Technology changes rapidly, and payment options are no exception. With new payment solutions appearing all the time, more and more consumers are opting to use the most convenient options available, including new ways to pay in store. Since these options are just as secure, it can help your business to keep up with the most popular payment technologies such as the ones below.

EMV Credit Cards

EMV chip credit cards were the first big change to in-store payments since credit cards themselves.    While many business owners were reluctant to change their equipment when EMV became a requirement, EMV chip cards have quickly become the standard for credit card companies. Magnetic strips on old generation credit cards contain sensitive information and provided an easy way for counterfeiters to duplicate the strip and steal the information. The EMV chip prevents information from being stolen by creating a unique transaction ID every time it’s used.

EMV cards are a good reminder of how adapting to technology can help a business and the industry as a whole—after all, credit card fraud is down 75% since the implementation of EMV. It means more peace of mind for you as a business owner, because the added information in each transaction makes it more difficult for consumers to open a fraudulent chargeback against you.

Contactless RFID Cards

Contactless cards use radiofrequency identification (RFID) to make secure payments. These cards have added security like EMV credit cards, but instead of inserting the card into the machine, customers only have to wave it in front of the terminal. The card contains an antenna that transmits the information, and like EMV, a unique code is created for each transaction in order to ensure each transaction is secure.

While an EMV payment can take 30 seconds or longer, contactless payments take an average of 13 to 15 seconds, allowing you to serve customers faster. Because no signature is required, each credit card company sets its own limit for this type of transaction, which is typically around $50 or $100.

Mobile Wallets

A mobile wallet is an app on a mobile device that stores payment information from a credit or debit card and allows customers to then use their phone to pay. Customers like having the option to leave their wallet at home, and mobile wallets provide a more secure way of using credit cards, since encryption and tokenization technology is used during the transactions and a PIN or biometric technology (such as a fingerprint or iris scan) is needed in order to set them up.

In-store mobile payments are expected to overtake credit cards and grow to over $500 billion in 2020. The top mobile wallets include Apple Pay, Google Wallet, Android Pay, and Samsung Pay, but many credit cards offer their own app to use with individual credit cards.

Merchant Service Group LLC offers the state of the art technology needed to accept these payment types and assist with choosing the right equipment, setting it up, and making sure you understand the capabilities of your new terminal. With our 24/7 customer service, you’ll never be left wondering how to get your credit card machine working.

For more information, please email us at hello@merchantservicegroupllc.com

Nonprofit groups serve a vital function in the community, but the fees and expenses to keep them running can impact how much good they can do. That’s why Merchant Service Group LLC has implemented a new program to ensure that your credit card processing fees are as low as possible.  Read on to learn how our new program can significantly reduce or even eliminate your nonprofit organization’s credit card processing fees.

How to Lower Your Processing Fees

Thanks to our innovative payment technology, Merchant Service Group LLC can now offer lower interchange fees—the fees charged every time a credit card is used—for nonprofit groups such as preschools, churches, associations, and others who qualify as a 501c organization. You can even eliminate your credit card processing fees entirely by signing up for the innovative cash discount program, which passes the processing fees onto your donors.

 

Why Accept Credit Cards?

If your nonprofit doesn’t already accept credit cards, there are many reasons to start. Nonprofits who take donations, sell merchandise, or allow online event registration stand to post larger gains and reach more donors than those who do not. Research shows that donors contribute as much as 20% more when paying with a credit card than with other forms of payment. Donors are also more likely to make impulse purchases with a credit card than with cash, making online donations a vital part of your nonprofit’s payment acceptance.

Working with Your Organization’s Needs

Accepting credit cards also broadens your organization’s capability. Did you know that you can accept donations or membership dues through your website? If you’re looking for more interaction with your donors, you can set up a stand-alone machine to take donations in person or over the phone, or use a wireless device that allows you to accept donations on location. Online payment systems make it easy to set up recurring donations or payment plans for your donors’ convenience.

What Else Can Merchant Service Group LLC Offer You?

In addition to saving your organization money, Merchant Service Group LLC offers peace of mind and convenience. We’ll set up your nonprofit with your own secure account that caters to your specific needs with 24/7 customer service, various payment options, and the option to see all transactions, deposits, and statements online. Member management software can also be used to manage member information.

As an added bonus, Merchant Service Group LLC will donate $500 or more to every qualified nonprofit group that opens an account with us! Contact us today to learn more about how Merchant Service Group LLC can make credit card processing for your nonprofit easy and affordable.

