A merchant account is a special bank account that allows a business or an individual to accept credit cards. Use of merchant accounts is increasing day by day. Almost all businesses use merchant accounts today. Just make sure that your merchant account provider is offering you the right account or all your plans can backfire.

When your customers buy more and more goods and services from you and as your business continues to grow, you can opt for high volume merchant accounts. Once you are approved for such a kind of account, you can get good prices along with debit processing, monthly statement fees and additional expenses. Your eligibility depends on the volume of your business. The greater it is, the better deals you get.

It works in this way. You will decide and apply for a merchant account at a bank that offers attractive pricing and low-cost fees. These can be planned in a number of ways. Like, you may decide to pay a few cents for every transaction. This will be an expensive transaction if you have high-volume sales.

Another method is paying a small monthly overall percentage, mostly 1 or 2%, for the entire sales volume you experience through your credit card and debit-processing program. High volume merchant accounts can save you money over time because you will be able to pay smaller fees for every transaction or get a better rate for the amount of profit that you gain.

If you currently have a sizable volume of sales and in future you are expecting to do more, then high volume merchant accounts will be a best choice. Your customers will appreciate new technology for processing their orders with your company and your employees too will be happy with their company.

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Identity theft is one among the fastest growing crimes in the world. If you are using a credit card, then you need to be careful about the increasing credit identity theft. You will realize that only when you receive the credit report showing huge bills.

When somebody uses your sensitive personal information with or without the intention to commit fraud, it is called as an identity theft. Typically, information like your name and social security number constitute the personal information. Identity theft also includes someone else using your credit card number. Some thieves may also open a new credit card account in your name and make use of it. You will only come to know of this when the bills are not payed and the amount is reflected on your credit report.

Credit report identity theft can happen to anyone. You will discover it only when creditors start hounding for bills not paid that most certainly are not yours. Suppose that someone stole your credit card number and used it to buy something which you might never have bought in your life. Someone using your identity might be doing enough of damages to reflect that badly in your credit report too. Unless this is corrected immediately, you are sure to incur huge losses.

Generally, the credit identity theft comes to your notice only when you receive the bills of the creditor. Such situation need immediate attention in order to stop further damage to your credit report. There are many things you need to do to prevent further abuse of your identity. Call up your bank or the credit card company immediately and explain that your credit identity has been thieved and hence you are informing them.

Basic awareness is an useful and effective tool against most of the identity theft cases. Be aware of how information is stolen and identify different ways to protect your identity. Keep checking your personal information regularly so that you can notice any problems quickly and know what to do as soon as you suspect your identity has been stolen.

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There was a time when it was very difficult to be approved for merchant accounts. Earlier, a business would need a high volume of credit card usage in order to accept electronic payments. Today, it is very inexpensive to set up merchant accounts. Whether you are a large business with a physical location, or a small business operating only online, you can easily get a merchant account. Currently, there are various merchant account providers available for businesses.

Accepting credit cards is a winning proposition for businesses of all sizes. In retail, customers tend to spend more when they know they can put the sale on a credit card and have extra time to pay. When a business provides the ability for customers to pay using credit cards, the number of bad debts the business has will surely decrease. This will increase the cash flow and reduces overhead costs inturn improving the profits of a business.

To start accepting credit cards, you will need a merchant account, which is where credit card payments will be deposited. To get a merchant account, you have three options.
You can use -

• a bank
• a third-party provider
• an independent sales organization.

After obtaining a merchant account, you need a way to actually accept the credit card payments. If your home-based business has its own website, then the best option is to set up an internet gateway with a shopping cart. Incorporating a shopping cart into your website is the most convenient way for the customers.

If your business, does not have a website, then you can use a virtual terminal, where you log on to a third-party website and enter your customers’ credit card information for payment authorization. You can also purchase or lease the equipment required to swipe credit cards in your own home if you usually interact with your clients in person.

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With the rising growth of online payments, one needs to be careful too as the fraudulent activities like identity theft as well as credit card number theft is increasing day by day. Using internet is very common today, and you must have heard many stories every now and then about someone losing their personal information on it.

