The holiday season is a fun and festive time, and a great opportunity for businesses to boost their sales for the year. However, this time of year also brings the risk of fraud. Luckily, there are actions you can take to help protect your business. Here’s a look at how to reduce your risk of fraud during the holidays.
Accept EMV cards
Even more secure than a traditional credit card with a magnetic stripe is the EMV card. Also known as a chip card, an EMV card stores data on an integrated circuit, or chip. This makes payments more secure as well as helps to prevent chargebacks and fraudulent transactions. Rather than being swiped through the card reader of a payment processing machine, the EMV card’s chip is inserted into a chip reader. However, it’s important to note that EMV cards also typically have a magnetic stripe that can be swiped. If you accept EMV cards, make sure the customer uses the chip rather than the magnetic stripe. If a customer seems eager to use the stripe instead of the chip, there’s a chance the card is fraudulent.Click here to look at some of our payment processing equipment that can accept EMV cards.
Ensure your team is prepared
Another great way to reduce the risk of fraud is to make sure your employees are familiar with the proper processes. This can include a variety of transaction-related procedures, such as asking to check the customer’s ID when they pay using a credit card to make sure the names match. It’s also important for employees to know your store’s policies on returns, including how much time a customer has to make a return or exchange, and whether or not they need to show their receipt. This may seem basic, but it can help prevent fraud.
Look for unusual purchase activity
For in-person purchases as well as online sales, it’s crucial to pay attention to the transactions taking place. Transactions that are apart from the norm may be a sign that fraud is taking place. For example, unusually high value orders can be a sign of fraud. The use of international shipping addresses, multiple transactions on one card in a short matter of time, and orders with expensive items or large quantities of a specific item can also be signs of fraudulent activity.
Reducing your risk of fraud can also help you avoid chargebacks. One way to achieve this is by verifying the customer’s information during an online transaction. An Address Verification System (AVS) will compare the customer’s address and zip code to the data that their bank has on file. Another helpful tool is Card Verification Value (CVV) match, which requires customers to enter the three-digit code on the back of their card. This helps make sure the buyer actually has the physical card in their possession.
About Merchants Bancard Network
Merchants Bancard Network is here to help you have a successful holiday season. Want more tips on how to reduce your risk of fraud?Click here to contact us.
The customer experience looks a little different these days, with the need to restrict the amount of face-to-face contact as well as contact with cards in order to help keep customers and employees safe. At Merchants Bancard Network, it’s our job to keep you informed of your options and available resources. That’s why we want to talk about a few ways you can accept customers’ payments without needing direct contact.
Tap to Pay
Tap to pay allows customers to pay without swiping or inserting their card or handing you their payment directly. Instead, customers hold their smartphone, smartwatch or enabled credit card close to the card reader in order to pay. Tap to pay uses near-field communication (NFC), which allows devices to wirelessly communicate with each other and reduces the need for physical interaction with the POS terminal and employees. When using tap to pay, be sure that the contactless POS terminals are in a customer-facing position and are within easy reach of the customer.
Signature Not Required
Requiring a signature can mean lots of customers touching the same payment device. For merchants who have EMV chip technology, Visa has removed the need to capture and validate a signature. The change applies to transactions via all interfaces of EMV-capable devices – such as tap, dip and swipe – and is not limited by the transaction amount. Visa also eliminated dispute rights tied directly to the lack of signature capture.
If you are EMV-capable, you can easily implement a “no signature” policy by suppressing or turning off the signature prompt in the payment application. Re-certification is not required. You can also choose to make no changes and ignore the signature prompt instead.
SwipeSimple and CHARGE Anywhere
SwipeSimple and CHARGE Anywhere both offer “bill presentment” options on their gateways. This enables customers to call or email in their order or service request, and allows merchants to create an invoice and send it to the customer via email. The customer then clicks a link and is taken to a secure transaction site to make their payment online. An email notification is sent when the transaction has successfully processed. Bill presentment allows transactions to occur without face-to-face contact. SwipeSimple is available for $15 per month, and CHARGE Anywhere is available for $15 per month plus $0.05 per transaction.
