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Credit Card Processing http://www.paynetsystems.com/blog/creditcard-processing.html XML to RSS conversion by Grouper Fri, 04 Jul 2008 09:00:04 -0500 Grouper/1.4.2Evolution Ways to Counter Chargebacks and Fraud http://www.paynetsystems.com/blog/2007/03/ways-to-counter-chargebacks-and-fraud.html Credit card fraud and chargebacks are a constant threat to any online business. According to the 2001 Online Fraud Report, conducted by Mindwave Research, 41% of merchants find online credit card fraud a serious threat to their business. There is a need for immediate measures to reduce and virtually eliminate chargebacks and fraud. A chargeback occurs when a transaction is reversed or a certain amount of money from your account is deducted. Chargebacks can occur for reasons such as, double-charging, credit card expiration, bank error and customer disputes. A large number of chargebacks are fatal and you may even lose your merchant account. Once you've lost your merchant account, you are placed on the Visa/MasterCard Terminated Merchant File (TMF/MATCH list) for several years. If you are on the list, you will face difficulties in getting another merchant account. There is still hope. And this hope lies in the ways to counter chargebacks and frauds, as listed below: - •Post a warning message- post a warning message on your order page to discourage fraudulent elements. Also, mention that IP (Internet Protocol) addresses are logged and come in handy when locating people about fraudulent orders. •Request fax copies of ID and credit card- You may ask your customers to fax a copy of both sides of their credit card and driver's license. This is for verification purposes and works best in a B-to-B (business to business) sales environment. •Signatures on delivery- you may have your carriers get customer signatures which you retain for your records. •Watch out for orders using free e-mail addresses- Avoid taking orders from free e-mail addresses as it is difficult to track such people. •Handle suspicious orders accordingly- If an order seems suspicious to you, call or e-mail the customer to make verifications. •Let customers know what name will appear on statements- If you’re using a third-party credit card processor, it is the processor’s name that appears on the credit cad monthly statements of the card holder. Reduce confusion by informing your customers in advance what they should and shouldn’t expect. •Scrutinize orders from developing foreign countries- A large percentage of fraudulent Internet purchases are made from overseas. Accept these orders at your own risk. •Use Address Verification System (AVS)- AVS is critical to ensure the address entered on the order form matches the address to where the cardholder's billing statements are mailed. AVS only works with orders conducted in the US. •Collect CVC2 and CVV2 Verification Numbers- This reduces instances of chargebacks by 26%. You may ask your MasterCard, most Visa and Discover credit card holders’ to give the 3-digitsecurity code located right after the credit card number as an additional verification measure. •Interactive Voice Response (IVR) Terminals- These are a new solution that reduces fraud by collecting a "voice stamp" or voice authorization and verification from the customer. If you follow the above instructions, your chargebacks will be minimized to a great extent. Lesser the chargebacks, the more your business prospers. Chargebacks and fraud cannot be ignored. Thus, risk management solutions must be incorporated and exercised. For more, visit<a href="http://www.paynetsystems.com"> here</a>. Jack Chevalier What to Look For in a Credit Card Processor http://www.paynetsystems.com/blog/2007/03/what-to-look-for-in-credit-card.html Once you’ve established your online business, its time to get yourself a merchant account or approach a third-party credit card processor. You can first and foremost turn to your bank for <a href="http://www.paynetsystems.com">credit card processing services</a> so that they can process your business payments for you. However, you may not have considered that your bank may not easily agree. If your bank considers your line of work a risky business, they may not be very forthcoming with the offer of conducting your credit card processing. This is because banks are wary of small businesses, particularly mail order and home-based businesses, for fear of potential fraud and abuse. According to the Electronic Transaction Association, approximately 85 percent of credit card transactions now go through credit card processing companies. A credit card processor is an established service provider who uses a merchant account to process payments for other businesses. Thus, a credit card processor essentially stands between your business and the merchant account. Here’s a word of caution: Different processors charge different prices and types of fees for their services. Mainly the charges come in the form of the "discount rate" — a regular percentage charged on each transaction. There may also be flat transaction fees. A processor that offers a low discount rate will