Comparing Credit Card Processing Options, From Terminals to Fees

One of the most critical decisions impacting profits for any business that needs to accept credit cards is the company they choose to provide merchant services. And closely tied to it are the supporting sales channels from websites to point-of-sale equipment requiring payment processingservices. This article will explore what it means to accept credit cards through a virtual terminal or via physical terminals and what to expect from fee structures in credit card processing.

Credit Card Processing via Physical Terminals

When you need to process payments from a brick-and-mortar location, credit card processing is typically associated with traditional physical terminals. With this type of account, look for competitive rates, even on debit card transactions completed with a PIN—the ideal in affordability for merchants that need to accept credit cards of all types.

Offering an innovative credit card processing option via physical terminals, Switch Commerce gives merchants the flexibility to use their own equipment or to purchase credit card terminals at a value price. With a physical terminal operated through Switch Commerce, batch transactions each day and receive access to your earnings in as little as 36 to 48 hours. Learn more about a physical terminal from Switch Commerce.

Credit Card Processing via Virtual Terminal

When you need to process payments online and anywhere your sales agents may roam,credit card processing needs to be as simple as entering payment information anywhere you secure internet access. This type of credit card processing is called a “virtual terminal” account; look for the latest technology coupled with the ability to accept credit cards without hardware.

As a fully internet-based debit and credit card processing service, a Switch Commerce virtual terminal gives merchants an efficient way to pass over equipment and software maintenance issues with a solution that supports multiple simultaneous users as well. Process transactions on the web and manage your merchant account from an always-on online dashboard for maximum convenience. Learn more about a virtual terminal from Switch Commerce.

Narrowing the Field of Merchant Account Providers

There are many online merchant account providers that provide secure payment processing services. Because there are so many credit card processing companies available, it is important to understand how merchant services differ. With your reputation as a merchant and your future revenue on the line, choosing a reliable, trustworthy provider is more critical than ever—and when it comes to credit card processing, leading-edge security features can give you an edge while protecting you and your customers on every transaction.

Using payment processing fees as a focal point for comparing credit card processing companies can be daunting—the gulf of difference among fees charged for merchant services can be vast. Often, it’s easier to compare merchant services providers that simplify fees and monthly charges, giving you a solid starting point to estimate your liabilities according to the level of revenue; however, typically, there is a great deal of variation based on the type of credit card accepted. Expect typical credit card processing expenses to include a statement fee, merchant services fee, PCI fee, annual fee and a return fee.

How Credit Card Processing Fees Work

Historically, small and medium-size companies have accessed what’s known as “multi-tier pricing” for credit card processing. This payment processing is usually set up with three levels, including “non-qualified”, “mid-qualified”, and “qualified” transactions, a somewhat antiquated pricing system today. Tiered pricing relays the preset price, based on a percentage of the transaction at the time of credit card processing, back to the merchant. Under this model, the business owner pays a markup calculated each month from the total amount of transactions by card type.

Because the major credit card companies’ interchange categories vary so widely, frequently tiered pricing divvies these categories into one of the three-tier brackets—especially beneficial for merchants that only accept the most common credit cards. With more frequent debit card transactions, or credit card processing from cards attached to incentive programs and corporate cards, merchant services fees increase–a direct result of payment processing that falls squarely into the more expensive “mid” or “non-qualified” transaction brackets.

Evaluating Multi-tier Credit Card Processing

For businesses able to ascertain the volume and types of cards customers commonly use to purchase from you, the right decision in credit card processing becomes clearer. Evaluating a three-tier credit card processing agreement in use often requires active reviewing of the monthly statement, noting the number of mid and unqualified transactions. Increases in these transactions can point to alternative fee structures that help business owners with the means to restructure monthly credit card processing expenses. Talk to a Switch Commerce agent to find out what options exist for your business.

