Handling Chargebacks and Disputes

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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.

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

Does Android “Gooligan” Effect Mobile Payments?

Over 1 Million Google Accounts Stolen via Android “Gooligan” How Does That Effect Mobile Payments?

 

With in excess of 1.3 million Android phones that users haven’t patched with the latest updates now infected by malware called Gooligan, will it put mobile payments at risk?  In a word no, not directly at least.

Gooligan may be the largest single theft of Google accounts on record.  Here is how it works.  The spyware steals the tokens used to verify that a user is, in fact, authorized to access their Google account and also forces users to download apps to help fund an advertising fraud scheme.

The fake apps downloaded pay the Gooligan hackers in advertising dollars, somewhere in the neighborhood of $320,000 a month.  Approximately 13,000 new infections each day are occurring right now.  Users get infected from downloading third-party apps from “unapproved” app stores.  i.e. not Amazon or Google Play stores.

The phone then becomes infected.  Steals the victim’s Google account token and sends it to a server, where hackers can then gain unauthorized access to Gmail, Docs, Drive, Photos and other data.

Notice we didn’t say Samsung Pay or Android Pay here folks, but that doesn’t mean you don’t store your card data in your e-mail or Google Docs or Google Drive.  If so it could be at risk, but not because of using any “Mobile Payments”

Gooligan is believed to be a newer version of Ghost Push.  “Ghost Push variants use publicly known vulnerabilities that are unpatched on older devices to gain privileges that allow them to install applications without user consent,”

The new version is to promote apps, not steal information.”

Step one – update your device to the newest patches and OS levels.

Step two – remove apps you don’t recognize.

Step three – don’t store information in the cloud and keep updating your devices.

Mobile Payments are still more secure than the old fashioned clerk stealing your card number at the store.   Restaurants where the card is taken in the back room to charge your card is still the number one place you’ll get your card stolen.

Embrace mobile payments but please keep your devices updated and don’t use third-party  app stores.

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 2, 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

U.S. Supreme Court and Credit Card Surcharging

Credit card surcharges has escalated to the U.S. Supreme Court.  10 states that currently ban the practice of adding a fee to credit card transactions.   All 50 states ban surcharges on Debit Cards.  Period.   A court challenge brought by five retailers in Expressions Hair Design v. Schneiderman 15-1391 made its way through New York courts, initially winning in September 2013, only to be overturned on appeal two years later by New York’s 2nd U.S. Circuit Court of Appeals.  The New York court disagrees that surcharge laws violate free speech, calling its measures “price-control laws” that “regulate economic conduct rather than speech.”

The New York attorneys compared surcharging credit card transactions to “bait-and-switch” tactics that reportedly occur at gas stations. You see a low rate, hit the pump and it’s 10 or 20 cents higher than posted unless you go inside an pay cash.

The card brands do NOT support surcharges either, in fact, consumers can complain, and cause fines to merchants who are not compliant, via a form on their website, such as Visa’s  https://usa.visa.com/Forms/checkout-fees-form.html

Restricting surcharge practices protects consumers by maintaining price consistency and preventing surprises during the checkout process, they said.

10 States Do NOT allow surcharging on CREDIT despite Federal rulings.

New York, California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, Oklahoma and Texas. In New York, retailers found guilty of adding fees to credit card transactions can face a $500 fine and up to a year in prison.

Courts Are About To Over-Ride State Rights

The Supreme Court’s stated purpose is to clarify “whether and to what extent the Constitution limits state-imposed restrictions on the manner by which merchants can frame and convey truthful pricing information.”

So bottom-line.  The Supreme Court will not decide on the legality of surcharging, but on whether or not individual states have the right to ban the practice.

The guidelines specify criteria for qualifying transactions, including mandatory signage and disclaimers for participating merchants. For example, merchants may surcharge credit cards, but not debit or prepaid transactions. Merchants are also required to post point-of-entry and point-of-transaction signage and specifically worded disclaimers on credit card receipts.

These are posted on the card brand web sites.  You can Google them easily.

If you’d like to know if you can, or should, or should NOT, do this practice, MerchantZoom Inc would be happy to discuss your options with you.

