Back To Basics: What Are MSPs?

Merchant services

“Merchant services” is a term used to describe a lengthy list of financial services that cater mostly to businesses. These were formulated and put into action to give business owners a sense of security when transacting with clients or partners.

These services include transactions made through credit cards and debit cards, payments given through cheques as well as accountability and conversion for them, reward or point systems in purchasing, payment gateways, online transactions, and many more.

Most types of merchant services will require you to have an account with a Merchant Service Provider (or MSP). Merchant Service Providers are any group, organization, or company that offer transaction mediation. As most secure payments are done through banks, most merchant service providers are also banks.

As is the common custom, once you have an account in a certain bank, certain modes of transaction – such as cheques and credit or debit cards – become available to you should you meet the bank’s requirements. The types of processing, deposit, and payment are then limited only by the company’s connections with other institutions. (VISA, MasterCard, and others..)

It is best to research on different merchant service providers before deciding which is best for you or your business. Since there are many MSP’s available, study of their different standards, requirements, and payment modes will enable you to choose the service fit for your needs.

Many people who have availed of different merchant services will tell you that it is as important to find a good merchant service representative as it is to have a merchant service in the first place. Merchant services have gained a negative reputation over the years from salespeople who do not disclose the whole truths of a certain service. You must find an experienced person that you trust within the industry to answer your questions and lay down all the cards of your possible services.

Must-knows About Having Bank Payment Terminals

Nowadays, it seems that the clock turns faster than it used to be. These days, almost everybody wants to do things faster and finish things fast. One benefit of this fast-paced society is in money matters.  Developed countries enjoy the benefit of the fast-paced payment system and thanks to card payment terminals which made this convenient and possible not just to consumers but to business owners as well. As much as customers found inconvenience in cash payments, their counterpart business people feel it is mutual.

Payment terminals

Benefits of using card payment terminals

Bank-to-bank transactions are now considered to be a business norm through card payment terminals. This technology truly provides a relief not just for the consumers themselves but same goes to business owners. Why? As much as we are tired of the long line for payment, the hassle of cash exchanges is very much tiresome and prone to human error which is, of course, cause loss to the sale.

 

Today, most people now use the card to do payment transactions and let the banks settle later. This makes the transactions faster and provides more reliable sales report as mobile terminals process the electronic point of sales quick and easy. Indeed, having a card payment terminal is considered a very good headstart most especially to young businesses.

 

Finding the best card payment terminal for you

Convenience is what everyone wants in every transaction. This is one of the main objectives that card payment terminals were developed. However, not all terminals are able to provide the demands of the clients thus it is very important to know what are the things that need to be considered in choosing one.

One thing that needs to be considered is connectivity. As the system promotes convenience and safety compared to the traditional payment system, one of the problem is when connectivity is slow which often pisses off clients and customers. It is also very important that the card payment terminal is stylish and user-friendly. Complicated card payment terminals are very vulnerable to human error and thus creates problems both the customer and the cashier. A common example of this is being charged double which is sometimes caused by connectivity problem as well. Some also purchase bank card terminals which provide a contactless payment option which is more convenient to some business needs.

Finally, now more than ever, there are more services that card payment terminals provide. However, it is still the business owner’s call as it also holds a cost that needs further reviews before one decides. Having a bank card service is often viewed in the market as a measure of success as it portrays fast, convenient and reliable transactions which are always more efficient both consumer and users.

Practical Tips to Overcome Cybercrime

As the trend for online purchasing and transaction increases, the demand for its service providers also increases and some grab this chance to commit a crime.

Ecommerce

Enjoying the benefits of online purchasing gives its users leverage from the inconvenience of doing it physically but does not discount one from the possibility of being remotely robbed. The growing incidents of being hacked or getting your accounts stolen has now become a phobia to it victims.

