Las Vegas Merchant Account - Credit Card Processing and Point of Sale Terminal Installation and Account Servicing
Merchant account service consultants are standing by in the Las Vegas and surrounding areas of Summerlin, Henderson, Green Valley and North Las Vegas. We are here to help you find an appropriate point of sale system / terminal and help get your business set up to accept credit card payments with a merchant account.
If you are located in the Las Vegas area please contact us to schedule a free consultation. Upon your request a representative will be sent to your business location to demo our equipment options and discuss your business needs in detail.
Business owners who are struggling with day to day expenses and looming overhead costs often times turn to non-bank funding when traditional banks will not lend. Non-bank funding programs are commonly referred to as MCA, short for Merchant Cash Advance. MCA funding does not require a perfect credit score, bad credit is ok. MCA funding is available on a consistent basis as most repayment terms are less than two years and advances can be renewed. It is possible for a business to obtain multiple rounds of funding within a very short period of time.
A merchant cash advance or MCA provides fast working capital to small businesses. The funding is guaranteed by a businesses future receivables. A specified percentage of future credit card sales or a fixed daily payment will be assessed to repay the advance plus the finance fee. The advance provider will determine a reasonable advance and daily re-payment amount.
MCA's have recently gained popularity, this could be due to many factors including a fast application process and easy to understand terms. Many new advance providers are entering the market making much needed capital available to business owners. Additionally, Merchant Cash Advance programs allow business owners with bad credit to still obtain funding.
Second position merchant cash advances also referred to as "stacking" are becoming very popular with businesses who are seeking additional working capital. A second position advance allows a business to obtain additional funding on top of an existing working capital advance or loan. Second position advances are easily obtained by businesses who have recently received funding from a traditional cash advance provider.
Booming retail and online sales this holiday season are signs of increased consumer confidence in the economy. The increase in spending is forcing merchants to meet the demand by stocking up on inventory. The problem is that many merchants do not have the working capital or available credit to meet the increased demand. Unfortunately, this will put many businesses quickly out of inventory and out of business if they cannot keep up.
Many merchants have chosen to look into alternative forms of funding when big banks and credit card companies have failed them. Funding programs that are not available through big banks are often overlooked. Many small business owners would be surprised that funding programs are available!
China-UnionPay recently launched Shop The World which gives foreign merchants access to the Chinese eCommerce consumer market. UnionPay has partnered with a select few payment processors in the United States to facilitate payments from US based merchants who are looking to sell their products in the Chinese market. The Chinese consumer market is the largest and fastest growing in the entire world. In addition, UnionPay is the most widely issued card type in the world and almost all Chinese citizens have one. UnionPay is owned and operated by the Chinese government and they keep tight restrictions on foreign sellers by making all sales route through http://haigou.unionpay.com/ (Shop The World). Even with the restrictions placed on foreign sellers this new opportunity from UnionPay to access the Chinese online payments market is groundbreaking and many major US businesses have jumped at the opportunity. Bravertek specializes in UnionPay acceptance services. To learn more contact us today.
Small business funding is now available in Puerto Rico. Attractive factor rate and term for established brick and mortar businesses. To qualify your retail business or restaurant must have a minimum of one year in operation. Advance amounts range from 5,000 to 500,000 (USD). A minimum of 10,000 per month in total sales is required. Bad credit is OK! Fast funding usually within three business days upon receipt of application documents. Contact us for more information about business funding available in Puerto Rico.
AMEX and Airbnb have entered into an agreement and integration process that will enable AMEX card holders in the U.S. to purchase Airbnb stays by using an integrated payments system. This will make the process seamless for AMEX card holders that want to use Airbnb. AMEX card holders will be prompted to create an account within their existing AMEX online account access and easily authorize payments to over 2 million Airbnb listings around the world.