Now there are various companies that gives reputable online businesses a symbol to use that identifies your website, or websites that you visit, known as an online privacy seal. The Privacy seal companies are designed to give you added confidence about the sites you visit

A portion of each credit card transaction of your business has to be payed to your credit card processing provider. So, it is important you are dealing with a secured website and that you thoroughly understand the services offered by your provider and have clear knowledge whether the website is legitimate or not.

When surveys were conducted, many individuals expressed that, they would feel more confident about making purchases online, or in just giving some personal information, if there was a third-party that would verify the legitimacy of that website. So, having a seal adds validation to the website, thus giving it more credibility.

You can actually see an increase in sales after this seal. Generally, trust on the internet needs to be proved, and verified. This is what an online Privacy Seal will give you. For most of the customers, your site only needs to show a reason why they should believe what they read. That little symbol of seal may be all the encouragement that they need to trust you.

A third-party validation is highly valuable for your business. Another reason for having an online privacy seal is that, it may give more credibility to your site than to your competitors site - if they do not have one. Needless to say, business world is all about maintaining an edge over your competitor!

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To stay ahead in the competitive business world, you need to leverage the benefits of latest technologies. The success of an e-commerce business relies on the ability to accept credit cards. Today, merchant accounts have become widely popular among all types of businesses through out the world.

Merchant account is a bank account which provides an opportunity for businesses to accept credit cards and debit cards as a form of payment. Though a merchant account is offered through ordinary banks, it does not work like your savings bank account. It is a contract between the merchant and the bank providing the account, including set of rules about selling and payment details of products or services.

There are two types of merchant accounts -

Over the Counter (OTC) merchant account
This is the same what a typical retail merchant has. In this account, the fees for transactions are less. To make a transaction here, the credit cards and debit cards are swiped through the machine and a transaction slip is produced..

Money-Order/ Telephone-Order (MOTO) merchant account
This account is used by business owners who work in a non face to face business environment. This type of merchant accounts charge higher fees as the card processing involves two steps rather than just one.

Money Order/Telephone Order merchant account is mainly used in an internet based business. The customer enters all his credit card information into a form on a website. Then, the data is then sent out for verification and finally the money gets subtracted out of the cardholder’s limit. Sometimes, the card will not be charged at this stage. The amount is just placed in a holding account, and as soon as the product ships out the card is charged for the purchase amount.

It is always noticed that a consumer will spend more when they are able to shop using their credit cards instead of cash payment. Customers can really benefit from merchant account as it gives them the opportunity to use their credit cards and debit cards to shop online or in any retail store and deduct the money from their checking accounts without having to pay interest or any other fees.

Setting up a merchant account is very simple and affordable too. With the emerging new technologies, online payments through merchant accounts have evolved as the most convenient payment mode for customers.

For more, visit Credit Card Processing and Merchant Account Services

Chargebacks for no receipt of information include chargeback code 60 and chargeback code 75. Following is a brief discussion of both:

Chargeback Code 60: This occurs when the receipt provided to the customer is illegible or invalid. This could be because the POS printer ribbon was worn and the ink was too light, POS paper roll was nearing the end, the document submitted was not the requested copy of the sales receipt, the original sales receipt was microfilmed at a reduced size, the copy was on colored paper or the carbonless paper of the original sales receipt was mishandled.

If you receive a Chargeback code 60, then provide a legible or complete copy of the sales receipt to your merchant account provider as soon as you can. If the information that should be on the receipt is no longer in your records, then you have no choice but to accept the chargeback.

To Prevent chargeback code 60, change the POS printer ribbon routinely, when you see the colored streak at the close of the paper roll change the paper immediately, keep the white copy of the sales receipt and give customers the colored copy, handle carbonless paper and carbon- or silver-back paper carefully, position your logo or marketing message on sales receipts away from the transaction information, and for fraud-relates retrieval requests, provide a copy of the signed sales receipt.

Chargeback Reason Code 75: Chargeback Reason Code 75 is when the customer fails to recognize a transaction as authorized or conducted by him and calls the issuing bank. The reason why the customer calls is because he does not recognize the merchant store name or location shown on the cardholders billing statement.