The “prevention is better than cure” motto is still quite significant in the cyber world.  However, I could say that at this time, knowledge and discipline is the key to combating cybercrime and securing oneself. Another equally relevant saying goes like this: “curiosity kills the cat”. Therefore, disciplining oneself to be mindful in opening untrusted sites is one of the things that a netizen should develop. This “point of no return” literally means saying goodbye to your online banking accounts, social accounts, to your documents and possibly everything you have online. Worst case, your integrity is put at stake without you knowing it.

Practical Tips to Ensure Cyber Security

For this reason, password files need to be kept protected the same way we keep our ATM card passwords. It is very important to follow the tips provided as follows:

  • In making online account passwords, include a minimum of 8 alphanumeric characters and include capital and small letters.
  • Get yourself updated real-time about your online activities
  • Regularly do password changes to save you from falling into the tactics of cybercriminals such as keylogging.
  • Many service providers now offer identity verification as soon as your account is accessed from another unknown device which includes a prompt message to your mobile number with codes to confirm that it is you who is using and not somebody else. Activate this!
  • Be knowledgeable about the current online scams lurking in the cyber world.
  • When accessing websites involving direct credit card information or checking account information, be vigilant to check if it has a padlock symbol or icon that ensures users that it is duly authorized to accept such vital information. Usually, websites with “https” URL means that the page is secure using encryption technology and Secure Socket Layer.
  • When using payment processors or merchant services, use credible, reliable and efficient providers like Redfynn Technologies. This way, one can remotely access send payments and enter financial information without compromising security.

Ecommerce2

To sum it up, one must have knowledge and practice discipline to protect and be confident in doing online transactions. Other practical tips include removing known suspicious applications, ensuring passwords are safely stored in encrypted mode, getting warned about suspicious sites, blocking the phishing ones, installing updated computer antivirus/malware and lastly, never allowing third-party software from untrusted sources to be installed on your computer.

Business Merchant Account

Merchant services card

A business merchant account is significant if you want to set up a small business. You have to keep in mind that not all transactions will be cash based. If you do not set up a merchant account, you will be closing your doors to people who engage in nothing but credit card transactions and lessening your exposure to clients. Your business needs to widen its horizons and start accepting credit card payments if you want it to flourish. The capacity to accept credit cards will increase your customer base and sales volume by attracting and accommodating more customers.

In order to set up a business merchant account, you need to contact merchant services companies, most of whom also provide Point Of Sale systems, and conduct a screening on their rates and terms. Remember, you are on a hunt for companies who provide a business merchant account with the most affordable rates while at the same time produce the most efficient services so keep an eye out for the best. Good services also include having an efficient customer service department available anytime you run into some difficulties in the process.

Business Merchant Account Rates

Business Merchant account rates will vary from service to service and some companies will charge you a high fee per transaction but will only take a relatively low percentage of your sales volume, while other companies will charge you lower fees for transactions and charge a higher percentage for your sales volume. Always remember to only choose a merchant services company whose fees are right for the type of transactions you make in your business. Not all merchant services will work for you, so find a small business merchant account provider that suits the dynamics of your small business.

Once you’ve contacted the business merchant account provider that you are eyeing and you have discussed your interest in setting up a business merchant account, the merchant services company will send a representative of their team to meet up with you and supply you with the necessary documents you need to fill out. If you don’t know how to lease or buy credit card terminals, ask the representative about it. Ask the representative for things that are unclear to you. Discuss the terms of the account and do not be afraid to demand answers. You need to know everything about your small business merchant account provider in order to clear out any loopholes. You do not want to be hassled in the future.

Business Merchant Account Terms

Once you’ve discussed the terms of the business merchant account and cleared out all loopholes, you need to submit your paperwork to the merchant services company. The information will take some time to process, and once it does the company will send you necessary instructions, a support telephone number, and a corresponding manual. Follow the instructions carefully and set up your printer and terminal. Do not hesitate to call customer support should you have concerns. Conduct some research on the best provider in the market. Business merchant account and the right instructions will allow you to open your doors to more people by allowing them to use their credit cards with ease.

