Merchant Accounts

Seasonal Merchants

noreply@blogger.com (Ritas Ziupsnys) — Fri, 09 Apr 2010 13:23:00 +0000

This post has moved to:

Merchant Accounts for Seasonal Merchants

Reducing risk when accepting credit cards at your business

noreply@blogger.com (Ritas Ziupsnys) — Tue, 16 Mar 2010 14:12:00 +0000

If you plan on making credit card transactions over the phone, Internet or by mail (any method where a signature is not available), you are increasing your risks. By taking certain precautions though you can mitigate these risks substantially.
So please read on...

Here are a few tips to reduce your business risks for transactions over the phone, Internet or by mail (when a signature is not
captured):

1) Always require the following information on every mail/phone/Internet sales draft:

- Credit card number and expiration date
- Name that appears on the front of the card
- Cardholder's billing address and phone number
- Description of merchandise and/or services rendered

2) Use Address Verification Services (AVS) which verifies the cardholder's billing address with a cardholder's credit card company. If you do not get an exact match, do not proceed with the transaction.

3) When you ship the merchandise, ship only to the cardholder's billing address, NEVER ship to any other address that the customer may request. Be careful with international orders.

Seasonal Merchant Accounts

noreply@blogger.com (Ritas Ziupsnys) — Wed, 24 Feb 2010 19:17:00 +0000

If you are in need of a seasonal merchant account, meaning one who attends craft shows, sporting events, does landscaping, has a fireworks stand, or sells other "seasonal" product and/or services, then you have a number of credit card processing options.

Touch-Tone Payment Processing is a very economical way to get you up and running if you expect small transaction volume, if you're out in the field or if you just don't know if you need a credit card terminal yet.

How does touch-tone payment processing work?

Touch-Tone Payment Processing provides self-employed professionals and small businesses an easy way to take credit and debit cards.

By dialing an 800 number from any touchtone phone, payphone, or from an ordinary cellular telephone, you are connected to an interactive voice response unit. Using the telephone's keypad you will key in the required information as it is prompted, such as your merchant PIN number, the customer's credit card account number, expiration date, CVV2 code, and the dollar amount of the sale.

Once approved, the credit card transaction is captured and held for settlement which automatically occurs once each night. The funds are electronically transmitted via the Federal Reserve's ACH system to your business checking account at your local bank.

There are no sales slips to mail or time consuming trips to the bank to deposit credit card drafts. Every month you will receive a statement detailing each day's credit card sales. This can be easily reconciled to the checking account statement you receive from your bank.

What do you need for Touch-Tone Payment Processing?

All you need to get started is an Eagle Merchant Services' merchant account and any type of touch tone (keypad) phone, payphone, or any ordinary cellular telephone.

Plus, only at Eagle Merchant Services, besides getting the lowest cost for credit card processing, any seasonal merchant who is on Eagle Merchant Services' system for six months can turn-off their next six-month calendar period and receive no billing during the turn-off period!

Unlike many other merchant service providers who charge seasonal merchants monthly minimums and billing fees all-year-long, we shut-off billing during your "off-season." A reason why so many seasonal merchants call Eagle Merchant Services their preferred credit card processing company.

Another seasonal merchant option includes using a manual imprinter.

A manual imprinter for credit card processing is beneficial for primary sales acceptance or as a backup credit card processing machine. With low startup costs, credit card payments can be accepted in face-to-face customer transactions in an economical and cost effective manner.

Many trade show merchants, Christmas tree farms, contractors, landscapers, craft shows, food delivery services and in home sales merchants use a manual imprinter.

If you are a seasonal merchant, give us a call and we can help plan your processing fees and calculate your real costs. We promise a fair comparison to ensure a clear picture.

Reach us at 1-800-255-0898 during regular business hours of 8:30 am to 4:30 pm (Central Time) or you can complete an online form here and we will call you at an appropriate time.

Take care,

Ritas Ziupsnys, Pres.
Eagle Merchant Services

Merchant service account teaser rates

noreply@blogger.com (Ritas Ziupsnys) — Tue, 09 Feb 2010 16:41:00 +0000

What about merchant account teaser rates like "as low as 1.09%" being promoted?

