A Necessary Account to Accept Credit Card Payments

In order to accept credit and debit card payments, you must have a merchant account. A merchant account is a special account established for the purpose of accepting credit card payments as supported by Merchant Services in Irvine.

Applying for a merchant account is similar to the process of applying for a loan. There is the prerequisite paperwork to complete, followed by an approval process that can take several days.

Requirements to qualify for a merchant account vary among companies, but generally the following criteria will be reviewed:

How long have you been in business? Business longevity suggests a history of stability, efficient management, and good financial health, explains Merchant Services Irvine.

What is your product or service? Does your product lend itself to a high rate of returns and chargebacks? A chargeback is a disputed credit card charge that is refunded to the buyer and charged against your account.

How is your credit report? Merchant processing companies will look at how much you owe and how you pay your bills, so it’s important to have good financial and trade references.

What is your anticipated volume of sales and average transaction amount?

You must have a legitimate business to have a merchant account, so you’ll need to show the proper paperwork when setting it up. We live in a data-based world that is losing its reliance on paper-including paper money. Thus, acceptance of credit cards is a must for today’s businesses.

Credit Cards, Merchants Accounts and Business Success

The decision to accept credit cards is a wise one for any retailer. From a practical business point of view, any retail business that does not accept credit cards is leaving money on the table, notes Merchant Services Irvine. Research has shown that accepting credit cards increases profits and helps with cash flow since you receive the money within a couple of days instead of waiting up to a week for a check to clear.

Credit cards don’t bounce, as some checks have a tendency to do. Credit card users are also more likely to buy on impulse and spend more when they do. To accept credit cards at a retail location you typically need four things. The requirements may vary a little, but the following applies in most cases.

To accept credit cards and other electronic forms of payment, you will need:

• A way to enter the customer’s credit card information into a system for verification and processing. This can be done with a swipe terminal, point of sale system, or by calling the credit card in by phone
• A credit card gateway company to verify the credit card’s validity and process the payments
• A credit card merchant account in which the gateway company will deposit payments made to you
• A business bank account into which the settled funds will ultimately be deposited for your use.

The process of accepting a credit card payment occurs when you make a sale and the customer pays by credit card. Next, using a card swipe machine or telephone, you contact what is known as a “gateway company” who takes the card information you submit and verifies that the card is valid and the charge can be made against the card account. The gateway company returns an approval code for the purchase.

With a swipe machine or point of sale terminal from Merchant Services Irvine, the verification process happens in a matter of seconds. If you’re doing telephone verification it can take a couple of minutes. Merchant Services is also a leader in data security features.

Simple processes combined with the latest technology that can help your business fulfill its earning potential by increasing sales and efficiently accepting a variety of payment types.

5 Ways to Improve Your Profits with Point of Sale

For a business in retail, there is always competition. If your business profits have been lagging lately, it’s time to reevaluate what you’re doing to see where improvements can be made, says Merchant Services Irvine. Point of sale software combined with a merchant account can increase customer satisfaction and stimulate sales.

Point Of Sale – Offering Better Payment Options
Point of sale equipment will immediately improve sales potential by giving customers more flexibility in how they pay for what they purchase. The business environment is quickly moving away from cash based transactions; if you still don’t accept anything but cash or checks; you’re losing a large section of the public. Accepting credit cards allows your customers to pay over time, making it more likely that they will purchase a big ticket item.

There are several options in point of sale machines and coinciding merchant accounts available through Merchant Services Irvine, depending upon what kind of features you would like to use, such as credit and debit card processing, gift cards, loyalty programs and electronic checks.

Establishing a merchant account and implementing a point of sale system will also help to decrease potential losses incurred due to bounced checks and lost sales by allowing your customers the option to pay via credit and debit card; no more waiting for a check to clear – with a merchant account, the payment will be processed and added to your account almost instantly. POS also works to increase the speed of the checkout process; two factors that can improve your monthly sales figures, according to Merchant Services Irvine.