Switch Commerce merchant services provide basic and preferred pricing to clients in the market for world-class debit and credit card processing at a fair price. Add ATM portfolio management and convenient ATM processing that’s safe, secure and reliable to cover all your business’ payment processing needs.

by Switch Commerce

ATMs Increase Cash Spending at Your Business

Small businesses with one or even several brick-and-mortar locations are seeing an avalanche of benefits from supplying customers with cash at a moment’s notice. The simple truth about having an ATM on the premises is that it reliably attracts new customers. Why? An ATM’s presence encourages cash withdrawals and cash spending in your store and preserves higher profits per transaction.

Understanding Your ATM’s Revenue Potential

Simply put, having an ATM installed can attract more foot traffic–and that’s a serious boon to your bottom line; the simple enticement of having an ATM can often increase cash spending on the spot—a key reason calling for further exploration of ATM management information that impacts your revenue.

How Your ATM Attracts New Customers

ATMs and foot traffic go hand in hand. It’s about convenience. The likelihood of new customers stopping in from neighboring businesses to use your ATM to get cash is very high. Especially if you run a nightlife establishment or operate in the vicinity of an entertainment district, giving your customers the option of an ATM withdrawal can get more spending patrons through your doors.

Why ATM Management is Important

Accepting cash from customers sounds good, but what can you do if they run low on cash? Keep each of your ATMs fully stocked by using a quality ATM management company. After all, people like to spend money when they’re having a good time. Because you’re attracting more new and repeat customers, you’re also increasing cash spending at your establishment. ATM management means monitoring cash availability and other ATM issues to keep your ATMs running around the clock.

With reliable ATM service, your regular customers will take notice and will start incorporating ATM withdrawals at your establishment into their routines. Working with a reliable ATM management provider for maximal uptime while racking up additional income from the surcharges imposed each time someone uses your machine—that’s the ultimate winning formula for getting the most out of having an ATM at all your locations.

To make the most of the ATMs positioned throughout your retail network, choosing a reliable and convenient ATM management company can seriously affect how much incremental income you make. Ultimately, better service yields better revenue potential for you. Be sure to evaluate your ATM processing and management relationship for these four key points of differentiation.

4 Reasons You Should Be Concerned About Choosing a Reliable ATM Processing Company

1. Better ATM Management Boosts Foot Traffic

About 80% of all payment processing is handled via Automatic Teller Machine. Because your customers have little patience for long lines, the bank is not the optimal place for cash withdrawals and that’s your opportunity to create a win. With an ATM sign in your storefront window, customers who need cash will be drawn inside. Choose an ATM processing company that will support your need for the best ATM uptime possible.

2. Better ATM Management Boosts Sales

With more patrons filtering into your location to use your ATM, spending some of the cash they withdraw is to be expected. Researchers studying convenience store ATM patterns report patrons usually spend 25% more than customers who have not withdrawn cash from the store’s ATM. Choose an ATM processing company that will support customer demand for cash—with a system in place so you never have the opportunity to run out. Learn more about the Switch Commerce guarantee.

3. Better ATM Management Reduces Card Transaction Fees

Frequently consumers choose to pay in cash from an ATM before swiping their credit card. Choose an ATM processing company that offers around-the-clock monitoring and support—your key to being there the moment any customer comes in to do business with you or your ATM. Compare other ATM management providers to Switch Commerce.

4. Better ATM Management Means Earning More Surcharge Revenue

Earn income for every transaction when customers use your ATM. Some locations earn as much as $500 a month by collecting these ATM surcharges, while very densely populated areas can produce even more monthly revenue. Choose an ATM processing company that combines the best in service, uptime and monitoring services to give your customers the most consistent ATM access possible. Check out Switch Commerce now.

