Posts Tagged ‘card issuers’


VMS-
Washington saved Law Office of Anna G 33.15%. We can beat anyone out there 20-60% off their current provider with average savings of 46.02%. Valued Merchant Services offers a free cost analysis to compare your current provider to us. In addition, anyone that sends us business our way will get $50.00 when sign the client signs. We also challenge you to beat our rates, if we can’t we will pay you $250.00 Cash. Has your current processor told you about the Durbin Amendment and how it can save you money on your processing rates and fees?

Due to the overwhelming replies and inquiries VMS-Washington wants to help your business out by giving you rock bottom rates for your processing.  We also can help your business by giving you great rates for unsecured business loans with an 90% approval rate for start-ups and existing businesses.  Call or email us if you want to know more.

Michael Roberts

VMS-Washignton
www.vms-washington.com
washignton@valuedmerchants.com
(800) 531.8575 ext. 697

VMS-Washington – Washington’s Merchant Service Provider

 

 

 

 

 

 

 

 

 

 

Attach ROAMpay to your phone and  be able to accept payments. This is the most secure device in the market which works on 400+ phones, capture excellent rates and is so small it can go into your pocket. For more information contact us at: 1-800-531-8575 ext 697

Valued Merchant Services offers a free cost analysis to compare your current provider to us. In addition, anyone that sends us business our way will get $50.00 when sign the client signs. We also challenge you to beat our rates, if we can’t we will pay you $250.00 Cash. Has your current processor told you about the Durbin Amendment and how it can save you money on your processing rates and fees?

Due to the overwhelming replies and inquiries VMS-Washington wants to help your business out by giving you rock bottom rates for your processing.  We also can help your business by giving you great rates for unsecured business loans with an 90% approval rate for start-ups and existing businesses.  Call or email us if you want to know more.

Michael Roberts

VMS-Washignton
www.vms-washington.com
washignton@valuedmerchants.com
(800) 531.8575 ext. 697

Read about our past reviews on:

Square vs. ROAMpay

Valued Merchant Services vs. Costco (Elavon)

Valued Merchant Services vs. PayPal

VMS-Washington – Washington’s Merchant Service Provider

VMS-Washington saved Kayzoe 30.90%. We can beat anyone out there 20-60% off their current provider with average savings of 46.12%. Valued Merchant Services offers a free cost analysis to compare your current provider to us. In addition, anyone that sends us business our way will get $50.00 when sign the client signs. We also challenge you to beat our rates, if we can’t we will pay you $250.00 Cash. Has your current processor told you about the Durbin Amendment and how it can save you money on your processing rates and fees?

Due to the overwhelming replies and inquiries VMS-Washington wants to help your business out by giving you rock bottom rates for your processing.  We also can help your business by giving you great rates for unsecured business loans with an 90% approval rate for start-ups and existing businesses.  Call or email us if you want to know more.

Michael Roberts

VMS-Washignton
www.vms-washington.com
washignton@valuedmerchants.com
(800) 531.8575 ext. 697

VMS-Washington – Washington’s Merchant Service Provider

VMS-Washington saved Cake Envy 30.76%. We can beat anyone out there 20-60% off their current provider with average savings of 46.62%. Valued Merchant Services offers a free cost analysis to compare your current provider to us. In addition, anyone that sends us business our way will get $50.00 when sign the client signs. We also challenge you to beat our rates, if we can’t we will give you $250.00 Cash. Has your current processor told you about the Durbin Amendment and how it can save you money on your processing rates and fees?

Due to the overwhelming replies and inquiries VMS-Washington wants to help your business out by giving you rock bottom rates for your processing.  We also can help your business by giving you great rates for unsecured business loans with an 90% approval rate for start-ups and existing businesses.  Call or email us if you want to know more.

Michael Roberts

VMS-Washignton
www.vms-washington.com
washignton@valuedmerchants.com
(800) 531.8575 ext. 697

VMS-Washington – Savings of 77.32%

VMS-Washington saved Mike Wood Excavation 77.32%. We can beat anyone out there 20-60% off their current provider with average savings of 44.38%. Valued Merchant Services offers a free cost analysis to compare your current provider to us. In addition, anyone that sends us business our way will get $50.00 when sign the client signs. We also challenge you to beat our rates, if we can’t we will give you $250.00 Cash. Are you serious or curious about saving money?

VMS-Washington – Average savings of 78.31%

 

VMS-Washington saved Mike Wood Auto 72.73%. We can beat anyone out there 20-60% off their current provider with average savings of 42.18%. Valued Merchant Services offers a free cost analysis to compare your current provider to us. In addition, anyone that sends us business our way will get $50.00 when sign the client signs. We also challenge you to beat our rates, if we can’t we will give you $250.00 Cash. Are you serious or curious about saving money?

VMS-Washington – What Every Gas Station Owner Ought to Know about Pre-Authorizations

 

In most credit and debit card transactions the card is only presented for payment once the exact purchase amount is calculated. Then an authorization request is sent to the issuer for the transaction amount, an approval or decline is issued and the transaction process follows its regular course.
But what about transactions, such as fuel sales at gas stations, where the exact purchase amount is unknown at the time the card is swiped? This is where merchants use pre-authorizations to ensure there are sufficient funds on the card to pay for the fuel.

