20 Oct

Is Paypal enough for your business?

If there is one thing many of us learn in our lifetime, it’s that the best known brands are not always, well, the best. Take, for example, a pizza from an iconic chain restaurant, such as Dominos or Pizza Hut. Few would prefer it’s taste or quality over a handcrafted pie from that authentic Italian restaurant on the corner.Yet millions will purchase the former, simply because they are familiar with the brand. The same holds true for merchant processing services.

Each year a large number of small to medium-sized businesses opt to retain the services of PayPal to process their online and in store credit card transactions. PayPal has tremendous name recognition, and facilitates tens of millions of dollars in e-commerce each year. But while it remains a viable option for accepting credit and debit card payments, there are some problems with paypal as well. Among its limitations are the arguably high rates and fees charged per transaction. Therefore, business owners looking for a company to handle their payment processing would be wise to conduct a closer examination of PayPal vs merchant account processors.

The additional benefits of a merchant account

There are a number of differences between PayPal and other merchant processors. For example, while PayPal professes to charging no monthly fees, they do charge between 2.2% and 2.9% plus $.30 per online transaction, substantially more for in-store purchases. These charges exceed those of most traditional merchant payment service providers. Additionally, while merchant processors, such as Merchants Bancard Network, deposit funds directly into clients’ bank accounts on a same day or next day basis, PayPal deposits funds into the client’s PayPal account instead. Customers may transfer funds from their PayPal account into an existing bank account, but the process may take several days. And it is important to note that PayPal is a private company, and is not backed by the FDIC, nor do they have to adhere to federal banking regulations.

The two services differ in other ways, as well. Online customers paying via PayPal are sometimes directed off of your site to a dedicated PayPal site. In addition, PayPal accepts most credit and debit cards, but doesn’t allow for gift cards, reward certificates, or coupon codes. So while PayPal may work for some of your customers, it won’t work for all of them. Startups, small businesses, and large corporations would all benefit by trusting their secure payments to an established and experienced merchant payment processor.

Grow faster with professional solutions

Merchants Bancard Network has over two decades of experience in the payment processing industry. If you are looking for reliable customer support, clear explanation of all charges and services, secure transactions, and a company to help you manage and grow your business, contact an agent today, and let us show you why we are the best organization to serve all of your diverse needs. Trust MBN with all your processing needs and start reaping the benefits including instant approval for your merchant account.

5 Oct

Upgrading EMV credit card terminals

Recent highly-publicized security breaches at Target and Michaels have shaken consumer confidence in the safety of credit card and other electronic forms of payment. In an effort to strengthen personal data security and reduce the incidence of fraud and data theft, many businesses are considering a switch to a new type of payment processing solution called “EMV”. Developed by Europay, Visa, and Mastercard, EMV chips and terminals are the next step toward improving the safety and security of customer data.

Traditional credit and debit cards have magnetic strips that contain “static data” which is data that never changes, making it easier for thieves to “lift” that data from the card and create a fake card. EMV or “smart cards” have embedded microprocessor chips that encrypt customer data in a different manner for each transaction. This makes it much more difficult for data thieves to pick up pieces of payment data to use for fraudulent transactions.

Beginning in October of 2015, all of the major credit card companies will establish EMV technology as the standard card technology in the U.S. So, it is imperative that businesses begin formulating a strategy to upgrade their POS terminals in order to make them EMV-compatible. Merchants Bancard Network has been serving merchants across the United States in the card processing industry for more than 20 years. MBN delivers credit and debit card processing, gift/loyalty/store program card programs, online shopping carts, echecks and much more.

Whether your business uses countertop, wireless, or mobile payment solutions, MBN has new and used POS equipment and peripherals from all the major manufactures such as Dejavoo, First Data, Ingenico, PAX, Verifone, and QuickPay. Many of these units are completely compatible and compliant with any future PCI/EMV processing requirements. The payment solution account specialists at MBN can help you select the equipment that is best suited for your business needs.

EMV chip security features

Chip-embedded payment cards are virtually impossible to duplicate especially when they are combined with additional security features such as encryption and other authentication features such as PIN numbers. Card processors the accept EMV payments should be able to support all verification methods, but a combination of chip and PIN number provides the strongest protection against data thieves, fraud committed by using lost or stolen cards, skimming, and counterfeiting cards. These strong authentication procedures and the uniqueness of each transaction result in a noticeable reduction in counterfeit fraud and data theft.

Why this makes sense

The reviews for EMV or smart cards have been overwhelmingly positive. For example,the United Kingdom, who was one of the earliest users of chip and PIN technology, has reported a decrease of over 17% in total card fraud between 2005 and 2010, while lost, stolen and counterfeit card fraud are at their lowest levels since the 1990’s. Statistics don’t lie – the U.S. was ranked #1 in the world with respect to credit card fraud, and fraud losses due to credit cards have topped 5 billion dollars!

Let the professionals at Merchants Bancard Network bring you business into the 21st century with state-of-the art data security – EMV chips and terminals. Maximize your data security while minimizing the impact on your business. Call MBN at 877-871-4629 and let their expert support staff help you to discover the right tools for your business.