Some credit card machine companies provide merchant accounts, while others are solely equipment manufacturers. We’ll take a look at why that matters and give a rundown of the major equipment providers in the United States. This article is specifically about credit card machine companies, not the machines themselves. Need details on particular machines? Check out […]
There are a lot of options when it comes to credit card payment machines. Here are some of the leading equipment manufacturers.
That depends on whether the client is paying an invoice or paying a retainer for use to bill against future charges. When the payment from a client is a retainer, that is where IOLTA comes into play. Lawyers have IOLTA or trust accounts at banks that are separate and distinct from the law firm’s operating […]
Interest on Lawyers Trust Accounts (IOLTA) refers to a specific program with requirements for lawyers that receive funds belonging to clients. So how does it work when your law firm receives client payments by credit card?
The worst thing you can do for your business is call a processor and ask, “What are your rates?” or choose a company based on their inclusion in a “best processing rates” table. But that doesn’t mean we can’t show you how to find the most competitive pricing. In this article, we’ll discuss the role […]
When looking for the best merchant services rates, most business owners mean that they want the lowest possible pricing to take credit cards. For lowest total cost, “rates” isn’t the full picture.
If you’ve browsed CardFellow’s blog, you’ll know we’re not big fans of equipment leasing. In most cases, leases are expensive and come with non-cancellable contracts separate from your processing agreement. Unfortunately, that holds true for FDGL. What is FDGL? Machines and POS Systems Are leases required? FDGL Costs Are leases ever a good idea? Alternatives […]
First Data Global Leasing, or FDGL, is the equipment leasing arm of processing giant First Data, now Fiserv.
Mastercard planned to phase in MDRI over a 2 year period that began in 2018 and was completed in 2020. Now that we’re several years past 2020, we have more information on what the changes entail and what it means for your business. Keep in mind that more changes are likely in the future, and […]
In October 2018, Mastercard began a phased revamp to its chargeback process, calling it the Mastercard Dispute Resolution Initiative (MDRI).
While you might initially implement one in order to decrease your payment processing time, a point-of-sale system can actually do wonders for all facets of your restaurant, especially customer service. There are several reliable methods for leveraging your point-of-sale system in order to upgrade your business methods and improve the customer experience. You can, for […]
Customer service upgrades are often hassles that take time and money, but one of the more unexpected and simpler ways you can boost customer service quality is with the right point-of-sale system.
There are a few situations where this can happen, which we’ll take a look at in this article. While occasional fallback transactions are okay, too many can bring fines and other penalties. Additionally, magnetic stripe transactions are not as secure as chip transactions, so you’re opening yourself up to greater liability if you don’t properly […]
EMV fallback refers to a transaction where a customer uses an EMV (chip) card in a chip-capable terminal, but the transaction doesn’t go through as a chip transaction. Instead it “falls back” on magnetic strip technology.
The system has some pros and cons, and VCR may result in some new fees if you incur a chargeback. Back in late 2018 or early 2019, you may have seen a notice on your processing statement about upcoming VCR charges. For example, some businesses saw this explanation: Visa recently announced they are delaying the […]
Visa Claims Resolution (VCR) is a chargeback management system that Visa rolled out in 2018. It’s designed to streamline Visa’s chargeback process.
Use the secrets that credit card processors don't want you to know to drastically lower your credit card processing fees.
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