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There is a high probability you have gotten wind of cash discounting’s growing popularity post COVID. With its growth, the rules are becoming more clear as to how merchants can pass processing fees off to cardholders when using credit cards.
Read MoreIt is out with the old, and in with the new as PAX announces the End-of-Life (EOL) for the PAX S80 Countertop terminal.
In this post, we are keeping you up-to-date on some major changes in PAX Technology, as they migrate from the S80 to the A80.
Read MoreIt is no surprise that COVID-19 has dramatically impacted merchant processing. In this post, we will take a look at the major elements concerning Daily Discounts versus Monthly Discounts, and discuss ways we can be proactive in a season of uncertainty.
Read MoreThere has been a shift in merchant processing. As a result of the 2011 Durbin Amendment Act, Cash Discounting has evolved through various interpretations of what it means for merchants to remain compliant. It wasn’t until the beginning of 2020 that regulations from card brands started to take shape, which makes this a great time to offer Cash Discounting to your merchants.
Read MoreThe merchant processing industry constantly changes, and so do the set of standards for the credit card terminals that we have grown comfortable using. For years, workhorse machines like the VX520, VX805 and ICT220 have been the go-to terminal for agents, ISVs, and VARs.
The PCI-Security Council recently announced updates to the new PCI-Standards (link) that have rendered these machines obsolete. Verifone and Ingenico have chosen not to recertify these machines to match the PCI-DSS requirements and have stopped production all-together. Thankfully, there are options.
Read MoreUnderwriting is typically used in references to banks or insurance companies, but it simply means that an institution will receive a payment and, in exchange, they agree to cover any potential risk. With regards to merchant accounts, they are technically receiving a line of credit, so it is important that a merchant account provider evaluate the business credibility and credit worthiness for any & all potential clients.
Read MoreIn the first part of this three part series, TITLE AND LINK, I covered different approaches to take when presenting merchant processing to your POS Prospects. In this series, Part Two, I will go over the steps I took to successfully offer merchant services to my POS clients that were using other processors. At the risk of sounding repetitive, the questions being asked are somewhat similar, but the delivery is much different.
Read MoreA question I come across a lot from our partners is “What is the best way for me to introduce merchant services to my clients?” It’s a great question and one that I enjoy answering.
There is no doubt the topic of merchant processing can be difficult to cover with merchants. Chances are, the business owner has been burned by a processor in the past or spends a good portion of their week dodging aggressive sales reps. The industry has gotten a bad wrap because of this.
In this three part series, I will layout my experience in the POS and merchant processing industry and how I found success with relationship focus selling.
Read MoreThere are a number of reasons a merchant can experience a credit card hold/reserve. There are also a number of things merchants can do to prevent this headache.
Knowing the basics of credit card reserves and holds can save merchants quite a bit of frustration and hopefully help them avoid experiencing a delay when receiving their funds.
Read MoreEven the best POS systems go down. It is not a matter of if, but when. Preparation and practice for this type of event is key. The best thing a business can do is to get ahead of the situation to mitigate the damage and reduce the financial impact.
Read MoreThere’s little doubt that today’s technology is complex, and ISVs and VARs must embrace the ever-changing POS and Merchant Processing Industry to stay relevant. Dig a little deeper and one can quickly see that there are other elements at play. There is an increasing need to offer downstream transparency, from the processor to the merchant.
Read MoreChargebacks…the bane of many small to medium size businesses. Chargebacks have run rampant in the merchant processing industry. Many business owners feel helpless as the chargeback process has evolved into an unwinnable process to fight a form of fraudulent disputes. The best course of action? Prevention.
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