Retail credit/debit card processing means that you do business face to face and have the ability to swipe or chip your credit cards versus keying them in. Regardless of whether you have a store, restaurant, kiosk or mobile business; Advantage Card Services can help you set up and manage a merchant account to accept credit, debit and gift cards for less money than you ever thought possible.
Do you need a machine or do you already have a system?
From our FREE credit card machines to sophisticated POS systems, Advantage Card Services can ensure that you are getting the best processing costs available. Our unique relationships with all the major processors means we can support just about every system available at the same low costs. If you need a machine, our FREE terminal program is what most of our merchants use. It is THE BEST Free terminal program on the market because even repairs are FREE…For Life!
Looking for something specific?
POS SYSTEMS – We represent most of the quality POS Systems once we have personally vetted and studied them prior to our certification. We have done the legwork for you and, since we don’t make money on POS systems and we know your business, we can help make it easier for you to exclude systems that may not meet your needs. Especially down the road!
How about a RENTAL POS System*? Try it before you buy it, seasonal events, no commitments, for real! We can fully load, program and help install and train POS systems on a weekly rental basis! NO Commitments, for real! *See Details
Could you use a FULL SERVICE PAYROLL program for only $59.00 month or FREE with a qualifying merchant account!
Need WORKING CAPITAL? We represent several lenders for SMALL BUSINESS FINANCING, CASH ADVANCE and SBA LOANS.
ATMs – We have several ways to get an ATM in your business. Ask about our FREE ATM PROGRAM!
USED, REFURBISHED, RENTAL EQUIPMENT – Experience has taught us that credit card machines rarely break, (excluding physical damage), and so we also offer a wide range of machines in used and refurbished condition up to a 12 month warranty at substantially lower costs than new equipment. We also rent most common credit card terminals, pinpads, printers, etc.
Other questions? Please call us at 303-351-6016 or Get Started with a merchant account online.
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Tips for setting up a credit card processing or “Merchant Services” account
Retail credit card processing is the most straight-forward of all merchant accounts. Follow the tips below and you’ll be sure to avoid any of the possible pitfalls of setting up a retail credit card processing account.
- Give yourself enough time.Most retail credit card processing accounts can be set up in a day or two, but it does sometimes take longer. It’s a good idea to start thinking about setting up a merchant account a few weeks before you plan on using it.
- Use a credit card processing expert. Banks, superstores and other companies who sell, but do not specialize in, merchant accounts can never be as competitive and up-to-date with the current trends and technologies as specialists like Advantage Card Services. In fact, most banks don’t actually process credit cards. Instead, they use a third party processor that simply brands everything with their logo. ie; Wells Fargo uses First Data, Chase uses Paymentech, your smaller, local banks use whatever company works at the time but can, and often do change every couple of years as they choose and you have no say. Keep in mind that your bank is making money on the processing so there are additional markups that you have to pay even though the bank doesn’t necessarily do anything.
- Understand all of your fees. When you get a quote for retail credit card processing, its just that, a quote. Its not uncommon for the quote to only contain the “good” information when, in fact, the contract you will actually sign probably has additional fees you were not made aware of. Take the time to go through your contract and be certain to ask questions about anything you don’t understand. A good credit card processing company will patiently and competently answer all your questions. Ask for a copy of the complete contract with all pricing and additional terms so you can go thru it BEFORE you sign. You will be amazed how many Sales Reps wont let you have it unless you sign first…ridiculous!
Advantage Card Services specializes in educating merchants on all the fees up front instead of making the merchant figure out what questions to ask. We help you, the small business owner, make informed decisions and customize the rate plan, equipment and systems that work best for your business. Now and in the future.
- A cancellation fee will almost always come back to bite you. As a retail business owner you will find it fairly easy to get a retail credit card processing account. It is no coincidence that companies who require long term contracts with big cancel fees are often the ones who provide the most unreliable service and/or have hidden fees. Make sure that everything the sales person promises is in writing, again ask to review before you sign! There are literally thousands of business owners who were told one thing only to find out that the contract is binding and it doesn’t matter what they were told. If its not in writing, it doesn’t count! Even if its in writing it may be vague and should still be looked at by a professional, this service is FREE. Some credit card companies make a chunk of their money on cancel fees and would just as soon have you cancel since they will make more profit on the termination fee then they ever would by actually servicing your account. Advantage Card Services has its own, no cancel fee, written agreement, regardless of which processor you choose!