The important thing to remember is that you shouldn’t offend your customer.  If they don’t visit your establishment because of it, you not only lost the cost of credit card processing, you lost 100% of the sale.  So best advice, is to not charge a fee to anyone.  Rather, build the cost of cards in to your price or perhaps do the opposite and give a cash discount as the “gas stations do.   Without offering the lower price, simply offer a discount to pay by cash.  Just a thought.

 

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!

merchantzoom-inc-03-centered 

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 Nov 25, 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

Holiday Shopper Trends

Regardless of age, it is a time for celebration and shopping. But who is going to be shopping after eating turkey on Thanksgiving and who is going to be staying at home?

According to Socratic Technologies

  • 20% plan to shop in stores on Thanksgiving Day
  • 31% on Black Friday
  • 34% Millennials will shop on Thanksgiving, with 51% in malls and stores on Black Friday
  • 29% Gen Xers will shop on Thanksgiving, 36% on Black Friday.
  • 23% Boomers on Black Friday
  • 8% Retirees on Black Friday.

It is a generational issue with Retirees and Boomers staying home and Millennials shopping in stores. The reason is over the last few years, shopping at home online has revolutionized holiday shopping. More and more people are choosing to shop online, available 24 hours a day, over the hustle and bustle of shopping malls.

In any event, of those going out on Black Friday it will comprise 40 percent of total holiday spending, while over 33% will be done online.  WOW.  Look at that change folks.  MerchantZoom Inc can help you process your payments online safely.

Procrastination

  • 60% of Millennials will wait till the week leading up to Christmas
  • 54% of Gen Xers
  • 35% percent of Boomers
  • 27% percent of Retirees.
  • As age increases shopping in-store during peak shopping days decreases.

In an effort to improve in-store user experience and boost sales, brick and mortar businesses need to invest in the latest payment technologies including Apple Pay and Android Pay.   MerchantZoom Inc can help you with that.

The younger generations will be driving in-store purchases during peak shopping days this holiday season and merchants need to be prepared to accept these emerging mobile payments options.  If you don’t take mobile payments they could be offended.

  • Average Budget $753
  • Millennials $865 (mobile payments)
  • Retirees $646 (not mobile payments)

Word on the street is the average household will add $956 (Fox News 11/21/2016) to their credit card debt this season over-all.  So credit cards are king over cash this year.

 

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 Nov 21, 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

Has Mobile Payments In-Store Lived Up To The Hype?

Has mobile payments in-store lived up to its hype.   No.  Fact is, plastic still reigns as the preferred payments choice for consumers for very simple and basic reasons: it works and it’s accepted everywhere.  For most consumer, they most likely have the ability to use mobile payments.  They typically have a credit or debit card that is useable and a smartphone that works and they may have even set it up.  But when it comes to checkout, there is no real advantage to the consumer to use the technology.  Faced with lines and wanting to get out of the store the consumer just swipes they way they used to.  Perhaps they dip the chip now instead of swiping, but using their phone just doesn’t cross their mind.  This is the preference as of today.

Many experts are saying  “This could be a multi-decade change that occurs”.

The grounds for this time frame are rooted in the fact that it has taken 20 years for eCommerce to achieve only 8 percent of U.S. retail spending.

The exception to the rule, he notes, is Starbucks, which has a highly successful mobile platform mostly because it wraps loyalty around payment — and more recently has removed the friction associated with standing in line waiting to order.

“Specifically, Starbucks’ mobile payment app adds value to the customer experience by reducing customers’ time spent waiting in line by allowing them to order/pay before entering the store, and also provides electronic storage for the reward points they earn for each purchase. Further, customer usage is encouraged and incentivized by Starbucks and cybersecurity concerns are reduced given the payment app is limited to Starbucks stores.”

Apple  Pay

Apple announced that it is expanding Apple Pay to allow nonprofit organizations and charities to accept donations via the mobile payments service and Apple Pay on the Web.   Consumers will be able to use Touch ID to authenticate themselves when making their contributions.