probably look to make up for it through a huge application fees or statement fees. The success or failure of your online business depends a great deal on the efficiency of your credit card processor. Timely payments, no undue deductions, reasonable charges etc go a long way to help you maintain a healthy inflow of capital. Thus, you need to look for companies with well-established track records and solid reputations. This is the best way to avoid scam artists trying to take advantage of the explosion of e-commerce. It is a good idea to compare prices of different processors before settling for one. While Credit card processors´ discount rates can be as low as 1.5 percent, they may go as high as 5 percent too. Fee schedules are usually set in accordance with the average transaction figures and the number of monthly transactions. If you sell small volumes of inexpensive items then you are liable to loss as a lot of money will go out in the form of fees. In such a scenario, a merchant may look out for a processor who has a minimum monthly charge and make sure the additional credit card sales justify the expense. Finally, ensure that a processor exercises no deception in his ways when dealing with you. If you must do business with a new processor with no track record, lay down your rules early and firmly and start the relationship off slowly. Keep the business with them to a minimum until they’ve proven themselves worthy. And no matter how much you need the business, do not initiate payment processing until you have a signed contract clearly stating and agreeing to payment terms. For more, visit<a href="http://www.paynetsystems.com"> here</a>. Jack Chevalier Selecting Credit Card Terminal Receipt Printers http://www.paynetsystems.com/blog/2007/03/selecting-credit-card-terminal-receipt.html With a <a href="http://www.paynetsystems.com">credit card processing </a>terminal, you also need either an in-built or an independent printer to print out receipts and slips for customers signatures. Just as is the case with the terminal, your choice of printer must be based on the factors of cost, reliability, need and speed. In addition, you need to choose between a thermal and dot matrix printer. Whichever you get for your business, make sure that it has the latest “drop-in” paper loading feature, making the sales process easy and hassle-free. Dot Matrix Printers- Dot Matrix Card Terminal Receipt printers use ink ribbons, pins and regular paper. They are recognized as being one of the world’s most reliable ranges available. These printers are capable of printing a receipt with up to two copies, which on some models can be held on a rewind. Dot Matrix printers are essentially low-cost, compact, reliable, high-speed, and with a full or partial cutter, available in either single or dual colour versions. Some Dot Matrix models are revolutionary, with high performance, multifunction, enhanced features and abilities. Dot Matrix Printers are ideal for versatile slip, check, and invoice applications. You may have your pick from the various models and brands available in the market today. Thermal Receipt Printers- Thermal credit card receipt printers are more popular owing to their faster performance (with speeds of 10 to 15 lines per second), less noise, and greater reliability. These printers are a little more expensive than Dot matrix printers but encounter lesser technical glitches. A thermal printer works with heat and special heat-sensitive paper to generate receipts. Available in tear bar and auto cutter models, these printers provide absolute value for money. Inkjet receipt printers- Inkjet is the newest technology in receipt printing. It offers the color advantages along with printing fast and clear, and the overall cost of ownership is similar to that of a thermal receipt printer. Inkjet printers come with standard features of an Inkjet, two-color, receipt & slip printing, power supply and cables. Different models may have different functions and features to enable you to select just the right equipment to meet your unique needs. If your counter top is already cluttered, your best bet would be to get an integrated machine/printer combo unit for your storefront. You may, if you want, look out for refurbished receipt printers. Whatever your choice is, do complete any swipe terminal with a receipt printer so your customers can have a record of their purchases. For more, visit<a href="http://www.paynetsystems.com"> here</a>. Jack Chevalier Merchant accounts as internet payment solutions http://www.paynetsystems.com/blog/2007/03/merchant-accounts-as-internet-payment.html Merchant accounts have emerged as top solutions in online payments. It is the merchant service that enables you to have secure financial dealings online. This service enables your companies to accept Visa, MasterCard, American express and other credit cards. These products reduce your need to maintain a credit card account or maintain accounts receivable, helping you save money. The merchant account service providers enable you to have better cash flow and improve your customer service. Internet Customers choose the Merchant products and services through the shopping card facility over the merchant websites. However, the shopping card connectivity to the payment gateway is the backbone of seamless online transactions. Merchant accounts acts as one of the most secure, reliable, cost-effective systems for authorizing payment and managing transactions. It acts as an effective method to manage the difficult, complicated, and expensive infrastructure and systems. The process usually adopted in a typical retail purchase on the internet is as below: 1.The customer has to fill his shopping cart on a merchant website and proceeds to check out. 2.The transaction information is then transmitted to the merchant server. 