How To Prevent Your Merchant Account from Experiencing An Account Freeze!

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Credit Card Processing Is The Prefered Method of Payment for Internet Business Owners In the Digital Age

eCommerce Merchant ServicesProcessing credit cards on the Internet is a much required form of payment when buying products or services online. If you’re a business owner, it’s crucial you have a merchant account.

People feel secure with merchant accounts that allow credit card processing. Buyers and sellers have different advantages and disadvantages when using your credit card.

For instance; if you’re a buyer and not happy with your product and feel it doesn’t meet the description, you rightfully have the power of authority in most cases to request for a charge back. Hence, you do the right things and send the product back to the seller.

As a seller, the disadvantage is having to wait for the buyer to be satisfied and, or leaves you with positive feedback. Situations like this can take place on websites like eBay. The advantage the seller has is holding off on leaving feedback until the buyer has agreed the transaction went through smoothly.

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8 Keys to Lower Credit Card Processing Costs

1. Know your Business Type

merchant card services los angelesVisa/Mastercard use pricing indicators or business types to apply discounts toyour rates. In the beginning, Visa/Mastercard used to charge one rate for everyindustry. Some industries refused to accept credit cards because they thoughtthe rates were to high and cut into too much profit margin. Supermarkets wereone of the biggest holdouts. So, Visa/Mastercard began offering discount ratesto specific industries, card types, and processing methods. This is why there are 440 different rate categories. These discounts paved the way for credit cardacceptance at supermarkets, gas stations and fast food restaurants.

Your business may qualify for one of Visa/Mastercards special programs.For example, if your business has an average transaction of less than $15, youmay qualify for the small ticket program. If you are paying 1.64% + $0.25 pertransaction now, then under the small ticket program you could get your rates aslow as 1.65% + $0.04. Now your processor will probably tack on another sixcents to cover its costs. Still, you would save fifteen cents a transaction or 1.5%on a $10 transaction.

Visa/Mastercard has programs for most industries like restaurant,B2B, MOTO,Quick serve restaurants, Convenience Store, Hotel, Gas Stations, Supermarkets,charities, insurance, utilities, government etc.

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Decentralized Digital Barter Currency Gaining Traction

Source: Catalyst HouseBitCoin Digital Currency

In 2006 Douglas Rushkoff, when asked The Edge Question, “What is the most dangerous idea?,” replied, “open source currency.”

Well now a new P2P digital currency, called Bitcoin, may provide the ideal medium to engage in commerce outside the official economy and  — it’s decentralized, anonymous, and its supply is moderated by a mathematical formula to automatically deflate it over time. A truly dangerous idea.

So what is a Bitcoin?

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Chargebacks Create Small Business Headaches

Source: MarketWatch | Emily Maltby

Chargebacks are reverse credit-card transactions that can happen when a consumer disputes a charge, if the card is lost or stolen or if there’s a processing error. Business owners are ultimately responsible for the amount charged back to the company. To recoup the loss, merchants must prove to the card company that the transaction was valid, which often can be hard to do.

Small-business owner Dean Thompson recently took a routine look at his company’s bank account expecting to see an increase from the last time he’d checked it. Instead, he saw the balance had dropped by more than $3,000.

The culprit: a chargeback.

In Mr. Thompson’s case, credit-card payments made to his Austin, Texas-based business-services firm, EnterprisingWorks LLC, had been reversed because a customer disputed the charges. To show the charges were legitimate, Mr. Thompson said it took 12 hours in phone calls and paperwork to prove he had done work for the client.

Small Business Charge Backs
Dean Thompson

Chargebacks generally are rare. Less than .01% of all credit-card purchases are disputed, according to Heartland Payment Systems Inc., a merchant-services provider that processes payments for more than 250,000 small businesses. But at small firms, where every dollar counts, even an occasional chargeback can cause big headaches.

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Mobile Credit Card Processing – Merchant Use Growing

From American Banker June 24, 2010: With preferences for carrying and using cash continuing to drop, more consumers expect merchants to accept debit or credit cards for payment. But not all merchants do, especially those that lack physical storefronts. Some industry insiders believe mobile-based products might help encourage them to accept electronic payments.

Indeed – Judging from the discussions among peers at recent industry conferences and the spate of mobile-based products and services entering the market, the topic is on the minds of many in the industry as they consider their business plans.

Today, business owners on the go have more options, when it comes to processing credit card transactions, with smart-phone and cell phone credit card processing applications offering the potential for higher sales, faster collections and many fewer bad debts.

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Merchants Swipe at Card Processing Fees


Irked merchants are offering discounts to cash customers as a way to avoid paying higher processing fees, even if that means losing out on the same percentage of profit.  Can anyone blame them?  – BJK

Merchants Swipe at Credit Card Processing fees in Los AngelesBOSTON, MA – Some merchants are offering their customers discounts for purchases made with cash to offset the high costs of card fees, reports the Boston Globe.

Diane Chung, co-owner of Gari Japanese Restaurant in Brookline, launched a “Maki Madness” promotion, offering as much as 55 percent off select maki rolls for cash-paying customers (credit and debit card customers pay full price).

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Our Testimonials

I have been using 1st National's credit card processing service for over 4 years. They are fabulous. As a Criminal Attorney, I travel a lot and need to help some clients in remote places. Their telephone based (Telepay) and Online Processing tools, give me the flexibility and immediate access I need to operate my practice efficiently. Thank you: 1st National Processing.

Kendric Rollins, Esq.
Rollins Law Group
All of our suppliers must be: available, accurate, and offer good value to our corporation. We now are 32 locations strong and are expanding rapidly every other month. Our credit and debit card services has been with 1st National Processing for 4 1/2 years now. We are very satisfied with the professionalism of the staff and their comprehensive customer service.

John Elisha, Vice President
Trimana Goodies Deli