About Merchants Bancard Network
Merchants Bancard Network offers painless payment solutions for your business. We have flexible, affordable, dependable solutions designed for your business needs – everything you need, and nothing you don’t.
We offer a wide range of payment processing machines, including retail credit card machines, wireless credit card machines, mobile credit card machines, and Point of Sale systems. Whether your priority is contactless payment, fast processing, secure transactions or something different, MBN has the right solution for your business. We also provide a variety of merchant services, including small business loans, gift cards, loyalty programs, and more.
Since 2018, all businesses accepting credit cards have been required to have EMV-capable terminals. EMV compliance is the law, and the law stipulates that all merchants should have upgraded terminals that accommodate EMV chip cards in order to avoid liability. If a chargeback occurs and the card was swiped rather than chipped, the merchant will be held liable, according to major card brand rules.
EMV EMV stands for Europay, MasterCard, and Visa. An EMV card is a card with a small chip embedded in it. Rather than swiping their card, the customer inserts the EMV card into a compliant reader that interacts with the chip. This is more secure than swiping a card using the magnetic strip, which has become associated with rampant fraud.
Once the EMV card has been inserted, the chip generates a one-time transaction code that’s unique to that specific purchase. This process is called tokenization. The customer’s actual credit card number is obscured and the chip reader only sees random alphanumerical strings. Once the smart chip communicates to the card processor to verify and authenticate the purchase and availability of funds, the transaction is processed.
NFC In addition to providing a more secure payment method than swiping a magnetic strip, EMV technology also allows customers to securely pay using their smartphone and other smart devices. This is done using NFC – near field communication – radio wave technology and compatible EMV readers.
NFC enables phones, laptops, tablets and more to easily share data with other NFC-equipped devices. All of today’s smartphones are equipped with NFC technology, and because of this, many credit card terminals are now equipped with NFC capable acceptance.
NFC works by placing an NFC-enabled device within a close radius of an NFC reader – usually within about four inches. This small radius is often considered a major security benefit, and it’s one of the reasons that NFC technology has become so popular as a secure alternative to using credit cards.
Once within range, the two devices instantly communicate with each other and send prompts to the user. The user then follows these prompts to complete the transaction.
Machines Merchants Bancard Network offers a variety of payment processing machines that are equipped with EMV and NFC capabilities.
Pax A80: This EMV- and NFC-enabled device features an optional backup battery, allowing it to work as a countertop or indoor portable payment terminal.
Pax A920: This device accepts traditional and alternative payment methods, including EMV, contactless NFC, QR codes, mobile and wallet payments, and more.
Clover Station: Clover is an EMV- and NFC-enabled set of devices that replaces your cash register, payment terminal, receipt printer and barcode scanner with an integrated suite of products.
Charge anywhere with Bluetooth: With the help of Bluetooth, you can create and send invoices via email, and allow the customer to pay the invoice online.
There’s a lot to consider as you start to reopen your business, especially when pandemic-related worries still loom. We know you want to keep yourself, your employees and your customers safe and healthy. One way to do this is by adjusting the way you accept payment, and luckily, you have several options to help you do so.
Non-Face-to-Face Transactions Transactions that don’t require face-to-face interaction can help people feel safe and stay healthy. This includes tap to pay, signature-free transactions, curbside transactions, and bill presentment.
Tap to pay Instead of exchanging cash with customers, allow them to pay using the tap to pay method. This is a form of payment that allows customers to tap their smartphone, smartwatch or credit card against the card reader in order to pay, rather than swiping or inserting a card or handing you their payment directly. Tap to pay works using near-field communication, or NFC, which allows devices to wirelessly communicate with each other.
Signature-free transactions If your customers are paying using chip cards or tap to pay, signatures are no longer required. Not only does this save customers from having to touch a shared stylus pen, it’s also a convenience that contributes to a great customer experience.