3.The web merchant forwards a digital order to the company server in an encrypted format. 4.The company authenticates the merchant and provides a payment options and payment details screens directly on the customer's browser over a secure connection. 5.The customer provides his Credit Card details, which is directly sent to the payment server. 6.The Credit Card details are then forwarded to the respective bank for authentication. A message is then transmitted by the bank to the card holder issuing the bank for payment authorization. The issuing bank authorizes the payment and transmits the confirmation back to the payment gateway through the acquiring bank. 7.On receiving authentication and authorization, the company forwards the validation of the payment instrument to the merchant server. 8.The merchant transmits the acknowledgement of the payment to the customer's browser. The entire process integrates seamlessly with the shop and buys application of the web merchant ensuring a pleasant shopping experience for the customer. The Credit Card details of the customer remain unknown to the net merchant. For more, visit<a href="http://www.paynetsystems.com"> here</a>. Jack Chevalier Security in Online Credit Card Processing http://www.paynetsystems.com/blog/2007/03/security-in-online-credit-card.html <a href="http://www.paynetsystems.com">Online credit card processing</a> is at a risk of online fraud. Security being at stake is a big issue for any business and its clients. Thus, your credit card processing service provider must ensure that you have no worries on the online credit card processing front as you get bigger in your operations in the online world. Following is a list of key security measures that credit card processing service must take: - • Rigorous precautionary measures to guarantee that vitally sensitive information, such as your customer's personal information and their credit card details, are protected. • High End Secure Payment Gateways must be utilized for your customers' entire credit card Authorization. • The personal information and credit card details of customers must be encrypted before it is transmitted over the Internet to the bank payment gateway. • Security firewalls ensure maximum protection of your customer's details. This guarantees that your information is inaccessible to any third party. • Your merchant account provider must use what is known as an industry-standard SSL (Standard Sockets Layer) Technology, which is used worldwide for data encryption while processing credit cards. This facilitates secure online credit card processing. • Pursue strict internal security guidelines for ascertaining confidentiality of customer information. • Robust risk management tools and fraud filters such as Risk Management Rules, Parameters, Negative Files, and Risk Management Queries make your E-commerce transactions safe and confidential. In short, you need to choose a service provider who can offer you the benefits of the latest technologies without you having to change your interface. Stay ahead in the extremely dynamic backdrop of E-commerce. No matter how quick the transactions develop in volume, and in spite of your website size or hosting environment, things on no account go out of control. For more, visit<a href="http://www.paynetsystems.com"> here</a>. Jack Chevalier Telephone Credit Card Processing Services http://www.paynetsystems.com/blog/2007/03/telephone-credit-card-processing.html Touch-tone telephone processing is low cost and simple! <a href="http://www.paynetsystems.com">Credit Card Processing </a>works with any touch-tone phone, be it a cell, portable or cord phone. The procedure too is very simple. All you need to do is dial the 800 number using the phone. Follow that by punching in your merchant ID, and then enter in your customer's credit card information including number, expiration date and amount of sale. This can be done on the phone keypad and there is no need to purchase any extra expensive equipment. You will be provided with a confirmation number once the transaction is approved. Funds will then be transferred to your business checking account within 2 to 3 business days. You don’t have to deal with any of the sales slips, deposit slips, or any extra equipment. You may use your phone to track your daily sales. Also, at the end of each month, your transaction details will figure in your monthly statement. Credit card processing with a telephone is secure and