PaymentMax Processing

Looking for Questions or Concerns regarding Merchant Accounts

2010-02-23T12:11:00.000-08:00

Looking to write a new article about common questions or concerns regarding merchant accounts, POS equipment, or accepting credit cards. All recipients will be listed in my newest Ezine Article. Thanks for participating.

Helping Your Small Business Survive the Economic Slowdown

2009-02-24T15:22:00.000-08:00

Helping Your Small Business Survive the Economic Slowdown
Simple advice for surviving a slow economy.
http://www.associatedcontent.comarticle/1507709/helping_your_small_business_survive.html

Taking a Look at Salon Profitability

2009-02-12T11:40:00.001-08:00

Check out my recently published content on AC:

Taking a Look at Salon Profitability

What is Your Dream Job or Start Up Business?

2009-02-12T11:37:00.001-08:00

I am looking for feedback for an article I am writing. If you could work your dream job or start a dream business what would it be? Thanks!

Money Network Fasttrak Pay Card Program

2009-01-16T13:03:00.000-08:00

Check out my recently published content on AC:

Paperless Payroll Strategies for the Unbanked Employee

Taking a Closer Look at Client Convenience in a Salon

2009-01-12T13:01:00.000-08:00

Check out my recently published content on AC:

Taking a Closer Look at Client Convenience in a Salon

Understanding Your Merchant Account Recurring Costs

2008-12-17T16:49:00.000-08:00

Check out my recently published content on AC:

Understanding Your Merchant Account Recurring Costs

Beauty Salons Tips to Increase Retail Sales

2008-12-16T14:27:00.000-08:00

Check out my recently published content on AC:

How to Increase Professional Beauty Product Sales in Salons and Spas

Saving Money on Merchant Credit Card Processing

2008-12-12T11:16:00.000-08:00

How can I save money on our credit card processing? This is probably the most frequently asked question we receive at PaymentMax. So popular, in fact, we posted our own YouTube video with 10 tips to saving money when your run a credit card transaction.

Check out our video:

To recap:
1) When requesting quotes from different processors, look for full disclosure companies. No hidden fees. No batch fees. No statement fees. No annual fees.
2) Use a processor taht has risk management programs to minimize business owner exposure to fraud loss.
3) Make sure you are processing with a direct processor and not a "middle man" (security of funds).
4)If you are a retail merchant, always swipe credit card transactions whenever possible.
5) Close your batch on time.
6) Enter all requested fields that are prompted by the credit card equipment or payment gateway (i.e. - CVV2; address verification).
7) Run transactions on up-to-date, compliant equipment or PCI compliant payment gateway.
8) Check to see if you can get a free credit card terminal or free processing software that is integrated with your accounting software.
9)Receive "Next Day Funding" of your e-funds into your existing bank account. Increase your daily cash flow.
10) Process credit cards with PaymentMax.

Call (800)979-0210 for more information on saving money with PaymentMax

Boost Gift Card Sales in Beauty Salons

2008-12-11T20:39:00.000-08:00

Check out my recently published content on AC:

Boosting Gift Card Sales in Beauty Salons and Spas

FD 200 Point-of-Sale Terminal

2008-12-09T16:44:00.000-08:00

Check out my recently published content on AC:

FD 200 Point-of-Sale Terminal from First Data is Greener Than Most

First Data FD200 Point-of-Sale Device to Replace Eclipse Terminal

2008-12-04T09:35:00.000-08:00

The highly anticipated new check acceptance terminal from First Data is now available. The FD200 is an updated version of the popular Eclipse Terminal offering newer technologies; like a thermal printer, IP and dial up communications, and a WiFi option. The FD200 is a good choice for merchants who accept and process alot of checks using the Telecheck service. Paper checks are turned into an electronic transaction and bounced checks are reduced dramatically when using the ECA service.
The FD200 will ultimately save merchants time and money. Equipped with two printers, a thermal printer for transaction receipts and an ink jet printer for voiding checks, one can expect to spend alot less on ink. First Data boasts IP transaction times of 3 seconds and the thermal printer is equally as fast. Customers will surely appreciate faster checkout times.

Increase in Debit Card Payments

2008-12-01T12:38:00.000-08:00

I was just reading in the Star that major retailers all over the world are seeing an increase in debit card transactions and cash payments over credit card transactions this holiday season. A few words of advice to retailers and other merchants make sure that you are set up correctly to take pin-based debit transactions so that you will receive the greatest discount rate. If you have a malfunctioning pin pad, you are losing money. If you are not giving your customers the opportunity to enter a pin number at the point-of-sale, you are losing money. It is worth looking into.