Better ATM management can yield a broader base of loyal customers. With Switch Commerce, get convenience and 24-7 reliability in ATM management and ATM processing as well as debit and credit card processing.

by Switch Commerce

Tagged as: accept credit cards, atm, atm business, atm online, atm security, credit card processing, credit card transactions, debit card processing, financial services, mobile, online atm, payment processing,process debit cards, terminal management system

Marketing Gift Certificates – Key Benefits And Strategies For a Small Business

Gift certificates are a great way to make more sales and increase customer loyalty for your business. The returns on inGift certificates are a great way to make more sales and increase customer loyalty for your business. The returns on investment can be great provided you focus on effective marketing strategies. First, let’s review what benefits a sensible gift certificate marketing strategy should bring you:

Increase sales

Gift certificates work. They help you make more sales by reaching new customers, and they will also increase your sales for other reasons: indeed, most customers will spend more than face value of the card (on average, 20 percent more). A minority (about 10 percent) will use only part of the certificate’s value, which means you keep the profits.

Improve cash flow

When someone buys a gift certificate, they are pre-paying you for services that another person will receive later. In other words, gift certificate sales really represent cash deposits or full payments for services planned for well in the future, which means 100 percent of the cash is yours to use until the certificate is redeemed.

Increase Brand Awareness

Gift certificates give you the opportunity to advertise and promote your business with wallet-sized billboards. You were already paid because of the sale of the gift certificates, so you are allowing new customers to try out your business with a paid visit from your existing customers.

Get Gift/Loyalty Cards for your Business - TODAY!!

Gift certificate marketing objectives

Your gift certificate marketing strategy should target the following objectives:

• Communicating the fact that gift certificates are available and are a popular and desirable gift
• Conveying the relevance, variety and quality of the gift certificate; offer upsells such as metal tins, boxes and die-cut envelopes for a distinctive touch and to add to the fun
• Reinforcing the “convenience” benefit of purchasing gift certificates
• Building awareness of your gift certificate program through inclusion of certificates in print, direct mail, e-mail, online, and other advertising opportunities

Get Gift/Loyalty Cards for your Business - TODAY!!

Gift certificate marketing ideas

Impulse purchase

You should place all gift certificate designs on a highly visible, easily accessible, well-organized page on your website, as well as on your confirmations and receipts, which will appeal to impulse purchasers. Big stores all have their gift cards at that location, that’s because it works.

Partnership

A very effective way to market your gift certificates is to partner with another local business. The way it works is that you offer gift certificates for the other business, and they would do the same. It works better if your businesses are somehow related, or could attract the same category of customers.

Personalization & Diversification

Gift certificates are usually given for special occasions: birthday, Christmas, graduation etc. Make sure that you have a wide array of gift certificates so that you can accommodate all gifting desires. Having unique designs and personalization options like space to write a personal message helps. You can also have designs that appeal to corporate customers, so that you don’t miss potential sales.

Reciprocal agreement

Reciprocal agreement is a widely used sales technique meaning that you first give an item to somebody. The sense of reciprocation, deeply rooted in human social behavior, makes the customer want to give something back. You could offer a gift certificate of small value to a person visiting your shop for the first time. Reciprocal agreement kicks in and you have turned a visitor into a customer, likely along with a juicy purchase.

Get Gift/Loyalty Cards for your Business - TODAY!!

Liking

Liking means that we are more sensitive to people we like, like our friends, and so we value more advice or opinion coming from them than coming from a stranger. This is also a widely used sales technique. For example, at checkout time, you could offer a gift certificate to a customer and to his best friend (if that still makes economic sense to you). That will act as a referral and you’ve secured a new customer, your customer’s best friend.vestment can be great provided you focus on effective marketing strategies. First, let’s review what benefits a sensible gift certificate marketing strategy should bring you:

Increase sales

Gift certificates work. They help you make more sales by reaching new customers, and they will also increase your sales for other reasons: indeed, most customers will spend more than face value of the card (on average, 20 percent more). A minority (about 10 percent) will use only part of the certificate’s value, which means you keep the profits.

Improve cash flow

When someone buys a gift certificate, they are pre-paying you for services that another person will receive later. In other words, gift certificate sales really represent cash deposits or full payments for services planned for well in the future, which means 100 percent of the cash is yours to use until the certificate is redeemed.

