What Are Merchant Services

ST.LOUIS MERCHANT SERVICES REVIEW...

Where are st.louis merchant services and how does
it all work let's talk about that today
and in addition to that title content
we're gonna talk about the following
credit card terminals point-of-sale
equipment and the software that's
available to you the two most popular
general credit card rate categories that
apply and a reference to another video
on my channel underwriting approval and
count setup guidelines and tips and
important things to remember when
applying for a merchant account as well
as some frequently asked questions and
towards the end I'll tell you how to go
about figuring out the best merchant
account option for your business so as
we get started today all of the content
in this video is going to be
time-stamped in the description for your
reference everything that I talked about
is pertinent and important to setting up
and maintaining a merchant account so
please do watch the entire video of
course and at the same time I always try
and make my videos easy to navigate and
the content easy to digest so for some
of my videos on this channel I'm gonna
link to timestamps to point you directly
and straight to the section and the
various content in the description so if
you want to skip ahead certainly go
ahead and do that you can just pop down
to the description box open it up click
the section and you'll go right there
and if you use these timestamps to
navigate the video please let me know
that it was a helpful thing to do so I
can continue doing it now on with the
lesson let's start with a simple
definition of what a merchant service is
a merchant account is a specialized bank
account that exists for the sole purpose
of allowing a business to accept
electronic payments through the use of
credit and debit cards from their
customers the term merchant accounts
often used interchangeably with terms
like credit card processing account
merchant account payment processing
payments service provider or payment
aggregator and I've even heard people
refer to it simply as a merchant and
speaking of that a payment aggregator
account is different than a true
merchant account we're gonna stay
focused on the merchant account in
today's video so if you're interested in
comparing aggregator companies like
PayPal stripe or Square to merchant
account provide
click the link in the description
because I've linked to that video up and
it should be on the cards on the screen
here as well for that detailed
comparison video after you're done
watching this one in short an aggregator
payment solution operates very
differently than a merchant account and
there are some pluses and minuses to
each option depending on your needs of
your business with a merchant account
you can use credit card terminals and
various point of sale devices if you
have a retail store as well as setting
up mobile and online applications if
your business fits into either of those
categories credit card terminals and
point-of-sale equipment are normally
associated with card-present or retail
environments so most countertop
terminals are gonna range from about a
hundred and fifty dollars to four
hundred depending on the model of course
and two very common terminal types are
gonna be a VeriFone vx520 or an Ingenico
ICT 220 just for example if you're
looking for something with more options
it's a little bit more robust you
probably are well suited for a
point-of-sale system and there's lots of
options out there systems like the
clover for example can be obtained for
about a thousand dollars maybe a little
more maybe a little less again depending
on the version that you go with like the
Flex or the clover station for example
but depending on the number of units and
features that you add that's really
gonna be the ultimate determinant on how
much you're gonna pay for the system
other point-of-sale systems that are out
there on the market again just to name a
few out of a very long list include mint
POS toast square which again is a
payment aggregator but they also have a
point sale system for retail environment
and NCR silver there are dedicated
Wireless credit card terminals as well
as tablet based systems and mobile phone
comparable units with Android and Apple
so again there's a lot of credit card
terminal options and point-of-sale
options so depending on how your company
setup and the needs that you have for
your business will determine what you
get next let's move on to the rate
category so rates and costs there's two
main merchant account rate categories
that are driven by card acceptance
environment that exists within your
business and those two are simply
card-present or car
not present so or do you have a retail
environment where you can take the card
physically from the customer and put it
into a credit card machine or terminal
or do you have a phone order or internet
or online environment where the customer
puts the information in themselves or
the car's not present card present rates
are going to range from about a 1.25%
rate up to two percent so if you have a
retail store or you operate in a
situation where you can physically take
the credit card from your customer and
swipe or dip the card into a machine or
Hardware you're getting a card present
rate and you're in a card present
environment the physical reading of the
credit card data is the critical
component here so cards that are swiped
and dipped and even ones that use NFC
contactless cards or contactless
technology such as Apple pay or Google
pay fall into the card present category
card not present rates are gonna range
from about two to three and a half
percent on average and it depends on a
handful of variables there if you're
taking credit cards over the phone for
example and key entering the card number
whether it's into a virtual terminal
which is a software online web-based
often or your customer enters it into an
online order form which is customer
facing the card is still considered not
present at the time sale and thus the
rates are a little bit higher than those
card present rates due to the bank risk
that's involved there are of course
exceptions to this rule and there's a
number of variables to these rate
guidelines so as you'd imagine take them
as general benchmarks as far as the rate
categories go and if you want to dive
into more detail on the specific rates
and how they compare check out the video
that's linked in the description which
goes into all of the details about
merchant account rates. you love your business it's what gets
you up early makes you stay late and
dedicate every hour in between to making
it grow what you don't love is the
processing feat that comes with every
credit card transaction chipping away at
your profits and adding up to one big
monthly bill now there's a better option
one that will keep those fees in your
pocket it's called pay low and it's the
first legally patented cash discount
technology designed to help you save on
credit card processing costs instead of
being charged processing fees you will
collect them from your customers in the
form of a small service fee that can be
flat or percentage base pay low
automatically knows when to add a
service fee or give a discount to
customers using another payment method
and displays it right on the receipt.

