11 Dec

Are you EMV ready? Merchants Bancard can help!

What is EMV?

  • EMV is a technical standard for smart payment cards and for payment terminals and automated teller machines that can accept them.
  • EMV cards are smart cards (also called chip cards or IC cards) which store their data on integrated circuits rather than magnetic stripes.

EMV Implementation

  • Visa
  • MasterCard
  • American Express
  • Discover/Diners Club International

EMV Statistics

  • The US has 50% more fraud then the rest of the world as compared to payment volume.
  • Estimated 90% of counterfeit card fraud in the US could be eliminated with EMV deployment.

EMV Benefits for Merchants

  • Increases security and fraud protection to reduce card present fraudulent transactions and charge-backs:
    • Reduces skimming at the point of sale
    • Enables increased PIN use for stronger cardholder verification
    • Helps prevent the use of counterfeit, lost and stolen cards
  • Improves customer service:
    • Enables PIN transactions for both credit and debit cards, reducing time needed to obtain a signature and the need for authorization referrals.
    • Supports contactless transactions which are approximately 53% faster than a traditional magnetic stripe card transaction.
  • Enables merchants to offer cardholders a secure payment of their choice:
    • Meet expectations of cardholders who want more secure payment transactions
    • Accept foreign cards that are already EMV enabled
  • Drives innovation in emerging consumer technologies:
    • Chip-based applications can be embedded into a mobile wallet, enabling consumers to pay via their mobile devices.
    • Chip card technology works on the same technology that enables mobile payments at the POS

 

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.

31 Aug

Selling used POS systems online

The first rule of business is that things change. Business owner’s must keep up with the latest trends in technology, pricing, advertising, and many others. Staying aware and abreast of all of these factors is what makes you a successful entrepreneur. Another evolving area of business is changes in how customer’s pay for their purchases and how that information is processed. MBN is always updating their systems to ensure that our merchants get the best in security and speed of transactions. Your MBN agent is also a valuable resource when it comes time to get rid of your current POS system and trade in for new technology.

We understand that your first concern is how much buying a new system will cost. Your MBN agent will work with your to ensure you get the best equipment at the best price. We offer all major brands in new and refurbished POS equipment. The good news is that you don’t have to junk your old equipment, because there are many places where you can sell a used pos systems online. Your MBN account representative will work with you when buying a new system to make sure you get everything you need in terms of equipment as well as software capabilities.

Buying a better replacement for your business

If you’ve already sold your old POS system, then there’s no time to waste finding one with updated technology to better serve your business. Before you decide with which equipment to replace your POS system, though, take into account the EMV requirements that will go into effect in October of 2015.

By this date, you will need to have equipment capable of reading the computer chips embedded in the new EMV credit cards. The faster you upgrade your POS system to one that accommodates this technology, the faster you can offer increased security for your customers. EMV cards have a much lower rate of fraud and duplication and will save both you and your customers a lot of time and money.

How we can help

Call or click on the MBN website to learn about all of the different options in new and refurbished POS systems and software available to fit your specific needs. All of our agents are well-educated in the specifics of the POS systems we carry as well as with the new EMV requirements. Let us help you update your business to keep up with the ever-changing economy.

16 Aug

EMV stands for Europay, MasterCard and Visa

In an effort to provide increased security for customers, new credit card technology called EMV has been developed. EMV stands for Europay, MasterCard and Visa and refers to the creation of something called chip and pin or smart cards. Instead of a magnetic stripe, EMV cards store sensitive data on a computer chip embedded inside the card itself. Merchants are required to be able to accept these cards beginning in October, 2015,

Switching to EMV technology will result in more than the use of new cards and a change in the way customer’s sensitive data is stored and accessed. Once in place, this new standard of payment also mandates a shift in liability from the credit card issuer to the merchant. This means that any fraudulent charges must be addressed and absorbed by the merchant, not the credit card company. Fortunately, the new cards are nearly impossible to physically duplicate if stolen, and each purchase transaction is completely unique, preventing hackers from stealing and re-using the data.