For more information, please email us at hello@merchantservicegroupllc.com

Property management involves a lot of components, which means finding the right payment solution is vital to keeping your operation running smoothly and making sure all of your clients and partners stay happy. The right processor can increase your business’s payment options and provide features to help improve your operations. Read on to learn more.

Simplify Payments for Your Clients

As the traditional methods of paying rent, checks and cash are inconvenient and can add more hassle than needed. Offering additional payment options such as ACH payments to directly withdraw from tenants’ accounts simplifies the process for everyone involved. The ability to pay rent anywhere and at any time takes the stress off tenants, and recurring billing ensures that you and your clients always receive rental payments on time.

Our payments solutions save time and money for landlords and tenants. Tenants can enter their account information for one-time or recurring payments with no added cost to the tenant or landlord. Unlike bounced checks, which can cause a two week delay in payment, our platform provides instant notifications, allowing for quick resolution of failed payment attempts. We also offer competitive rates for credit and debit card payments for added flexibility.

Streamline Your Business

The right POS solution can help you manage your business and save on operational costs. Advanced systems allow you save time in organizing and accessing your tenants’ deposit, payment, and maintenance history by keeping all of this information in one place. These systems also allow you to manage your inventory for office supplies, maintenance, and more.

Customizable reporting and analytics tools allow you to gauge business performance in real time, providing you with the means to improve business operations and your customer experience. With these tools you can also see how, when, and by which method tenants are paying their rent.

Merchant Service Group LLC provides payment solutions that integrate seamlessly into the POS solution of your choice. Let us use our technical expertise to suggest the right solution for your business, no matter the size of your operation. Our customer service is available 24/7 to ensure your organization is always up and running.

For more information, please email us at hello@merchantservicegroupllc.com

Paying with a credit card is easy. But accepting credit cards for your business? That’s a little more complicated. You need the right equipment, the right processor, and even then, things can still go wrong. The customer (i.e., you) should always come first, but not all processors provide good service. Here are a few common problems to watch out for regarding your merchant account.

Funding Delays

Many small businesses rely on receiving their funds right away in order to keep up with their expenses, but with an industry average of 3-5 days for funding, you may find yourself waiting longer than acceptable for your money.

Different processors provide different funding times, and the speed of your funding may also depend on the type of business or the equipment you use. It’s important to understand your funding options in order to avoid frustration when you start accepting credit cards and find that your money takes longer to deposit than what suits your business.

Technical Issues

Technology can be a great enhancement to your business, but where there is technology, there are technical issues. From the initial installation to daily use of your equipment, knowing who to contact and whether you will receive a prompt resolution is vital when something goes wrong. You’re busy running your business, after all—you shouldn’t have to spend hours trying to get your credit card machine to work. Unfortunately, not all customer service is created equal, and you may encounter high customer service wait times, which can lead to upset customers of your own and even lost revenue.

Untrustworthy Service

Unfortunately, there are individuals and companies in the industry who may promise things they cannot deliver or may try to deceive you into paying more than you should. Beware of hidden fees that your processor fails to inform you of.

Others may inadvertently give you the wrong information because they are un- or misinformed. Credit card processing is a complex industry that is constantly changing, so it’s best to find a second (knowledgeable) opinion on anything you are told or read online.

Boarding Issues

If your business falls under a certain category, such as firearms, nutravitamins, or tobacco, it may be more difficult to board with traditional processors. Your application may be more complicated and once your account is opened, you may find you have more issues with funding or sudden account closures through no fault of your own. Finding a processor that has a history of working with your business type can give you a higher chance of approval and reduce the chance of having issues with your account once it’s opened.

Long contracts and high cancellation fees

Some processors require you to sign a contract that requires you to keep the account open for a length of time or pay a large fee in order to cancel—typically around $500. Opening a merchant account is already an expensive process, from the cost of the equipment to installment fees and monthly fees, so make sure you know what you’re getting into—and what it takes to get out of it—before you sign anything.

Language Barrier

The number of minority-owned businesses has grown to over 1 million, representing 29% of businesses in the U.S. With continual growth in this area and over 60 million U.S. residents who speak a language other than English in their home, the need for language support for merchant accounts grows every day.    Many business owners prefer to discuss their account and work out technical issues in their native language, but not all processors offer language support, and if they do, you may find yourself waiting a long time to talk to the right person.