No one wants to pay the highest rates for a merchant account...and you shouldn't. Yet prior to talking with a merchant (like you about your business,) merchant service account providers have no idea what your rate structure will be - no one does - until they speak with you!

Using a teaser percentage rate like 1.09% is misleading. A teaser rate might lure you to call but what type of first impression does that create? Make sure you compare a number of different merchant service providers and ask them to put all rates in writing!

Because all merchant account categories are set by the credit card companies including VISA, MasterCard, American Express, and Discover, credit card processors can't possibly offer merchant rates lower than the rates set by the Visa and Mastercard! They offer these rates on their sites and they are rates that you will never actually see.

What matters most is paying the lowest total cost of ownership for your credit card processing for your type of business.

Eagle Merchant Services seeks to start every merchant relationship with a strong first impression earned from honesty, integrity and helpfulness. We want to talk with you and find out how your business will accept and process credit, debit or any other type of electronic payment. Once we know about you THEN we give you your applicable rates.

And we guarantee the lowest total cost of ownership.

In an industry where the average merchant processor is in business for less than 5 years, our "over thirteen years in business" proves that our honest approach it the right one.

For an honest rate evaluation, contact us at 800-255-0898.

Free credit card terminal?

noreply@blogger.com (Ritas Ziupsnys) — Fri, 05 Feb 2010 16:44:00 +0000

Credit card terminal purchases are an important first step in opening a merchant account. Basic terminals can now be purchased for less than $200.00. Many companies offer what they call “free” credit card terminals but over time you end up paying much more than they are worth by adding fees to your processing costs. These could be annual fees, monthly minimums, supply costs, etc.

Companies still also try to lease credit card terminals to a businesss. A monthly lease at $49.00 for 48 months is completely taking advantage of a customer. The cost would be close to $2000.00 for the same terminal you can purchase outright for under $200.00.

Make sure that your merchant provider offers you a fair price on the credit card terminal that you need. If you would like to compare our pricing to others, you can contact us at 800-255-0898.

What is a merchant account?

noreply@blogger.com (Ritas Ziupsnys) — Wed, 03 Feb 2010 17:34:00 +0000

What is a Merchant Account?
A Merchant Account is an agreement between a merchant service provider and a business or individual that enables them to accept credit and/or debit card payments from their customers.

Merchant accounts are required for all types of business seeking to accept credit cards including retail, Internet, mobile (wireless), phone order, mail order, seasonal (like landscaping, fireworks, trade show hobbyists) and home-based businesses even with low volume.

Eagle Merchant Services helps businesses identify their specific needs and fit them with the most economical credit card processing program available. In fact, we work so closely with our merchants that our average merchant retention rate is two-times the industry standard!

Eagle Merchant Services is an independently registered sales organization with Visa and MasterCard. We have over 50 years of experience in the bankcard business. In addition to credit card processing, we also specialize in debit, and EBT (electronic benefits transfer) card processing for retail and non-retail merchants. You can contact us at 800-255-0898.

Loans for your business

noreply@blogger.com (Ritas Ziupsnys) — Thu, 21 Jan 2010 14:30:00 +0000

With banks holding back on traditional financing for businesses, cash advances/loans against your credit card processing receivables are more popular than ever.

A business cash advance allows you to borrow against your future Visa, MasterCard, American Express, or Discover sales rather than using your personal credit or collateral. A fixed percentage is deducted from your business' Visa, MasterCard, American Express, or Discover sales receivables for repayment. All other revenue earned through cash, check or other cards are untouched. Repayment occurs automatically and follows your business revenue flow.
There are no bank loan repayment schedules, no fixed monthly payments, no fixed repayment timeframes, and no penalties for late payments.
Also unlike traditional secured business loans, business cash advances require no collateral or personal liabilities.