EMV Chip credit cards are becoming the standard among consumers and now is the time for all businesses to upgrade POS technology in order to accept them or risk major liability and fraud charges. It is now mandatory for all business owners to accept chip cards, this includes mobile business owners who are used to relying on the ease and convenience of audio jack card readers like Square. Unfortunately, many mobile credit card processors have not upgraded equipment in order to meet this demand and many business owners are searching for a cost effective alternative. We recommend PayAnywhere! In addition to being one of the largest mobile credit card processing programs the audio jack card readers are now available in the Apple Store.
Purchasing an EMV chip card enabled credit card machine is something to consider very strongly if you are a business owner. October 1st 2015 is the deadline for most small businesses to have a chip card EMV terminal or they will be help liable for any and all damages due to to fraud if it takes place at their business. Bravertek has made it easy to upgrade your equipment to the latest secure EMV chip card technology. We offer a FREE chip card terminal or tablet POS along with no contract... In addition, our rates and fees are the lowest in the industry! To learn more please contact us today... We are happy to help!
So you have chosen WooCommerce and now you need a merchant account and payment gateway to accept credit card payments. Setting up a merchant account that integrates with your WooCommerce online store is very simple. We are experts in eCommerce merchant account processing and have all the tools you need to successfully open an online store. Simply apply for a merchant account and receive a free Authorize.net setup. Authorize.net is the most widely used gateway that bridges your merchant account processor with your WooCommerce store. If you need to speak with someone to answer any questions please feel free to contact us any time.
When opening a merchant account it is important to understand the fees charged by credit card processors. It is also important to know the difference between a normal fee and a junk fee. Many credit card processing companies bury hidden fees and minimums in merchant agreements. We will teach you how to identify these fees and successfully obtain a low rate merchant account.
First, let's go over some normal acceptable fees...
When you total all fees charged on a standard merchant account you should be able to compute your effective annual credit card processing rate to less than 3%. If you total up all your merchant account fees over a one year period and you effectively are paying more than 3% you should look into other processors.
Now let's go over some popular junk fees...
Many unscrupulous credit card processors will attempt to add these fees buried deep into merchant agreements. Another tactic used by these companies is to have you sign a blank application with fees left blank. It is important to stay wary of all fees that your credit card processor is charging you.
If you need help understanding your merchant account agreement please contact us today and we may be able to help you understand and reduce your current credit card processing fees. We are industry experts with years of experience in the merchant account processing field. We offer award winning customer support and have helped thousands of business owners obtain a low cost merchant account.
Lately we have been hearing many good things about ShopKeep. It appears that ShopKeep is one of the leading tablet POS systems available to restaurants and retail establishments. Merchants interviewed have told us that ShopKeep provides a solid POS interface that breaks down to detailed reporting while also being very easy to use for employees.
Business owners these days need inventory managment solutions that are fit for the modern storefront. ShopKeep is also compatible with many credit card processors. This makes it very easy to keep your existing merchant account relationship while utilizing the ShopKeep POS technology and not have to pay astronomical fixed processing charges.
In conclusion, we recommend ShopKeep to our clients who are interested in a tablet point of sale system but still need the functionality and reporting capabilities compared to a traditional PC based point of sale system.
Finding a payment processor for your business may be trickier than you think. When most credit card processing companies talk about the ease of payment acceptance and helping small business they fail to mention that many industries are not acceptable and considered high risk. Most small businesses either close or simply choose not to accept credit card payments if the major credit card processing providers decline their initial application. If you have found yourself in this position it may be time to start seeking out a high risk credit card processor. High risk credit card processors do not advertise as aggressively as mainstream payment providers do and in most cases the rate is slightly higher. You must seek these providers out on your own or use a trusted consultant to negotiate on your behalf if you are not familiar with the process. Some high risk industries include...
Bravertek specializes in working with high risk industries and we provide credit card processing (retail & eCommerce), Gateway Setup, Mobile & Smartphone processing solutions. If you have been declined or turned down by other payment processors give Bravertek a call!