At Merchant Service Group LLC we believe that your merchant account should enhance your business, not give you added problems. This is why we take the time to work with your business individually to get your application approved quickly and help you choose the right equipment to suit your needs. With years of experience boarding thousands of merchant accounts, including those considered high-risk, we offer the knowledge to cover any questions or concerns you have. Our in-house customer service team includes 24/7 support and technical expertise when you need it. You can even talk to a live person in your language with our multilingual support.

For more information, please email us at hello@merchantservicegroupllc.com

Whether you’re new to credit card processing or your business has been accepting credit cards for years, there’s a lot of terminology in the industry that can cause confusion—and it’s not always easy to find an explanation. Merchant Service Group LLC believes in transparency when it comes to your account, and this means making sure all business owners have the information needed to understand how their credit card processing works. Here are a few terms to get you started.

Merchant account – the industry term for your credit card processing account. Most processors will set up a seperate account for each business.

Underwriting – Once your application is submitted, a team of underwriters will examine your application including your credit history, financials, and other details about your business to determine if it’s a good fit for a merchant account.

Boarding – a term used for the process of opening a merchant account, beginning with the application.

Merchant ID (MID) – The number associated with your merchant account. This number is helpful to have on hand when calling customer service or technical support so that they can easily locate your account. This can typically be found on your terminal or monthly statement.

High-risk – a term used by processors for business types that come with greater liability because of the history of the industry.  Reasons for this include high ticket size and a high number of chargebacks.

Terminal – a stand-alone machine that is used to accept credit cards. These devices take up less space and are easy to use.

POS – a point of sale (POS) system is a more advanced system that has other capabilities in addition to accepting credit cards. These typically look like a large tablet or computer and may also include a cash drawer, separate printer, and other attachments.

Batch-out – Batching out, or settling, the terminal clears it of all transactions and sends the information to the bank processor in order for you to receive your funds.

Settlement Report – the receipt that displays the details of a batch including the total sales and batch number. Some systems may also include the card types of each transaction and other details. Also known as a batch report.

Auto-close –  Many terminals and POS systems have the option to set a time for the equipment to automatically close a batch every day. Abbreviated “AC”.

Chargeback – The industry term for when a customer disputes a transaction with their credit card company. Merchants have the ability to dispute a chargeback to the credit card company it was issued from by providing information to prove the sale was legitimate.

ACH Reject – This occurs when the bank processor attempts to withdraw money from a merchant’s bank account for fees and there is an issue with the withdrawal, often due to insufficient funds in the bank account. Multiple failed attempts can result in additional fees.

PCI Compliance –Refers to the security standards set by the Payment Card Industry for electronic transactions and is mandated by card associations to ensure your business is accepting, processing, storing, or transmitting information securely. All merchants are charged a monthly fee until they take the steps to become PCI Compliant.

TIN – This is the abbreviation for the Tax ID associated with your business. If your business is classified as a sole proprietorship, this is often the same as your social security number.

With years of experience in credit card processing, Merchant Service Group LLC knows that the industry can seem complicated. Our team of technical experts and customer service can explain any terms you may come across while you’re researching the best option for your merchant account.  Once you board with us, we’ll continue to support you to ensure you never get lost in industry jargon.

For more information, please email us at hello@merchantservicegroupllc.com

Accepting credit cards is a great way to open your business to new customers and higher revenue, but it can be an overwhelming process to begin. Whether your business is new to accepting credit cards or you’re simply looking for more options, there are a wide range of solutions to serve all of your business’s credit card processing needs.

Merchant Service Group LLC is proud to offer more options than any other processor with multi-platform support and a wide range of equipment. Here’s a brief overview of available equipment and the advantages of each.

Terminals

Terminals are the most popular way to make credit card transactions and offer versatility in how you can accept payments. Terminals are EMV compliant for in-store use and also allow you to key in transactions done over the phone or by invoice.

Options include the VX520, our most popular terminal and one of the easiest to use, or the Dejavoo Z8, which can be used with our no rate cash discount program. We also support many products from First Data, Ingenico, and PAX.

Gateway

A Gateway is a software system that allows your business to accept and transmit payments online. You can integrate your gateway into your website or access it via computer or app, and also use it to accept payments over the phone or by invoice.

As an Authorize.net reseller, we can set up your account for you, with options to add an online shopping cart or a “Buy it now” button to your website, set up recurring billing, or use the new online invoicing tool.