cost-effective! Especially for start-ups and Home Based Businesses, telephone processing is a great option. Telephone Credit Card Processing Services are beneficial for small-volume merchants who want to accept credit cards but would like to avoid the cost of buying or leasing point-of-sale equipment. The touch tone telephone has easy-to-follow voice prompts that guide you through the transaction. As your business grows, you may change your services from telephone processing to a high-speed POS terminal. Telephone Credit Card Processing is perfect for contractors, delivery, trade shows, craft shows, seasonal businesses, taxi and Limousine Services and more! Telephone processing is not your best choice if your business sales volume is higher than $1,500 per month. In that case, you must consider point-of-sale terminals for your transactions or look up other processing options. For more, visit<a href="http://www.paynetsystems.com"> here</a>. Jack Chevalier Choosing the Right Credit Card Terminal http://www.paynetsystems.com/blog/2007/03/choosing-right-credit-card-terminal.html There is a wide-ranging variety of credit card terminals available in the market today. You can have your pick! However the wise business decision would be to choose a credit card terminal that addresses your needs. Firstly, do you even need a credit card terminal? Your answer should be a definite “Yes”, if you own a retail shop or a restaurant or any other business storefront that requires face to face interaction with the customer. In these cases, the customer may want to pay via his credit card. In the physical presence of the credit card any transactions made using a credit card terminal is virtually safe and secure. When a sale is to be completed, the credit card is swiped through the terminal and the processing of the payment begins from there! This is how a credit card terminal works. At point of sale, a customer’s credit card is swiped through the machine and he is asked to type in his numbers on the terminal keypad. The payment is then processed. Most often than not, the in-built printer or a separate printing device attached to the terminal directly prints two receipts; One is given to the customer to keep, the other one is signed by the customer and retained by the merchant. A credit card terminal is also used by mail order or Internet order businesses, in which the card is not physically present. The merchant is required to punch in the credit card information into the terminal to process the payment. The other way around, which is advisably a better option for these businesses, is to use credit card processing software or an Internet payment gateway. Another point that would influence your shopping for a credit card terminal is the cost factor. A credit card terminal can be purchased at a price anywhere between $119 to more than $1000. The cost of a terminal would probably depend on its expected life, the features it offers and the presence or absence of an in-built printer. You may take a look at the variety of terminals available to you as you make your decision. Following are a few important points • If you have multiple businesses and different merchant accounts for them, you may want to purchase a credit card terminal that can cater to more then one merchant accounts. In fact, there are terminals available in the market that can support as many as nine merchant accounts. This kind of equipment is meant for you if you intend to use it for multiple businesses. •Credit card terminals usually dial out using a phone line. This can be a shared line with a modem and fax machine attached to it. However, it is recommended that you do not activate call waiting on this line, in order to conduct undisturbed transactions and credit card processing. •Using IP connections instead of a phone line not only cancels out the need for an extra phone line but also quickens the credit card processing by 2-3 seconds per transaction. •There is also the option of a wireless terminal. This provides the convenience of portability, without the need for a phone line or an Internet connection. •If a wireless terminal doesn’t’ fit the bill and a phone or Internet connection isn’t available, you may choose a terminal with store and forward capabilities. You can enter the information into your terminal and process it later when you have access to a phone line or Internet connection. •You may also accept payments through ATM cards, for which you will need a PIN pad. With all this information, it should be easy for you to decide which type of terminal is best for your business needs. Research the price and make a purchase that will only add value to your business! For more, visit<a href="http://www.paynetsystems.com"> here</a>. Jack Chevalier Special Credit Card Terminal Features http://www.paynetsystems.com/blog/2007/03/special-credit-card-terminal-features.html A credit card terminal is a product designed to save merchants time and money by providing powerful features and performance at point-of-sale. It is a cost-effective solution for business of all types, be it brick-and-mortar merchants, e-Stores, or mail-order/telephone