What Is Pre-authorization

Pre-authorization is a transaction authorization request for a pre-determined amount that is sent to the issuer before the final transaction amount is known. Used mainly at unattended point-of-sale (POS) terminals at gas stations, pre-authorizations enable merchants to check the availability of funds on their customers’ cards.
The pre-authorization amount is set by the merchant and can be $50, $75, $100 or more and is displayed on some POS terminals’ screens (you should be doing that too, if you aren’t doing it already). There is a maximum pre-authorization amount that is set on an acquirer level, based on merchant category and other factors, and that could be stated in your merchant processing agreement. If not, call your acquirer and ask what it is.

How Pre-authorizations Are Processed

There are two ways of processing pre-authorization requests:

  • Using an authorization message that is followed by a partial reversal once the transaction is completed. In this case, after the customer swipes her card, an authorization request is sent to the issuer for a fixed amount (this is the maximum pre-authorization amount). Then, once the purchase is finalized and when the exact sale’s amount is known, a partial reversal is issued to correct the previously authorized amount.
  • Using an authorization message that is followed by the sending of the exact sale’s amount in the clearing record. In this case, once the customer swipes her card, an authorization request is sent to the issuer for the maximum pre-authorization amount. What you need to be aware of here is that your customer’s credit line is reduced by the sum of the pre-authorization request and the exact transaction amount.

So let’s say that your customer has a $2,000 credit line on her card and has used $1,700 of it. If you process a $50 pre-authorization amount and then the customer purchases $50 worth of gas, the card’s available balance will be $200 ($2,000 – $50 – $50). The pre-authorization amount typically takes no more than a couple of days to be removed.
In both cases the transaction must be cleared within seven business days.
It should be noted that authorization requests for hotel or resort transactions are different from regular pre-authorizations, even though you can see them referred to as such. For one thing, there are no pre-set pre-authorization amounts for hotel transactions. The hotel will request an authorization approval for the entire estimated transaction amount, whatever it may be. Once the customer checks out, a partial authorization reversal will be requested if the initially authorized amount exceeds the final amount or an authorization approval will be requested for the amount above the originally approved one, if that is the case.

The Takeaway

If you own a gas station, you need to make sure that you understand how pre-authorizations work. Also, you need to make sure that your maximum pre-authorization amount is set high enough, so that not to inconvenience your customers.
I’ve never had any issues getting gas for any amount here in Boston, but I do remember that, while on a cross-country trip a few years ago, I could only get up to $50 in gas at some stations. I was driving a truck so that wasn’t nearly enough. Now, that’s a sure way to chase all truck drivers away from your gas station so don’t do it.

Why hasn’t your processor mentioned the Durbin Amendment? Learn how to lower your card acceptance cost: www.vms-washington.com and ask about the Durbin Amendment that was passed on October 2011 and how it will help you lower your rates.

Debit interchange fees are collected by the card issuers and paid by the merchants for every debit card transaction. The Federal Reserve limited these fees to 0.05% of the purchase amount plus $0.22 per transaction. The new limit will reduce the average interchange fee amount from $0.44 to $0.24 per debit transaction.
However, there are significant differences in the way the new limit affects the two types of debit transactions: PIN-based and signature-based. While the interchange fees merchants pay for accepting the latter type decrease substantially, the fees for accepting the former type increase slightly.
Here are some debit interchange statistics and calculations that illustrate the effects of the Fed’s rule:

VMS-Washington – Debit Interchange Fee Limit by the Numbers (Infographic)

Why hasn’t your processor mentioned the Durbin Amendment? Learn how to lower your card acceptance cost: www.vms-washington.com and ask about the Durbin Amendment that was passed on October 2011 and how it will help you lower your rates.

VMS-Washington – How to Handle Credit Card Processing on Multiple Websites

 

The question of processing credit card payments on multiple websites is one that both our existing and prospective clients ask with an unchanging regularity. The picture is often further complicated by the addition of the client’s brick-and-mortar operations, which require the implementation of totally different credit card processing tools and where transactions are subject to a different, and typically lower, set of processing rates.
So how do you set up your merchant account when you have multiple operations? Well, before we can answer this question, we will need to start at the beginning and take a look at exactly how a merchant account is set up, how your processor determines which risk category your operations will fall in and what your processing rates should be.