Basic Step-by-Step Guide to Merchant Payment Processing

Many of us must have used a payment processor at one point or another. It could be a bank, an accredited merchant service provider, or a specialized tech company like Paypal or Payoneer. In any case, we must learn the basics if we are to fully maximize such innovation in our respective businesses.
Merchant services processing

merchant services processing

The entire process can be divided into 3 parts:

  • Authorization
  • Settlement
  • Financing

Authorization Procedure

This is the first step of the payment processing system. If our customer fails in this process for some reason, he cannot possibly move on to the next level.  And this, of course, means lost revenues.

There are three ways to get approval for such process: through phone, credit card or through an e-commerce website.  And the sub-steps are as follows:

  1. The client submits his credit card details through any of the channels above.
  2. The merchant then transmits the info to the payment processor through a swipe machine or via a website.
  3. The merchant service provider requests from the Card Company such as American Express, MasterCard or Visa.
  4. The Card company then requests from the bank of issue.
  5. The Bank of issue will then approve or deny the request and hence, inform the Card company
  6. The Card company send the response to the payment processor
  7. The payment processor then forwards the details of the transaction thus far to the merchant.
  8. The merchant gives the final word to the client whether it is approved, declined or referred.

Incidentally, referral means a merchant, card company but usually a bank requests for another piece of information for authorization and verification purposes such as when the purchase was made outside the country, or there were large amounts of transactions over a certain period of time. Also, it is good to note that all of the processes outlined here happen in real time and in a few seconds almost simultaneously.

Settlement Procedure

At this point, it is now between you or your business and the payment processor. As far as the customer is concerned, his transaction is already consummated.  The following processes then take place:
  1. The merchant submits information to the processor via a certain settlement request or trigger.
  2. The payment processor then forwards that request to the Card Company
  3. The Card company confirms to the issuing bank once again.
  4. The Card company issues credit to the payment processor while charging the bank of issue for the transaction
  5. The Bank of issuance then issues a debit memo or collection request from the client who made the purchase.

Financing Procedure

Depending on the parties and terms agreed, this final procedure involves the payment processor making a deposit to the merchant’s account. What merchants have to consider here are deadlines, cut-off periods and holidays which may affect the length of time before the settlement/reimbursement amount show up in the merchant’s bank account.

In summary, this is just a prologue to the actual complicated process flow that occurs in merchant payment processing. But feel free to let us know through this site if you have further inquiries.

Dilemma between user experience and cybersecurity

Juggling between user experience (also, UX) and cybersecurity is an ever-increasing balancing act these days. It begs us in the merchant services industry the question: what do consumers of today really want?

But to even answer that accurately, we need to define and/or categorize our consumers broadly into two: the millennials (we dare to include the Gen Zers as well) and the baby boomers (including the earlier generations of course!).

Let’s face it, millennials love two things: convenience and instant results — which are quite synonymous actually. However, as more and more companies subscribe solely to the idea of delighting the younger generations without giving due consideration to their older counterparts risk losing both.

Here’s why. Suppose you focus on building your e-commerce infrastructure with ease and efficiency primarily in mind whilst putting security measures to a risky second priority. Your oh-so-great idea catches fire and becomes viral. Naturally, if big brands like Home Depot, Equifax and even banks attract and experience massive cyber attacks even with Tier 1 security protocol in place, you encounter one too. Suppose you did and your customers’ personal and financial information gets compromised and stolen. Just imagine the potential fallout of that incident. You get yourself in PR mess, customers stop pouring into your site, your brand equity could go down to almost zero, and before you know it, the competition makes a solid sweep off your once-loyal customer base to come to their fold.

A recent study done by Paysafe identified what consumers really want from their digital commerce experience. In general, these are the following:

1. Security above user experience

One can no longer take a carefree approach to securing financial and personal information especially with the wave of data breaches happening even in the most secure web environment supposedly.