Samsung Is Expanding To Android In General

Samsung Pay is generally limited to Samsung Phone users.  However a Gear 3 smartwatch will have Samsung Pay with any Android phone as long as said phone runs Android 4.4 KitKat or above.

Walmart Adpots Chase Pay

Chase Pay is done.  Walmart is looking to tie in with other mobile wallet players. Which ones and when? No one knows – that’s a secret.

Android Pay

Google is advertising heavily its mobile wallet platform. The moral of the ads: use Android Pay and never have to go digging through your wallet and hold up a line again.

The Point?

So the world hasn’t cut up their cards and the customers still have to carry a wallet to keep those drivers licenses and such.  Still, you’ll get the odd fellow or lady who, well, probably already embraced Starbucks Pay, will likely try to use their phone with you.  So you have to have a terminal to accept the mobile payments when the customers do try, and they do, and they will.  Don’t turn them away, accept the payments with a smile.  They’ll appreciate it.

 

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 Nov 18, 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

Video Release: The Secrets of Merchant Processing: Tiered Vs. Interchange Pass-Thru

Watch Our Newest Video The Secrets of Merchant Processing: Tiered Vs. Interchange Pass-Thru

MerchantZoom Inc has just posted a new video that’s just shy of 8 minutes that clearly and simply explains what a merchant is being charged and who gets what part of the fees being charged.  It’s an excellent video for merchants and new people to this industry alike.  It examines the three areas of cost. Even though all this is a bit confusing to understand which cards are being charged what amounts. The most important thing to know is that the interchange fees are absolutely set and no one is paying more or less.  All merchants are equalized on Interchange.  It is impossible to be given a discount or even be over charged for any of these fees.  These are fixed.

Interchange in the United States is posted online for everyone to view.  While you could Google them, you may end up on a marketing website, these are the actual interchange postings and rates and their exact URL.  Come watch the video and we will tell you where to find these interchange charts direct from the card associations.  These are official and the same for 100% of all merchants.  MerchantZoom Inc encourages you to visit these and learn about what the fixed rates are.  They can be confusing and intimidating.  MerchantZoom Inc would be happy to educate you on them with an onsite visit.

The video will also break down the differences between the 2 pricing models.  First let’s look at tiered pricing that most processors use.  In this pricing structure processes are using 100 plus different interchange categories and separating them into buckets, be it 2 or 3 or even more buckets. They typically refer to these buckets as qualified, mid-qualified and non-qualified.  Under bucket pricing each bucket is priced high enough to cover the most expensive rate of the card with the highest interchange fee in that bucket. But this type of pricing the merchant is paying the higher price for all of the cards in that bucket. Additionally, when Visa and MasterCard make changes to interchange rates it is common for processors to use this as an excuse to raise the rate of the entire bucket even though it only affects one or 2 other cards.  Historically speaking interchange plus pricing is reserved only for very large companies like national retailers and they have been the only ones able to benefit from interchange plus pricing. Don’t be misled by the assumption you can’t get interchange plus pricing.  We can get you Interchange Plus pricing.

 

Watch The Video On Our Player Here:

http://mchzoom.com/wp-content/uploads/2016/11/mchzoom-480-final.mp4

 

Or Visit Our About Us Page Here: http://mchzoom.com/aboutus/

 

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 Nov 17, 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

The Importance of Accepting Credit Cards

Why Accept Credit Cards?

Let’s start with the fact this picture is not what you should have on your door.  It’s not inviting and says to your customer you don’t care about them.  It’s inconvenience pointed out.  It’s terrible.   If your customer wants to buy.  You as a merchant should take every single form of payment that they choose to present you with.  If you don’t?  The question becomes how many sales can you afford to not accept before you close your doors?

The list below shows only a few reasons to accept credit cards. Statistics show a dramatic increase in revenue and sales when a business offers credit payment options. Simply put, more customers will spend more money when they can pay by credit card.