order stores. All credit card terminals do have the same basic functions and features. There are special features that you might want incorporated in your credit card terminal for increased efficiency, such as:- • A credit card terminal that accepts debit cards- This is a good feature as, in addition to credit cards, merchants are able to complete debit transactions. For this you will need some means to enable the entering of the PIN by customers. An additional PIN pad may be utilized or this may be done directly on the terminal. This is convenient for both the merchant as well as the customers. • Issuing and acceptance of Gift Cards- Certain credit card terminals can handle gift cards. In addition, there are several credit card terminals that support other forms of payment, such as phone cards and electronic bank transfers (EBT). Your decision of purchasing such a credit card terminal must be guided by the volume you witness in these alternative payment methods. If the volume is high then you should look for a credit card terminal that supports them. • Address Verification System (AVS) - This feature, as is evident, helps verify addresses. It provides additional security for transactions. This is done by comparing the address on a customer's ID with the billing address of the credit card. AVS works very well to reduce the incidence of fraud. With its increasing popularity, more and more credit card terminal manufacturers are incorporating AVS as a regular feature now. An important point here is that the high-end terminals with lots of features that you may have an eye on, must also suit your business. Paying extra for a terminal, the features of which you’ll never use, is a waste of money. Do not buy a terminal that just looks fancy but doesn’t work for your business. Finally, whichever brand or model you choose, keep it clean and away from dust, crumbs, and paper lint, all of which can clog printers and gum up stripe readers. Keep a can of compressed air handy to clean your terminal and help it last longer! For more, visit<a href="http://www.paynetsystems.com"> here</a>. Jack Chevalier What Type of Credit Card Terminal You Need? http://www.paynetsystems.com/blog/2007/03/what-type-of-credit-card-terminal-you.html Credit card terminals are a very common site. All retailers, restaurants, business outlets keep this machinery handy to offer convenience to their customers. It’s an easy process to pay via a credit card. Also, <a href="http://www.paynetsystems.com">credit card processing</a> allows businesses to process payments efficiently and securely. A credit card terminal can have an enormous impact on your business. Other than a credit card terminal you may need other supporting equipment, or you may need a new credit card terminal or want to upgrade your old equipment. Whatever your needs are, you’re sure to find the equipment that best fits your needs. The first step of purchasing credit card equipment is determining what type of credit card terminal do you need? The equipment is not particularly expensive and the types you can find in the market include traditional credit card terminals, with or without printers, wireless credit card terminals and virtual or software-based credit card terminals. Traditional credit card terminals:- These terminals have the basic features of a magnetic stripe reader, a keypad to enter prices and other information, and a small display. The printer can either be built-in or a separate add-on machine. You may find variation in the size of the screens. The bigger the screen, the more information you will be able to view at once. Also back-lit displays are now easily available. Keypads also vary in size. Ease of use along with the features must be your concern! Wireless credit card terminals: - These are very useful for businessmen who need to change location often. For instance, a taxi driver or a seasonal vendor can greatly benefit by accepting payments via a wireless credit card terminal. Wireless credit card terminals have built-in printers and the factors to consider before purchasing include battery life, range, weight, and shock-resistance. Virtual credit card terminal: - If your business is exclusively conducted over the phone or the internet, a virtual credit card terminal is a must-have for you! For this your merchant account provider should be able to provide POS software that handles the transaction. You are going to use your credit card terminal in conjunction with your merchant account. All you need to do is program your equipment to connect with your provider. In case you purchase the equipment from your merchant account provider, chances are it will come pre-programmed for you! Else, there is a wide variety and an array of brands of credit card terminals available in the market. You can have your pick! For more, visit<a href="http://www.paynetsystems.com"> here</a>. Jack Chevalier How Payment Gateways Work http://www.paynetsystems.com/blog/2007/02/how-payment-gateways-work_28.html A payment gateway is a combination of software and hardware that provides an interface to the bank card processing network. It is the code that will transmit