Business Cash Advance benefits are:
• No Hassle, instant cash funding.
• Fast, easy and convenient cash advance approval process.
• No collateral or equity required like a small business loan.
• No upfront costs or hidden fees.
• Can potentially lower your credit card processing rate saving you money.

Cash advance loans are a great way to help cover unexpected costs or help grow your business. For more information, contact us at 800-255-0898.

Why you need to accept debit cards

noreply@blogger.com (Ritas Ziupsnys) — Tue, 19 Jan 2010 16:13:00 +0000

With the current economic downturn, many consumers are shifting their choice of payment method to debit cards from credit cards. Consumers are using them at a faster rate than cash sales. Convenience seems to be the key now.
If you are a merchant and do not accept debit cards at your place of business, you are missing out on potential customers and possible cost savings. Pin based debit transactions are only charged to you at a flat rate and not a percentage. Depending on your average sale, this flat rate can be much cheaper than the typical discount rate charged for credit card transactions. This can amount to tremendous savings to your bottom line.
If you do not accept pin based debit now, make sure that you contact your current merchant service provider to add the capability or you can contact us at 800-255-0898.

Accept credit cards at your business

noreply@blogger.com (Ritas Ziupsnys) — Fri, 11 Dec 2009 14:03:00 +0000

Why accept credit cards?

In today’s business environment you need to take advantage of every possible form of payment for your customers. Approximately 40% of today’s retail purchases are either by credit or debit card.

Consumers mainly use credit cards so they do not have to pay for purchases immediately. This also works in the merchants favor due the fact that most individuals spend more on purchases when using credit than cash. This figure is 20% or more. Yes there are fees associated with accepting cards, but for most businesses this amount is negligible compared to sales paid for by credit cards.

Another factor that drives credit card sales are the rewards offered by card companies on credit cards purchases. Many individuals will look to use their cards to help earn points and rewards for flights, hotels, goods and even cash back rebates from their card companies. This alone has pushed many to use cards that normally would not.

As a business owner, not accepting electronic payments and having your competitors due so will cost you business. If you offer the same products or service as someone else but do not accept cards as they do, consumers will not even bother with your offerings if they are looking to make a purchase using a credit or debit card. You will not even know that customer is lost because they will not even attempt a purchase at you place of business. Your bottom line will be affected without you even knowing how many customers you possibly could have had.

In these tougher economic times, credit card acceptance is a must for your business to attract as many possible customers. They need to purchase your goods and not your competitors.

Merchant Services for Contractors

noreply@blogger.com (Ritas Ziupsnys) — Tue, 09 Jun 2009 19:04:00 +0000

Accepting credit cards as a contractor can make or break your estimate for work to be done. Sure many people still pay cash, but for larger projects, many individuals do not have access to larger lump sums of cash to pay for a job. As a carpenter, builder, plumber, landscaper, etc., You can offer credit card acceptance to overcome the " I don't have the money right now" answer when you ask for the job.

By accepting cards, you receive your funds immediately but the individual that you did the work for can pay over time. Even in these more difficult economic times, many people still have credit cards that have unspent values. As a contractor, you may be able to close more jobs just by being able to offer an alternative form of payment.

Also, you can actually process your transactions by using your cellular phone without a need for any other equipment. You dial an 800# and just follow the prompts. The funds are deposited 2nd business day right into your business checking account. Accounts only take a few days to setup so you can start offering credit cards as a from of payment almost instantly.

Many people even look for ads where contractors accept credit cards and call them first. Even if it allows you close only one job a month, the service will more than pay for itself.

Saving money on merchant services

noreply@blogger.com (Ritas Ziupsnys) — Thu, 04 Jun 2009 13:19:00 +0000

It is important to review your credit card processing statements on a yearly basis for any cost increases. Many processors raise rates and add fees with very little notice. It might just be a small line item at the bottom of your statement that tells of a raise in fees. Many times these fees can be removed by switching to a new processing company that is upfront about any changes.

Companies like Eagle Merchant Services only pass on direct increases from Visa and Mastercard. Many companies add extra profit on top of the price increases from Visa and Mastercard and blame it on them. By reviewing your statements yearly, you can end up saving hundreds, even thousands of dollars a year.

