MERCHANT SERVICE
Are you a merchant looking for the perfect payment solution? Are you wondering what you need to know in order to process the forms of payment that increase business growth and create customer loyalty? Are you a financial institution in need of risk management or a partner to outsource the ability to process credit card transactions? Tired of accepting checks from customers only to find out that your bank fees have increased? Merchant Service News is announcing its inaugural debut from the owner of FDIS Permian Basin. Find articles this month on how merchant services helps businesses to grow and increase the buying power of their customers as well as what new technologies are available and tips to help you choose a processor that is right for you.
Merchant Services are changing rapidly, there is so much new technology that makes this economy an opportunity for all businesses to connect with the true potential of your customers buying power. Whether you’re in need of a solution for a home-based business, a non-profit organization, a B2B wholesaler or a large financial institution; the products available today will insure your ability to accept a more cost-effective, risk-removing, payment-solution that will partner in your business to surpass the expectations and goals that you have set or desire for 2010 by connecting to your customers purchasing power. There have been so many incredible changes in technology and the banking industry, that now more than ever, an expert in the world of merchant services is needed. FDIS Permian Basin wants to deliver the info you need to make the decisions that will have you telling your fellow colleagues how incredible merchant services can be when you have the power of information in your pocket. Subscribing to this newsletter will not bring you the annoyance of a high pressure salesperson, but it will deliver information to increase awareness and understanding in an ever changing industry.
Glad you stopped by and keep coming back!
The Credit Card person said my rate was....?
Fill in the blank, great, low, is it a number, but really what is your Rate? The inevitable question that always causes frustration, anger, mostly anger to the person trying to make sense of a merchant statement at the end of the month. In this article, learn how and where this number comes from and why as merchants we (Yes, WE, I am a merchant too!) get sold a rate that at the end of the month never seemed to be the rate charged.
So now you’re saying Huh? Well, here it is, the Interchange Matrix, written by the associations in full text is over 16,000 pages of type. Don't read it unless you are desiring punishment or you are incredibly bored, but if you so choose to do so i recommend airports and planes, buses or any other more boring time in your life.
I understand that I have still not answered, I am just trying to help you understand where you can or would have to go to get this info and how long it could take to master it, NEVER!
Nonetheless, If you sold a product that could be attained at a quality level but you could sell it in 100 different price buckets, which one would you choose to sell it at? Most of us would probably take the bucket that allowed us to sell our product in a profitable way as well as allowing our customer to believe or receive the best price in their mind and be competitive at the same time. At least that is what I was always taught and dream some days, but I was taught to be ethical too.
Hence, the reason, I am giving this info away for FREE. When you receive a quote for a rate that a merchant processor is going to charge, ask why? Why is that my rate, see what the sales person has to say. If they are any good and have your businesses success in their greatest interest they will tell you exactly why and it should be that because of the way you do business and what customers and cards you have been accepting it should give you the best possible way to achieve that rate at least 90% of the time. You will not bat a .1000. It’s impossible. The matrix is huge and no one can plan to cover your business with every card in the marketplace and every person using these cards out there. Your alternative is to limit your customer’s ability and purchasing power...that just doesn't sound good.
I am limited as a salesman to my buy rate and the very small rate that I take, but take this in for a second before you throw this newsletter away...yes I said I get a cut, but my cut, my small rate is not thousands of dollars, nor is it hundreds most of the time, its pennies and dimes on a $20,000/month volume of credit card business. Small Rate is pennies! Wow! That's what the associations make on accepters of these brands, how much, well about .00095% of a transaction. Not a lot! The rest are the banks and the processors get a small penny to move the dollar around in an encrypted format. Don't get me wrong the associations are not off the hook but they are running a business just as the rest of us...Next time you want to point a finger at your everyone else because your bank just gave you that loan, ask your bank what their take of your business that month, year, day? I believe that if you get an honest answer you would not be reading this now. Thus you either haven't asked yet, are trying to figure it out, or your about to start accepting it.
