The best means for small business holders to accept credit cards are through PayPal, a merchant account, and via phone service.
An important thought to be kept by small business owners is to catch up with the generation’s ways and trends. Payment through credit cards, otherwise known as plastic money, is all the rage in businesses. The convenience offered to customers who prefer credit cards compel business owners to set up the needed apparatus to run their payment processing in this manner. To those small business owners who are aspiring supporters to the plastic money trend, explore the following methods to cater credit cards:
PayPal
Companies such as PayPal are called third party payment processor in the industry of web-based businesses. Small businesses can really benefit out of this type of service because it is has a trouble-free setup and it doesn’t need special skills to use. Another advantage is that you may open a merchant account to go along with it. In this manner, it doesn’t only accept credit cards, it also process the transaction. It is to be expected that extra services means additional charge but it is all worth it for PayPal deals with the merchant account itself. That’s not even the best of it. Its latest, cutting-edge feature is the virtual terminal that you can install through your mobile phone. With the aid of PayPal’s Website Payment Pro, it is made possible to accept credit cards via phone, email, fax or post.
Merchant account
Another way to accept credit cards is through acquiring a merchant account. This isn’t only widespread for the majority of retailers but also for small business owners. Opening a merchant account also may come with a terminal where a credit card’s magnetic strip is striped. You probably have seen this terminal in brick and mortar depots. This system is rapid in all sense. Swipe a card and it only takes seconds with one client and then you can move on to the next. You are also secured against chargeback and you can receive your earnings in a day or two. You also have control over your account. Through the years, merchant accounts have modernized and allowed credit card payments through mobile devices namely Blackberry, Palm, and iPhone.
Phone service
This method is also called Accept by Phone Service. A traveling merchant who is constantly on the go would surely benefit from this service. Plumbers, door-to-door salesmen, contractors and movers are a few merchants who can run their business in the palm of their hand. It only takes dialing an 800 number, then key in a password and finally, enters the credit card number of your customer with the billing amount. This speedy transaction happens only for seconds and everything is now processed.
With the mentioned alternatives to cash and checks, both merchant and customer will be engaged in a business deal which is not only productive but also convenient. Even if these means of accepting credit cards would involve a fee, it’s more vital to think of gaining more in the near future. PayPal, merchant account and phone service got it all.
Sunday, March 14, 2010
2 Reliable Institutions that Regulate Credit Card Processing Entities
Credit card processors are mainly regulated by the Payment Card Industry Security Standards Council or PCI SSC. The Federal Trade Commission (FTC) also plays a vital role in the operations of credit card processors.
Fraudulent activities have evolved their way with the widespread use of credit cards and other electronic forms of payment, affecting both end consumers and retailers accepting these payment forms. With this concern, the fundamental need to regulate the quality of products and services that these credit card processors offer arises. Especially with the increased competition in the credit card processing industry, the following regulators have played an important role in controlling these processors for everyone’s security:
Payment Card Industry Security Standards Council (PCI SSC)
The Payment Card Industry Security Standards Council (PCI SSC) is also known as the Payment Card industry (PCI). This private council was originally developed by Visa International, MasterCard Worldwide, American Express, Discover Financial Services, and JCB to regulate credit card, debit card, ATM and other related companies. It developed the Payment Card Industry Data Security Standard (PCI DSS) and PIN Transaction Security (PTS), which both aim to address security-related problems associated with the use of credit cards and other electronic payments.
The Federal Trade Commission (FTC)
The Federal Trade Commission (FTC) is the US government entity that involves consumer protection and competition among different economic sectors. Its duties include generating and monitoring strict implementation of laws and developing programs to educate and protect consumers as well as industry players, among others. Affecting the credit card processing industry, it instituted the Fair and Accurate Credit Transaction Act (FACTA), primarily addressing the growing problem of identity theft. Credit card processors are regulated in a way that certain requirements must be followed by these companies to ensure that the identity and confidential information of your clients as retailers are protected. For example, FACTA requires that the transaction receipt must not show more than the last five digits of the credit or debit card. It must also not show the expiration date of the card. Both information are very confidential and are used in verifying transactions over the internet and over the phone, thus should not be made visible or known to other people, except the cardholder himself.