  1. It will boost your sales.
  2. Accepting credit cards is becoming a must for entrepreneurs and small businesses.
  3. The average American cardholder has roughly four bank credit cards.
  4. Credit card purchase volume has been expanding about 15% per year for the last five years, or three times faster than the increase in overall U.S. purchases.
  5. According to one estimate, businesses lose up to 80% of consumer impulse buys if they don’t accept credit cards.

What is the percentage of credit card sales?

Plastic cards purchases comprised 66 percent of all in-person sales, with nearly half of them, or 31 percent, made with debit cards, according to Javelin and The Huffington Post.

 

Why People Use Credit Cards

 

To understand the growth in credit card use, it’s important to grasp the reasons for their popularity. Consumers typically use cards because:

  • They don’t want to carry cash
  • They want to save cash in hand
  • They want to gain loyalty points (such as airline miles)
  • They are making a large purchase
  • They are looking to float money in a bank account
  • They are making a reimbursable purchase for a company

Even as credit card use grows in the real world, plastic already dominates the world of online shopping.  This breakdown of how people pay for online purchases demonstrates that credit cards are the key to e-commerce.

  • Credit card online – 85%
  • Check mailed – 10% (read mostly B2B sales and almost zero B2C sales)
  • Credit card via phone – 2%
  • Credit card via mail – 1%
  • Other method – 2%

 

Paying with plastic is becoming increasingly popular for even routine bills such as gas and electricity. Even banks don’t routinely issue checks when they open bank accounts anymore.  And younger customers’ preference for plastic cards is even more pronounced. Check and paper credit use has continued to fall as consumers become more comfortable with the security of web based transactions.

Consider for the moment that, nearly all of the breaches have actually occurred in face-to-face point-of-sale environments as of late.  From Target to several major hotel chains to several major restaurant chains.   E-commerce is actually safer than retail in many aspects.  First, consider that a e-commerce merchant typically uses a shopping cart who then totals the order and sends the detail to the merchant…next…the gateway steps in and takes the payment and simply tells the merchant approved or declined.   So the merchant doesn’t even have your card number….unlike the retailer who does have your complete card information stored in their point-of-sale device.  Now you know why criminals are focusing on traditional brick-n-mortar business and not e-commerce.

Bottom-line!  Take cards.  Take them safely.  Use a merchant provider such as MerchantZoom Inc who knows how to handle things the right way.

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 Oct 29, 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

Sources used and quoted in this article are from:

https://www.pcisecuritystandards.org

 

 

 

The Importance of Annual Merchant Service Checkups

Add one more item to your list of annual checkups – a review of your payment processing. Along with health, insurance and vehicle exams, it is a good idea to make time once a year for a review of your processor and payment agreement.

An annual payments exam with your processing partner can uncover changes that may save you money, or introduce new security procedures to protect your customers and your business.

10 Questions to Ask Your Credit Card Processor

Has my business changed?
From changes to your

  • average transaction value
  • an increase (or decrease) in sales volume
  • an online presence
  • an expansion into new items or services

Fact is, sometimes simple processing changes can make a big difference.  Other things to look out for are:

  • ensuring transactions are batched and settled within established timeframes
  • making sure POS devices and software are properly encoding transactions
  • taking advantage of special programs

Discuss any business changes with your processor.

Does your processor understand your business? Just as you wouldn’t call a florist for a dental problem, why consult a processor who knows nothing about your business? Your processor should understand your business model, what drives your industry, and offer suggestions to help you grow and succeed.

Is your processor EMV chip card ready? Make sure your business is using secure, up-to-date credit card machines to accept payments. Chip-enabled terminals take advantage of the fraud-fighting technology built into EMV cards and may help protect you from card-present counterfeit fraud. Many EMV terminals are also NFC ready which also opens up new methods of payment acceptance.

Does your processor support Apple Pay and other mobile wallets? Many newer terminals also allow you to accept digital wallet payments via Near Field Communication (NFC), including Apple PayTM and Samsung Pay.  New methods seem to be released every month.  Stay on top of them with your processor.

Are the rates on your statement the same as outlined in your contract? Compare your contract with a monthly statement to ensure fees and rates are consistent. If not, ask your processor about the discrepancies.