U.S. Gas stations have until October 2017 to begin accepting EMV chip cards. If they do not upgrade they face a drastic increase in fraud liability. Although, most gas station owners are choosing to implement their own fraud prevention which my be a huge mistake. WEX has taken the role of encouraging gas station owners to upgrade their fuel pump payment terminals although efforts have been futile. The problem being that the major fuel companies have been selling individual stations to private owners, choosing to reduce risk by moving to the franchise business model. These individual owners are not yet sold on why EMV is such an importance to their business. The upgrade cost for making pumps EMV compliant is roughly $10,000 USD per pump. This is an expense most small gas station owners are not willing to take unless they see a real reason to do so. Sadly, some gas station owners will not upgrade and will be hit with fraud liability charges and the lesson will be learned. If you own a gas station and are not planning on making this upgrade to your gas pump terminals you had better think twice! With 30 million Americans paying at the pump each day you must assume that this will be a magnet for fraud once the deadline has passed. Gas pumps have been common targets in the past by fraudsters due to the fact that the terminal is outside and usually left unattended.
Credit card fraud is shifting rapidly to the eCommerce elements of US top credit card processing companies are reporting. This is due to the rapid shift in POS technology to be EMV and chip card compliant. This technology greatly reduces the amount of fraud at the point of sale. In the past criminals were able to easily skim card holder data but this is not the case any longer now that EMV has been introduced to the US market. Therefore, fraud has now taken a major shift to the rapid growing eCommerce segment of US credit card processing services.
The credit card processing industry offers a very lucrative sales opportunity for independent sales agents and independent sales offices looking to resell merchant account services and credit card processing equipment. Finding the right credit card processor to refer your merchant customers to can be very difficult! You want to make sure your merchant referrals are provided the most up to date solutions available for their business.
Additionally, finding a reputable organization that pays a high commission split and offers a sign-up bonus can be a challenging decision for any agent or sales office looking to break into the credit card processing business. You should also make sure that you are provided with the proper training, online reporting, data entry tools and marketing materials so you can effectively build your merchant account portfolio.
Bravertek specializes in ISO (Independent Sales Office) and ISA (Independent Sales Agent) recruitment. We offer a direct lifetime agreement through our processing partners. You will be in total control of pricing and rate quoting your merchant account referrals, giving you the control of your own business. We are also here to support you with any questions or concerns you may have throughout the sales process. From beginners to registered sales offices we have a program for you. In addition, you will have access to a large network of traditional merchant account service providers as well as high risk non-traditional providers.
In a recent study it was shown that most retailers in 2015 will be looking for a Point of Sale system that tracks all customer data, not just process payments. Retailers are looking for ways to use POS Systems in more unconventional ways such as e-commerce, social media marketing amongst many other things. Most POS systems are currently outdated and are not compliant with PCI, EMV or NFC applications. 2015 is poised to be a year of huge changes for retailers and POS suppliers, the game has changed and it will help business owners have a control and insight over their business that they never have had before.
How POS adoption trends are shifting:
“There are certainly some retail segments lagging in the adoption of POS solutions," said Janna Finch of Software Advice, a retail technology review firm. "For instance, about two-thirds of consignment retailers, use manual methods, or nothing at all to track data. However, as a group, 47 percent of small and mid-sized retailers are currently using POS software--and many want to upgrade to a new system with more advanced functionality. In 2014, retailers wanted POS systems to do a lot more than simply process transactions; they also want additional integrations with applications that automate more time-consuming tasks, like inventory tracking, and we expect this trend continue in 2015."
Implications from the rise of "Consumerization of Retail"
"The impact that the ‘consumerization of retail’ trend has had on SMBs is evident in this report. In 2013, customer-centric features like support for loyalty programs and multiple payment types (e.g., PayPal and digital currency) didn't crack the list of most-requested functionality. This year, a greater number of POS buyers are specifically looking for POS systems that support these, and also customer relationship management and e-commerce tasks. POS systems are transforming into customer data hubs with information retailers can leverage to personalize customer communications, track inventory in real-time, predict behavior and be where their customers are, whether in the store, online, or on mobile.