My motto is that I know I have an incredible product; otherwise I would not sell it. Bottom line and more important than anything is if it doesn't work for you and on top of that, you are unhappy with the service, it will never work for me, why? If your unhappy the next guy that walks in and says I can give you 2 basis points above interchange, your switching, my value in my customers is built in decades not months. Next time they tell you that they are going to give you a rate that you know is too good to be true ask, why? and how many transactions will you clear at that rate? Make them back up their knowledge of a matrix that most of us are not 100% we even know. Just a thought! I hope that helped some out there, please send me emails or call if you have any more questions. Interchange is what we do, no matter the format your business or you need, desire or use. My best interest has to be yours or I'm going to have a lot of explaining to do when I show up with my resume....Have a great one and good luck!
Are you a merchant looking for the perfect payment solution? Are you wondering what you need to know in order to process the forms of payment that increase business growth and create customer loyalty? Are you a financial institution in need of risk management or a partner to outsource the ability to process credit card transactions? Tired of accepting checks from customers only to find out that your bank fees have increased? Merchant Service News is announcing its inaugural debut from the owner of FDIS Permian Basin. Find articles this month on how merchant services helps businesses to grow and increase the buying power of their customers as well as what new technologies are available and tips to help you choose a processor that is right for you.
Merchant Services are changing rapidly, there is so much new technology that makes this economy an opportunity for all businesses to connect with the true potential of your customers buying power. Whether you’re in need of a solution for a home-based business, a non-profit organization, a B2B wholesaler or a large financial institution; the products available today will insure your ability to accept a more cost-effective, risk-removing, payment-solution that will partner in your business to surpass the expectations and goals that you have set or desire for 2010 by connecting to your customers purchasing power. There have been so many incredible changes in technology and the banking industry, that now more than ever, an expert in the world of merchant services is needed. FDIS Permian Basin wants to deliver the info you need to make the decisions that will have you telling your fellow colleagues how incredible merchant services can be when you have the power of information in your pocket. Subscribing to this newsletter will not bring you the annoyance of a high pressure salesperson, but it will deliver information to increase awareness and understanding in an ever changing industry.
Glad you stopped by and keep coming back!
The Credit Card person said my rate was....?
Fill in the blank, great, low, is it a number, but really what is your Rate? The inevitable question that always causes frustration, anger, mostly anger to the person trying to make sense of a merchant statement at the end of the month. In this article, learn how and where this number comes from and why as merchants we (Yes, WE, I am a merchant too!) get sold a rate that at the end of the month never seemed to be the rate charged.
So now you’re saying Huh? Well, here it is, the Interchange Matrix, written by the associations in full text is over 16,000 pages of type. Don't read it unless you are desiring punishment or you are incredibly bored, but if you so choose to do so i recommend airports and planes, buses or any other more boring time in your life.
I understand that I have still not answered, I am just trying to help you understand where you can or would have to go to get this info and how long it could take to master it, NEVER!
Nonetheless, If you sold a product that could be attained at a quality level but you could sell it in 100 different price buckets, which one would you choose to sell it at? Most of us would probably take the bucket that allowed us to sell our product in a profitable way as well as allowing our customer to believe or receive the best price in their mind and be competitive at the same time. At least that is what I was always taught and dream some days, but I was taught to be ethical too.
Hence, the reason, I am giving this info away for FREE. When you receive a quote for a rate that a merchant processor is going to charge, ask why? Why is that my rate, see what the sales person has to say. If they are any good and have your businesses success in their greatest interest they will tell you exactly why and it should be that because of the way you do business and what customers and cards you have been accepting it should give you the best possible way to achieve that rate at least 90% of the time. You will not bat a .1000. It’s impossible. The matrix is huge and no one can plan to cover your business with every card in the marketplace and every person using these cards out there. Your alternative is to limit your customer’s ability and purchasing power...that just doesn't sound good.