How to choose a Merchant Services Provider

2008-11-26T13:45:00.000-08:00

How to Choose a Merchant Services Provider

from wikiHow - The How to Manual That You Can Edit

Choosing a Merchant Services Provider does not have to be a daunting task. By asking a few imperative questions you will have a better understanding of their business and if they are a right fit for you.

Steps

Question #1 Customer Service... Ask your prospect what you can expect when you call their office for support. Who will answer the phone? Do they have one of those annoying automated system that takes you into a black hole, or do they have a live human answering the phone? What are the hours of operation? If you speak another language, do they have a translation service? If you have an emergency, is there a 24 hour telephone number?
Question #2 Rate...You should not base your decision solely on price. Be weary of those that are offering extremly low rates. They may be padding the back end with additional fees. Qualified and non-qualified rates are determined by Visa/MasterCard. Look at their websites to determine what these credit card companies are charging your processor to run Visa/MasterCard transactions. If the rate is lower than this "set" rate, be cautious. Remember that your processor is a business, with expenses and employees to pay.
Question #3 Funding...How long will it take for your e-funds (funds from credit, debit, and e-checks) to be deposited into your bank account? The deposit, or funding time is different with each processor. If your business needs daily cash flow to pay employees funding time could be very important to you. Processors fund anywhere from 24 hours to several days to even weeks.
Question #4 Experience...How many years has the processor been in business? This can prove to be very important when a problem arises with your account or your equipment. Ensure they have the know-how to get things resolved, and fast!
Question #5 Equipment...Long gone are the days of having to purchase costly equipment, or get stuck in a long lease. Leading processors are offering free equipement with new, approved merchant accounts. Understand that this is a free terminal placement while you are a current client of the processor. If you terminate the agreement, for any reason, you must return the equipment. Be cautious about processors who push new, costly, equipment. Unless you current equipment is not PCI compliant or network compliant, you should not have to upgrade.
Question #6 Contract Term...Know if there is a contract term. If there is a contract term and you want to cancel the contract in the future what is the fee. Are there certain exceptions to this early-cancellation fee?

Tips

Be honest with your processor about your business type, how much you process, and the average ticket amount. Don't claim a $20.00 average ticket amount when your average ticket is around $200.00. This may see like a good idea to qualify for a "lower" rate but what will undoubtly happen is..after you run a few "abnormal" transactions, a red flag will go up at the risk department. They are looking for fraud. If your account has abnormal activity that might be fraudulent, they will freeze your account to minimize their exposure. Your account will be held until an investigation is completed. This can take months. Be honest and up front with your credit card processor to eliminate this hassle all together.

Warnings

Ask Questions. Be studious. Look at all contracts, reall all the lines. Your processor cant realistically go over everything. It is your job to look the contract over and ask any questions you might have. Be weary of processors who are quick to get your signed without addressing all of your concerns.

Article provided by wikiHow, a collaborative writing project to build the world's largest, highest quality how-to manual. Please edit this article and find author credits at the original wikiHow article on How to Choose a Merchant Services Provider. All content on wikiHow can be shared under a Creative Commons license.

I am starting a business, when should I sign up for a merchant account?

2008-11-24T13:07:00.000-08:00

Today at the PaymentMax office we received a very popular question among new business owners. When should I start the process of a merchant account?

While we can have most accounts approved in 24-48 hours. There are many factors that could delay one's processing ability, such as equipment needs.

To be on the "safe side" new business owners are advised to start the application process about 1 month before they want to be actively accepting credit, debit, and e-checks. That way if they need to have a point-of-sale terminal or peripherals shipped to them, or need additional customer service this can be taken care of long before the "grand opening".

Existing business owners who have working equipment can be transferred and processing in 24-48 hours. First Data boasts downloads of less than 1 minute on new point-of-sale terminals such as the FD100, FD50, and FD200 terminals.

A Great Place for Questions Regarding Everything Merchant Services

2008-11-19T14:30:00.000-08:00

I will be choosing 1-2 questions that I have received in my office to use for my Merchant Services blog. These questions can be from existing or potential customers, employees, or media sources. If you would like a question answered, please post!