Look for excessive annual fees, compliance fees, supply fees, merchant club fees. These all add up to dollars you can be saving.

Saving money on credit card terminals

noreply@blogger.com (Ritas Ziupsnys) — Wed, 03 Jun 2009 13:34:00 +0000

Never lease a credit card terminal. Not only can you buy one yourself for less money than you would spend over the life of a lease but owning your own terminal makes it easier for you to switch processors at any point.

You can purchase a terminal from Eagle Merchant Services for about $100 to $400. Make sure that you are getting a well-known, non-proprietary brand which fulfills your business needs. Ultimately you want to pick the credit card processor which will give you the best overall rates not just a free terminal. A good deal on processing could save you thousands in fees over the long run compared to just a few hundred in savings for a terminal.

Merchant Account Hidden Fees

noreply@blogger.com (Ritas Ziupsnys) — Wed, 28 Jan 2009 21:14:00 +0000

Many payment processing companies make themselves look extremely large on the Internet, yet are really just big advertisers and high pressure sales people who are not really a payment processing company at all. They sell processing for whoever pays them the most commission and it is always the merchant who ends up paying for it, usually in the first few months and in start up costs.

Since most sales people in the merchant account business are never going to tell you that there are better deals for you out there, we have compiled a list of things to watch out for.

Merchant Account Hidden Fees

Chargeback fees
Retrieval fees
Gateway fee
Termination fee
Hidden setup charges
Non-refundable setup charges
Cancellation fee
Minimum fees
Annual fee
AMEX or Discover setup fees
Statement fees (more for more services)

Terminal Responses At the End Of A Transaction

noreply@blogger.com (Ritas Ziupsnys) — Tue, 16 Dec 2008 20:19:00 +0000

Here are some common responses the merchant will see at the end of a transaction

APPROVAL CODE
This is the response that the card used has enough credit, the sale will complete and the card is not stolen or lost. The merchant records the message on the sales draft. THE APPROVAL CODE DOES NOT GUARANTEE PAYMENT.

DECLINED
This is the response when the card issuing bank will not approve the charge. This can happen for many reasons, one being there is not enough credit line on the card to approve the sale. The merchant needs to ask the customer for another form of payment when the DECLINED response comes up. If the customer wants to know why the transaction is declined they need to contact their card issuing bank.

DECLINED PICK UP
This response is given when the card issuing bank wants the card returned for some reason. The merchant is not required to keep the card and it should only be kept if it can be done safely. The merchant should refer the cardholder to the card issuing bank.

© Eagle Merchant Services is a Chicago merchant account area provider offering the lowest cost merchant services as well as credit card machines.

The Authorization

noreply@blogger.com (Ritas Ziupsnys) — Thu, 11 Dec 2008 19:07:00 +0000

There are two ways an Authorization can happen.

ELECTRONIC
This is when the merchant swipes the credit card through a terminal or point of sale device and the POS device sends the transaction data electronically for the authorization.

VOICE AUTHORIZATION
This is when the merchant calls the voice authorization center; the voice authorization center has a computer system that communicates with the Issuing Banks to relay transaction data. An operator gives the merchant the Authorization response that is received from the card issuing bank.

Most authorizations are done electronically but the VOICE AUTHORIZATION is a great back up if the merchants credit card machine or POS System is down.

© Eagle Merchant Services - a merchant account provider located in the Chicago area providing the lowest cost merchant services and credit card machines.

What goes on in the life of a transaction?

noreply@blogger.com (Ritas Ziupsnys) — Wed, 03 Dec 2008 21:18:00 +0000

A credit card transaction consists of two parts: the authorization and the settlement.

The AUTHORIZATION is the permission of the card issuing bank to accept a credit card for a payment.

The SETTLEMENT is the clearance through the Visa and MasterCard settlement system of the credit card transactions accumulated by the merchant in the terminal or Host so that the merchant can be paid for them. Both Authorization and Settlement must happen before a merchant can be paid for a credit card transaction.