Curbside transactions Curbside transactions provide a variety of potential benefits, including no shipping costs, allowing customers to skip the wait of having items shipped, and reducing the number of people inside your store at one time. When you have the right payment processing machines, accepting curbside payments is quick, simple, and convenient for your customers as well as your employees.
Bill presentment SwipeSimple and CHARGE Anywhere both offer bill presentment options on their gateways. What does this mean? Bill presentment allows merchants to create digital invoices and send them to customers via email. Customers then click a link in the email and are taken to a secure payment site where they can complete the transaction online. They’ll simply enter their payment information and the transaction will be run. Merchants as well as customers receive a notification confirming that the transaction was successful.
Make sure you have the right payment processing machines In order to offer customers payment options that limit physical contact and face-to-face interaction, you’ll need the proper payment equipment. Some of our most popular options include the Pax A920 wireless terminal, and mobile readers such as the SwipeSimple SWIFT B200, SwipeSimple SWIFT B250, and CHARGE Anywhere. To learn more about our available payment processing machines and find the solution that works best for you, call our office or speak with your local sales rep.
Today’s world is requiring business to adapt and find innovative ways to provide a great customer experience. As your business starts to reopen, remember to consider how your payment processing methods can contribute to a safe and healthy experience for your customers, your employees, and yourself. With transactions that don’t require face-to-face interaction and limit physical contact between people, you’ll help everyone feel more comfortable as they visityour store during this new normal.
Credit card processing fees can cost your business thousands of dollars every year – that’s money that could be reinvested into your business rather than being handed over to credit card companies. If you’re looking to reduce or eliminate these fees, offering a cash discount program is a great way to accomplish this. These programs allow you to offer customers lower prices when they pay with cash instead of a card, saving the customer, as well as your business, money.
However, the rules regarding cash discount programs have changed, and if you’re using the old ways of doing business, you will need to adapt. Luckily, DuoPriceList makes this simple.
Cash Discount Program Rules Offering a cash discount program is a great way to save customers money while avoiding paying credit card processing fees. Our cash discount program is a no-risk program that allows you to offer a lower price to customers who pay using cash instead of a card. By avoiding credit card transactions, you’re able to reduce or even eliminate your monthly interchange fees.
However, the rules have changed and it’s important that you’re offering a cash discount in a way that’s in line with credit card brands’ rules so you don’t get in trouble. The rules state that merchants must show the credit card price and the cash price for each product; these prices may be on a list.
What is DuoPriceList? DuoPriceList is a software by DuoPriceSoft that allows you to offer a cash discount program that’s fully compliant with all card brands’ rules. It automatically provides a list of card and cash prices for your items, making compliance easy.
How It Works To use DuoPriceList, you will start by signing up for free and accessing your dashboard. Your information will be kept confidential.
Next, in your dashboard settings, you can set your credit card fees and discount rate. These prices will be used for all pricing sheets you add.
You’re then able to add your products. The software will create a link to your own personalized website that displays the dual pricing of your inventory.
This software works with all terminals and POS systems that have a cash discount function.
Why Choose Merchants Bancard Network Merchants Bancard Network has an exclusive arrangement for the pricing and usage of DuoPriceList – our competitors do not offer this! By using MBN for your merchant services needs, you’ll have access to this software and be able to easily and effectively stay compliant to rules regarding cash discount programs. While other companies will be scrambling to help their non-compliant merchants, you’ll already be prepared with a fully compliant and functioning solution.
You work hard for your money – don’t lose it to credit card processing fees. With the help of DuoPriceList, you can offer a compliant cash discount program to help you improve your customer experience while keeping more of your income. To learn more about DuoPriceList and Merchants Bancard Network, visit merchantsbancard.com.
The advancement of technology has changed the way businesses accept customers’ payment. From cash to cards to smartphones, consumers expect to be able to use their preferred payment method while shopping, and businesses will want to ensure they have the necessary machines so they don’t miss out on sales.