Other questions? Please call us at 303-351-6016 or Get Started with a merchant account online.
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How retail (card present) credit card processing works in a typical store/restaurant/retail environment
The merchant enters the amount, the customers card is then inserted into the credit card terminal or pin pad. The terminal then connects to the processor for authorization and prompts for confirmation and TIP, if applicable.
The processor passes that information onto the bank that issued the credit card and the bank checks to see if the card is valid and also checks the available credit limit on the card and reserves the funds for the merchant.
The issuing bank sends back an approval number or a decline message to your system via your processor which updates the chip, finishes the transaction and prompts to remove the card. (Cards can still be swiped if chip is unavailable or doesn’t work)
The credit card terminal prints a receipt for the customer to sign when the card is approved. (Some TIP systems still have a tip line on the receipt for the customer to fill in instead of being entered at the time of transaction. These transactions are adjusted and the tip is added prior to settling.)
At the end of the day the merchant must “settle” or “batch out” their terminal which will begin the final process of the transaction. If there are tips to be adjusted then these are done first. In NO TIP systems Advantage Card Services can set your terminal(s) to automatically settle or batch the transactions at a specified time each day.
Once the settlement process is initiated the funds are transferred from the card issuing bank and are electronically deposited into the merchant’s checking account. Funds are deposited into the merchants checking account the next day or max of 48 hrs depending on when the machine or system is settled.
For more information on how retail credit card processing works, please call us at 303-351-6016 or Get Started with a merchant account online.
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Retail Debit Card Processing
While most merchants know they should accept debit cards, it is not always easy to understand how to take full advantage of debit card processing. Merchants can do debit card processing in one of the following two ways:
Offline Debit Card Processing (Run it like a credit card)
The most common way to accept debit cards is an “offline debit transaction.” In this type of sale the merchant accepts a debit card the same way in which they would accept a normal credit card. The card is swiped through the terminal and the customer signs the receipt. As far as the merchant or customer is concerned, there is no difference in the way a credit card or debit card is processed when debit cards are processed offline.
Online Debit Card Processing (Pin Number entered)
First of all, Don’t be fooled by sales people who insist that pin numbers are better if it involves having to purchase or lease new equipment. Sales people like this are simply trying to make commissions on equipment sales and are usually not looking out for your best interest, the cost of leasing, renting or buying new equipment will rarely be recouped unless you are doing hundreds of thousands of dollars PER MONTH!
…Back to online debit
A potentially cheaper and more secure, method for accepting debit cards is called an “on-line debit transaction.” In this type of sale the card must be swiped through a terminal and an external or internal PIN Pad is used to enter the customer’s PIN number. The terminal will pass the encrypted number to the bank for verification. The merchant will then be paid for the transaction in the same manner and time frame that they would be paid on a credit card sale. The cost of this type of transaction is potentially lower due to the fact that these use the debit networks instead of the Visa and MasterCard networks and therefore have completely different “Interchange” or wholesale pricing.
HOWEVER, BECAUSE OF FEDERAL REGULATIONS, THIS IS NOT AS CHEAP AS IT USED TO BE AND CAN ACTUALLY COST SMALL TICKET AND LOW VOLUME MERCHANTS CONSIDERABLY MORE IN FEES!
The percentage is lower but the transaction fee is higher so one determining factor is the size of the sale. The break even point is usually around 40 to 50 dollars. Processing with a pin number for sales above this will save money and the higher it gets, the more you save. Consequently, if you take a pin number for a lower sale then it will cost more money than processing it without a pin. Low ticket sales will still have transaction fees on these “regulated” debit cards of 27 cts. to over 50 cts. or even higher!
The other factor is volume. Debit “Access” is usually 5.00 per month so you have to do enough to save that plus most Debit Networks now charge annual fees. Combined, these are currently close to $100.00 per year or another 8 -9 dollars per month. It actually takes tens of thousands of dollars in volume be fore debit is paying for itself.
There are other factors that come into play when deciding whether or not to be setup for Pin Debit like Cash back, customer preference, security, etc. Your Advantage Card Services representative will be able to help you decide whether or not this is right for you. Again, don’t be fooled by sales people who insist that pin numbers are better if it involves having to purchase or lease new equipment. Sales people like this are simply trying to make commissions on equipment sales and are usually not looking out for your best interest.
Other questions? Please call us at 303-351-6016 or Get Started with a merchant account online.