FTC also has a relevant control over credit processors with the FTC Act, giving it the authority to perform investigations involving organizations and companies engaged in trade, as well as their management, systems, and practices. In fact, in the past few years, FTC was said to file and win cases against fraudulent credit card processors and even merchant account processors. As a retailer, you are given due protection against these deceitful service providers that can be damaging to your business and your clients. Although FTC can give you support and protection against deceitful providers, it is always good to do a research on customer reviews and feedback to avoid getting into this kind of trouble. It is always wise to go for trusted credit card processors who, at the same time, can give you the best rates.
With the changing technology and persistence of frauds, no one is a hundred percent assured of security against these deceitful activities; but with the strict implementation of security standards in the industry and stringent government acts against fraudulent activities, you could be certain that there will always be enough protection to minimize such risk, as well as due government action when such incidents arise.
Fraudulent activities have evolved their way with the widespread use of credit cards and other electronic forms of payment, affecting both end consumers and retailers accepting these payment forms. With this concern, the fundamental need to regulate the quality of products and services that these credit card processors offer arises. Especially with the increased competition in the credit card processing industry, the following regulators have played an important role in controlling these processors for everyone’s security:
Payment Card Industry Security Standards Council (PCI SSC)
The Payment Card Industry Security Standards Council (PCI SSC) is also known as the Payment Card industry (PCI). This private council was originally developed by Visa International, MasterCard Worldwide, American Express, Discover Financial Services, and JCB to regulate credit card, debit card, ATM and other related companies. It developed the Payment Card Industry Data Security Standard (PCI DSS) and PIN Transaction Security (PTS), which both aim to address security-related problems associated with the use of credit cards and other electronic payments.
- Payment Card Industry Data Security Standard (PCI DSS). This is the main standard created by the PCI SSC in 2006 to uphold consistent security measures in handling account data among credit card processing centers internationally. This standard specifically aims to develop and maintain a secure network by requiring a firewall and non usage of default passwords for the systems used; to protect cardholder data by requiring encrypted keys, such as Secure Sockets Layer (SSL), upon transmitting cardholder information to credit card companies online; to protect credit card processing systems and applications by consistently updating anti-virus software; to employ strict control measures by restricting access to cardholder data; and to uphold security policy by consistently monitoring security systems. All these are required by the PCI SCC to help protect cardholder information entered online from being hacked or destroyed during credit card processing. As an online retailer, you can encourage repeat customers as they are assured of better security for the information they give out upon purchasing.
- PIN Transaction Security (PTS). This standard requires PIN entry devices used in credit card processing, such as point-of-sale (POS) and unattended payment terminals in some kiosks, to undergo the council’s evaluation, testing, and approval. It aims to enhance security of the PIN entered, thus reducing potential risks for fraudulent activities. It ensures you as a retailer that the PIN device you acquire and use in your business is safe for you and your customers. In addition, PCI SSC updates its PTS standard every three years to address the fast-developing technology and the never-ending battle between hackers and security measures, thus letting you operate in a highly secure manner.
The Federal Trade Commission (FTC)
The Federal Trade Commission (FTC) is the US government entity that involves consumer protection and competition among different economic sectors. Its duties include generating and monitoring strict implementation of laws and developing programs to educate and protect consumers as well as industry players, among others. Affecting the credit card processing industry, it instituted the Fair and Accurate Credit Transaction Act (FACTA), primarily addressing the growing problem of identity theft. Credit card processors are regulated in a way that certain requirements must be followed by these companies to ensure that the identity and confidential information of your clients as retailers are protected. For example, FACTA requires that the transaction receipt must not show more than the last five digits of the credit or debit card. It must also not show the expiration date of the card. Both information are very confidential and are used in verifying transactions over the internet and over the phone, thus should not be made visible or known to other people, except the cardholder himself.
FTC also has a relevant control over credit processors with the FTC Act, giving it the authority to perform investigations involving organizations and companies engaged in trade, as well as their management, systems, and practices. In fact, in the past few years, FTC was said to file and win cases against fraudulent credit card processors and even merchant account processors. As a retailer, you are given due protection against these deceitful service providers that can be damaging to your business and your clients. Although FTC can give you support and protection against deceitful providers, it is always good to do a research on customer reviews and feedback to avoid getting into this kind of trouble. It is always wise to go for trusted credit card processors who, at the same time, can give you the best rates.