In this case, the merchant must provide any documentation that might help the customer remember, like a sales receipt, shipping invoice or delivery receipts, or a description of the merchandise or service provided.

But the best way is to totally avoid these Chargebacks when you can by having a good receipt with the merchant name, merchant’s DBA name, both of which the cardholder should be able to recognize

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Credit cards, the most widely used form of payment have created a new revolution in the business world. Now, both the customers and traders see to it that they cash on the credit card processing. A small business merchant can also enjoy the luxury and benefits of this new business option.

Money transaction via electronic access to a customer’s account is called credit card processing. By swiping the credit card on through a credit card machine, a customer can easily pay for his shopping directly from his account. The customer need not carry too much cash in hand always. This entire process makes credit cards a necessity for customers and this is where a small business can make benefit easily.

Credit card processing comes with numerous benefits for business owners, specially small business merchants. Many businesses utilize the credit card processing to add to its reputation and status too. The biggest benefit is the credibility feature. Usually, when a customer sees that the business owner provides credit card processing, then he tends to prefer the company and think big of it. The customer also gets a secured feeling that the trader is safe and reliable to deal with.

Using credit cards will save time and money for the customer and makes it easier for them to purchase what they want and when they want it. When the customer checks his credit card details he will get to know who he has paid and what was the expense, which will be a useful information. Along with seeing more sales when you decide to accept credit cards, you may also see great improvement in business.

Just think of a situation when a customer enters your shop or store and realizes that he can only buy one thing because he is short of cash in hand. Hence, if you have a credit card facility, you can always make him shop more. So use a credit card processing equipment to improve your sales and add to your business development.

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1.Failure of merchant to respond to retrieval request: Occasional billing questions make it necessary to produce a copy of a sales draft. Visa requires that merchants retain sales drafts on or off premises for three years. MasterCard requires 180-day storage. A retrieval request is issued to a merchant when a sales draft from his records is required. In a “copy not received” scenario, a chargeback is generated, hence, you should always mail the sales draft copy within the ten (10) day time frame.
2.Cardholder was billed more than once for the same transaction: Making more than one imprint can lead to duplicate deposits and increase the chance of a chargeback. Entering the same transaction into a terminal more than once, or depositing both the merchant copy and the bank copy of the sales receipt with your acquirer, or depositing the same transaction with more than one merchant bank can all result in “duplicate transaction” chargebacks.
3.Cardholder denies making or authorizing a transaction: Make sure all transactions (other than mail/phone order) are magnetically swiped or imprinted. Again, timely submission of a copy of the properly completed and signed sales slip along with a written explanation of the validity of the charge will be needed to try to reverse a chargeback.
4.Failure of merchant to follow correct procedures in completing the sales slip at the point-of-sale: Without a cardholder signature and valid card account number, a sales slip is incomplete. These must be obtained on the sales print directly from an imprint of the card itself or from electronically reading the magnetic stripe. Otherwise, manual entry of this data and even a slip signed by the customer cannot prevent a chargeback.
5.Account numbers don’t match: In case the swiped card displays a number that does not match the number embossed on the face of the card, ask for an alternate payment method. Also take the precaution of printing and double-checking the account number on all phone and mail orders.
6.A credit or refund was not properly processed: Credits must be processed correctly and on time. Make your customers aware of your credit/refund policy at the time of purchase. Have the policy printed on your sales slips directly above the cardholders signature in accordance with Association policy. Issue credits only to the same account numbers to which the sales were made - refunds paid in cash or merchandise, or to a different account number, will not protect you from this type of chargeback.
7.Failure to obtain proper authorization: Be sure to authorize all transactions, and accurately record the approval code on the sales slip. If your request for authorization is declined, do not attempt to re-authorize transactions to the same account number, as subsequent approval may not protect you from a chargeback.
8.A card was used either before or after its valid date: Be sure to authorize all transactions, and accurately record the approval code on the sales slip. If your request for authorization is declined, do not attempt to re-authorize transactions to the same account number, as subsequent approval may not protect you from a chargeback.
9.Merchandise or service not received by cardholder: Do not perform Sales transactions before delivery of the product purchased. Proof of delivery, signed by the cardholder, should be obtained.
10.Cardholder disputes quality of merchandise or services: Make all customers aware of your return policy and then stick to it. With the policy displayed at the point-of-sale and printed on your sales slips, there should be no reasons to make any exceptions.