2. Consumer data protection and transparency

Consumers young and old now value if they know how you are storing and using their information. Anything short of this will easily break their trust and will now start to see your company with skepticism if not cynicism. In other words, consumers are getting smarter by the day. Don’t even think about making a monkey out of them.

3. Innovative and watertight merchant processes

It’s always a cat-and-mouse game between regulators and cybercriminals. That’s why businesses should always be up-to-date with new innovations and protocols in place to avert a security breach. For some companies who have limited resources, it simply means getting a reliable and reputable payment processor with robust policies in place that can partner with them in ensuring seamless yet secure digital stations for their consumers.

At the end of the day, it’s all about communication. While it is difficult to change the mindset of the young to value security like their older peers do. It is the responsibility of the merchants to educate these new players to appreciate such wisdom of the old.

We usually hear the saying that one can’t teach an old dog new tricks. The reverse may not be true, however, given the right channels and methods of communication and understanding.

Merchant Solutions for Logistics Services

There is a whole range of application for merchant services anywhere you go in the world.  With every business and transaction going global, it is nothing new for both traditional and non-traditional businesses. Every business these days needs fast and secure merchant services. Our company provides resources to help you out in this area.

payment processor for limo rental services

Gone were the days when you have to physically drive or walk to either the actual store or a payment center such as a bank or money sending centers to complete a transaction. The intermediaries are in fact losing business in this specific division. Not to worry though as they have other innovative ways to compensate for the said loss. But the greatest benefit here would be to the customers themselves. Unfortunately, so are the risks.

The advantages of having a reliable and reputable merchant solutions provider are huge. Logistics companies are on the receiving end of such services. And we are not talking about just the prominent cargo logistic companies like FedEx, DHL or UPS, which is a misnomer since people equate logistics synonymously with cargo. Those passenger logistics services such as those in Car rental services or limo-for-hire service providers also form part of this broad category of businesses.

They, for one, believe in the power of merchant services especially with this passenger transport industry going through different periods of innovation and development in their financial systems over the past two decades.

Like the example above, you too can start scouring the site for additional insights on the value and process involved in merchant payment processing especially if your business has some considerable online presence too.

Things you need to consider are the following:
  • Track record
  • Efficiency
  • Security
  • Customer service
  • Dispute resolution

To truly thrive in the business arena of this millennium, you cannot afford not to automate and globalize your company. This step in leveling up your transaction process, along with other key processes such as point-of-sales, is a huge step towards achieving that goal and keeping your business competitive for the next 30 years or so. We wish you all the best!

 

Benefits of Working In Certified Payment Processing

No matter what kind of company you end up in, there will always be benefits for working in any particular business. You will get paid, sometimes you have some extra benefits and sometimes you don’t. However, there are certain companies that do reward handsomely, simply asking for loyalty in return. One such company is known as Certified Payment Processing.

While similar to any other company out there, this particular company makes it their business to keep other businesses afloat. And unlike certain kinds of companies, it takes very good care of its employees. Even the commission based jobs that make working in CPP less of a calling and more of a part-time job grants the opportunity to gain more money than most other companies.

This is because of Certified Payment Processing’s goals and experience in its field. It is one of the leading innovators of businesses that increase the revenue of smaller businesses that in turn help CPP earn its own stock because it is using the equipment of Certified Payment Processing. As an employee there, you will have a chance to be a part of what makes the company so great.

There are plenty of different kinds of jobs that require certain specialties, meaning there are a wide variety of people who are given the chance to work for CPP. With an incredibly generous commission structure—something that was not built overnight but instead blossomed over twenty years of life, its main employees are given a steady amount of bonuses, and recruiters are given more if they manage to do their jobs well.

In fact, recruiters stand to earn the most because Certified Payment Processing offers the kind of jobs many people need for the amount of money that many people would be satisfied with. So it is almost too easy to recruit new employees, especially these days when so many people are jobless.