13 Nov

Low Cost Credit Card Processing For Small Businesses

For small businesses, home businesses or family businesses, keeping the costs as low as possible is one of the keys to making a profit. At MBN we understand the need for economical options in everything you do, which is why we focus on low cost credit card processing.

However, when it comes to low cost, we don’t mean low quality, low security, or low features. Our goal is to provide a user-friendly option to process credit and debit cards that will work with your budget, you comfort with technology, and the type of business you operate.

Security

With all the latest news on the major security breaches in customer information and credit card data from stores such as Target, Home Depot and JCPenny, many small businesses have been leery of choosing low cost credit card processing. The fear of a breach in security and possible liability for hackers gaining access to customer credit card information through their systems made many small businesses hesitant to take the risk.

With new technology in credit cards, including the EMV or Europay, MasterCard and Visa chips soon to be implanted in all major credit cards, security is less of a concern. However, as a company offering low cost credit card processing we do make security a priority in all the data we manage.

Top Features

The types of features you have on your credit card machine and system will largely depend on the system you select. We offer everything from POS register types of options to fully mobile payment processing for smartphones and tablets.

With these streamlined systems, the use of technology and cloud-based services allows for customization of services. You can choose to accept gift cards, loyalty cards or even EBT cards based on your business and the needs of your customers.

Your Budget

If you have a budget for processing of credit cards, simply get in touch with our staff. We can talk you through the packages, options, and features we have and also provide information about our low competitive rates.

We can also talk to you about low-cost options that don’t require any specialized large equipment purchases. This is often very economical for family and home businesses having to manage in-person credit card sales, and we can also provide ecommerce solutions for credit card processing as well, providing even more options even for a small business.

13 Nov

Reducing Fees For Merchant Credit Card Services

At MBN, our goal is to provide our customers with the service they need at a low competitive rate. We listen carefully to your needs for credit card processing and make suggestions for the best options to give you the merchant credit card services you need while also saving you from spending money needlessly.

Know the Terminology

We encourage our customers to compare our service and prices to other credit card processing companies and get a good idea of the typical fees and costs associated with various companies. It is always interesting to see all the different fees, rates, and costs across the industry.

By understanding what each type of fee is with merchant credit card services we believe our customers can make a more informed, educated and cost-effective decision. To help you to get started, we would like to provide some standard types of fees you may hear about and their industry definition.

  • Transaction fees – every transaction that is processed through the account, either online or swiped, will be charge a fee. This fee will be in place even if the card is declined, and it will vary between swipe and keyed entry.
  • AVS (Address Verification Service Transaction) fees – charged when the card is not swiped for the sale. This can include a phone-in sale or online sales and includes the system checking the address of the registered card holder before approval.
  • ACH Fees – sometimes called a daily batch fee, it is charge at the end of each day where you have at least one credit card transaction.
  • Internet Gateway Fee – for online merchant credit card services the gateway provider will charge a fee over and above the credit card provider. This is often a per transaction as well as flat rate fee.
  • Discount rate – this is a percentage of the transaction that is charged on each transaction. The rate will vary based on the type of transaction and will depend on the card used and how risky the sale is considered by the credit card company.
  • Chargeback fee – when a customer, or a financial institute issuing the card, does a chargeback or disputes a transaction.
  • Termination fee – most merchant card processors work with customers on a contract basis over a set period of time. Canceling the agreement before that date will result in a fee that will be stipulated in the agreement.

If you have any questions about fees in any of our services, please get in touch. We always work with our customers to ensure you have the card processing services you need without any surprises.

10 Nov

How To Accept Credit Cards

It isn’t too hard to imagine but according to the 2013 Federal Reserve Payments Study, which tracked payment trends over a 10 year period from 2003 to 2012, it was found that credit and debit card purchases are sharply on the rise.

In addition, the general-purpose cards, which include Visa, MasterCard, American Expression and Discover as well as debit cards and prepaid cards, rose in total sales dollar value from $0.9 trillion in 2009 to $1.4 trillion in 2012, which is a growth rate of spending on these cards at 16.3 percent.

At the same time, according to Forbes magazine, 55% of small businesses in the United States do not accept credit or debit cards at this time. This means that about half of small businesses are not accepting the payment method their customers prefer to use, which may result in lost sales and decline revenue. Many may not be offering this to their customers because they don’t know how to accept credit cards and just how easy it can be.

The Options

In the past, many small businesses simply couldn’t effort the older options in point of sale or POS systems. These are the register types of systems of the past, but also the more modern and streamlined options of today. Now, these POS systems can connect to tablets and have a very limited footprint, perfect even when counter space is at a premium.

At MBN, we provide a range of different options besides the more traditional POS credit card processing systems.Each of these has its advantages from mobility to ease of setup and use, making them ideal for all types of small to large businesses. We are also here to talk you about how to accept credit cards for your sales needs while keeping costs low.

Some of the most popular options we offer to accept credit cards include:

  • Handheld systems – these are small and compact, and allow full credit card processing without the need of a computer or a POS system. They are about the size of a large smartphone but thicker and much more durable.
  • Mobile – these are a great option when sales staff is mobile or for a business where it is easier to bring the credit card processing to the customer. These small devices fit into the top of a smartphone or tablet with the screen allowing for customer signatures, emailing receipts or even having receipts sent wirelessly to printers.
  • Online – there are different highly secure ecommerce payment systems available. These are cloud based and are accessed through a web browser, allowing multiple computers to process sales at the same time.

Through our options in credit card processing systems, you will find the option that works for your business and your sales needs. If you need help on how to accept credit cards, just let us know.

6 Nov

Tips For Selecting A Credit Card Processing Company

As a business owner, it may seem like there are a million decisions to make on a daily basis. One more important decision you will need to make is in choosing a credit card processing company.

While this may not seem like a big choice to make, and unfortunately many businesses don’t take the time to research and consider their options, it can have a very big impact on what types of cards you can accept, the functionality of the system, and even how much you will have to pay per transaction.

At MBN, we recommend to all our customers that spending some time comparing different options is always important. While we are proud to offer the lowest rates and a range of different customized processing programs, we believe that knowing what is available, and how we compare, is important to our clients and those considering our services.

Fees and Costs

The rates, as well as fees and costs, of processing credit and debit cards will vary considerably between different providers. It is essential when comparing fee, costs and rates between one credit card processing company and another to make sure you are comparing apples to apples.

Some companies will offer low rates, but then have higher additional costs that more than make up for the slightly higher rate per transaction. Just be sure to read the complete contract so you clearly understand the charges you can expect.

Payments Accepted

Most of the major credit card processors will accept all the major credit cards and debit cards. This includes MasterCard, Visa, Discover, and American Express. However, not all systems will allow you to process gift cards or EBT (electronic benefit transfer) types of payments.

Knowing what your customers prefer to use, which is often based on your business type, will be important in your evaluation of different processing companies.

Moving Forward with Technology

It is important to choose a credit card processing company that is on the cutting edge of technology and not struggling to keep up. A good way to evaluate that is to ask if the company is capable of handling payments using Google Wallet or the increasingly popular Apple Pay.

As payment options and forms are constantly evolving, now with the literally touchless near-field communication options on smartphones and tablets, staying ahead of the curve is going to be more important than ever, and that is something MBN has always done.