Q&A with Janna Finch of SoftwareAdvice.com:
Are there any particular sectors within the retail industry that seem slow to implement POS software?
“There are certainly some retail segments lagging in the adoption of POS solutions," said Janna Finch of Software Advice, a firm that reviews retail technology. "For instance, about two-thirds of consignment retailers, use manual methods, or nothing at all to track data."
Is this a common trend throughout all of small businesses?
"I wouldn't go that far. As a group, 47 percent of small and mid-sized retailers are currently using POS software--and many want to upgrade to a new system with more advanced functionality."
Was there an overall 2014 trend you saw in POS demand?
"In 2014, retailers wanted POS systems to do a lot more than simply process transactions; they also want additional integrations with applications that automate more time-consuming tasks, like inventory tracking, and we expect this trend continue in 2015."
Your report dives into the rise of "Consumerization of Retail." What are the implications of this?
"The impact that the ‘consumerization of retail’ trend has had on SMBs is quite evident. In 2013, customer-centric features like support for loyalty programs and multiple payment types (e.g., PayPal and digital currency) didn't crack the list of most-requested functionality. This year, a greater number of POS buyers are specifically looking for POS systems that support these, and also customer relationship management and e-commerce tasks. POS systems are seeming to transform into something like a customer data hub. This gives information to retailers that they can leverage in order to personalize customer communications, track inventory in real-time, predict behavior and be where their customers are, whether in the store, online, or on mobile."
For a full report created by www.SoftwareAdvice.com go to http://www.slideshare.net/SoftwareAdvice/point-of-sale-software-report-2014
If you sell eCigs or Vapor Products you know how hard it is to obtain a merchant account to accept and process credit card payments for your business. If you have an internet eCommerce storefront only it may be even more difficult to find a provider. You must also be wary of payment processors who charge high rates and service fees. It is imperative that you find a low cost and reputable merchant account provider.
Vapor and E-Cigarette businesses are searching desperately to find a merchant account solution to process credit card payments at a reasonable rate...
Bravertek specializes in helping eCig and Vapor Products get approved for low rate merchant account processing. We work with both online and retail businesses! Our agents are trained to handle your specific needs and answer all of your questions. Bravertek has made special arrangements with our processing partners to provide a low cost payment gateway and/or point of sale machine to necessitate the needs of your growing business. Even if you have been turned down by other providers for any reason there is still a very good chance Bravertek can help you get your merchant account approved.
Contact us today to discuss a program that is right for your business. Most applications are approved within 24 hours.
When choosing a credit card terminal for your small business you have a lot to consider. Do you want to go with a regular credit card machine or a full scale point of sale system? Do you want to accept PIN debit or not? Most business owners these days are choosing to go with a standard credit card terminal and accept PIN debit because of the reduced cost.
If you own a small business you should be aware that many companies will try and overprice credit card machines or merchant account agreements with an equipment lease or high customer service charges. An equipment lease is only necessary if you cannot afford the face value of the equipment or the provider is not offering a free placement option. A customer service fee should usually never exceed $10 for any retail business.
It is also important to consider if your equipment is compliant with the latest PCI standards. It is important that you work with a company that has specialized in credit card processing services for years and understands the needs of small business owners. Your credit card machine should be able to accept near field communication RFID signal along the EMV chip card payments. This is all in addition to the regular mag stripe and PIN debit payments we have all become accustomed to.
Bravertek can help you find a credit card machine or Point of Sale System that is right for your business. Contact us today for a quote or click here to view our preferred credit card machines!
Bravertek Business Services is offering a new selection of FREE Point of Sale equipment beginning in October 2014. Now, Bravertek merchants will be able to accept contactless payments through the same NFC technology used by Apple Pay, Google Wallet and Softcard™. Additionally, the new terminals are EMV capable delivering the latest in Chip and PIN fraud prevention technology.
What is NFC?
NFC is a technology that allows for two-way communication between devices that are within a few inches of each other. The technology can be used to conduct transactions such as credit or debit payments.