But what about customers who aren’t going to brick-and-mortar stores? Is your business able to accept payments from online shoppers? Let’s take a closer look at the importance of ecommerce credit card processing and the options you have.
Why ecommerce credit card processing? While some shoppers are still willing to drive to the store to get what they need, online shopping has become a popular way to make purchases as well, letting consumers shop from the comfort and convenience of their home, office, or wherever they may be.
Ecommerce credit card processing is now a vital part of trading for many businesses and ensures you’re able to accept payment from customers who are shopping from their computer or phone rather than in person. As you know, meeting customers’ needs is crucial to growing your business, and having the proper payment processing equipment will help you accomplish this.
Why work with a specialist? Consumers want to be able to make online purchases but have concerns around the security of online transactions. As a business owner, you’ll also want to minimize the risk of fraud. That’s why it’s important to work with a specialist – they’ll talk with you to better understand your business and needs, then help you select the right credit card payment gateway that addresses these concerns and more.
Equipment As experienced providers of merchant credit card services, we’re always pleased to assist. Whether you need a sophisticated internet credit card processing system or need basic help with how to accept credit cards, we have the information and equipment you need.
Authorize.Net An Authorize.Net Payment Gateway account allows you to accept credit cards and electronic checks from websites and internet auction sites. These solutions are designed to save time and money for small- to medium-sized businesses. Authorize.net helps you fight fraud through their Advanced Fraud Detection Suite, which includes 13 configurable fraud filters. Their Customer Information Manager allows customers to keep information on file for future orders, including billing, payment, and shipping info, and the Automated Recurring Billing features gives customers flexibility in how they want to pay. With Authorize.net, you can also submit online invoices to customers’ emails and add a convenient “Buy Now” button to your website.
1stPayGateway With 1stPayGateway, you can transact secure, real-time credit card, ACH payments and cash. There’s no expensive software necessary – just log into the online terminal from any computer. 1stPayGateway allows you to manage multiple MIDs, locations and users through one payment gateway as well as manage ecommerce, retail and MOTO transactions all in one place. With 1stPayGateway’s Virtual Terminal, you can accept payments while ensuring that transaction information is kept safe. The Virtual Terminal also offers recurring billing, which lets you set up a payment plan that makes sense for your business. 1stPayGateway’s payment page features a quick and easy setup and a customizable look and feel. The social media integration allows you to accept payments from your Facebook page, and the automated reporting gives you a closer look at payments. The customer portal and tokenization option allows customers to securely store their payment information, and a free SSL certificate is included.
PaymentSphere PaymentSphere is a secure, simple user-friendly solution that allows retailers to manually submit credit card transactions using a personal computer with an internet browser. The retailer may use multiple computers in multiple locations running transactions through one merchant account, while the daily batching and reports are produced from a single location. PaymentSphere enables you to accept all major forms of payment, including Visa, MasterCard, Discover and Amex credit cards as well as checks on a single gateway. With the recurring billing option, you can set up subscriptions and allow customers to pay via credit card or check on a recurring schedule. If you want to get a closer look at your transactions and account, you can do so with the online reporting feature, which allows for accounts with multiple users as well as email invoicing and an online portal. PaymentSphere also offers a free mobile app where you can process your transactions from the convenience of your smartphone.
ShopKeep ShopKeep is an iPad Point of Sale system, but ‘Point of sale’ barely scratches the surface of what ShopKeep does. ShopKeep is a full business management solution that consolidates everything from inventory to staffing to accounting for your business. ShopKeep was created by a merchant to give you faster sales, automated stock management, and streamlined insights to make it easier for you to grow your business. The modern register software features a customizable register layout and lets you capture customer email addresses. The POS enables you to accept all payment types, and the hardware setup takes only minutes. The POS software includes a variety of features to help you with labor tracking, accounting, sales reporting and more.
Why work with Merchants Bancard Network? Our founder started MBN with the philosophy of putting relationships with customers first and providing personalized solutions, and we follow that belief system to this day. We will always provide you with exactly what you need and never sell you anything you don’t. With more than 30 years of experience, we provide payment processing solutions to merchants in virtually every industry across the U.S. We offer reliability, security, confidence and cutting-edge technology.