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What poses a greater challenge in dealing with credit card fraud is that it is typically an interstate fraud, which means fraud that happens from one state to the next. This further implies increased cost and time that would be taken up to prosecute. In fact the cost to extradite may turn out to be much more than the loss incurred due to credit card fraud, usually a couple thousand or even a couple of hundred dollars.

The cause of worry is that credit card fraud has grown from a one-odd incident to there being thousands, actually, hundreds of thousands of victims of credit card fraud. Today most people are aware of the possibility of credit card fraud, hence they exercise all caution to safeguard their finances. Yet, these victims pay for the fraud. The end result is that merchants foot the bill for online chargebacks and often find themselves in bankruptcy over a terminated merchant account.

Though the problem seems tough, it has the easiest of solutions. While arguably a person should be made to pay for their crimes in the venue where the crime was ultimately committed, meaning if you steal a credit card in New York but charge that card online for a California business, the law says that you would have to show up in California to pay for that crime. Things would be much simpler if a thief once caught would be made to pay for his crime regardless of what state he is in. If he is using that credit card online, it shouldn’t matter where the business is located. Such fraudulent elements should immediately be nabbed instead of waiting for them to be extradited.

Identity theft and online credit card fraud have today reached epidemic proportions. While the FBI is simply overtaxed, the local law enforcement just does not have the resources to enforce interstate crimes.

Ultimately, the legal implications to this problem have to be taken into account, but they should come second to the billions that are being lost simply because of this jurisdictional loophole. The laws should not result in much loss of time and revenue for merchants who are totally innocent. Maybe, when the law changes, there is bound to be some abuse, but isn’t that worth something? Change won’t come about easily, yet it is important to do what is necessary to bring the average perpetrator to justice.

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There is no dearth of small contractors in the United States. There are enough resources including landscaper, drywall hanger, framer, builder or general contractor. According to the accepted industry standard, payment isn’t expected until the job is complete. This is because of experiences where contractors collect their money and disappear. On the other hand, contractors have to wait for their job to be completed or portions to be finished before they can receive a payment. If a task lasts as long as a month, they are stranded with no paycheck. While these problems between contractors and their customers are not unfounded, It is better to avoid botched jobs by finding a solution.

If you’re a small contractor, it may not be a bad idea to look into getting a merchant account. Some businesses already have them. Some have them and transfer the rate hike to their customers, because of the fact that their bank usually charges them a high rate, due to the type of business that they’re in and how the money is processed. Typically, transactions are processed at the merchant’s home or business and over the telephone or on a job site. These types of transactions are classified as card not present transactions, where, the customer doesn’t swipe a merchant terminal. Hence, banks tend to assess higher rates to them.

If you are a contractor and are interested in either obtaining a merchant account, or want to better your payment methods or processing intervals, then shopping around for a better deal may be worth your while. Merchant service providers connect processors and banks with merchants, pairing up two parties that have the same expectations. Merchant service providers have relationships with many different banks; your chances of finding the right fit for you and your business are higher, dealing with a merchant service provider.

This is the age of mobile commerce and wireless payment processing. Contractors no longer have to accept checks and wish that the money is available. For your business on wheels, you can use any mobile device, such as your cell phone, credit card imprinter, virtual terminal, laptop, wireless POS terminal. Now with technology and Mobile Credit Card processing contractors have the ability to accept major credit cards and instant check verification.

Reasons to use Mobile Credit Card Processing:

1. No limit in accepting payments (greater clientèle)
2. No more losing checks or cash money.
3. Customers feel more secure when your able to accept credit cards. (More validity to your business)
4. Its easy and simple.
5. Track all your statements online and manage your books.

If you are a small contractor and would like more information about obtaining a merchant account, contact a merchant service provider today.

For more, visit Credit Card Processing and Merchant Account Services