What is a contactless payment?
What is EMV? (Europay, Mastercard and Visa)
How fraud liability changing!
Visa intends to institute a liability shift in the U.S. for domestic and cross-border counterfeit transactions effective October 1, 2015. The merchant will be held responsible for any fraudulent transactions that were accepted in a non-chip environment (i.e., a chip card read by a chip terminal).
Utilizing In-App Payments for your business
In-App payments will allow consumers to interact with your retail store of restaurant on many different levels with much more freedom. Some features of In-App payments are the ability to pay at the table, checkout and place orders ahead of time all within the App.
Apple Pay is here and it's poised to be a big hit among consumers based on the initial buzz of the press release and the new iPhone 6 with built in Near Field Communication technology. Apple Pay is a mobile wallet that works by simply using short wave radio frequencies, this technology is called NFC (Near Field Communication). NFC works by allowing users of Apple Pay to upload their credit cards into the secure iPhone 6 app. which then allows the user to pay for a product by simply waving the iPhone in front of a NFC enabled terminal and accept the transaction with a thumb scan. This is much more secure than the traditional mag stripe swiped method and consumers are already showing major interest in Apple Pay. Consumers also like the fact that with Apply Pay they no longer need to carry credit cards with them.
It's a sure fact that if you operate a small business you will encounter customers preferring to use NFC technology more and more as time goes on. Apple Pay is not the only mobile wallet on the market either. Google and other companies have created similar products but none have quite taken hold like Apple Pay is set to. We believe this is due to the loyalty iPhone users have to it's products and apps. Apple is also leading the way in data security standards which is another attractive reason consumers are choosing to embrace this newly released technology.
In order to accept Apple Pay and other Mobile Wallet applications as a form of payment at your place of business you most likely will need to upgrade your Point of Sale system to one that is NFC enabled. It may also help to make sure your new POS System can handle EMV chip cards as well. 2015 is projected to be one of the most pivotal years in the payments industry to date. Reason being is that so many new emerging technologies and disruptors like the popular SquareUp and now Apple Pay have come into the marketplace.
Additionally, there will be much more scrutiny by governmental agencies over the way businesses handle card holder data security and the liability of who is at fault when a data breach occurs. Bottom line is that as a business owner you need to protect yourself and make sure you offer your customers their preferred payment method or you're basically doomed to go out of business (or) lose a huge chunk of revenue due to a fraud loss. Look at Target, Neiman Marcus and Home Depot to name a few. Many smaller data breaches are happening every day we just don't hear about them in the news.
Many business owners are hesitant to adopt new technologies although time and regulation will eventually force all businesses to conform to these new standards.
Bravertek can make the transition to a new POS System easy. We will train you and your employees on the latest credit card acceptance technologies including Near Field Communication and EMV "Chip Card" acceptance. Contact us today for a no obligation consultation with one of our knowledgeable advisors.
Home Depot is now the latest victim of a large scale data breach targeted at stealing customers credit card information which results in identity theft. Home Depot publicly revealed on September 8th that it's payment data systems were breached in both the U.S. and Canada. Although, it appears that Home Depot has not yet confirmed that customer credit card information was comprised. Home Depot apparently found out about the breach from banking partners and law enforcement on September 2nd.
Bottom line, if you are a retailer of any size now is the time to take action to prevent a possible data breach. Believe it or not identity thieves are employing all kinds of methods to obtain your credit card and personal information at the point of sale. If you are using an outdated credit card machine you are the primary target of these thieves. They seek out businesses with old legacy technology and point of sale equipment. In addition, if you are storing credit card information in unsafe ways you could be putting your customers at risk. New legislation being passed through the government will soon place the liability of payment system data theft on the party which has the most outdated technology. For instance, if a fraud was committed from a card that could have been processed in a more secure method with more up to date equipment the liability automatically falls on the person with the outdated equipment. Banks are setting this up so businesses take the responsibility of updating old payment systems to adequate means of protecting card holder data and security standards.