a customer's order to and from a merchant's bank transaction authorizing agent. A payment gateway allows the secure transfer of credit card funds from users on your website to your merchant account. It makes for real-time charging of credit cards when a customer places an order online. Most major merchant account providers include a gateway with their services. A payment gateway acts as an intermediary between the merchants' shopping cart and all the financial networks involved with the transaction, including the customers' credit card issuer and your merchant account. The proper choice of payment gateway is a vital element, which will contribute to your success or failure as an online business. This is how a payment gateway works • First of all when a customer makes a purchase and intends to pay by credit card, he enters his credit card details on an IVR service. • Once an online order has been placed, the encrypted information travels from the customers’ web browser to the web server of the merchant via SSL (Secure Socket Layer) encryption. • These payment details are then forwarded to the payment gateway, which is often another SSL encrypted connection to the payment server hosted by the payment gateway. • The payment gateway then forwards the transaction information from the merchant to the merchant's acquiring bank. • The acquiring bank then forwards the transaction information to the card issuing bank. • The card issuing bank responds with a response code that determines the approval or disapproval of the payment, defines the reason why the transaction failed etc. • This response from the card issuer is then forwarded to the website by the payment gateway. This response is then interpreted and relayed to the customers. • This entire process does not take more than a few seconds. For more, visit<a href="http://www.paynetsystems.com"> here</a>. Jack Chevalier Credit Card Point-of-sale Equipment http://www.paynetsystems.com/blog/2007/02/credit-card-point-of-sale-equipment.html Once you have a merchant account with reliable <a href="http://www.paynetsystems.com">merchant services</a>, you are almost ready to accept credit card payments! Now, all you need is a simple and inexpensive <a href="http://www.paynetsystems.com">credit card processing </a>terminal reader to <a href="http://www.paynetsystems.com">accept credit card payments</a> for your business. You should be able to accept all major credit cards including Visa, MasterCard, American Express, Discover, debit card, checks, & Ebt through your credit card processing terminal system. In accordance to your line of work you may get restaurant, retail & portable wireless (POS) point of sale machine equipment terminal systems and software for your credit card processing payment system. Today, technological advances provide us with the best of hardware as well as software to simplify the payment acceptance process. These latest in Point-of-Sale (POS) technology and equipment tools are designed to improve payment processing, organize your transactions, and decrease the transaction time. Other advantages include:- • Optimum Credit Card Processing Fees • An improvement in your check acceptance process by reducing risk and increasing cash flow. • Processing of quick and secure transactions • Premier customer service • Easy to use • Sales may be tracked directly from the terminals • Ability to print receipts for your customer’s and your own benefit • Protection against credit card disputes. Point-of-sale equipment (POS), while extremely useful in storefronts is equally handy when it comes to high-volume business, such as mail order, telephone order (MOTO) or off-line Internet payment processing. This is made possible with key-punch input only. No card swipe is necessary. If your credit card terminal supports fraud prevention with security features like the Address Verification Service and the Security Codes such as CVC2 and CVV2, nothing could be better! There are several leading Point-of-sale equipment providers in the market today, offering consistent, reliable and state-of-the-art machinery. Do ensure the compatibility of the equipment you are interested in with your credit card processing network. All-in-one integrated terminals are the most popular POS terminals in use today, being preferred by merchants across the United States. In addition, you may look out for a machine that not only simplifies transaction processing but has exciting new features in a sleek new profile. Be ready to pay a little more for sophisticated equipment that shall last you for years. Make a smart choice for undisturbed electronic processing! For more, visit<a href="http://www.paynetsystems.com"> here</a>. Jack Chevalier Three ways of accepting credit card payments online http://www.paynetsystems.com/blog/2007/02/three-ways-of-accepting-credit-card.html People just don’t use cash anymore! Plastic money rules! So if you’re not accepting credit cards for your products and services, its altogether your loss. Customers will find hundreds of vendors online selling similar products that probably do not match up in quality to your wares. Yet you see your