© Eagle Merchant Services is a Chicago merchant account provider located in the Chicago area offering the absolute lowest cost merchant services credit card machines.

What is a Check Card?

noreply@blogger.com (Ritas Ziupsnys) — Fri, 21 Nov 2008 19:50:00 +0000

A Check card is a debit card that has a Visa or MasterCard logo that can be used as a credit card or a debit card. It is issued by a bank when a customer opens a checking or a savings account. A Check card transaction deducts the the funds from the cardholders bank account rather than in a monthly billing like a credit card.

If the customer chooses to use the Check card as a debit transaction the cardholder must enter their PIN at the Point of Sale on a PIN Pad. Once this PIN based debit transaction is completed the funds are automatically pulled from the customer/cardholders bank account. With a PIN based debit transaction the customer is not required to sign the sales receipt.

If the card is used a credit card transaction it will be processed like a credit card transaction and a signature from the cardholder is required.

What is a Chargeback?

noreply@blogger.com (Ritas Ziupsnys) — Wed, 19 Nov 2008 20:46:00 +0000

A Chargeback is a reversal of a credit card transaction initiated by the cardholder or the card issuing bank that was used in the purchase. This is different from a refund or a credit that is agreed to and initiated at the point of sale. A Chargeback usually occurs when a when the cardholder files a dispute with their card issuing bank. This can happen when the cardholder discovers fraudulent or improper transactions on their statement.

The card issuing bank will investigate disputes and will charge back the value of the original transaction directly from the merchants acquiring bank, which is obligated by to do so under the card network rules and regulations. The merchant acquiring bank will attempt to recover an equal amount of the chargeback from the merchants bank account. Chargebacks are passed along to the merchant as policy from the acquiring bank unless the merchant can prove that the transaction in question was legitimate.

Smart Cards

noreply@blogger.com (Ritas Ziupsnys) — Fri, 14 Nov 2008 18:54:00 +0000

At Eagle Merchant Services we get asked all the time if we can accept Smart Cards, or are our machines that we sell Smart Card capable. Smart Cards have a computer chip embedded in the credit card and when the card is passed through a Smart Card credit card machine the card can perform numerous functions or access data that is stored in the chip. These cards can be used as Debit cards or credit cards.

Smart Cards are common in Europe, the technology that is required to accept them in the United States is rare. The credit card machines and cards use the magnetic strip technology and to upgrade to Smart Card readers is to costly.

Experts predict that the Smart Card technology will become popular in the future in the US.

What is a Bankcard?

noreply@blogger.com (Ritas Ziupsnys) — Wed, 12 Nov 2008 19:36:00 +0000

A BANKCARD is issued by a financial institution, it allows the balance to be carried over from month to month. The Issuing Bank assesses the Cardholder the interest they will pay on the unpaid balance against carrying the balance. A BANKCARD allows a purchase amount to be taken from a Cardholders bank account or through a line of credit without having the cardholder write a check.

To accept BANKCARDS merchants must be approved to process BANKCARD transactions through a bank or a credit card processor. The merchant must sign a merchant processing agreement through their merchant service provider.

© Eagle Merchant Services is a Chicago merchant account area provider offering the absolute lowest cost merchant services as well as credit card machines.

Travel and Entertainment Cards

noreply@blogger.com (Ritas Ziupsnys) — Fri, 07 Nov 2008 17:39:00 +0000

Travel and Entertainment Cards such as American Express and Diners Club originally targeted business customers who used these cards at restaurants, hotels, airlines and car rental agencies. As consumers used these cards more frequently more standard retailers began accepting these card types. To accept these cards the merchant must be approved to process Visa and MasterCard transactions through a credit card processor.

A requirement of these cards is that the cardholder must pay off the balance in full each month.

© Eagle Merchant Services - a premier Chicago merchant accounts area provider providing the best merchant services at the lowest costs guaranteed.

