Category Archives: Accept Credit Cards

Credit Card Processing

Credit Cards, What you need to get started

What you need to get started

To get your business set up to process credit card transactions, there are a few things you’ll need:

<!–[if !supportLists]–>·        <!–[endif]–>POS terminal, card processing PC software, or virtual terminal (if your business processes 10 or fewer transactions per week, all you need is a telephone)

<!–[if !supportLists]–>·        <!–[endif]–>Merchant account – this is the contract you establish with the acquirer that provides your card processing service

<!–[if !supportLists]–>·        <!–[endif]–>Business bank account to receive deposits for transaction payment

 

If you want to process card transactions online, you will also need:

<!–[if !supportLists]–>·        <!–[endif]–>A Web site, hosting service, and secure server with certification

<!–[if !supportLists]–>·        <!–[endif]–>Shopping cart software

 

The right card processing solution for your business depends on the nature and volume of your transactions.

How card processing benefits your business

Regardless of your business’s size or industry, there are many benefits in having the ability to process credit card transactions.

By accepting multiple forms of payment, you give your customers options and improve their experiences. You also introduce a new audience of customers to grow your business organically.

In addition, card processing is an efficient, convenient payment solution that helps you improve cash flow by ensuring timely, automatic deposits to your account.

Value-added services—like gift card and prepaid card programs—can provide a new channel for generating profits and increasing your revenue. Check protection services can help you limit your risk from bad checks.

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How card processing works

Credit Card Processing PDF Print E-mail

When a customer pays for products or services with a credit card, the card information is recorded—either by manual entry, a card imprinter, point-of-sale (POS) terminal, or virtual terminal—and then verified so that the merchant can receive payment for the transaction.

This process involves the following parties:

Cardholder: the owner of the card used to make a purchase

Merchant: the business accepting credit card payments for products or services sold to the cardholder

Acquirer: the financial institution or other organization that provides card processing services to the merchant

Card association: a network such as VISA® or MasterCard® (and others) that acts as a gateway between the acquirer and issuer for authorizing and funding transactions

Issuer: the financial institution or other organization that issued the credit card to the cardholder

The flow of information and money between these parties—always through the card associations—is known as the interchange, and it consists of a few steps:

1.      Authorization

The cardholder pays for the purchase and the merchant submits the transaction to the acquirer. The acquirer verifies with the issuer—almost instantly—that the card number and transaction amount are both valid, and then processes the transaction for the cardholder.

2.      Batching

After the transaction is authorized it is then stored in a batch, which the merchant sends to the acquirer later to receive payment (usually at the end of the day).

3.      Clearing and settlement

The acquirer sends the transactions in the batch through the card association, which debits the issuers for payment and credits the acquirer. In effect, the issuers pay the acquirer for the transactions.

4.      Funding

Once the acquirer has been paid, the merchant receives payment. The amount the merchant receives is equal to the transaction amount minus the discount rate, which is the fee the merchant pays the acquirer for processing the transaction.

The entire process, from authorization to funding, usually takes about 3 days. In the event of a chargeback (when there’s an error in processing the transaction or the cardholder disputes the transaction), the issuer returns the transaction to the acquirer for resolution. The acquirer then forwards the chargeback to the merchant, who must either accept the chargeback or contest it.

Mdtcs POS

Mdtcs has a Full-featured software designed especially for retailers! Point of sale  Solution for single or multiple retail store outlets that makes controling inventory and managing customers easier.
POS hardware and Software to track, control and manage your inventory.
Integrated free credit card processing software which allows merchants to process credit cards on their PCs.  Process credit cards the quick and easy way on your computer

Full-featured software designed especially for retailers! POS Software Solution for single or multiple retail store outlets that makes controling inventory and managing customers easier.

Credit Card Sales

With the QuickBooks POS system, you and your employees can ring up cash, check and credit card sales quickly and accurately every time. Plus, QuickBooks POS solution supports gift certificate sales, redemptions and customer charge accounts.  The experience your customer has at your store is affected tremendously by what happens at checkout. And since we now live in the era of drive-through, convenient in-and-outs, and even one-click purchasing on the Internet, the expectation from the customer is this: speedy checkout. No waiting. No mistakes. You have to ensure you and your checkout employees can ring up sales quickly and accurately, first-time, every time.  

Equally important is your store’s ability to accept cash, check and credit card transactions. With the QuickBooks POS system, you can ring up any of those transaction types using your computer. You can scan bar codes for instant item entry. And the cash drawer opens automatically, as the receipt printer cranks out a receipt for the customer.  QuickBooks POS system can also save time that you or your store manager may have to spend on reworking sales-related mistakes made by employees. Rework can consume a big part of the day for managers and owners alike. To keep rework to a minimum, some retailers provide incentives for salespeople who show high accuracy rates and provide clean transactions at checkout.  