business lagging behind in comparison. If you investigate, the major factor behind this phenomenon will be that your competition has a merchant account or a credit card processing service to accept credit card payments. The moral of the story is- Get a merchant account! Once you’ve understood the importance of a merchant account and are set on acquiring one for your business, it’s time to prepare for the hurdles. You can get a merchant account by taking to different courses- • Approach a bank, you’re already dealing with. • Talk to an experienced broker who can get a merchant account for you. • Approach a third party credit card processing service provider. Now, the easiest of the above of course is to approach a bank you’ve dealt with for years. However, the glitch is that large banks are wary of offering merchant account services to all businesses. If yours is a well established business, they might consider your proposal and application. But if you are a start up or a small business owner, a large bank will avoid getting involved. A bank would ask you to submit up to 12 months of audited accounts of your business, which is impossible in case of a star-up. The risk factors being high in case of online transactions when the card does not have to be swiped and signed for, Banks are reluctant to give merchant accounts to new businesses. That’s when you consider the second option available to you, which is through a broker or intermediary. In the second option of going through a broker or intermediary, you do not have to approach the bank directly. On the contrary, an experienced broker makes the pitch for you, representing your business in the best light possible. It is the job of the broker to file an application, answer all questions about the annual business turnover, business accounts, risk factors and more! The brokers’ job is to convince the bank that your business is a good investment for them. To get an account, you may start selling low priced items and show that you’re solvent, with minimum or no debt. This will make your business an attractive investment for the bank. Lastly, you also have the alternative to use a third party service. In this case, you don’t actually apply for a merchant account of your own but pay a third party to use their merchant account. It is evidently the easiest method of the three available options. The drawback is that with your own merchant account, you receive the payments within a time span of 24-48 hours and in case of a third party provider, payments take as many as 25-28 days to reach your account. Also, the fees charged by third party companies are much higher than fees charged by banks, thereby eating into your profits. Furthermore, sending clients to your processors site for making payments does not reflect well on your image as a professional company that means serious business! Use a third party processor as a last option. Get your own merchant account and prepare for great business transactions online! For more, visit<a href="http://www.paynetsystems.com"> here</a>. Jack Chevalier Do your Homework before you get a Merchant Account http://www.paynetsystems.com/blog/2007/02/do-your-homework-before-you-get.html In the fast paced world of today, customers are no longer willing to wait for days before a merchant receives their payment for a product, gets the cash in his account and then sends the product. There isn’t the time, or the patience! Paying via credit card is a quick and effective process! So, if you want to make any progress and profit as an e-retailer, you have to be able to accept credit card payments online. Else, you will miss out the opportunity of tapping on a horde of clients who make all their purchases online. Customers want quality products, convenience and good customer service. The best way to do that is to get a merchant account to be able to process credit card payments. Thus the emphasis is on a credit card merchant account, without which the typical e-Commerce merchant can become quite frustrated. There are a lot of different choices for accepting a credit card payment online. With a wide variety, you need a checklist about your individual situation, in accordance to which you can go about locating your merchant account provider. • Average dollar amount per transaction • Sales volume • Typical credit card (MasterCard, Visa, American Express, Discover • Projected sales volume Your needs will best define the right credit card merchant account for you. Pay only for what you need. There is no point for paying extra for all services and not using them later. That will just jeopardize your profits. As a new e-Commerce seller, you may not know any of these things, so you may want to use the figures in your business plan and make adjustments later if necessary. Another helpful advise over you would be to stick with just the two major credit cards until you determine what your needs are. It isn't advisable to use pay pal as your only option since it requires an email address, and some of your customers may be borrowing a computer to place an order and don't have access to an email account on a regular basis. The important