A free internet merchant account and credit card terminals are a great help to businesses who are planning to use a hybrid model. This model is also called a “brick and click”, meaning there is both a physical store shoppers can walk into and an online store open 24 hours a day. A credit card processing service is crucial for any physical store location. Shoppers often use their credit cards when making purchases, and many no longer carry cash with them.
Physical stores are beneficial because the staff can help shoppers with questions immediately and help them pick out an item. This adds a more personal feeling than a live chat that you would find online. Customers can hold your products and try them on before buying them.
Online stores are necessary for shopper convenience. Not every shopper is willing to travel to a physical location when they can simply make purchases online. Many shoppers might choose your competitors if you do not offer your products online.
A good merchant services provider will help you find ways to cut costs on your business spending. Instead of buying or leasing credit card terminals, there are companies that offer them at no cost. Imagine how easy it would be to conduct your business with free credit card processing equipment. While other companies require you to lease or buy, Total Merchant Services offers these perks for free. Using us can help you save money on your credit card processing business costs.
Find out more information on our free credit card terminals on the rest of our website.
Here at Total Merchant Services, we are passionate about everything that has to do with credit cards. A recent study was done by J.D. Power, a global marketing information services company. The results showed that the majority of credit card customers do not understand the terms, benefits, and rewards that come along with their credit cards. J.D. Power based the findings on responses from millions of consumers. The sheer number of people using credit cards shows that businesses should definitely accept credit cards in order to be successful.
The study focused on six key areas including interaction, credit card terms, billing and payment, rewards, benefits and services, as well as problem resolution. Shockingly, over 33 percent of consumers admitted that they are completely unaware of the benefits they receive from their card! Despite this fact, the study showed that credit card satisfaction continues to improve. This is no doubt linked to the advancements in the industry, such as online merchant credit card processing.
An interesting finding was that many people don’t understand the terms and benefits of their cards such as interest rates and late payment fees. However, credit card satisfaction as a whole continued to enhance for the fourth consecutive year. There was an improvement from 2012 of 14 points.
The economy continues to improve which translates into customers feeling better about their personal economy and in turn improves the level of satisfaction they have with their credit card issuer. Over 27 percent of credit card customers showed that they are in a better financial position than they were over the last few years.
Today, there are many options to increase the satisfaction people feel with their overall credit card experience, such as the popularity of the wireless credit card terminal and mobile options. Most credit card payments, purchases, interaction, and even disputes can now be handled online.
The Durbin Amendment has ruffled feathers for those who hold an online business merchant account. It was only recently added to the Dodd Frank Wall Street Reform and Consumer Protection Act back in 2010, but consumers are already starting to see the effects. Introduced by senator Richard J. Durbin, it was designed to limit transaction fees billed to merchants by issuers like Visa, MasterCard, Discover, and American Express that were consequentially added to merchant services provider charges.
These fees, also called swiping fees, were once an outrageous 44% per transaction. Now, they have been capped at 1-3 cents for small business transactions, and 12 cents for banks holding more than $10 billion in assets. Seeking to address the differing needs between large scale and small businesses, it was initially welcomed and celebrated by retailers and consumers alike. The Visa-MasterCard duopoly created a coalition to make a profit off of swiping fees, supposedly designed for fraud protection and overhead cost coverage. Although it was initially praised as a form of justice against credit card companies, it is now heavily criticized.
However banks once depended on these high fees from merchants who accept credit card payments to offer their free checking accounts and reward programs. A rise in charges for these services once included with a card or bank account is due to that fact that offering them is no longer profitable anymore. The observed results of the amendment in reality did now offer the promised lowered prices from big box retailers as promised. Although the lowered charges were supposed to lower costs for consumers by proxy, Total-Merchant-Services has observed that businesses haven’t responded how their incentives intended. Critics of the amendment argue that the only thing it really affected was the account holder’s ability to access free checking and rewards programs from their banks, not lower prices in stores.
Credit card processing equipment is necessary nowadays for attracted and retaining good business. Accepting credit cards is an integral part of running a successful business. When is the last time you saw someone carrying around a great amount of cash, let alone a checkbook? The reason is because it is inherently safer to use credit cards these days. Total Merchant Services understands that customers want to use their credit cards more than cash or check, and that’s why they offer quality merchant services.
Every merchant should have the ability to accept credit cards for increased chances of repeat business. The devices used for credit card processing are easy to use and provide a secure way to transfer financial information. A merchant credit card terminal leaves a paper trail that is useful for both the customer and the merchant in everyday and legal environments. If you don’t accept credit cards, you could well be losing business to your competitors. Customers these days want convenience in our fast paced world. Although they can easily visit an ATM, pulling cash from a customer’s point of view just isn’t as easy as paying with a card.
A good credit card processing rate depends on a number of factors. High risk accounts tend to cost more to maintain than a regular account. This would include MLMs, debt services and businesses operating in the adult industry. We offer free equipment to those who qualify, lowering costs for businesses worldwide. Our excellent customer service professionals are ready to start you up with our reliable merchant services.
Mobile credit card processing is a recent popular technology that allows merchants to process credit cards online. It gave rise during the accession of tablets and smartphones. Information can be entered manually, with an attached swiping device, or simply by taking a picture of the credit card and entering in its 3 digit security code on the back. Transactions can be made wherever you have 3G or 4G or wireless connections. This method is cost effective because it requires much less equipment to purchase. Credit card terminals and imprinting machines are no longer necessary. Mobile apps to process payments can be accessed online. However taking advantage of this technology could pose certain security risks, but if you take the right steps you should be able to accept credit card payments on a mobile device with confidence.
There are some things to consider when determining if the security level of mobile devices is right for your business. The app you’re using needs to encrypt numbers for constituent protection. This means any unauthorized users cannot use the information they obtain from the device because it does not match the cardholder’s actual information. Encryption is a PCI standard and should be adhered to carefully. Failure to meet PCI compliancy means a hefty fine and the denial to process credit card payments for your business. Credit card numbers should just show the last four digits when swiped and the information should not be stored on the hard drive. Thieves are more likely to steal mobile devices than credit card terminals so keep your mobile device in a secure location. Use online merchant account services to ensure the highest security measures.