Merchant Bancard Network, you premier credit card payment processor, is encouraging all of our merchants to move to the new EMV system as soon as possible. The initial investment required to upgrade your POS system to accommodate these cards is far outweighed by the potential benefits.

Does is spell trouble for your business?

In addition to increased security, the new large and small business POS systems include greater storage capacity, more information gathering abilities, and faster transaction processing. For example, when a customer checks out at the register of a retail business, the new EMV-capable POS system can instantly record the purchase in the company’s financial accounts and inventory tracking system.

Another useful feature of the new computer chip-based payment method is that merchants with more than one location, such as a chain of pizza shops, will have the ability to combine all information from the various stores on a real-time basis. Rather than having to consolidate accounts from different locations once a day, week or month, information from every purchase, regardless of location, would be instantly recorded to a single source.

As your merchant services provider, it’s the goal of all MBN account agents to help their merchant streamline their business. Ask about the POS system that will best do that for you.

Updating your POS system for 2015

The EMV acronym stands for more than the computer chip cards customers will be carrying by October, 2015. It refers to a new and highly effective way of processing payment data. Why wait to make the POS updates when you stand to gain better security from hackers as well as the ability to track everything from employee performance to inventory levels instantly with every purchase?

Speak with your MBN representative about how you can begin using the EMV updating service to increase your company’s efficiency today.

1 Aug

EMV POS systems make easier on your staff

October 1st, 2015 is just around the corner — is your business ready for the transition from the traditional magnetic-stripe cards to the new chip-and-pin “smart” cards? While EMV compliance is not “mandatory” for merchants, if you’re business is not ready to accept the new cards, then you will be assuming the liability for any fraudulent transactions. So, now is the time to consider upgrading to an EMV POS systems.

Part of making this transition a positive one is training your staff on how to accept EMV payments. Although there is minimal training involved, there are some important considerations for your retail staff to be aware of when accepting EMV payments. Smart cards are easy to use, but, your staff should be able to recognize a smart card from a magnetic-stripe card by the presence of its small microprocessor chip. Additionally, it’s important to know that customers will be responsible for inserting their own cards into the terminal versus presenting them to a cashier at checkout.

There is bound to be confusion on the part of some of your customers when they first start to use their new cards, but your staff should be able to give instructions on how to proceed with the transaction or actually demonstrate how to use the EMV terminal. All of this just makes for good customer service.

Training?

Your customers will have questions about the EMV card itself and how to use the terminals. Some EMV cards require a signature while other card require PINS. Before implementing your new EMV POS systems, organize a staff meeting to prepare your staff on the use of the new system. It would be helpful to have some practice run-throughs using the new terminals and both types of smart cards. Your staff should become familiar with customer prompts on the terminals and how to process chargebacks, refunds, and cancellations.

It is also important during the EMV POS training period to make your staff aware of the enhanced security of payment information that comes with smart cards so that they are able to answer any concerns on the part of your customers.

The bottom line – you want to give your customers a fast checkout experience with the new EMV cards, so the better trained your staff is, the better customer service you can give.

Implementing the new system

Training your staff to implement your new EMV POS system will just make for a smoother transition in October. Let the customer service specialists at Merchants Bancard Network help you choose the system that best meets your business needs as well as offer assistance with training your staff.

MBN has been in the credit card processing business for over 20 years, and is the leader in secure, in-house merchant payment solutions. Call them today and a member of their top-ranked support staff will help you with any issues you may have with new POS equipment and staff training.

17 Jul

Even your small business is a hackers target

Unfortunately in today’s climate of rampant computer fraud, it’s not only major financial institutions or retailers that find themselves to be hacking targets. Small businesses are also vulnerable to having their customer payment data stolen. It may seem as though as soon as a system is updated with new security features, the thieves develop a hacking program to break into it. What can you do as a small business owner to protect yourself from this happening to you?