All processors pay the same rates to the credit card brands to move transactions. (All of the major credit card brands post interchange rates on their websites.) Extra costs lie in the added features a processor offers.  If you discover additional, then ask your processor to explain where all the costs originate, how funds are paid to each of the parties, and why costs are inconsistent with your contract.

Is customer service available when you need it? Many businesses today operate 24/7, and the last thing you need is a processing problem outside of customer service hours. Ensure customer service representatives are available during your business hours, not just your processor’s.

Also investigate whether your processor offers onsite, telephone or web-based training. Are alternate processing options available in the event of a technical system failure? What is their system reliability track record and client satisfaction rating? These are all important issues to investigate before you need help.

Do you receive regular communication and educational opportunities from your processor? While a processor’s main job is to safely and reliably handle your payment needs, they should also represent your interests in regulatory and security matters – not after regulations have been enacted but when they are in the discussion stage.

Are reserve funds required? If so talk about releasing them now that you have had some time with them and you have built a relationship.

Do you receive statements and payments on time? Statements should be timely and available to meet your business needs. Many processors offer online access to real-time transaction information to help you track a wealth of information including fees, batch processing, income and volume.

The time between sales transactions and when proceeds are deposited into your account should be around 72 hours, or (in many cases) sooner. Some processors however may take up to two weeks before releasing funds.  Industry trends are next day funding if you batch by a certain time.  Be sure you are getting your funds as quick as possible.

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 Oct 14, 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

The Importance of PCI Compliance

What is PCI exactly.
PCI means “Payment Card Industry”. The Council was founded in 2006 by American Express, Discover, JCB International, MasterCard and Visa Inc. They share equally in governance and execution of the Council’s work. The purpose of it is “The security of cardholder data.” In other, words. “The breach or theft of cardholder data affects the entire payment card ecosystem. Customers suddenly lose trust in merchants or financial institutions, their credit can be negatively affected — there is enormous personal fallout. Merchants and financial institutions lose credibility (and in turn, business), they are also subject to numerous financial liabilities.”
-www.pcisecuritystandards.org

“The security benefits associated with maintaining PCI compliance are vital to the long-term success of all merchants who process card payments. This includes continual identification of threats and vulnerabilities that could potentially impact the organization. Most organizations never fully recover from data breaches because the loss is greater than the data itself.”
— Quick Service Restaurant (QSR) Magazine

Following PCI security standards is just good business. Such standards help ensure healthy and trustworthy payment card transactions for the hundreds of millions of people worldwide that use their cards every day.
The merchant is required to be compliant with PCI standards and certify that they are, in fact, compliant. Payment Processors are required to verify your compliance and typically offer their own compliance program and penalties for not being compliant. These costs are independent of other costs associated with non-compliance:

Potential Liabilities When Non-Compliant
• Lost confidence, so customers go to other merchants, diminished sales
• Cost of reissuing new payment cards (Yes – you as the merchant pay for that)
• Fraud losses, higher subsequent costs of compliance
• Legal costs, settlements and judgments
• Fines and penalties, from card associations, processors, banks, governments, etc.
• Termination of ability to accept payment cards
• Lost jobs or just flat going out of business

What Data Is At Risk?
• Primary Account Number (PAN)
• Chip Data
• Cardholder Name
• Expiration Date
• CID/CAV2/CID/CVC2/CVV2 (the 3-4 digit code)

Where Can It Be Stolen From?
• Compromised card reader
• Paper – any paper storage – even locked up paper
• Hidden camera recording (think gas stations stealing pin codes)
• Taps/Malware/Virus/Hacks of wireless and wired networks

What Do You Have To Secure?
• Your card readers
• Point of sale systems
• Networks and wireless routers
• Payment card data storage and transmission
• Payment card data stored in paper-based records
• Online payment applications and shopping carts
The best bet is to talk to your payment professional about solutions that allow you to NOT store ANY cardholder data. Yes, solutions like that exist for many business models and if it does you should really consider taking advantage of it and shifting the liability off your business because you simply don’t have the card number.

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 Oct 14, 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
Sources used and quoted in this article are from:
https://www.pcisecuritystandards.org