The mysteries of POS capture unraveled here…
There is a code out there for every capture method. When you send data for a transaction, this code (the POS Entry Mode) is automatically sent with it. Wouldcha like to know these codes? Here they are:
01 – Manually keyed (this will pertain to Visa internet [...]
Usually, no. Don’t let this one getcha. Most POS equipment is compatible with multiple processors and can be reprogrammed when you switch processors. Some processors will charge you a fee to do this, some might do it for free. If you are buying equipment for the first time, make sure to buy equipment and software [...]
Daily Discounting: The discount you have accumulated on card transactions for the day is deducted from your merchant’s settlement account daily.
Monthly Discounting: With monthly discounting, this happens only once a month.
It is pretty much this simple, and many processors offer both.
You might be wondering why you are dealing with all this credit card crap in the first place. Someone is taking a chunk of your revenue… you hate statements and bills…and now you have to worry about those fraudulent anarchists? (someone’s blog on fraud protection quoted the Anarchist Cookbook, which outlines details for pulling off [...]
So I was just about to share MasterCard’s merchant rules when I read the first paragraph from their manual online, which says:
“Proprietary Rights: The information contained in this document is proprietary and confidential to MasterCard International Incorporated, one or more of its affiliated entities (collectively “MasterCard”), or both. This material may not be duplicated, published, [...]
This is dorky, I know, but who wants to read a list of rules? These rules are lengthy, but important to know so you don’t get booted out of a credit card processing agreement.
1-Thou shalt not require a minimum purchase amount: As a merchant, you are not allowed to require a minimum purchase amount. I’ve [...]
Discover Card and American Express work on different networks than Visa and MasterCard, and are essentially their own processors. Most credit card processors will assist you with getting set up to accept these cards, but you can sign up with American Express online, directly. With American Express, you receive an American Express Service Establishment (SE) [...]
This story is a case in point in why you should enlighten yourself about dishonest sales tactics from credit card processors.
Merchant reports dishonest practices to FTC