POS Systems

We support a wide range of POS solutions and can integrate our payment solutions into your current POS system or help you set up a new one. Options for purchase include Aloha for dining establishments, Ruby for gas stations, and the popular Clover Station, which works for all business types and allows you to customize your station to assist with payroll, inventory, scheduling, and more.

Mobile Card Swipers

Mobile card swipers are the most convenient way to accept payments. These swipers go wherever you go and works through your phone using a mobile app. You have the option of having all of your transactions and information sent to a web dashboard, where reporting tools break down your data and help you understand your customers better.

Swipe Simple and Clover Go are two of the most popular card swipe readers. Both allow swipe or EMV payments and include the option for contactless payments such as Apple Pay.

Along with this equipment, Merchant Service Group LLC offers full support of your business every step of the way. A knowledgeable team can help you understand the full capabilities of the equipment you select, help choose the set up for you, and provide 24/7 support to ensure your equipment is always running.

For more information, please email us at hello@merchantservicegroupllc.com

Accepting credit cards is a crucial way to increase your revenue and help you attract more customers, but the inevitable fees can also cut into your sales to the point where it’s difficult for your business to make a profit. Not all merchant accounts are created equal, though. The right processor will help you find ways to lower your fees while providing transparency about what you’re being charged.

At Merchant Service Group LLC we believe it’s vital for you to understand your credit card processing fees. Here are a few key terms to help you understand what fees you’re being charged and why.

Interchange fees

Interchange fees are the percentage of the transaction charged by the credit card company (Visa, Mastercard, etc) to your business every time you accept a credit or debit card. The amount of this fee depends on many factors and varies by card type, with debit cards charging the lowest rates and rewards and business credit cards charging some of the highest.

Flat rate fee:

 Many processors will simplify the pricing model and charge your business a flat rate for every credit card transaction. The processor is still covering the interchange fee, but instead of passing that rate to you, they keep your rates the same no matter what type of card you accept.

A flat rate set-up is more straightforward and easy for you to see exactly what you’re being charged, but overall, you may end up paying more than you would under interchange plus. That all depends on the rate your processor sets for your account and what kind of cards you typically accept.

Other fees:

Your merchant account may also come with various monthly and one-time fees that are standard with most accounts. Some processors may cover these fees for you under a flat rate set up.

·      Monthly fee: This is set by your agent or processor. Some may charge a low monthly fee while others may charge a higher fee as a way to cover other fees and simplify your charges.

·       Chargeback fee: This is one fee that very few merchants can avoid paying when the situation arises. Chargebacks are costly expenses to businesses and processors, with an additional charge of about $25 every time one is filed, so it’s best to take steps to prevent them before they occur.

·       PCI Compliance: This fee is charged to businesses who have not registered through PCI to show that their terminal or PC connection is secure. Unsecured connections leave processors and customers at a greater risk for stolen information, which is why this fee cannot be removed until your business becomes PCI Compliant.

Understanding your fees is the first step to building a stronger business. With our innovative technology, Merchant Service Group LLC can lower your fees, and our expert technical and boarding teams can answer any questions you may have about your application, fees, or other account information.

For more information, please email us at hello@merchantservicegroupllc.com

Opening a merchant account is a big step for your business, and with an industry this intricate, it’s natural to have a few questions. To help you get started, here are a few of the ones we get often:

Why do I need a merchant account?

A merchant account allows you to accept payments from credit and debit cards. A business must go through an application process in order to open one in which your financials and credit history are examined. It’s possible to work with a third-party processor to accept credit cards instead of opening an individual account, but without an account of your own, your options with equipment, rates, and funding are more limited.

Do I have to sign a contract?

Every merchant account requires a signed application that shows you agree to the conditions and rates of the processing company. The application itself does not require a length of time for the account to stay open, although some processors may ask you to agree to keep the account open for a certain period of time and will charge an early termination fee if the account is cancelled before that date.

Why do I need an agent?

Your agent provides personal attention for your merchant account. They help you set up the account and are your point of contact with the bank processor to deal with any problems that may arise.

How long does it take to open an account?

Your merchant account can be up and running within a day of submitting your application depending on the business type and equipment.

How much will my equipment cost?

Terminals begin around $100, while POS systems can cost $1000 or more. Cash discount accounts may qualify for free terminal placement, where you are provided with a terminal to use as long as the account is open.

When will I receive my deposits?