Merchant Accounts Make Online Shopping Easier
Offer your customers new ways to shop. Even if you’re primarily a local or regional business with one or two store fronts, having an active and fresh website is crucial. Repeat customers will visit your website to check out promotions and make online purchases. By establishing a merchant account with Merchant Services Irvine, your online customers can conveniently pay for their purchases with a debit or credit card. An additional benefit of accepting credit card payments is the potential for call-in orders. Wireless point of sale equipment makes it easy for you to accept credit card payments even while you are away from the business headquarters. Today’s point of sale equipment is designed to make paying easy.

Streamline Your Products
Streamline your merchandise and track your inventory easily with a point of sale system. Eliminate poor sellers, but don’t limit yourself too rigidly. Let your customers know that you can easily special order something if they are looking for a specific item you’ve carried in the past. The key to success is to understand your target demographic. No store can have everything that everybody needs, but that is why getting to know your different types of customers is essential. Cater to your demographic so they will recognize your store and your brand as one that represents who they are. Streamlining and being well stocked are not mutually exclusive. Point of sale systems can help you track inventory as well as complete sales transactions.

Reward Repeat Customers
Consider a rewards program for loyal customers. By offering incentives to buy, you increase your repeat sales as well as sales of more than one item at a time. Don’t forget to offer your rewards program through your website as well. Merchant Services Irvine can provide you with several options that will work to help you sell items online and easily accept credit and debit card payments. Offering online purchasing capabilities can vastly expand your market. Online customers don’t need to know you’re a small store; all they need to know is that you carry what they want and are willing to ship it directly to them.

Offer Outstanding Service
Excel at customer service, recommends Merchant Services Irvine. Most businesses throw their clerks or cashiers into the mix with very little training. The training that is offered is often about how to stock merchandise properly or use the cash register. Don’t forget to train your staff extensively on superior customer service, including how to properly utilize your point of sale system. Your employees should know your products well enough to answer any customer questions and guide those customers in choosing the right product for them. They should also know how to handle returns, refunds, and discounts quickly and efficiently using point of sale systems.

Communicate With Customers
Talk to your customers. They are your best source of information on what they do and don’t want to see in your store. Hands down, the most popular request from shoppers is the introduction of point of sale equipment so they can easily pay with debit or credit cards. Coming in a close second is having more flexible hours. Of course, by establishing a merchant account with Merchant Services Irvine and accepting online payments, you can let your customers know that your store is available online 24/7.

Merchant Services Irvine Opens a New Gateway to Merchant Processing

Online merchant processing has become an essential practice in the world of online retail. From setting up a merchant account to a payment gateway, it is important to know the basics of merchant processing before they learn it the hard way, explains Merchant Services Irvine. Your presence needs to be felt and experienced on the site that customers may visit in order to shop.

One of the steps you’ll need to go through to be able to accept credit cards online is setting up a payment gateway. This is gateway is integrated with your website so any orders that you receive can be processed, explains Merchant Services Irvine. The funds are then routed to your merchant account. Seems simple enough doesn’t it?

One important thing that business owners tend to forget when they start selling online is that some customers tend to take chances when purchasing. They don’t know if they’ll like it or not, but it sounded like a good buy at the time. The time in which it takes to refund a customer’s money is crucial to any reviews or recommendations you may receive.

A good review can still be obtained from a customer like this if the refund process is handled amicably. Establishing a refund policy will also help prevent chargebacks from customers. Merchant Services Irvine suggests placing a disclaimer on your website stating how long refunds will take and never go over the time limit you set. Refunds can be a hassle but it is an important issue for one to consider when starting a business.

Merchant Services Irvine works to help their clients understand all facets of merchant processing to ensure smooth and timely transactions with customers.

Establishing a Loyalty Program to Reward Your Customers

Everyone has some idea of how a loyalty program for their business might work, says Merchant Services Irvine. Chances are very good that if you’re reading this article, you’ve already thought about the logistics behind a loyalty program. Most people that have businesses hesitate to think about instituting a loyalty program for the simple reason that they are afraid of what it might do to their bottom line. The fact is, implementing a loyalty program can actual help your business by increasing your opportunity for improving profits and success.  Below are some other reasons that you should definitely consider instituting a loyalty program in your business.

