishment and you can not “dip” a “chip” card, you are out of compliance and paying higher fees and at severe risk of chargeback and penalties, contact your provider for equipment upgrade immediately.
  • 4) If you are a card NOT present mail order/phone order establishment and you are typing card numbers in to a physical terminal and that terminal is not asking you for address, zip code, and 3 digit card code (AVS) you are out of compliance and paying higher fees and at severe risk of chargeback and penalties, contact your provider for equipment upgrade immediately.
  • 5) If you are a e-commerce merchant you should NEVER have the card number if you do, you are out of compliance and paying higher fees and at severe risk of chargeback and penalties, contact your provider for equipment upgrade immediately.
  • 6) If you are a e-commerce merchant you should have a “gateway” which handles the SSL security and perhaps a “wallet” which stores customer cards without actually giving you card number and PCI interrogation tests to make sure hackers can’t get in to your website. If you don’t know what I’m talking about, contact your provider immediately.
  • 7) If you are a “TIP” based business, you still must be compliant with “EMV” chip cards, this means you can’t just run the card and have a tip line anymore and adjust things at the end of the day. Related, to this is another new rule that cards are not supposed to leave the sight of the customer, so the customer either comes to the terminal or the terminal comes to the customer.  So now we have pay at the  “Pay At Table” or “Pay At Chair” (salons).  Tips can still be done on EMV, it’s just a bit different, but if you handle it wrong, every single tip exposes you to a chargeback.  If you have not reviewed how to “TIP with Chip” in 2016, you MUST contact your provider immediately.

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 Dec 30, 2016 – MerchantZoom Inc.

Press Release by 72 Charms LLC If you need social media content management or WordPress design reach out us at www.72charms.com

Annual Check-Up Time!  It’s 2017 Merchants!

It’s time to check your merchant services.  It’s not so hard.  You can call MerchantZoom, Inc or you trusted professional.  They will walk you right thru the process.   Here is what’s going to happen:

  • 1) Rates are increased a minimum of 2 times a year in the Spring and Fall each year. We are going to check to see if that happened or if you are still rate locked.  No matter what a rate review is the most important thing you can do to find out where you stand.  It’s not uncommon for people to have ignored this for 5 to 8 years and suddenly “find-themselves”  at twice or more the going rates.
  • 2) MCC codes are a four-digit code representing what your business does and perhaps how you conduct sales. It could be and wrong and often is.  If it is increased charge-backs and declines are probably the result compounding additional fees.
  • 3) You could be accepting via the wrong equipment and the wrong amount, i.e. you are not handling things such as tips and delivery a correctly.
  • 4) Equipment Issues: for 2016: EMV has caused chargebacks more than any other reason. People with EMV cards and Merchants with no EMV equipment or EMV equipment not setup correctly are the number one reason for chargebacks.  This is easily fixed.
  • 5) New technologies you haven’t taken advantage of. Be it Mobile or NFC or ApplePay or SamsungPay or AndroidPay or all of them…or something I’ve forgot to mention.  Many innovations are just that…local innovations…and aren’t available globally or nationally or even state-wide.  There just may be local changes from your chambers to your trade organizations to your franchise that you simply just didn’t look at.
  • 6) MerchantZoom, Inc will help you do that, whether, we can come visit you at your place of your business, or if you can come to our office, or if we chose to business anywhere – nationwide by phone and e-mail. We can help you….if we can’t help you this week, please subscribe to our weekly content blog via our website at mchzoom.com and we’ll send you an e-mail on the latest trends in the industry – your industry – taking payments – for your business!!!

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 Dec 23, 2016 – MerchantZoom Inc.

Press Release by 72 Charms LLC If you need social media content management or WordPress design reach out us at www.72charms.com

Handling Chargebacks and Disputes

Chargeback

Chargeback is the return of funds to a consumer, mainly used in the United States, forcibly initiated by the issuing bank of the instrument used by a consumer to settle a debt. Specifically, it is the reversal of a prior outbound transfer of funds from a consumer’s bank account, line of credit, or credit card.