Contact Bravertek to get more info on our low rate, no cancellation fee merchant account processing and eCommerce programs. We have a free equipment program for any type or size of business! From individual sellers just going into business to franchises and corporate partnerships Bravertek will give you the same personalized services that are necessary to growing your business.
By choosing Shopify to create an online store for your ecommerce website is a very good idea for beginners to advanced users. When you need turnkey ecommerce solutions on a budget Shopify comes in handy with hundreds of pre-made themes. Easily create a blog and organize products on your site by category. Shopify is great for any business looking to sell online!
Shopify sets itself apart from competitors by utilizing a much easier to use interface and website builder. It also has the capability to work with over 70 payment gateways as well as offering it's own credit card processing service through Stripe. Our online gateway of choice is Authorize.net which works seamlessly with Shopify. This level of flexibility allows us to help our customers create beautiful online stores for their business that are search engine friendly. Shopify themes are programmed with a desktop and mobile view to be seen clearly on any device.
Analytics and order management is made easy using Shopify with a mobile optimized online order fulfillment center. Easily monitor sales, issue refunds, create discount codes and send invoices to customers from any device at any time. Get up to date sales activity sent to you in real time.
In addition, Shopify offers a full scale retail POS system with barcode scanner, label printer, iPad stand, cash drawers, and credit card reader. If you already have an online store all the items will be transferred to your shopify POS system. No need to migrate data!
Shopify is offering a FREE 14 day trial to build your online store. We recommend that you give it a try today!
When looking for a credit card processing solution every small business owner is bombarded with a myriad of different offers. As soon as you register for a business license you should expect your mailbox to become overflowed with offers for free credit card processing equipment, business loans, smartphone apps and iPhone credit card reader point of sale solutions etc. This can become very confusing as so many solutions are available choosing "the right one" could prove to be overwhelmingly difficult. Unfortunately, many new business owners do not understand how a merchant account or credit card processing services work. The most common question that we are asked on initial consultations with new business owners is "what is your price." Our answer is "first let's determine what type of merchant classification you fall into. Once we classify your business and discuss your specific needs we can then identify a solution that works for your unique business model. After that, we can address credit card processing costs, account fees, POS equipment and e-commerce solutions if necessary. We will also discuss the difference between a pay-as-you-go shared merchant account pricing plan and a traditional merchant account pricing plan and which option may be right for your business. These options all carry different benefits and drawbacks and come with completely different pricing models. Let's go over all the options and see what's best for you." Remember, the goal is to provide your customers with the easiest and most seamless way to pay you. Your customers don't care at all how much you're merchant processing services cost, they don't even consider it. Although, if you don't offer easy credit card payment options you are most likely to get an earful from one of your customers about how you need to keep up with the times and why another business offers something that you don't and why they are now taking their business to them? Guess what, the money you lost on that customer is equal to what you saved on the low-budget credit card processing system you thought was going to save your small business a boatload. Go figure...
What is a shared merchant account?
Shared merchant accounts are by far the most popular credit card processing services offered today. Shared merchant account services were popularized by Silicon Valley tech startups like PayPal and the new major player in the game is the very popular San Francisco based SquareUp. A shared merchant account is classified by the card brands (VISA & MasterCard etc.) as an aggregator. The definition of aggregator is "a wholesale buyer or broker of a utility service, such as electricity, telephone or credit card processing services, who packs it and re-sells it to consumers. The last word in the definition of aggregator is "consumers." Shared merchant accounts are made for everyday consumers selling as an individual or small home based businesses. Hair stylists, personal trainers, tattoo artists, mobile food trucks, locksmiths, general small job handyman repairs, make up artists, plumbers and other small operations are who shared merchant accounts were made for. 90% of applicants for shared merchant accounts fall into this classification and have no problem with the services provided.
