2 Perplexing Areas of Merchant Account Credit Card Acceptance

Accepting credit cards with a merchant account can be confusing, but no need to fear!  We are going to clear up two points of confusing when it comes to merchant account credit card acceptance.   Contracts are one part of accepting a credit card with a merchant account that people find confusing.  While it may be confusing, it is also one of the most important parts of credit card processing, so it cannot be avoided. If you do not completely understand the terms and conditions of your contract, you could be in for a rude awakening.  The smart thing to do is to always believe what is in the contract, not go off what you sales rep says to be true.

There is no formal or specialized education required to work for a merchant services provider, so be sure to do your own research and read your contract thoroughly.  You don’t want to be bombarded with fees and service limitations for you choose your merchant account credit card acceptance provider.  Here a few items that you should specially look for in your contract:

·         Cancellation fees

·         Length of contract

·         Equipment leasing information

·         Early termination fees

·         Annual fees

·         Setup fees

·         Monthly fees

·         Monthly minimum

·         Payment Card Industry (PCI) compliance fees

PCI compliance is another perplexing aspect of accepting credit cards with a merchant account.  Credit card security is of the upmost importance because if your customer’s data gets stolen, not only will your reputation as a retailer be affected but you could also be hit with fines and lawsuits.  PCI compliance regulates credit card processing security standards for businesses.  Small businesses need to be aware of the PCI compliance guidelines, and make sure they vendors are complying as well. 

When it comes to merchant account credit card acceptance, the most important thing is to be informed. If you do your research and ask the right questions, all of your concerns about merchant accounts will be cleared up in no time.

Merchant Services Credit Card Processing Accounts Keep Up with Mobile Trends

You might have seen advertisements for the many standalone portable mobile devices that you can use with a smartphone to collect money from clients when you are on the go. These devices work well for businesses that set up shop in multiple locations, door to door salespeople and people who need to collect client deposits and payments during meetings and on the spot.

However, though these devices are convenient, great little tools in their own right, if you are like most merchants, what you don't know is that you can get these payment processors as part of a merchant services credit card processing account as well. Your merchant account will have a similar device that you can use to turn your Android, iPhone or Blackberry into a mobile payment processor. With merchant services credit card processing, just swipe the card anytime, anywhere and collect payments.

In addition, merchant accounts are more secure; come with better support than a standalone device and offer many more benefits as well.

Why Merchant Accounts Fit Businesses of Every Size

The modern merchant account expands your customers' payment options like never before. It's also a compliment to your business management processes. In addition, when you have a merchant account, any payments you collect through your mobile device or other payment gateways attached to that account, reach your bank accounts faster and more often.

In addition to accepting mobile and standard credit and debit card payments, a merchant services credit card processing account lets you enjoy other features like:

• Accepting electronic checks, Internet checks, paper checks, checks by phone and deposited checks
• Accepting gift cards
• Processing your employee payroll through your merchant account, and
• Getting an extra terminal solution that's right for your business model, (The right terminal for a retail store likely isn't the right one for a 4-star restaurant)

Lastly, you will receive the type of fast, professional support that only a bank can give you, (via text phone, email or social media) and your money goes right into your account.

When you use payment processors instead of a bank, you sometimes have to wait up to a week to receive the money in your checking or savings account. In addition, the longer you have your account, the more freedom you will get with it and the more options you will receive to expand your business. In essence, with a merchant account, you're choosing a relationship and not just a simple product.

How to ensure secure credit card processing

This day in age, you can never be too careful, especially when it comes to the electronic transfer of money. Make sure you are performing secure credit card processing with help from the Payment Card Industry Data Security Standard, or PCI DSS. The PCI DSS is a set of security guidelines for businesses that process cardholder information for a wide variety of cards, including credit, prepaid, e-purse, ATM, debit, and POS cards.

These credit card processing security guidelines are enforced by the Payment Card Industry Security Standards Council. They created these standards to gain deeper control and insight into cardholder data. This regulation allows the PCI DSS to lessen the amount of credit card fraud and ensure credit card processing security. Companies are audited each year to ensure everyone is following secure credit card processing best practices. These audits are done by a Qualified Security Assessor, or QSA. If a company processes a large number of card transactions, the QSA will develop a Report on Compliance or ROC. If a company processes a smaller number of transactions they will be audited via a Self-Assessment Questionnaire, or SAQ.

There are currently 12 requirements of credit card processing security compliance. These requirements are divided into six categories called “control objectives”. Learn more about these objectives here.

Encryption, Tokenization and Credit Card Processing

How Secure Merchant Account Services Grow Business

More and more small businesses accept credit card transactions today, as the world of banking and retail purchases are shifting to a digital standard. From restaurants to mom and pop antique shops, having a quality merchant services account increases sales through efficient credit card processing and increased customer satisfaction. Aside from the obvious benefits, secure credit transactions are vital in keeping small businesses and their customers’ sensitive information safe from fraudulent activity. Security plays a vital role in all merchant accounts, utilizing encryption and tokenization to minimized chances for data hacking.

Encryption works to scramble information and decoding is only possible when someone understands the algorithm. This minimizes chances for interception and typically encrypts data from the entry point to the processing point. By using this methodology, credit card data is encrypted at the browser level and decoded when the payload reaches the database or application (Source: technewsworld.com). While encryption sends protected information to a specific destination, tokenization does not store any sensitive credit card data. This serves as a simplified security technology, as the need for storing and managing encryption keys is nonexistent. Tokenization, a much younger technology, pinpoints sensitive information such as Social Security numbers and credit card data and packages them as tokens. Each token is replaces data with an abstract set of irrelevant numbers until the token reaches its final destination. Once the endpoint is reached, the actual numbers contained in the sensitive data replaces the token.

Credit cards accepted at small businesses’ brick and mortar or online stores undergo this coding metamorphosis for maximized security. Fraudulent activity is greatly reduced when one or both of these technologies are used in conjunction as a hybrid solution. With 66% of all POS purchases occurring via credit cards, acceptance in small businesses throughout the U.S. is likely to rise. Furthermore, statistics are showing cash sales have dropped nationwide, suggesting our economy is headed for a more digital, more secure transactional standard.