I am limited as a salesman to my buy rate and the very small rate that I take, but take this in for a second before you throw this newsletter away...yes I said I get a cut, but my cut, my small rate is not thousands of dollars, nor is it hundreds most of the time, its pennies and dimes on a $20,000/month volume of credit card business. Small Rate is pennies! Wow! That's what the associations make on accepters of these brands, how much, well about .00095% of a transaction. Not a lot! The rest are the banks and the processors get a small penny to move the dollar around in an encrypted format. Don't get me wrong the associations are not off the hook but they are running a business just as the rest of us...Next time you want to point a finger at your everyone else because your bank just gave you that loan, ask your bank what their take of your business that month, year, day? I believe that if you get an honest answer you would not be reading this now. Thus you either haven't asked yet, are trying to figure it out, or your about to start accepting it.
My motto is that I know I have an incredible product; otherwise I would not sell it. Bottom line and more important than anything is if it doesn't work for you and on top of that, you are unhappy with the service, it will never work for me, why? If your unhappy the next guy that walks in and says I can give you 2 basis points above interchange, your switching, my value in my customers is built in decades not months. Next time they tell you that they are going to give you a rate that you know is too good to be true ask, why? and how many transactions will you clear at that rate? Make them back up their knowledge of a matrix that most of us are not 100% we even know. Just a thought! I hope that helped some out there, please send me emails or call if you have any more questions. Interchange is what we do, no matter the format your business or you need, desire or use. My best interest has to be yours or I'm going to have a lot of explaining to do when I show up with my resume....Have a great one and good luck!
Cash is so much cheaper to accept?
Is it? Or is it limiting the purchasing power your customers have untapped inside their wallets and purses as they enter you store, restaurant, business.
The questions to ask is what is my goal, I believe it has to be to unlock the purchasing power in the customer. By giving a customer an ability to pay in a manner they desire, need, and/or want to use; you just made a happier customer, more loyal, and definitely sold what the customer desired or wanted. Limiting the purchasing power of a customer is like saying your "other" money is no good here...
In an age where spenders use a visa or MasterCard logo on a bank issued card more than a form of money with a political leader on the front why would you ever say to them NO, chances are the currency is not in the pocket, but the plastic is.
There are very few exceptions to this rule as there are to any rule, but I've never been lucky enough to make a dollar on an exception, even in Las Vegas. It is your choice and that is what is incredible. Ask yourself next time you enter your own establishment, what does the window of opportunity look like for my customer?
m-Commerce...it's HERE!
Acceptance of a credit card with my cell phone....LOL! How? Is it possible?
Look for more details about ROAM Pay, the new evolution in acceptance of a credit card that is helping the business on the go receive a payment at time services are rendered without opportunity cost of time and expense of invoice.
ROAM Pay is completely encrypted and puts the acceptor of the payment at no risk to allow their customers to use the form of payment they desire or need. Call or email for more info and remember, at FDIS Permian Basin, full disclosure always and if it doesn't work for you, it will never work for you.
Interchange is a very difficult and interesting matrix that the associations (Visa and MasterCard) have put together along with some rules and figures from the card issuing banks (i.e., Large Financial Institutions). Interchange is what determines those fees you see on the last page of your merchant statement that make no sense to any ordinary business owner without a background in interchange. Myself included at one time. These are those fees that look like Visa Acquiring Fee, or MasterCard Debit Level II. What is that? My Rate was 1.19%, at least, that's what the salesman said, Right? Well to some extent he did not lie, but if he/she was any good they knew way before you ever were going to receive your statement how many cards you were going to clear at a rate of 1.19%; that is so far less than the processors cost it would be a miracle. If you sold a dollar ticket item at 1.19% + .15, you just paid to take a dollar 1.19 cents and then the transaction cost of $.15, Visa automatically takes 2.6 cents how much did the banks get and your processor and let us not forget your salesman. Not much left. It is probably good to say that he/she did not try to ask you why your transactions downgrade nor offer a solution for it if he/she did. How would your customers feel if you sold them a product knowing that it would never work again in one month, but you told them to stay away from the warranty plan, that it was an incredible product. Need I write it?
Credit Cards