Unlike a traditional merchant account a shared merchant account is operated by an organization with a master merchant account and gives sub-users the ability to use it as opposed to opening unique accounts for every user, thus increasing their cost. This is why every shared merchant account has a daily cutoff time for funding. All the sales are settled at the same time for the entire system and every user on it. At night the funds are electronically distributed to each users bank account. Shared merchant accounts are ideal for users who demand an affordable and simple solution to process credit card payments on the go. Shared merchant accounts are not designed for high dollar sales over $1,000 or retail businesses processing more than $5,000 in monthly credit card sales. Also, many legal industries that have been classified as high risk may also not be good candidates for a shared merchant account. A shared merchant account provider will pre-approve you based solely on an identity check. Once you start using the service by processing payments is when they will make their final decision on whether to keep you as a user. Read it, it's all in the fine print of the agreement! By using a shared merchant account you run a huge risk if you're processing high dollar payments or are selling items or services that could be considered high risk by that processor, the list of restricted and prohibited business types is buried deep within the fine print of the "click here I agree" contract. Literally, thousands of reviews are on the internet in regards to users complaining about funding holds caused by shared merchant account providers and the lack of customer support or a customer service phone number provided by these companies. The bulk of complaints are in regards to SquareUp and the fact that they provide no telephone customer service, only email and twitter support. The advice we give our clients is to proceed with caution when using these services.
What is a traditional merchant account?
Traditional merchant accounts are primarily for established businesses with more than one employee and a retail location. A traditional merchant account is also a good idea for any business who makes sales of more than $1,000 in any single transaction. Most e-commerce businesses would also benefit from the added functionality of a traditional merchant account or online gateway. Unfortunately, the pricing for these type of accounts is not clear at all and this is why traditional merchant accounts have received so much negative press lately. With a traditional merchant account you are paying for each part of the service individually. The cost is broken up into transaction cost and processor markups, equipment costs and additional account fees. Although, when added up most businesses processing over $5,000 per month will see a substantial savings with this plan as opposed to the latter more simple to understand pay-as-you-go shared merchant account setup. The down side to this unclear pricing model is that unscrupulous sales associates after a quick up-front commission will use a business owners lack of intelligence to misinform them into making a bad decision and signing a very unfavorable merchant agreement for credit card processing services and equipment. These unscrupulous sales people target business owners shopping on "price only" and not services as they are only briefly in the credit card processing industry themselves and really have no knowledge of the inner workings of payment processing. They simply quote a price and sell their personality and reassure the client that they will be taken care of. By the time the client receives the bill the sales associate has most likely vanished or does not take calls and the business owner is stuck dealing with years of high rate processing fees or a solution that does not meet their businesses needs.
The benefits of a traditional merchant account are number one you are going to be receiving a very high level of customer support if you sign up with a reputable provider. Additionally, you will have an FDIC insured merchant identifier that guarantees you will get your money up to a certain limit as long as no fraud activity has been detected. Business owners who require the assurance of receiving funds in a timely manner will always opt for a traditional merchant account. Applying for a traditional merchant account requires a more lengthy application process and verification of business financials and business practices. This process is very costly for payment processor to vet each business individually. This is why we commonly see account fees and minimums associated with traditional merchant accounts. The processor wants to ensure that they will get return on the investment of vetting the business even if the business does not use the service. Additionally, software with more functionality may be added and this making the the cost of services go even higher for inactivity. The bottom line is that if you establish a traditional merchant account, you had better use it or be prepared to pay, there are fees for inactivity. If you are in a seasonal industry in which your business is closed for a set number of month per year you can have your account set up to only be active during these months. In the off season you will not be charged inactivity fees although you may still be responsible for equipment lease or rental payments or any other non-processing fees associated with your merchant account set-up.
Which option is best for me?
After reading this post you should have a good idea about the differences between a shared and a traditional merchant account. You need to weigh the options as a business owner and take into account what your specific priorities are. Seek out a reputable payments consultant like Bravertek to help you make this very serious decision.
Bravertek specializes in both shared merchant account and traditional merchant account set-ups. We will go over each option with you and together we will make an educated decision on which option is best for your growing business.