That’s led to a revolution in the merchant services marketplace.

The good news is that is now easier than ever to find a card payment service whatever the size of your business. The bad news is that some SMEs are still not making smart choices when it comes to selecting the right provider.

The first mistake small businesses make is believing that all merchant services are the same. They pick the first one they come across, apply and start working with them without really understanding fully what they are getting into. That includes what fees they are expected to pay for credit and debit card payments and what happens if something goes wrong including who is responsible.

• Reading the Terms and Conditions: Surprisingly, this is something that many small business owners fail to do properly. They give the small print a cursory glance and sign up for their merchant service without being entirely sure what their commitment is. While many merchant services are reputable, this is a crowded market place and there are others who are not so concerned about your future success or delivering the kind of service you are looking for.
• Hidden Fees: When you sign up for a merchant service and start to discover a bunch of hidden fees being applied to your account, it can be very frustrating as well as costing you money. There are several reasons for this – the merchant service could be a new company and not have the right processes or transparency in place or you might have been deliberately deceived by the rep who dealt with you.
• Terms of Contract and Cancellations: These can vary in length up to about three years and means you are tied to that service for that set time. Cancelling your agreement can cost, if you decide to leave so it really is worth checking those T’s and C’s.
• Commitment to Volume: When you sign up for a merchant service you may also have agreed to produce a certain volume of sales per month. This can change, particularly for small business that have, for instance, a dependence on seasonal trade. You are more likely to find this kind of restriction in the US than in places like Europe or Canada, where it is considered unfair.

There may be other reasons why you could have chosen the wrong merchant account. One of the biggest complaints in recent years has been the level of customer service these organisations offer. How easy is your merchant provider to get hold of? Did you get a professional and timely response to your query? If you’re frustrated at not being able to get a solution to an issue, you are not alone. Quite a few merchant services are failing in this area at the moment.

If you are concerned about your current card payment service and want to change, it pays to get some good, impartial advice. Acceptcardpayments.com was set up to do just that, enabling small businesses to get the right merchant service in place which is not only tailored to their needs but is flexible enough to change when that SME begins to grow and thrive.

The post Does Your Small Business Have the Wrong Merchant Account? appeared first on Accept Card Payments.

Terminology

Card holder – The person who the card was issued to or an authorized user of the card and is financially responsible for payments made using the card.

Card not Present (CNP) – This is a card payment made where the cardholder is not physically present when the transaction is made. They are not able show the card for a merchant’s visual examination or for then to verify using their pin.

Chargeback – When a customer requests the purchase amount to be returned to their card. There can be many reasons why this may happen. The customer does not receive their goods. The customer does not receive the services. The customer did not place the order. The customer did not make the purchase. This being the case they can then request the issuing bank to charge back the value. The merchant will need to validate the purchase by providing required information.

Chip and Pin – Secure method of undertaking a face to face Transaction. – (see Pin below)

Contactless – Contactless payment systems are devices which use radio-frequency identification for making secure payments.

Credit Card – A payment card, banks earn money through interest charged to the cardholders. There are possibly other fees and if not sure you should check with your provider. Credit card issuing banks have a charge known as interchange.

Debit Card – A payment card that lets buyers pay for goods and services with funds from their account.

E-Commerce – The supply of goods and services conducted electronically over the Internet.

Face to Face (F2F) – Also known as a Customer Present Transactions. – The Cardholder is physically present when the transaction is processed and the card transaction is processed using a Point of Sale Terminal.

Gateway – A payment processing solution that protects cardholder data during the payment process.

Interchange Rate – A fee charged by Visa and MasterCard to complete a transaction.

KYC (Know Your Customer) – KYC is the due diligence that financial institutions and other regulated companies use to identify their clients and ascertain the relevant information required.

Merchant – Merchants are the establishment or person authorized to accept card payments. for goods or the services that they supply.

Merchant Account – This is the type of bank account that allows businesses to accept payments in multiple ways, be this via debit or credit cards and , this account is used for the settlement of payment card transactions.

Merchant Bank – A bank where merchants hold their account(s).

Mail Order Telephone Order (MOTO) – These are cardholder not present transactions where the payments are taken over the phone or in writing.

Payment Card – A general term used for any plastic card be it Credit, Debit or Charge.