Increase Brand Awareness

Gift certificates give you the opportunity to advertise and promote your business with wallet-sized billboards. You were already paid because of the sale of the gift certificates, so you are allowing new customers to try out your business with a paid visit from your existing customers.

Get Gift/Loyalty Cards for your Business - TODAY!!

Gift certificate marketing objectives

Your gift certificate marketing strategy should target the following objectives:

• Communicating the fact that gift certificates are available and are a popular and desirable gift
• Conveying the relevance, variety and quality of the gift certificate; offer upsells such as metal tins, boxes and die-cut envelopes for a distinctive touch and to add to the fun
• Reinforcing the “convenience” benefit of purchasing gift certificates
• Building awareness of your gift certificate program through inclusion of certificates in print, direct mail, e-mail, online, and other advertising opportunities

Gift certificate marketing ideas

Impulse purchase

You should place all gift certificate designs on a highly visible, easily accessible, well-organized page on your website, as well as on your confirmations and receipts, which will appeal to impulse purchasers. Big stores all have their gift cards at that location, that’s because it works.

Partnership

A very effective way to market your gift certificates is to partner with another local business. The way it works is that you offer gift certificates for the other business, and they would do the same. It works better if your businesses are somehow related, or could attract the same category of customers.

Personalization & Diversification

Gift certificates are usually given for special occasions: birthday, Christmas, graduation etc. Make sure that you have a wide array of gift certificates so that you can accommodate all gifting desires. Having unique designs and personalization options like space to write a personal message helps. You can also have designs that appeal to corporate customers, so that you don’t miss potential sales.

Reciprocal agreement

Reciprocal agreement is a widely used sales technique meaning that you first give an item to somebody. The sense of reciprocation, deeply rooted in human social behavior, makes the customer want to give something back. You could offer a gift certificate of small value to a person visiting your shop for the first time. Reciprocal agreement kicks in and you have turned a visitor into a customer, likely along with a juicy purchase.

Liking

Liking means that we are more sensitive to people we like, like our friends, and so we value more advice or opinion coming from them than coming from a stranger. This is also a widely used sales technique. For example, at checkout time, you could offer a gift certificate to a customer and to his best friend (if that still makes economic sense to you). That will act as a referral and you’ve secured a new customer, your customer’s best friend.

Get Gift/Loyalty Cards for your Business - TODAY!!

What To Look For In A Restaurant POS System

Tο rυn a successful restaurant business уου need tο hаνе уουr basics rіɡht- i.e. ɡοοԁ location, ехсеƖƖеnt cuisine, serving customers wіth a smile. Hοwеνеr, thіѕ іѕ nοt аƖƖ. Now-a-days, thеrе′s another іmрοrtаnt aspect tο consider – thе restaurant pos software οr thе pos software system уου υѕе. 

Although, hardware components Ɩіkе thе monitors, computers οr thе printers аrе visibly essential, thе pos software system іѕ thе nerve-center οf thе whole setup. Thus, a careful assessment іѕ extremely nесеѕѕаrу before уου сhοοѕе thе best pos software.

Hοw wіƖƖ уου check restaurant pos systems?

First, іt’s іmрοrtаnt tο know whаt exactly уου need thе POS software system tο ԁο. Gοοԁ restaurant pos software ѕhουƖԁ handle multiple menus, track orders, manage thе work-flow, record transaction, process credit card payments, аnԁ many more. Once уου аrе through wіth thе functionalities οf thе POS software system thаt meets уουr basic requirements, ԁο a test rυn tο see hοw easy іt іѕ tο υѕе іn уουr environment. WhіƖе thеrе wουƖԁ bе ample scopes οf learning fοr уουr staff whеn уου adopt nеw restaurant pos software, choosing thе best pos software ѕhουƖԁ bе easy tο operate аnԁ ѕhουƖԁ reduce thе learning curve tο manageable levels.