Merchant Bancard Network has been offering top quality credit card processing services for decades. Part of what our merchants receive with their subscription services is the guarantee that not only will their customer’s information be safe with us, but we help them to ensure it’s safe at the point of sale level as well. MBN is working constantly to stay ahead of the would-be hackers, and have extremely sophisticated methods by which to make sure sensitive data is safely encrypted.

In recent years, tokenization has come to the forefront of the field of data security. Encrypting data, assigning new values based on a standard encryption key, can leave your customer’s information vulnerable if the key were to fall into the wrong hands. Tokenization uses random numbers to create a taken for each piece of data before it is transmitted over the internet. Even if a hacker were to get his hands on the tokenized data, there is no way to use the random numbers to recreate the credit card information.

Are you prepared to tell your customers…

Most consumers are very concerned about the security of their payment data, because scandals continue to be highly publicized by the media. It’s hard not to wonder if you’re next when hackers have proven that they can get into almost any program, including the federal government! As a business owner, you know that your company reputation rides on your ability to secure your customer’s payment data.

Speak with your MBN account specialist about how you can put the best site security into place. We offer the latest in data protection software and hardware, so that you too can stay ahead of the hackers.

Staying a few steps ahead

Along with providing our merchants with secure merchant account services, we help them to keep their point of sale equipment and technology at the highest level of data protection. For example, we can set you up with EMV technology, one of the best new ways to cut down on credit card fraud. EMV credit cards, known as chip and pin cards, have a computer chip embedded in them where the sensitive data is stored and can not be duplicated if stolen.

Call or click the MBN website today to learn more about how you can prevent hacking using the best practices of data security.

2 Jul

Why you shouldn’t wait to upgrade to EMV

By now, all merchants have been notified that they will be required in October, 2015 to begin accepting emv cards. This new technology will require changes, such as upgrading pos systems to be able to read the chip imbedded in these cards. On the flip side, the benefits of this new, secure technology are many. EMV cards are also known as “smart cards”, because they provide a wealth of information in an instant, decreasing the average transaction time while providing valuable data to your business. Given the pros and cons, the question many of you have been asking is should you wait until the deadline to accept emv payments?

At MBN, we believe upgrading to emv is something merchants should do sooner rather than later. In addition to superior data gathering, smart cards employee secure technology, which reduces loss due to fraud. The cards themselves can not be physically duplicated, and the information provided at time of payment is unique to that sale alone; eliminating the ability of a hacker to re-use the data in future transactions.

Your top competitors are already one step ahead

As a merchant, your first priority is protecting your customer’s personal information and making sure they have complete confidence in your establishment to do so. There have been several recent, highly public incidences of security breaches that have put hundreds of thousands of people at risk for identity theft. You can’t blame consumers for being skittish about handing over their credit card nowadays, and when given a choice among competing business, choosing the one with the highest standard of financial data protection.

Before a customer feels comfortable shopping with you, they need the peace of mind that comes with knowing their sensitive data will not end up in the hands of thieves. This is why we at MBN encourage you to consider improving the safety of your point of sale technology. By joining the growing number of businesses accepting emv cards, you can show your customers that you take the threat of payment info hacks as seriously as they do.

It’s about your customers

MBN has worked very hard to become known among merchant processors as the provider who can be counted on to keep customer credit card information safe. We have a team of experts who are constantly upgrading our security measures to keep up with the fast-paced and often sophisticated hackers who are always looking for a way in. To this end, we offer the most up-to-date technology and point of sale equipment to our merchants so they can ensure the same level of data safety on their end.

We take pride in our reputation for being customer-service oriented; offering 24/7 phone, email, and live chat forums through which our clients can get questions and technical problems addressed quickly. As an additional bonus, our merchants can take advantage of our customer loyalty programs, through which they’re eligible to receive discounts and incentives on equipment and supplies.

Call or click today and find out how MBN can help you improve your business through the use of advanced emv pos systems.