Technology and trends change fast, and it can feel overwhelming to try to keep up. Still, having the necessary technology in place to be able to accept your customers’ preferred payment methods is a must if you’re trying to grow your business. In today’s modern age, it’s important to consider ecommerce and the impact that accepting online payments can have on your bottom line. Don’t miss out on sales – contact us and let us help you choose the right ecommerce credit card processing system for you!
What’s the most convenient way to pay? Cash? Card? Everyone has their own preferred payment method, and as a merchant, it’s important you’re able to accept a variety of payment types. By doing so, you help improve your customer experience by meeting customers’ expectations, as well as ensure you don’t miss out on sales due to being limited in the kinds of payments you’re able to accept.
One popular payment method is Google Pay, a type of mobile wallet. Is your business able to accept this payment type? If it’s not, you may want to reconsider.
What is a mobile wallet? A mobile wallet is a type of mobile app that allows the user to store credit card information and more on their smartphone. The user can then use the mobile wallet to transfer money to friends, make online purchases, and even make in-store purchases. Some of the more popular mobile wallets include Apple Pay, Samsung Pay, Android Pay and Google Pay. In order to accept payments via Google Pay or any other mobile wallet, merchants must have machines with the proper functionality.
What is Google Pay? Google Pay is a type of mobile wallet that lets users save cards to their Google Account, allowing users to quickly and simply pay on websites, in apps, and in brick-and-mortar stores. Payment information is protected with multiple layers of security, so users can feel confident that their info is safe. Additionally, Google Pay allows users to send or request money from friends, benefit from rewards programs, and conveniently store tickets. It’s available on Google Play or in the Apple App Store.
How it’s used First, users add their card information to the app. Users can do this by taking a photo of their card, or entering the information manually. Google Pay will then ask the user to verify the card information. Google Pay works with thousands of payment providers and banks, including American Express, Chase, USAA and more.
Pay online or in an app When online shopping or making purchases in an app, users can check out using Google Pay. A Google Pay button will appear for the user to click, then prompt the user to select which card they’d like to pay with. Users can also add a new card and save the information for future use.
Send and receive money Google Pay users can quickly send money to other people, even those who don’t have the Google Pay app. The other person only needs to have an email address or phone number. Google Pay users can also receive money from other people and have the money go directly to their bank account. Plus, Google Pay doesn’t charge the user any fees to send or receive money.
Pay in stores When making purchases in person, the user simply unlocks their phone and holds it over the payment processing terminal until a check mark appears. The app does not need to be opened first in order to make a payment.
Benefits Using Google Pay offers users a variety of benefits, including convenience, security, and rewards.
Convenient Using Google Pay – as well as other mobile wallets – is very convenient for the customer. Since the customer can pay using their phone, there’s no need to search through a physical wallet, dig through a purse or take the time to write a check.
Secure Using Google Pay is also secure. During in-store purchases, Google Pay uses an encrypted number rather than the user’s actual card number to help keep data safe. If the customer loses their phone, they can use Find My Device to remotely find, lock and erase their phone to help keep data safe.
Rewards and cash back With Google Pay, users can continue to earn rewards and cash back as well as get the protections offered by their bank or PayPal. They can also add loyalty programs from places like Walgreens and Panera to continue collecting points.
Why you should accept Google Pay It’s clear that using Google Pay offers customers a variety of benefits. Similarly, by being able to accept Google Pay as a payment method, you’ll be able to reap benefits as well.
Google Pay is already being accepted by big-name stores, apps, transit authorities, and more. Customers are getting used to being able to pay this way, and it may become even more common. If a customer expects to be able to pay using Google Pay and you’re not able to accept their payment, you’re not meeting your customers’ needs. Alternatively, if you have the proper payment processing equipment to accept Google Pay, you can provide an even better experience for your customers. Being able to accept Google Pay also ensures you don’t miss out on sales just because you can’t accept a certain payment type.