Payment Card Industry Data Security Standard (PCI DSS) – This is a standard for organizations to apply by if they handle credit cards from the major card schemes.

Payment Terminal – also known as a point of sale terminal, credit card terminal, or a PDQ terminal – It is the device that interfaces with the payment card to make the transfer. There are various types of terminals available but, most have the same basic purpose and functions.

Mobile Terminals – These terminals use a mobile telephone connection. you can away from a fixed location and still accept card payments, for example, a stall holder, show, exhibition or on the road Merchants can use a mobile terminal, provided that a stable signal is available.

Online Payments – The terminals listed are physical pieces of hardware that are used to accept card transactions These can be used when the merchant is with their customers – or used to key in the card details for a card-not-present transaction.

Portable Terminals – The difference between a portable terminal and a mobile terminal is that it must be used within a specified radius of a base station. The base station must be connected and sited. These terminals are predominantly used within the hospitality industry.

Standalone also known as counter-top – These terminals accept card payments at a fixed location. You will require a power socket and cabled Ethernet connection.

Integrated payment terminals – Simply put: integrated payment terminals are networked.

PDQ – Process Data Quickly.

PIN – A personal identification number commonly used to verify a transaction.

Point of Sale (POS) – This is the time and place when a retail transaction is completed. It is also the point at which a customer makes a payment for goods or services received.

PWCB – Purchase with Cash Back – an optional transaction type that can be offered by a merchant. The merchant can choice to have this feature activated or disabled in the vast majority of cases.

Set Up Fee – Some Acquirers, Processors and ISO providers will charge a one-off fee for the setting up the card processing arrangements.

Terminal – This is the hardware device that captures card payment details and submits these for processing.

Void – A void cancels a transaction.

Are you still confused about card payment terminology? Let ACP do the hard work for you, we offer free impartial advice helping you find the bespoke card payment solution for your business.

Get a free card payment quote or call us on 0333 305 4500.

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There are several advantages to accepting card payments

• Potential increase in profits
• Gives your business more credibility
• Easier for your customers
• Less cash on the premises
• Detailed statements
• Internet and phone payments

There are 5 steps to ensure the business understands what they are doing, how it is done and gets working as soon as possible.

1. Getting set up with a Merchant Account
2. The processing equipment
3. Finding an online processor which works according needs
4. Having a good understanding of the fees and rates involved
5. Understanding the various rules which cover the usage of card payments and business

How Is All This Done?

First step
To start the process an application must be submitted. Click here to start a merchant account application. Once completed it is simply a matter of time before you may or may not get issued with an account.

Second Step
Once the permission is granted, then the business should consider the type of equipment needed to process the cards. This can be supplied by the company arranging your Merchant Account and ensures that all are comparable. What will make it easier for you and easier for your customer.

Third Step
If the small business uses their own bank account to process, the cards they will have to also impart their own credit card details, no big deal if the credit card comes from that bank. Otherwise, they can apply to use PayPal or one of those types of accounts. Generally, PayPal is possibly the best known and trusted third-party supplier. It is also less-costly in fees and rates.

Fourth Step
Taking card payments for small business is a great way to run a business because of the convenience to customers, but it needs a reasonable understanding of the fees and rates that go with it here may also be additional fees. The best idea is to talk it through make sure that you are getting what is right for your business.

Fifth Step
Although taking card payments for small business is a great help to the business, it pays to understand the laws and rules again your provider can help with this

The post Taking Card Payments for Small Business appeared first on Accept Card Payments.

First Data Corporation provides secure and innovative payment technology and services solutions to merchants, including small- and mid-sized businesses, financial institutions and government agencies around the world.

Their success lies in building a richly diverse and inclusive workforce – one that gives voice to new ideas and unique points of view.

Pair that with Accept Card Payments and their customer service and it’s a win win.

We work collaboratively alongside our clients and our partners to ensure that whether In–store, Online, On the go or over the phone this partnership will have the solution that works for you.

Every day, merchants rely on a payment process that will deliver the simple yet sophisticated solution that helps them thrive in the changing world of commerce and make the most of every single transaction.

You can trust us to provide a point of payment solution that’s right for you be it face to face over the phone or online. Our expertise and innovation, together with our partner relationships, are at your service.

Talk to us on 0333 305 4500 or email hello@acceptcardpayments.com

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