PIN Based Debit Transactions

noreply@blogger.com (Ritas Ziupsnys) — Wed, 05 Nov 2008 19:31:00 +0000

Just about every credit card machine has the ability to have a PIN (person identification number) Pad and have their customers run a debit transaction or a credit card transaction. Some machines even have a built in PIN Pad which means less clutter for the merchant and still allows customers to enter their PIN. External PIN Pads are possible too, this device is hooked up to the machine and allows the customers to enter their PIN.

Some merchants prefer their customers using the external PIN Pad because they don't want their customers handling the credit card machine. One huge benefit of the PIN based transaction is that the merchant is charged a transaction fee and not a percentage rate; this keeps their costs down.

Eagle Merchant Services offers PIN Pads both internal and external for all of their retail merchants.

© Eagle Merchant Services is a Chicago merchant accounts area provider offering lowest cost merchant services and credit card machines.

What type of credit card machine do I need?

noreply@blogger.com (Ritas Ziupsnys) — Thu, 30 Oct 2008 15:21:00 +0000

After finding the right merchant service provider you will need to determine the type of machine to process transactions. There are many to choose from.

Most retail store front businesses will need a machine with a printer either integrated or separate printer; this provides the merchant and customer with a receipt of the sale.

At your business are you going to have a land line telephone line? Most machines require a land line telephone line for the machine to dial out and get an authorization; if not there are machines that allow you to use an Ethernet IP connection. The Ethernet connection allows for a faster transaction.

There are also multi-merchant machines; these types of machines can have multiple merchant ID's programmed into them. These machines are ideal for hair salons that rent out their chairs to the stylist and each stylist can have their own merchant account.

Eagle Merchant Services offers all of these types of credit card machines; if you have any questions please give us a call at 800.255.0898.

© Eagle Merchant Services is a Chicago merchant services area merchant account provider offering merchant accounts and credit card machines.

How Online Transactions Are Processed

noreply@blogger.com (Ritas Ziupsnys) — Tue, 28 Oct 2008 18:20:00 +0000

The process in which a credit card transaction goes through is a complicated process that only takes a few seconds. Here is what a online transaction goes through:

The customer goes to the CHECK OUT with the items they placed in their shopping cart from the merchants website.
The customer selects credit as the method of payment.
The web browser then connects to the website's host's secure server and brings up the secure payment form.
This is when the customer enters in their credit card information and authorizes the transaction by hitting the COMPLETE ORDER button.
The information gathered goes to the website host's secure server using SSL encryption.
The secure sever connects to the merchant's processing bank through a Secured Payment Gateway.
The processor polls the card network i.e.(Visa and MasterCard)and availability of the funds is confirmed.
If the transaction gets an approval an authorization code is returned to the processor or to the SECURED PAYMENT GATEWAY from the processor.
The authorization is encrypted by the Payment Gateway or processor and is transmitted in an encrypted form to the web server of the merchant, which triggers fulfillment of the order.
The merchants web server then sends the customers browser a confirmation receipt via email.
The amount due is moved from the card holder's issuing bank to the merchant's processing bank. From here the processing bank will deposit the funds to the merchant's checking account within 2-3 business days.

Eagle Merchant Services offers online processing for merchants.

© Eagle Merchant Services is a Chicago merchant services area merchant account provider offering online processing for merchants.

Touch Tone Payment Processing

noreply@blogger.com (Ritas Ziupsnys) — Fri, 24 Oct 2008 17:10:00 +0000

An alternative method to wireless credit card processing is Touch Tone Payment Processing; this is a low cost effective way for lower volume merchants to accept credit cards.

Here is how it works, from a telephone the merchant dials a toll free phone number, enters their merchant ID number and then the card information. Once approved, the credit card transaction is captured and held for settlement which automatically occurs each night. The funds are electronically transmitted via the Federal Reserve's ACH system to your business checking account at your local bank within 48 to 72 hours.

There are no sales slips to mail or time consuming trips to the bank to deposit the credit card slips.

Touch Tone Payment Processing is perfect for these merchant types:

Firework Stands
Craft Show Merchants
Trade Show Merchants
Christmas Tree Farms
And many more business types