With the changing technology and persistence of frauds, no one is a hundred percent assured of security against these deceitful activities; but with the strict implementation of security standards in the industry and stringent government acts against fraudulent activities, you could be certain that there will always be enough protection to minimize such risk, as well as due government action when such incidents arise.
Bob Chapman : On a GDP per capita level , We are in the same trouble as Greece
Bob Chapman on the Sovereign Economist 10 Mar 2010
Bob Chapman The International Forecaster is back this week again with the sovereign economist to analyze the economic and political situation of America and the world
Bob Chapman : Get your cash out of the Banks and The Stock Market - we will have Bank Holiday ande the Stock market will crash by the end of this year
Mr. Chapman also known as The International Forecaster is a 74 years old. He was born in Boston, MA and attended Northeastern University majoring in business management. He spent three years in the U. S. Army Counterintelligence, mostly in Europe. He speaks German and French and is conversant in Spanish. He lived in Europe for six years, off and on, three years in Africa, a year in Canada and a year in the Bahamas.
Mr. Chapman became a stockbroker in 1960 and retired in 1988. For 18 of those years he owned his own brokerage firm. He was probably the largest gold and silver stockbroker in the world during that period. When he retired he had over 6,000 clients.
Starting in 1967 Mr. Chapman began writing articles on business, finance, economics and politics having been printed and reprinted over the years in over 200 publications. He owned and wrote the Gary Allen Report, which had 30,000 subscribers. He currently is owner and editor of The International Forecaster, a compendium of information on business, finance, economics and social and political issues worldwide, which reaches 10,000 investors and brokers monthly directly, and parts of his publication are picked up by 60 different websites weekly exposing his ideas to over 10 million investors a week.
In June of 1991, at the request of business associates, and due to retirement boredom, he began writing the International Forecaster.
Bob Chapman : do not expect the government to guarantee your bank account , it is bankrupt
5 Effective Ways in Getting Better Merchant Account Processing Fees
To get better processing fees on your merchant account, you must research as much merchant account providers as you can. You also need to read and solicit customer feedback and reviews, do a comparison of reliable providers, ask for quotations, and limit the services you avail to your needs.
Making your business more profitable does not only involve finding ways to increase your sales. It also entails applying cost-effective means, such as getting better merchant account processing fees, to maximize your profits. Here are effective ways that help you obtain better processing fees on your merchant account:
Research as much merchant account providers as you can
A good way to start choosing the most cost-effective merchant account provider is to do a research. Gather as much merchant account providers as you can on the Internet so you will have more providers to choose from. Learn the relevant information, such as products and services they offer and their related processing costs.
Read and solicit customer feedback and reviews
In order to save time from going over many merchant account providers and reducing the risk of dealing with fraudulent providers, it is advisable to go over customer feedback and reviews. Look for merchant account providers that are known for giving retailers the best deals in the industry. Search for providers with a good reputation on pricing their clients, without misleading you with low introduction costs, but higher processing fees. A website that helps you provide such useful information includes credit-card-processing-review.toptenreviews.com. You can also ask opinions from other retailers regarding their merchant account processing experience.
Do a comparison of reliable providers
After you get ideas on which merchant account providers are reliable, you need to compare their services and their fees. Find out which provider gives the best deals by outlining the standard and value-added services as well as the different costs involved. You can again go to credit-card-processing-review.toptenreviews.com to help you with this task or cardfellow.com and other similar websites. If you see considerable differences in certain merchant account processing fees, do not assume instantaneously that a certain provider is expensive or cheap; rather, find out what makes the certain fee more expensive or cheaper. In other words, know the nature of the costs involved. This also helps you avoid being deceived by providers who significantly offer lower fees, but lists additional fees that are of exact nature to fees already included.