How to accept Google Pay payments In order to accept Google Pay and other mobile wallet payments, you’ll need to have the proper payment processing equipment. Luckily, there are a variety of options to choose from to meet your needs. The VeriFone VX520, for example, is a retail credit card machine that is equipped with NFC capabilities. (NFC means Near Field Communication. An NFC reader is able to wirelessly communicate with a phone’s mobile wallet.) The Clover is a Point of Sale System that is able to accept Google Pay, along with more traditional forms of payment.
At Merchants Bancard Network, we’re happy to work with you to better understand your business needs and determine the payment processing machine that will be the best fit.
While cash may have once been the payment method of choice, consumers now have a variety of options when it comes to making purchases. Google Pay is one of those options – and a popular one at that. It offers users a variety of conveniences and benefits, and is something you’ll want to be able to accept in your store. Doing so will help you provide an excellent customer experience as well as ensure you’re not needlessly missing out on sales. Let us help you find the right payment processing machine – visit our website to learn more or contact us.
Payment processing machines today don’t just allow you to accept your customers’ payments – they can also be helpful tools for gaining insight into your business and helping it run smoothly. At Merchants Bancard Network, we offer a wide range of payment processing machines, including Point of Sale systems like the Clover system. It’s a great machine with a variety of features that can benefit your business.
Suite of Products The Clover system is designed to make running your business simple. It replaces your cash register, payment terminal, receipt printer, and barcode scanner with an integrated suite of products, including a mini Clover and Clover Mobile. The Clover system arrives payments-ready and with built-in basics so you can start getting set up right away. It’s a customizable POS that allows you to add hardware, software and accessories as needed, so the system can expand as you scale your business. Plus, they don’t charge per employee, so it’s a great option for your whole team to use. Clover also syncs to the cloud for added convenience, letting you access sales, reports and more from wherever you happen to be.
Accept Customers’ Preferred Payment Methods In today’s technological world, it’s important to be able to accept more payment types than just cash; if you don’t, you’ll likely miss out on sales. Consumers now have a wide variety of options when it comes to making purchases, with payment types including swipe cards, EMV cards, contactless NFC payments (such as Apple Pay, Google Pay, and Samsung Pay) and more. Luckily, the Clover system allows you to accept all of these payment types as well as checks, cash and gift cards – all on a stylish looking POS.
Location Convenience Perhaps your customers pay at a traditional cash wrap. Or, maybe it’s more convenient for you to approach your customers. Whatever the case, Clover has options that meet your needs. For example, the Flex Clover system is a hand-held, mobile payment device that goes where you go, rather than keeping you confined to a cash wrap. The Clover Mini is a miniature POS that can more easily fit into smaller spaces than a traditional POS system. Both options include a variety of helpful features and can accept many different payment types.
Helpful Insights Clover’s analytics tools help you understand your business by providing real-time, actionable insight. Sales reports allow you to see helpful data like overall and hourly revenue, open orders, refunds and discounts, top-selling items and more. You can track sales across all of your locations, and access data anytime, anywhere using the dashboard on your laptop or mobile phone. End-of-day reports show you gross sales and refunds, tips and server totals, and credit card transactions per card type. You can even download your data or sync it to programs like Xero or QuickBooks.
Foster Positive Customer Relationships Providing an excellent customer experience is crucial to getting your visitors to favor your brand and become loyal customers. Clover’s customer engagement tools enable you to gain clarity on customers’ preferences and build positive relationships with them. Clover lets you to build customer profiles from credit card sales, including transactions, contact information, and profile photos to give you a better understanding of who your customers are. To encourage repeat business, you can use Clover to create rewards programs that you can promote to your customers and social media followers. You can also set up strategic promotions using social media, text, and emails that include segmented lists and the ability to reach out to customers you haven’t seen for some time. Clover also lets you ask customers for their feedback and communicate with them one on one.