Everyone Else is Doing It

If there is one reason that could be pointed to as being the single most convincing reason that anyone should ever need for rewarding their customers with a loyalty program, it should be the fact that everyone else is doing it, notes Merchant Services Irvine. When you are dealing with competition between businesses, someone offering a loyalty program is going to have a huge advantage in the marketplace over someone else that is not offering it to their customers.

For this reason, you need to offer a loyalty program to your customers in order to remain competitive and help your business succeed. Even if you look around the industry right now and see that none of your main competitors have a loyalty program going, wouldn’t you rather be the one that initiates rather than the one that has to react? Throw your competition off by putting a loyalty program into place and you’ll find your business successfully leading the pack.

Building Brand Image

Another good reason to create a loyalty program for your customers is to build up the brand image that you have, explains Merchant Services Irvine. Whenever people talk about Subway or another one of those restaurants, what they usually talk about is the fact that they can get the 10th sub free after they have purchased the first nine. This is nothing more than a loyalty program.

Increase Sales

What you need to realize regarding loyalty programs is that while they do decrease your earnings in the short term, they will increase them in the long term according to Merchant Services Irvine. When a loyalty program is put into place, you will find that the number of units sold of whatever business item you are offering will go up. This is something that is pretty much universally true about loyalty programs. The sales will increase as the loyalty program gets instituted. For this reason, many of the companies that put loyalty programs into place actually do end up finding that their customers are rewarding them by spending more money on their items. If you want to get more sales and break into that next level, a loyalty program might very well be the vehicle to get you there.

Establishing a Gift Card Program

One of the benefits of a merchant account is not only the ability to offer your customers a variety of payment options but also to offer gift cards. An electronic gift certificate – or gift card – is becoming a widely accepted and popular gift in the modern, hectic and crazy world that we’re in, explains Merchant Services Irvine. No longer are gift cards and gift certificates thought of as impersonal and unimaginative. More and more people are opting to give them as gifts based on sheer convenience and knowing that they can’t go wrong by allowing the recipient to choose their own gift.

There are several advantages of providing your customers with the option to purchase and utilize gift cards. Most importantly, it is one more method for you to generate a sale which means more purchases and more income for you, notes Merchant Services Irvine. There is no inventory so there are fewer returns and any unredeemed credits automatically become bonus profits. With the help of a merchant account this process is an easy way to increase sales. From a customer’s perspective, you are offering them more convenience and choice.

Gift Cards can also be a great promotional tool such as creating contests and rewarding the winner with a specified dollar amount to spend on your products, recommends Merchant Services Irvine. The great thing about this tactic is that not only will this winner become aware of your products, but all the other participants who were once unfamiliar with your business now know exactly what you have to offer. The best part of holding contests is the ability to acquire the contact information of all of the participants. You can use it to further establish a relationship with them and get them to become a potential customer which leads to an increase in your earning potential. Another helpful tip is to use a gift card as a reward for customers that are involved in promoting your store to their friends and family members. All of that free advertisement is well worth the price of the card.

Offering your customers the option of purchasing via gift card does not have to be difficult. As long as you contact Merchant Services Irvine, you will be able to sell gift cards alongside your store products with just a few clicks; it is almost effortless for you and adds a whole new dimension to your business.

Merchant Services Irvine Account Tips

So, you have started or currently run a business, and you want to accept credit cards. Merchant Services Irvine suggests that you take the time to understand topics such as: what a merchant account is, deciding on a merchant account provider, obtaining and setting up a credit card terminal, and how to handle online transactions.

Below is an outline of what you will need to get your business set up to accept credit card transactions.

A merchant account provided by Merchant Services Irvine will allow your business to take payment from customer’s credit cards. They will handle the transaction details and deposit payments into your account. Merchant account set up is simple and allows you the opportunity to increase sales and the opportunity for success.

Now, why should you accept credit cards? The obvious answer is more sales, notes Merchant Services Irvine. It is not unheard of for a business to see an immediate, and sometimes a huge boost in sales. Many businesses report that credit card transactions account for at least 75% of their overall transactions. Credit and debit cards are a convenient method for customers to pay and customers tend to buy more – and more often – when paying with plastic.