Ask for quotations
Before you decide which merchant account provider to deal with, narrow down your choices first and ask for quotations from these providers. In doing so, do not forget to identify the type and size of business you have. Rates are usually cheaper for smaller and less-risky businesses. Again, always ask about the nature of the costs involved if some are not clear to you. Inquire about possible rate increases in the later years of service as your deal usually involves a long-term contract. There are actually some providers who advertise very low rates, but increase their rates later on within your contract. Finally, do not forget to state other providers’ rates as other companies lower their fees in order to compete and win customers.
Limit the services you avail to your needs
The final and one of the most important ways to get better merchant account processing fees is to make sure that you only avail of the services that your business really needs. There are merchant account processors that offer bundles of services for cheaper rates. In the end, they may come out more expensive for you as you are not able to really make use of the other services you are paying for. Always compare the products and services that a certain merchant account provider offers with the services you really need before dealing with them. This helps you minimize your expenses and fully utilize their services. Another piece of advice, do not go for an offshore type of merchant account if your business is small and you intend to cater to local clients only. This type of merchant account gives you added services, such as allowing acceptance of multiple payment currencies, which would be impractical and expensive for your business.
Merchant account fees can really be made cheaper if you just know what your business actually needs and you have enough knowledge in the costs involved as well as the bargaining ability. In effect, your business would be more profitable aside from increased sales brought about by the acceptance of credit cards and other electronic payment forms.
Making your business more profitable does not only involve finding ways to increase your sales. It also entails applying cost-effective means, such as getting better merchant account processing fees, to maximize your profits. Here are effective ways that help you obtain better processing fees on your merchant account:
Research as much merchant account providers as you can
A good way to start choosing the most cost-effective merchant account provider is to do a research. Gather as much merchant account providers as you can on the Internet so you will have more providers to choose from. Learn the relevant information, such as products and services they offer and their related processing costs.
Read and solicit customer feedback and reviews
In order to save time from going over many merchant account providers and reducing the risk of dealing with fraudulent providers, it is advisable to go over customer feedback and reviews. Look for merchant account providers that are known for giving retailers the best deals in the industry. Search for providers with a good reputation on pricing their clients, without misleading you with low introduction costs, but higher processing fees. A website that helps you provide such useful information includes credit-card-processing-review.toptenreviews.com. You can also ask opinions from other retailers regarding their merchant account processing experience.
Do a comparison of reliable providers
After you get ideas on which merchant account providers are reliable, you need to compare their services and their fees. Find out which provider gives the best deals by outlining the standard and value-added services as well as the different costs involved. You can again go to credit-card-processing-review.toptenreviews.com to help you with this task or cardfellow.com and other similar websites. If you see considerable differences in certain merchant account processing fees, do not assume instantaneously that a certain provider is expensive or cheap; rather, find out what makes the certain fee more expensive or cheaper. In other words, know the nature of the costs involved. This also helps you avoid being deceived by providers who significantly offer lower fees, but lists additional fees that are of exact nature to fees already included.
Ask for quotations
Before you decide which merchant account provider to deal with, narrow down your choices first and ask for quotations from these providers. In doing so, do not forget to identify the type and size of business you have. Rates are usually cheaper for smaller and less-risky businesses. Again, always ask about the nature of the costs involved if some are not clear to you. Inquire about possible rate increases in the later years of service as your deal usually involves a long-term contract. There are actually some providers who advertise very low rates, but increase their rates later on within your contract. Finally, do not forget to state other providers’ rates as other companies lower their fees in order to compete and win customers.
Limit the services you avail to your needs
The final and one of the most important ways to get better merchant account processing fees is to make sure that you only avail of the services that your business really needs. There are merchant account processors that offer bundles of services for cheaper rates. In the end, they may come out more expensive for you as you are not able to really make use of the other services you are paying for. Always compare the products and services that a certain merchant account provider offers with the services you really need before dealing with them. This helps you minimize your expenses and fully utilize their services. Another piece of advice, do not go for an offshore type of merchant account if your business is small and you intend to cater to local clients only. This type of merchant account gives you added services, such as allowing acceptance of multiple payment currencies, which would be impractical and expensive for your business.
Merchant account fees can really be made cheaper if you just know what your business actually needs and you have enough knowledge in the costs involved as well as the bargaining ability. In effect, your business would be more profitable aside from increased sales brought about by the acceptance of credit cards and other electronic payment forms.
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