Gift Cards Gift cards are an effective way to encourage repeat business from current customers and attract new customers to your store. They can also help you boost sales, as customers who redeem gift cards are likely to spend more than the amount on the card. With Clover, you can create your own digital or physical gift cards. Digital gift cards work on any smart mobile device, making them a convenient option for customers. If you prefer a physical card, you can choose from Clover’s 70+ design templates or upload your own for a custom branded look. Both the digital and physical gift card options are more secure than old-school paper certificates, which can lead to fraud. With Clover, you can issue store credit directly from your POS and track gift card sales and redemptions via the reports feature.
Apps As effective as the Clover system is at making running your business a breeze, it doesn’t stop there; Clover incorporates a variety of applications for even more capabilities. Clover’s included POS apps help you schedule shifts, seat guests, manage wait staff, offer discounts, and more. You can also use popular apps like Yelp, Payroll and Time Clock and sync your system with services like Shopify, QuickBooks, and Woo. Thanks to Donors Choose, Clover also helps you give back to your community by letting you give customers the option to round up their purchase total, with the donations going to local schools.
Safe and Easy to Use Clover makes payment processing safe as well as simple. Clover offers safety features like full encryption on a PCI-certified system and fraud protection up to $100,000. In addition to being able to run credit card transactions in seconds, Clover allows you to set up tax rates at once and apply them automatically. You’re also not reliant on WiFi in order to take payments; offline sales will process when you reconnect. Clover is convenient for your customers as well, giving them more control over tipping and receipt options.
There are many factors to running a successful business in this day and age, but the importance of an effective payment processing machine shouldn’t be overlooked. Clover not only makes it easy to accept your customers’ preferred payment methods, but also reports important data to help you be strategic in your decision making while growing your business.
Want to learn more about the Clover system and how it can benefit your business? Contact us today!
Watching your business grow is an exciting time, but it also brings new challenges. How will you ensure you have enough inventory? How will you fulfill orders? Who will help run the busy store? There’s a lot to consider when scaling your business, but don’t forget the positive impact that merchant services can make on your efforts.
Merchant services is about more than just helping you accept payment from customers; with the right machines and programs, merchant services can help you scale your growing business.
Accept a variety of payment types While cash is still used to make purchases, consumers have also adopted more modern ways of paying for goods and services, such as credit cards, gift cards, Apple Pay and Google Wallet, and more. As your number of customers increases, being able to accept a variety of payment types will be even more important. Don’t miss out on sales due to outdated machines. Upgrade your payment processing equipment based on your growing company’s needs to ensure you’re prepared to accept your customers’ payments. Remember to also consider which type of machine is best for you and your customers, such as retail, wireless, mobile, and Point of Sale machines.
Run reports Keep tabs on your business’ activity using helpful reports that give you clearer insight into sales trends, your finances, and more. For example, employee reports can show you each employee’s sales, refunds and more. Items reports tell you which items were sold and how many. Payment reports show you your paid transactions and important details. You can even keep track of your net revenue, refunds, discounts, and more. These reports share important information to help you adjust your strategy and tactics accordingly to continue to grow.
Manage inventory As you scale your business, it’s important to ensure you always have the right item types and quantities in stock to meet consumer demand. Whether you’re a retail merchant or restaurant, the right payment processing machine can help you keep track of and manage your inventory. You can enter various items into your inventory list along with details like price, UPC, SKU, and tax information, to name a few. You can also create categories, manage ordering and automated ordering, and more.
Manage customer relationships Providing an excellent customer experience is vital to building a loyal customer base. Offer a more tailored customer experience and increase customer retention rates by using machines that allow you to collect and manage helpful customer data. This may include contact information, marketing preferences, order details, feedback, and more.
Reduce fraud and chargebacks Giving customers the ability to pay with credit cards is great for their shopping experience as well as your business, but it does carry some risk. Credit card fraud can lead to chargebacks, taking a toll on your finances. Luckily, the security features built into modern payment processing machines can help prevent these issues.