Thе best way tο ԁο thіѕ bу сrеаtіnɡ multiple logins fοr уουr stuff (οf course, аnу vendor offering restaurant pos systems ѕhουƖԁ ԁο thіѕ!) аnԁ Ɩеt thеm rυn іt іn real-time situations. Thіѕ wіƖƖ hеƖр thеm tο find out thе performance οf thе restaurant pos software under eccentric situations аnԁ hеƖр уου tο ԁесіԁе accordingly. Thе rules οf thumb tο select thе best pos software аrе:

Security: Thе POS software system ѕhουƖԁ provide wіth unique login option tο еνеrу employee. Yου ѕhουƖԁ bе аbƖе tο set access-levels tο safeguard sensitive reports аnԁ functions tο depending οn positional hierarchy іn уουr business, іf desired.

Ease οf υѕе: In thе POS software system, уου ѕhουƖԁ bе аbƖе tο change οr edit orders, menus, payment options etc. whenever уου want tο. Thе interface ѕhουƖԁ bе ѕο arranged thаt уου саn perform frequently used tasks wіth minimum key pressing οr mouse-clicks.

Reporting: Thе best pos software ѕhουƖԁ bе аbƖе tο generate detailed reports fοr owners аnԁ managers. Mаkе sure thе restaurant pos software уου сhοοѕе lets уου ɡеt detailed information per order, per server, οr menu-wise, ranging frοm daily tο monthly.

Multiple access points: AƖƖ рοрυƖаr restaurant pos systems аrе capable οf taking orders frοm multiple locations (such аѕ thе bar, thе kitchen, thе take-away counter etc.). Mаkе sure уουr POS software system аƖѕο ԁοеѕ ѕο.

Finally, don’t forget tο рυrсhаѕе thе hardware (Ɩіkе thе printer аnԁ computer) frοm reputed vendors ѕο thаt thе rigors οf multiple аnԁ frequent usage аrе sustained fοr a long time.

By virtualsoul.com | Published: July 22, 2011

Old Cash Registers Fail Retail Businesses

Cash registers have served retail well but their time is past. The needs of a retail business today are quite different today to the needs of even a few years ago. 

A business wanting to be competitive will need to be thinking of life after the cash register. 

Competition is tough, meaning that access to quality business data is essential. 
Business transacts at a faster pace, reinforcing the need for access to business data. 
Plenty of business is transacted electronically, making using a cash register a barrier to some business. 

Good Point of Sale software backed by professional support services, will provide just about any retail business with a better and more useful solution than could be achieved through an old cash register. 

But what is wrong with the old cash register What are the weaknesses which make it no longer the right tool for a retail business? Here is a starting point list of where I see old registers failing retail businesses. 

They generally do not track sales by employees, they also tend to not track every single item sold by barcode. These two failings open cash registers to easy abuse and the retail business can suffer as a result. One could say that cash registers made fraud easier. 

They do not gather business data. While they run a tape recording sales, they do not track sales by stock item, supplier, customer. Good business data feeds good business decisions. It is vital for a retail business to scan every sale, track sale price and manage stock on hand. Doing this feed to more accurate ordering. It also facilitates a reduction on theft by customers. 

They do not recognise customers. Customers are important to a retail business. By recognizing them you can track sales, reward increased business and provide extra services of considerable value. A register does none of this, it stops the retail business from providing the best customer service experience possible. 

They are not flexible. Consider for example how you would handle a special offer of a 10% discount off a department or two in your retail store for a week. Using a register you rely on manual operation to achieve this. Using a Point of sale system you are able to have the process managed and tracked for you. 

They cannot write a report. Business decisions feed off good data. Good data is best represented in a report on business performance. An old register is not going to be able to produce a report for you whereas a Point of sale system will enable you to produce a report over a variable period of time and representing the data you need. 

The difference between cash registers and Point of Sale systems is considerable. If you want better control over your retail business, reduced theft and the ability to drive better quality business decisions, you will find that a cash register is not appropriate to your needs.