thing to remember is that the future of your e-Commerce business depends upon you being able to accept credit card payments online. Research before you make a decision. do your homework, and when you launch your e-commerce business, you are sure to earn money 24 hours a day! For more, visit<a href="http://www.paynetsystems.com"> here</a>. Jack Chevalier Merchant Accounts and E-commerce Payment Processing http://www.paynetsystems.com/blog/2007/02/merchant-accounts-and-e-commerce.html If you’re looking to establish a successful online business, you ought to familiarize yourself with e-commerce payment processing, merchant accounts and payment gateways. The more knowledge you have regarding payment processing, the costs involved, and other options, the easier it is for you to implement the right tools and services to the benefit of your business. A merchant account is an approval based payment processing account. Merchant accounts are provided by banks as well as financial institutions. A merchant account is provided on contractual basis and allows a merchant to accept credit card payments easily. It must be understood that merchant accounts have separate fees and terms and conditions. Merchant accounts allow you to accept payments from clients who prefer to pay via credit cards. Some accounts also enable accepting debit cards and e-check payments. After your merchant account is set, you will need a payment gateway and a shopping cart system using which your customers shall select and pay for the products they want to buy. A payment gateway is a link between the shopping cart and the bank that processes the payment. Thus, while a merchant account is a kind of a license to process credit cards, a payment gateway is the medium! A merchant account must be acquired before you can accept credit card payments. Hence, many merchant providers also provide payment gateway services. In addition, a payment gateway will rarely include the approval of receiving credit cards, while numerous merchant accounts offer payment gateways as an extra feature affiliated with the contract with you. The greatest benefit of merchant account is the complete automation of the payment process, not just during your waking business hours, but round the clock! People worldwide can access you products at any time and pay for them too! The money keeps rolling in all the time! For more, visit<a href="http://www.paynetsystems.com"> here</a>. Jack Chevalier Profit by Getting a Merchant Account http://www.paynetsystems.com/blog/2007/02/profit-by-getting-merchant-account.html Small Businesses are more concerned about costs at all times because of the limited capital they have, which is already divided into various channels for proper functioning of the business processes. With little to spare, entrepreneurs are constantly seeking out ways to save money. However, saving money by compromising on technology, service quality, tools etc is not likely to save money but is definitely going to usher in losses! Thus, rather than avoiding expenditure on a merchant account or a <a href="http://www.paynetsystems.com">credit card processing service</a>, implement one of these immediately to be able to accept credit card payments. This will help you cash in on the large population of online shoppers that pay via credit cards. You will steadily gain more and more market share, with increased sales, and hiring more people! Not investing in a merchant account will bury you in the competition, forfeiting the potential profits and productivity that you can provide. Payments made by credit cards provide customers with the ease and flexibility they demand when it comes to making payments. With this comfort to the customers, the merchant too benefits. While payments received by cheques or Bank drafts take days to get processed, processing credit card payments means that they get paid on the spot without any waiting time for clearance. In addition, there is a cut down in paperwork and respite from accounting hassles! The idea that by saving on merchant account fees per transaction, you as a merchant are saving money, you are highly misguided! Do take into account the number of sales and the continuous flow of business you are missing because of your inability to accept credit cards. The merchant account fee would be a negligible percentage of that amount! Moreover, accepting credit cards along with providing valuable and up to the mark personalized customer service creates an extremely valuable reputation for the company. Happy customers spread the word and the customer base keeps on growing. With more and more paying loyal customers, the business is sure to grow exponentially! Thus, your competitors’ customers may as well be yours if you too give them the advantage and convenience of credit card payments. It all boils down to being able to cater to what your customers really want, and making them happy. A merchant account will help you attract more customers, make business easier, and ultimately reduce costs! For more, visit<a href="http://www.paynetsystems.com"> here</a>. Jack Chevalier
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