Credit Card Processing

Can I Reprogram My Credit Card Machine For Different Processors?

Older credit card machines that don’t have the proper hardware and memory to support modern programs may not work with any processors at all. Even if a credit card machine can be reprogrammed, it is a good idea to avoid reprogramming older machines that no longer conform to current PCI DSS or that can’t accept…

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Businesses that are considering switching credit card processors wonder, “Can I use my credit card machine with another processor?” If you’re wondering if your credit card machine can be reprogrammed, here’s the scoop: Some credit card machines can be reprogrammed to work with virtually any credit card processing service, while other machines will only work with a specific processor.

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Credit Card Processing

(Evil) Tiered Pricing Merchant Account Services

Tiered pricing is an opaque and expensive merchant account pricing model.

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Tiered merchant account pricing is currently the most common form of pricing for credit card processing services. Tiered pricing is opaque, expensive and is the vehicle for many of the hidden fees that plague the credit card processing industry.

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Credit Card Processing

Reading A Credit Card Processing Statement

This article will provide the general steps and knowledge necessary to decipher your small business credit card processing statement, and will link to detailed examples of actual statement analyses that will allow you to follow along as we dissect various merchant account statements. Existing Clients: If you used CardFellow to find your current processor and…

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It’s not enough to simply read a merchant processing statement; the real goal is to understand what you are reading, where your money is going, and to determine whether your business has competitive credit card processing fees.

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Accounting and Finance, ecommerce, Legal

Online Sales Tax Rules for Ecommerce Businesses

This decision overturns a 1992 ruling in Quill Corp. v. North Dakota in which the Supreme Court ruled that a business must have a physical presence in a state for that state to require it to collect sales taxes. That means that any online business did not have to pay sales tax in states where it did…

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In 2018, the Supreme Court ruled in South Dakota v. Wayfair that states can require businesses to collect sales tax in states where they don’t have a business presence.

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Credit Card Processing, Legal

Contract = Good, Termination Fee = Bad

A contract does not equate to a cancellation fee and having a contract term end is not really a good thing.

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All merchant accounts have a contract and a term; some merchant account contracts do not have an early termination fee.

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Credit Card Processing

What is a Good Interchange Plus Rate?

Getting a low interchange plus rate is important, but the rate is just a drop in the bucket.

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Asking the question “what is a good interchange plus rate?” is like asking the question “how much does a car cost?” Neither question can be answered accurately without first knowing several supporting details.

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Credit Card Processing

Sam’s Club Merchant Account Services – Buyer Beware!

Not too long ago, CardFellow posted an evaluation of Costco merchant accounts that found Costco’s service to be very disappointing. Undeterred, I decided to take a look at the merchant services offered by Sam’s Club to see if Costco’s big-box competitor fares any better. As it turns out, Sam’s Club Merchant Services uses the same…

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Sam’s Club Merchant Services isn’t the best choice for businesses that want competitive credit card processing services.

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Credit Card Processing

Visa Base II Fee or Settlement Network Access Fee

Visa charges a number of different fees, called assessment fees. Every time you accept a Visa card, assessments apply. The Base II fee, or settlement network access fee, is one of those assessment fees. As of 2018, Visa sets the Base II fee at $0.0025. What is Visa Base I and Base II? The Network…

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Visa charges a fee for settlement requests. It’s called a settlement network access fee or a Base II fee.

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