The level of processing risk will be determined mostly based on the method of accepting payments, your processing volumes, average sales ticket and type of product or service sold. Based on your business characteristics, you will be placed into one of several (typically five) risk categories. The lowest two risk categories are usually reserved for card-present operations. Card-not-present credit card acceptance by itself is sufficient to place your business in the high-risk category. Then if you sell merchandise that historically has been linked to producing high levels of customer disputes and chargebacks, your risk level will be raised even higher and you will be required to submit additional documentation with your application. Finally, certain industries are prohibited by Visa and MasterCard and you will not be allowed to accept their cards for payments. Your pricing will be based largely on your risk level.
With that in mind, let’s look at your options.
The first one would be to set up one merchant account for all of your operations. This is the preferred choice for physical operations, where you have multiple outlets selling the same merchandise. The main advantages of this option are that it simplifies both your operations and accounting. If you have an e-commerce addition to your physical presence, you may also add it to your existing merchant account. Just make sure that, if you choose this option, your pricing is based on the interchange-plus model. This will ensure that you are not getting overcharged for your card-present transactions. Be advised that one merchant account can only be set up with one pricing structure. What this means is that, if your pricing is based on one of the tiered models, where transactions are classified as qualified, mid-qualified or non-qualified, your processor will have no choice but using its higher e-commerce rates for both your card-present and card-not-present transactions.
Using one merchant account for multiple websites is also an option, but here the challenges are of a different kind. Technically, your payment gateway can easily be set up to process information between each of your websites and your processing bank. Moreover, your pricing is likely to be the same for each e-commerce operation. The issue is that businesses typically, although not always, set-up multiple e-commerce websites to sell different lines of product. Now, these different products are likely to fall into different risk categories, some of which may be restricted or prohibited. This is the reason why most processors require that you set up separate accounts for each of your websites, so that they can evaluate each of them on its own merits. You should consider this option even if you are not required to do that.
Having each of your websites process credit card payments through its own merchant account spreads the risk evenly and isolates and protects each part of your business from problems arising elsewhere. So if you operate a single merchant account, all of your e-commerce websites will suffer if the account is suspended, whereas with separate services, only the problematic account will be affected. You will have to pay monthly fees for each of your merchant accounts, but the additional protection will be well worth the cost.
To conclude, your decision on whether to operate separate merchant accounts for each of your websites will have to be based on the specifics of your operations. However, unless you sell the same merchandise on each one of them, setting up a separate credit card processing service for each individual website is likely to be the better option.

Why hasn’t your processor mentioned the Durbin Amendment?  Learn how to lower your card acceptance cost: www.vms-washington.com and ask about the Durbin Amendment that was passed on October 2011 and how it will help you lower your rates.

VMS-Washington – 5 Steps to Verifying Cardholder Information in Card-not-Present Transactions

 

Merchants accepting credit cards online, over the phone or otherwise in a card-not-present environment have a much more difficult job verifying the payment information provided by customers than their counterparts operating brick-and-mortar stores. Consequently, risk exposure and processing fees are correspondingly higher in virtual payment settings.

Risk Exposure in Card-not-Present Transactions

There are two major factors that determine the level of risk exposure for card-not-present merchants: fraud and chargebacks. It is ultimately the merchant who bears the financial liability for processing fraudulent transactions and ones that are subsequently charged back. Developing a solid process for verifying the payment information provided by the customer at the checkout goes a long way toward limiting your risk exposure.
The verification of payment information consists of two separate, although interrelated processes: cardholder authentication and card validation. We have written in some detail on how to verify the authenticity of a payment card and will no doubt be doing so again in future posts, but in this article I will focus on verifying cardholder information.

Fraud Screening and Scoring

Before we dive into the verification procedures, I’d like to say a few words about screening and scoring transactions. Screening is an automated mechanism for identifying high-risk transaction characteristics and suspending the processing of such payments. Fraud scoring is the process of rating the highest-risk card-not-present transactions that need to be additionally examined.
You will need to either develop your own or implement third-party fraud screening and scoring solutions. The reason you need them is that these processes will increase the efficiency of your fraud prevention strategy by helping you concentrate your efforts on these transactions that are most likely to be fraudulent, rather than evaluating all of them.

5 Steps to Verifying Cardholder Information

Virtually all information provided by a customer at the checkout can be verified, to one degree or another. Here is how you can do this (I am assuming that you have implemented fraud screening and scoring mechanisms):

  • Verify land-line and cell phone numbers. Check the land-line number’s area code and telephone prefix (the first three digits after the area code) and make sure that they are valid for the provided city and state. However, many consumers no longer use land-lines, so cell phones will often be the only option. Even though the above characteristics are much less applicable to cell phones, you should still call the provided number when there is a discrepancy.
  • Check the ZIP code. There are many directory services you can use to verify that the entered ZIP code corresponds to the provided city and state. You may want to consider allowing customers to override error alerts, as information may have been recently updated.
  • Validate the email address. You should be sending order confirmations to your customers’ email addresses. If the email is returned as “undeliverable,” this can be a sign of fraud. Very few customers provide wrong email addresses at the checkout, because they want to be notified of their order’s status.
  • Call the issuer. If you suspect fraud or unauthorized card use, you can call the card issuer directly and:
    • Verify the name, address and phone number the issuer has on file for their cardholder.
    • Check if the cardholder has recently changed their address.
    • Call the cardholder. If you have not been able to verify the information, call the cardholder at the number on file with the issuer and ask them whether or not they have placed the order.

The above verification procedures can be very time consuming, which again is the reason you should implement fraud screening and scoring. You don’t want to be verifying information for transactions that are unlikely to be fraudulent in the first place. Additionally, you don’t want the verification process to be costlier than the potential loss.

Learn how to lower your card acceptance cost: www.vms-washington.com and ask about our $250.00 guarantee that we can beat your current processor’s rate.