Many accounts qualify for next-day funding depending on the type of business and the equipment used. Others may be subject to a one day hold.

What is a high-risk account?

A high risk account is a business type that processors have deemed risky to work with and thus is more difficult to open. Because of a history of chargebacks or industry regulations, businesses such as firearms, e-cigarettes, and furniture stores may have to do more searching to find a processor that will be able to approve their account and offer competitive rates.

What is interchange?

Interchange is the rate that credit card companies like Visa and Mastercard charge for every credit card transaction a business accepts. This charge may depend on the type of card that is used and is typically higher for keyed transactions than swiped/EMV transactions. Some processors will set up your account with flat rate pricing instead, in which the charge is the same for all card types.

What determines my rates?

Many factors go into this. The interchange rate provides the base of your fees, and while this is the same for everyone, your agent and processor determines how much you will pay above interchange. This may be higher for certain business types, such as those considered high risk.

Will my rates ever increase?

Your rates will never change without your signed consent, unless required by the card associations, which we would pass through at cost.

What kind of customer service do you offer?

Our technical support is available 24/7 and we have in-house technical expertise and language support for all of your account needs.

Have any other questions? The customer service and in-house technical team at Merchant Service Group LLC is always available to answer them.

For more information, please email us at hello@merchantservicegroupllc.com

The adult entertainment industry is a lucrative industry that has only grown as technology has developed. Businesses such as adult websites, adult toy and novelty retailers, online lingerie shops, dating and escort businesses, strip clubs, adult book and video stores, and other legal adult businesses can increase revenue and reach a wider customer base through the internet. The internet makes it easier for customers to access these businesses, and it provides the privacy that many customers desire when making these types of purchases.

While the internet has allowed more discrete purchasing, it comes with a higher risk of chargebacks and customer disputes. Any business that processes transactions where the credit card is not present, such as transactions taken through a website or payment gateway, may be considered high risk, but there are specific situations that make adult merchant accounts more vulnerable than other businesses. Subscription-based or pay-by-the-minute services may lead to more frequent chargebacks if the charges are not made clear up front. Customers looking for more secrecy in their purchases may be more likely to dispute a purchase when it shows up on their bill because they’re unwilling to admit to the purchase or simply do not recognize or recall the company that the charge came from.

The high number of chargebacks is usually enough for other processors to decline adult merchant accounts, but there are additional factors that contribute to the industry’s high risk status. Other processors may consider the adult industry to be high risk due to its strict regulations and legal restrictions, the controversial nature of the content, or simply because of the large volume of daily transactions. The more revenue, the more risk to the processor.

However, with an experienced team, there are ways around these restrictions. Merchant Service Group LLC boards these accounts quickly and easily with a number of payment options for storefront or online purchases, including an online shopping cart through company websites or a payment gateway. We can help set up a customized solution for your business, give advice on how to avoid chargebacks, and provide 24/7 customer service to keep your business running and in demand.

For more information, please email us at hello@merchantservicegroupllc.com

When you begin accepting credit card payments, you open your business to a greater stream of revenue, but it comes with a few extra complications. In addition to handling the day to day maintenance of your merchant account, you also need to make sure you are complying with IRS rules and regulations when you file your taxes. Although it’s a relatively new requirement, the 1099-K is an important form you’ll want to be aware of if you accept credit, debit, and gift card payments.

In 2008 Congress added an unrelated amendment to the Housing Assistance Tax Act that requires businesses to report all card payments as a way to increase voluntary tax compliance and ensure that all income is reported accurately, especially for those accepting payments online. The 1099-K form is used to report your payment transactions and includes the gross amount of all reportable payment transactions. It also includes any third party payment network transactions in which the total exceeds $20,000 and includes more than 200 transactions.

This information must be reported on your income tax return and should be included when calculating the full business income for the year. While the IRS was lenient about this addition to begin with, they have begun contacting businesses whose gross business income is less than the amount reported on their 1099-K.

It is important to check your merchant statements to make sure that the 1099-K accurately reflects your payments received for the year including your total gross payment. There are several situations that may cause this amount to be incorrect including:

• If you shared your credit card terminal with another person or business
• If you bought or sold your business during the year
• If you changed your business structure during the year (e.g., converting from a sole proprietorship to a partnership

If your total gross payment is incorrect, contact your payment service provider to report inaccuracies and receive a corrected form. You can also contact your processor if you need copies of your merchant statements or a copy of the 1099-K itself.