Why will you see more sales? Well, there are several advantages to setting up a merchant account with Merchant Services Irvine and offering credit as a payment option. You will see more impulse buys from customers; these payments can now be processed immediately and by accepting credit cards, you offer more flexibility for the customer.  Your business will also have more credibility in the customer’s eyes, explains Merchant Services Irvine. You are not a fly by night business that can be gone tomorrow.

When you are ready to establish a merchant account,  Merchant Services Irvine will look over your business, check your credit and business plan, as well as the financial health of your business to determine if you will be able to pay the costs associated with having a merchant account.

Once you are approved, you will be informed by your Merchant Services Irvine representative and you will then have the ability to process credit card payments.

Merchant processing also allows you transparency and better decision-making capabilities. By choosing Merchant Services Irvine as your merchant account provider, you will be able to accept credit card payments for the lowest possible cost for your business. The name of the game is maximizing profits, and a merchant account will help you do that.

Preventing Chargebacks on Your Merchant Account

No matter how careful you are or what you do, eventually you’re going to have to deal with chargebacks on your small business merchant account, explains Merchant Services Irvine. This can be a huge hassle and expense for everyone. However, you can do several things to keep these to a minimum, which limits your small business credit card processing fees and saves time, money, and aggravation.

Why Chargebacks Occur

Before you can prevent chargebacks from hitting your small business merchant account, you need to know what causes them. Fraud and computer error are the two most common reasons for the failure of a transaction, notes Merchant Services Irvine. For instance, messages such as ‘fraudulent mail/telephone transaction, unrecognized cardholder, and non-fulfillment of copy requests’ often indicate fraudulent or identity issues. Merchant Services Irvine offers an added layer of protection through their partnership with a leading data security company in order to provide their merchants with mandatory Data Breach Reporting assistance in instances where a data breach has occurred.

Mechanical issues, however, would come back as ‘authorization or processing errors, duplicate processing, or information not received’. This could lead to customer disputes or failing to have the customer sign, which may also cause your small business merchant processing account to see chargebacks.

Fraud Protection and Security Features

Fraud can be a huge cost for anyone with a small business merchant account. Not only do you incur extra fees, but you will also find yourself without the products or services in addition to the money you should have received for them. The only way to prevent this from happening is by choosing a small business credit card processing company with comprehensive security and fraud-protection features such as Merchant Services Irvine.

If your business is online, you’ll have additional concerns. A quality shopping cart with seamless connection to your processing services is vital to prevent hackers and other security risks.

Follow Correct Procedures and Directions

When using your merchant account, there are several steps you can take during the transaction to eliminate the many causes of chargebacks, notes Merchant Services Irvine. For instance, many retailers ignore a ‘do not complete transaction’ or ‘call’ message, which are both signs that there will be a problem with the transaction. Therefore, make sure you follow any directions you are given.

Also, make sure you know and follow the proper procedures for small business credit card processing. The cardholder should sign each receipt and any voided transactions should only be run through the system once, explains Merchant Services Irvine.

Chargebacks are an inevitable occurrence with a small business merchant account and never a pleasant matter to deal with. However, credit card processing contains several solutions and techniques for preventing this issue. As long as you use the solutions provided, practice due diligence, and follow the set procedures consistently, you’ll find that you rarely have to deal with troublesome chargebacks and the inconvenience they bring. Contact Merchant Services Irvine to learn more about establishing a merchant account and ways to reduce chargebacks.

Merchant Services Irvine – Types of Merchant Accounts

Within the payment processing industry, merchant accounts are categorized according to how they collect their credit card information and how they process their transactions, according to Merchant Services Irvine.

There are two primary merchant account categories, “Swiped” and “Keyed” which reflects the two basic methods used to capture credit card information. Within these two primary account categories are additional sub-categories, these are broken down according to the type of business and the way in which the transactions are completed.

“Swiped” or “Card-Present” merchants directly interact with their customers face to face and physically swipe their customer’s credit card through a Merchant Services Irvine terminal or point of sale system. This is deemed the most secure manner to accepting credit cards by the card issuing companies. The sub-categories within this group include:

* Retail Merchants: normally conduct their business in an actual storefront or office space and interact with their customers face-to-face. They primarily use Merchant Services Irvine counter-top terminals or Point of Sale systems.