Be sure to use a terminal that accepts EMV cards – also known as chip cards – which store their data on integrated circuits. This chip feature makes the card more secure than traditional swipe cards and helps prevent fraudulent transactions and chargebacks. You’ll be able to focus more of your time, energy and finances on growing your business rather than paying fees.
Increase customer spending Your business can thrive even more by offering gift and loyalty cards. These cards help promote increased cash flow and consumer spending, as well as increased repeat business from your current customers. Gift cards, for example, are more secure and desirable than traditional gift certificates. They support credits, refunds, rebates and incentives, and your business benefits from prepaid services as well as unredeemed cards.
Similarly, loyalty cards are effective marketing promotional and customer retention tools. They incentivize consumers to spend more in order to earn rewards, and conveniently allow customers to access online data about their rewards and point balances.
Take advantage of programs As you scale your business, you’ll likely need money for things like hiring additional employees, purchasing new technology, expanding your inventory, and maybe even opening a new or larger brick-and-mortar location. Using various merchant services programs can help you be sure you’ll have the finances necessary to continue growing your business.
Dual Pricing Program: You can potentially save thousands of dollars each year with this program. Our dual pricing program is a no-risk program that allows you to eliminate your monthly interchange fees by passing them on to customers who pay using cards rather than cash. When customers pay with cash, they – as well as you – benefit by not having to pay fees.
Small Business Loan: If you’re considering an expansion or further purchases for your business, this is a great program to consider. We offer cash advances against future sales and allow you to pay us back with a percentage of your credit card transactions. There are no payment books or due dates; you simply sign up for the cash advance program and, after approval, receive your funds.
Support for high-risk merchants: If you’ve been given the label of high risk, this may be related to your business or industry being deemed as risky, you run an offshore business, your marketing is raising some flags, your credit score may be low, or a variety of other reasons. We will provide a free assessment of your business and create a plan that will allow you to take credit card payments. Merchants Bancard Network will help you get your business out of the “high risk” category and into the “successful” one.
If you’re scaling your business, know that you have a team of merchant services experts ready to help. Merchants Bancard Network is an established provider in the payment processing industry with more than 30 years of experience. We’ve earned the respect of our clients as we move forward with trends and technology without disrupting our superior service.
Want to learn more about the payment processing equipment and programs we offer and how they can help your growing business succeed? Visit our website!
The holiday season can be a wonderful time of year, but businesses still face risks like fraudulent charges, fraudulent returns, chargebacks and more. Protect your business with these five tips.
Check your security Be proactive and make sure your security equipment is properly working. Test your alarm systems, locks, surveillance cameras, and any other security systems you have in place. For online businesses, make sure your antivirus software is up to date.
Use terminals that accept EMV cards Also known as chip cards, EMV cards store their data on integrated circuits. This makes payments more secure and helps prevent fraudulent transactions and chargebacks. If you accept EMV cards, make sure you use the chip feature rather than swiping – even if the customer asks – as this could be a fraudulent card. Be sure to have updated payment processing equipment that is able to accept EMV cards.
Train your team If you have employees, train them on how to use the payment processing equipment and refresh their memories on policies regarding check, credit, debit and gift card payments. Gift card returns are a common way to get away with fraud. Help ensure that transactions are completed properly and reduce your risk of fees.
Avoid chargebacks Verifying the customer’s information during online transactions is an important step in avoiding chargebacks. Try using an Address Verification Service (AVS), which compares your customer’s address and zip code to the information on file with their bank. A Card Verification Value (CVV) match is also helpful, as it requires customers to enter their CVV – the 3-digit code on their card; this ensures the customer actually has the card in their possession.
Returns Returns are an easy way that individuals can bring back items and have funds deposited onto their card. Be aware of returning items to the same card number that the transaction was ran on and checking the name of the cardholder which will print on the receipt. Gift card returns have a higher fraud rate due to their lack or traceability, be sure to check receipts, and customers info if anything has to do with prepaid debit or gift cards.