Accepting credit cards is an integral service that every customer now expects from retailers. But cash register owners probably find that credit card processing can bring the checkout line to a halt. With a POS, you can process credit cards with one swipe and reduce the time-consuming, error-prone process of approving credit card purchases.  With QuickBooks POS, you just run your customer’s credit card through your POS card reader, and the rest of the process is automatic. QuickBooks POS Merchant Service, a fee-based service, can authorize the sale. The card number and authorization code are entered into the transaction record, and a receipt is printed for the customer’s signature. It’s a foolproof system.   

Checks at check-outWhile some stores and urban shops are small enough for the owners to run and manage checkout, most stores use clerks to ring up sales at least part of the time. A proprietor is always careful while ringing up sales, but a clerk may not be as diligent about handling exchanges and transactions. So make sure that your checkout process is secure, bulletproof and foolproof and your clerks know what to do to maintain speed and accuracy.   With QuickBooks POS system, you can flag a customer with a “Do Not Accept Checks” note. If a customer is flagged, the POS system will not allow a check sale. However, the owner or manager of the store can override the setting if appropriate. This is a great safeguard for your business that may help prevent unknowing clerks from accepting bad checks from customers.  Finally, if your store accepts checks, be careful but not suspicious. Bad checks can cause serious problems for small businesses. With each check you accept, you or your clerks should confirm: ·         The identity of the customer with a picture ID, such as a driver’s license·         The amount is correct and the written and numerical amounts agree·         All lines are properly filled in·         The check is legitimate and has the banks’ MICR coding along the bottom·         The date on the check is no more than 30 days old and not dated ahead·         The customer’s signature is legible·         Your store name is legible, if you don’t have a stamp or check-writer tool at your checkout stand.

AveraChargeTM

  What is averacharge? AveraCharge services offer a streamlined, easy to use payment processing system designed to save you money, provide you better service, and offer you a wider variety of payment service options than other credit card merchant service providers.AveraChargeTM is free, fast, as much as 4-8 times faster than traditional dial-up transactions. Compare the AveraChargeTM 2-3 second transaction times to 15-17 or more seconds with credit card terminals. Faster processing means faster checkouts and happier customers.AveraChargeTM is designed to save you money in several ways:


Features

Lower Processing Fees One source for technical support
Reduced upfront software costs Faster Transaction times
Direct integration with PFW Eliminating Phone Lines
Eliminate bulky credit card terminals Internet Based Processing
Eliminate Bad Check Losses Special rates for Internet based sales
No upfront account setup fees

But saving money isn’t the only reason to consider opening your AveraChargeTM Account! Consider these:

  • Expand your customers payment options
  • Keep your existing bank accounts
  • Easily record and authorize credit card payments
  • 24-48 hour funding
  • Online viewing of credit card settlements
  • Free Rate quotes

For more information on how you can save money and speed up your credit card transactions call us at 951-817-0858. Or, you can fax two months of your current credit card statements if you are an existing business. We will provide you with a competitive quote and comprehensive analysis to show you exactly how your business will benefit from joining the AveraChargeTM service.

Start saving money on your credit card processing today!

To receive a quote or to request more information please fill out the Information Request

Tips For Accepting Credit Card Payments on Your Web Site

Accepting credit card payments on your web site is very important if you want to increase sales. Many people are less trusting of web sites that do not accept credit cards, because it makes your web site appear less professional. Also you will possibly lose business, because a person might want to make a purchase immediately, and can only use a credit card to do so. If they have to wait to mail a check or a money order, then they might decide that they do not need your product that badly after all. Once a person decides to make a purchase you want to make it as easy as possible for them to complete their intended purchase.

The idea of accepting credit card payments on your web site might seem like a daunting task, but it can be quite easy if you use a third party merchant to accept credit card payments for you. Many third party merchants exist for the sole purpose of accepting credit card payments online. You will definitely want to research these merchants and choose the merchant that fits your web site and your budget best. However you want to make sure the merchant is reputable, because many cases of credit card fraud exist on the web today. Many of these merchants will charge a setup fee as well as a per transaction fee. It is usually better to accept a larger setup fee than to accept a larger per transaction fee.

There are many reasons to use a third party merchant for accepting credit card payments on your web site. When dealing with a person’s credit card information you need to be very careful that this information is secure. Third party merchants have already created implementations of accepting credit card payments that are secure. Also, customers will feel better about giving their credit card information if they know a reputable merchant is processing their transaction. Third party merchants also make accepting credit card payments on your web site very easy to implement. Most of these merchants offer technical support for the initial setup, and ongoing support if you start experiencing any problems.

Get Point of Sale equipment to help you process credit card payments face to face, plus software to track, control and manage your inventory.