The first part of the article is geared towards new merchants. New merchants need to decide IF they will benefit from a merchant account. Most merchants will benefit from the marketing value alone associated with the Visa and Mastercard logos. It is also important to accept all forms of payments that your customers have available.

I recommend new terminals over used terminals for the following reasons. Most “new” terminals you find on the internet will still need to be programmed, and many merchants charge for this. Considering the cost of the terminal, reprogram fees and shipping, you do not normally save enough money to take a chance on older technology with less features.

Credit card mix and how you accept your cards also make a huge difference when selecting which rate structure for your merchant account. The truth is, there is not a UNIVERSALLY PERFECT account which will save all merchants money all the time.

My newest article is posted here http://hubpages.com/hub/Merchant-Accounts-that-HELP-your-Business

All great news, but where’s my sales pitch? Processing debit cards is only less expensive if you have a debit rate.  I still see a larger percentage of merchants that still pay the same rate to process debit and credit cards. Most processors don’t give their merchants a separate (or low enough) debit rate.  All my merchants take advantage of lower processing rates for debit cards. This is only one of the ways that I can help reduce your overhead. Call me for more ways.

The most accurate answer is “yes”. However, most people asking this question are really asking about a physical machine located at the place of business. With the advent of technology, most businesses can accept credit card transactions with the assistance of virtual terminals such as internet portals or automated voice response systems. These are convenient, secure and relatively inexpensive. The main drawback to these terminals are the higher costs of processing card-not-present transactions which involve more risk to both consumers and businesses.  Think more risk, more (higher) rate. For some businesses, this is the only option but make sure you understand HOW MUCH MORE you will be paying. Review your costs often, preferably with the assistance of a trained professional (like me )

The least expensive transactions to process are card present or “swiped” transactions, especially debit cards either with or without a pin. In order to process these you will need a physical machine to capture the data. While these can include devices that can attach to your computer, Point of Sale terminal or register, the safest and still the most cost effective method is though the use of a stand-alone credit card terminal.  Again, these vary in price and feature, so be sure you are getting the correct terminal for you needs.

As always, I am here to assist and answer any questions you may have.

This business owner thought she was being charged a rate of 1.59% on both her debit and credit transactions. Reviewing her statement, she was actually paying 1.59% + .1000 . In addition to the discount rate, she was also charged per transaction fees rangng from $0.19 to $0.34.

Although she was not paying an annual fee, or any of the junk fees, and she was only paying a $10 per month statement fee, her total discounts and fees added up to 2.7% of her monthly credit card volume. That’s not the highest I have seen, but getting her fees back in line should put her back into the low 2% range where she should be.

Her fees were also higher than they should be because she was only paying one rate for both her credit card and debit card transactions. This would be okay if most of her transactions were credit and not debit based. Unfortunately, 60% of her transactions were from Visa or Mastercard debit cards and this means she pays TOO MUCH.

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The newest terminals on the market offer significant improvements in function as well as security. These terminals connect faster, some even use broadband internet connections or wireless connections, process faster and even print faster. By using an older-technology terminal you sacrifice not only speed and reliability, you may still have to use a dedicated phone line (usually not free) make your customer wait longer and even have to use specific paper, provided for a fee by your processor. Hopefully, the terminal provided to you is brand new, but this is often not the case.

Even if it appears that your terminal is free, you may be subject to a monthly maintenance fee for the life of your contract. And of course, most merchant will just build your equipment fees into the cost of your processing.

For a free 15-minute review of your credit card operating expenses, email or call to schedule an appointment.  For a vast majority of my clients, 15 minutes could save you a considerable amount of money.

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• ACH—Payments directly drafted from your customer/client’s bank account or credit card for reoccurring or one-time payments

• ATMs—Make extra cash from your customers and keep the money in your store — also cash checks all with the money in your ATM




• Check Guarantee — Processes and guarantees checks electronically or verifies validity of account

• Check Recovery (FARS)—Service to help you successfully recover check that are returned NSF or otherwise dishonored

• Credit & Debit Card Processing— Competitive pricing and processing available for all sizes and types of businesses

• EBT — Electronic Benefits Transfer— Government funded programs that distribute food stamps and cash benefits via direct payment cards

• Financial Institutions — Partner with us to create added value for your commercial customers

• Internet Processing — Accept virtual credit cards and checks through your website—Our service offers a free shopping cart you can customize

• Gift Cards—A cash-generating product that doubles as a miniature “billboard” in your customer’s wallet – Card balances decline as the card is used encouraging repeat visits and limiting cash refunds

• Loyalty Cards — Attract customers and retain them by offering discounts to returning customers by tracking their purchases electronically

• PayCard — Use this turnkey PayCard debit card program instead of issuing paychecks to your employees.

• PayCard+ — Cash paychecks without having cash on hand! This program puts your customers’ payroll on a debit card.

• Pre-Paid Services — Create another income source with your equipment as a recharge depot for cell phones and pre-paid cards

• Wireless Transactions—Perform wireless credit card transactions using your Nextel phone or Blackberry, Vx610 or Nurit 8000

For More Information on any of the above products and services,

Contact Us Today at sales@DominionBizConsulting.com

Visit us on the web: www.DominionBizConsulting.com