As a card holder, you probably know that you can call your bank if merchant doesn’t make things right to get your money back.  As a merchant, what you may not know is that is known as a “chargeback”.  It is a transaction disputed by the cardholder or card issuer. Businesses must be able to provide proof that the disputed transaction is valid and in accordance with Visa/MasterCard regulations or risk having their account debited for the disputed amount.

If you receive a chargeback, we will debit your checking account for the amount of the transaction, and send you a chargeback notice. This notice includes the details of the transaction as well as specific instructions on how to respond. A business receiving a chargeback notice must provide proof that the transaction is valid and satisfactory to the rules/regulations of Visa/MasterCard to get money back. Receiving a chargeback notice can also mean extra processing time and cost to you, a narrower profit margin, and possibly a loss of revenue. That’s why it’s important to carefully track and manage the chargebacks that you receive, avoid future chargebacks, and know your re-presentment rights.

After being notified by a cardholder about a disputed transaction, the cardholder’s issuing bank may order a copy of that particular sales draft through us to determine what occurred at the point of sale. This is called a copy request or retrieval. A retrieval request most often occurs when a cardholder loses their copy of the transaction receipt, does not remember the transaction or questions the transaction for any reason.

    • To avoid chargebacks, act promptly if contacted directly by the cardholder to resolve a dispute.
    • If the cardholder does not contact you, respond to inquiries with as much information as possible about the sales transaction in question.
    • Limit one authorization for each settled transaction.
    • Obtain an authorization code. Refuse to process a transaction when you receive a declined code during authorization.
    • To verify cardholder account status, perform a zero value account verification transaction instead of $1.00 authorization transaction.
    • Include a description of the goods or services on the transaction receipt.
    • Deliver merchandise or services before charging the card.
    • Include the CVV2/CVC2 and AVS codes for card not present transactions, if applicable.
    • Submit transaction receipts on the same day the transactions are authorized.
    • Make sure an imprint appears on a manual transaction receipt or that the relevant transaction information appears on the terminal-generated transaction receipt.
    • Do not accept expired cards or cards having effective dates after the date of the transaction.
    • Void authorizations within your outstanding batches if they are not going to be settled.
    • Call for Voice Authorization if you are still suspicious of the cardholder, card, or transaction after receiving an approval code

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 Dec 16, 2016 – MerchantZoom Inc.

Press Release by 72 Charms LLC If you need social media content management or WordPress design reach out us at www.72charms.com

Payment Facilitators (Aggregation) 101

Payment Facilitators or Merchant Account Aggregation is when number of merchants is clustered under a master merchant account by a payment service provider. Simply explained, when you sign up with a company such as PayPal, Stripe, or Square you are choosing to join a collective known as a “aggregation”.  The easy explanation is that a number of people, perhaps, hundreds of thousands of people, perhaps millions of people, join a service, and that service in turn has a single solitary merchant account with a traditional processor.  You are then sharing the use of a “collective”.  It is not your merchant account and you are at the mercy of the owner of the merchant account at all times.  It does not establish credit and history for you.  It’s not your account.

Funds in the aggregation account if not setup as an aggregated account from the start can be frozen temporarily or sometimes permanently.  Chargebacks are almost always found in favor of the disputer and nearly never in favor of the merchant.  It’s not your merchant account.  The aggregate holder will resolve in favor of the initiator nearly 100% of the time.

Additionally, if an individual merchant cannot be identified as per the credit card statements, this many also complicate the rest of the process. Chargebacks could occur because they don’t recognize the name of your “aggregator” while they did order from you they didn’t know you use a service and that your company name won’t be on their receipts.

The PCI-DSS certification ensures that this problem is addressed in a manner that you will not be cheated.  A contract signed with the acquiring bank and not with some other one will assure that you have the lowest rates and that your customer knows who they purchased from.

If you are processing less than $500 a month, an aggregator may be a reasonable first step in taking credit cards.  But once you are processing consistently more than $500 a month after month, it’s time you use a real provider such as Merchant Zoom Inc will ensure that your account is setup properly to protect your business and get you the lowest fees possible.   They’d be happy to discuss any questions you may have with you.

 

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 Dec 9, 2016 – MerchantZoom Inc.

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