* Restaurant Business Merchants: requires a special set-up that allows for tips to be added to the final sale amount by settling the transaction with an adjusted price that will include the tip amount. Using existing systems or by installing new POS restaurant systems, Merchant Services Irvine can provide the proper service for all restaurant types.

* Wireless / Mobile Merchants: need to have the ability to accept credit card transactions wherever they are located out on the road. They use Merchant Services Irvine wireless terminals or mobile phones to run these transactions in “Real-Time”.

* Hotel / Lodging Merchants: will authorize a customer’s credit card for a certain sale amount and then depending on length of stay or additional services rendered, will adjust and settle that transaction a day or more later.

“Keyed” or “Card-Not-Present” merchants indirectly collect their customer’s credit card information in a non face-to-face environment. Depending on their type of business and technology, these transactions can process in many different manners. The sub-categories within this group include:

* Keyed-In Face to Face Merchants: These types of merchants generally do not process a credit card transaction with the actual card or customer present, although there may be some instances where this may occur. Generally they take orders over the phone, or via fax, email or internet and then manually key-enter the cardholders information through a Merchant Services Irvine terminal or payment gateway. They then deliver their product or service to the actual customer face-to-face.

* Mail Order / Telephone Order (MOTO) Merchants: rarely if ever meet their actual customers. The customers card information is gathered over the phone, or via fax, email or internet and then manually key-entered into a terminal or payment gateway software. Once the transaction is approved and completed, the product is then shipped to the customer for delivery.

* eCommerce / Internet Merchants: conduct ALL of their business over the internet through a web site and all credit card transactions are processed online via a payment gateway in “real-time”. The payment gateway is integrated into the web sites shopping cart. The cardholder’s card is charged instantly.

Within these sub-categories are smaller, more niche categories for such industries as B2B and the Utilities sector. It is very important that your business receives the correct setup of your merchant account and payment gateway, in order to avoid unneeded higher rates and fees due to downgrades and additional surcharges.

Work with a reputable merchant services company like Merchant Services Irvine who has the experience and knowledge to properly set up your business, so that you take advantage of the many industry specific pricing programs that are available from Visa, MasterCard and Discover. Become an industry expert and save your business substantial money.

If You Need a Merchant Account Merchant Services Irvine Can Help

Some entrepreneurs are satisfied with making a certain amount of income and have no wish or plan to grow their business with a retail merchant account. Others, however, aggressively pursue professional opportunities for expansion by seeking out technological advances that can help them better serve customer needs while increasing profits. A retail merchant account with Merchant Services Irvine will elevate you to the next level of business development by providing access to sophisticated methods that can impress clients and outdistance the competition.

Reasons for opening a Merchant Services Irvine retail merchant account are many and varied. Here are some of the more prevalent:

1. A Merchant Services Irvine retail merchant account can equip you with key equipment that will make your job easier and more efficient. For a minimal fee you may soon be able to multiply profits while reducing costs typically associated with hiring employees to manage cash purchases.

2. A retail merchant account with Merchant Services Irvine can make doing business with your company easier and more convenient. Customers won’t have to worry about stopping by the bank or writing a check to get cash before visiting your establishment, nor will they have to pay ATM fees to withdraw cash. They can simply pull out a credit card with confidence, knowing that you can quickly process payment without the hassle of making change or opening a check-cashing account.

3. A Merchant Services Irvine Account can put you ahead of others in your area who conduct similar business but who do not yet have a merchant account or its accompanying advantages. If customers have to choose between two companies for shopping or service, they are more likely to choose the one that provides credit card processing as a payment option, along with other professional services that build trust in the company’s vision.

4. Merchant Services Irvine can offer the first step toward leading your business into the future. After implementing a credit card processor, for example, you may later decide to offer wireless processing options, which will provide your customers with even more options for doing business with your company without the need for staff to manage every telephone call, order, or payment. You can cut operating costs and increase profit margins when you expand your business to include customer-friendly automated technology.

Don’t be the last in your industry to jump on board the technological bandwagon. Merchant Services Irvine offers a variety of programs that can help you improve the services you provide your customers to keep them coming back with repeat business.