Verified By Visa & Secured By Mastercard are systems that offer an addition layer of authentication through use of a password. Card Holders can optionally choose to enable this extra layer or protection on their cards by choosing a password and an e-commerce site can choose to ask for a password for cards that have [...]
Sep
20
2010
20
2010
Dec
10
2009
10
2009
How do credit card processors know how I captured my customer’s card info?
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 [...]
Dec
5
2009
5
2009
What is the difference between daily and monthly discounting?
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.
Dec
2
2009
2
2009
The 17 commandments of accepting VISA cards
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 [...]
Dec
2
2009
2
2009
How do I accept Discover and American Express?
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) [...]
Nov
30
2009
30
2009
Tiered v. Interchange Plus
What kind of pricing structure should you choose with a credit card processor?
Before you dig into this question, take a look at the proportion of the type of cards your customers are handing you. On average, monthly, what kinds of cards are making the majority of your sales?
The proportion of card types, type of business [...]
Nov
25
2009
25
2009
How can I keep card processing fees low?
Before you do anything, learn the fee terminology and understand how fees work. (For an explanation of basic fees, read my article “Fees Demystified”). The more you know what you’re talking about when establishing an agreement with a card processor, the less likely you will be gouged by a fee you didn’t anticipate, or a [...]
Nov
23
2009
23
2009
Fees demystified
One of the most difficult parts of understanding card processing is understanding how associated fees work, where the money goes and what you are being charged for. These fees are sometimes intentionally vague and are subject to fine print by many card processors. It is important to know how they work so that you [...]
Nov
13
2009
13
2009
Credit Card Processing—the Basics
A major part of starting a business is deciding how you will accept payments for your product or service. If you decide you want to accept credit or debit cards, you’ll discover that you need to set up a merchant account with a credit card processing service and have the equipment or software to process [...]