OTHER STL MERCHANT SERVICE

are you a merchant who's tired of pain
for your customers vacations that's
right you're covering the costs of
reward points when you pay interchange
fees every month credit card companies
have been holding merchants like you
hostage for years charging more network
fees and increasing your interchange
fees to cover the cost of reward cards
and PCI compliance what they don't want
you to know is that you no longer have
to be the one to pay these fees federal
regulations have changed to allow small
business owners like you to offer a cash
discount and eliminate credit card fees
for good other institutions such as
municipalities gas stations and utility
providers have been passing through
these fees for years but only recently
has the law change to allow you to do
the same so how can you save thousands
every month by offering a cash discount
it's easy sign up for the pay low cash
discount program and get a legally
patented and fully transparent system
that is simple to set up and saves you
money with every charge with pay low you
can reduce your processing fees by up to
100 percent with virtually no impact on
your current sales volume so how does
Pay-Triot work first Pay-Triot applies a small
flat customer service fee across all
products and services you offer to
inform your customers we provide free
customized cash that Scout signage for
the front door and register of your
business
at the point-of-sale the Pay-Triot technology
installed on your terminal will
automatically add the service fee if a
credit card is used or remove the beat
if the customer pays with cash or a gift
card the customer gets receipt detailing
the total amount beside the cash
discount or customer service fee
depending on how the customer pays best
of all the Pay-Triot program collects the
service fees and uses them to pay off
your interchange at the end of the month
giving you one simple low-cost bill Pay-Triot
is available for all credit card types
and mobile wallets even better
this technology is compatible with
wireless terminals and POS systems
thousands of merchants across the u.s.
are discovering the benefits of offering
a cash discount are you ready to save
for more information contact your local
Py-Triot reseller today

St Louis Merchant Services

PAY-TRIOT MERCHANT SERVICES...

​so as you can see
whether you're in a card present or
card-not-present environment these
things will determine to some degree the
rates that you end up paying and
furthermore proper setup of your
merchant account will ensure that you're
actually obtaining the lowest possible
cost or the lowest rates that will be
applicable to your company it's
extremely important to note that when
setting up a merchant account it is very
important to set it up properly as I
just mentioned
with specifically your your proper si si
code and the way that you process credit
cards so everything has to be coded
correctly because if you have
misinformation like the the wrong si si
code or MCC code or things are just not
categorized correctly you could be
paying different rates and sometimes
higher rates than what you could
otherwise qualify for now if you're
watching this video because you're doing
research on how to set up a merchant
account or a payment system whether it
be online or retail for your company you
can schedule a call with me or somebody
on my team by going down to the
description under this video there's
literally thousands of different options
to accept payments these days when it
comes to choosing the right software
tools and then the right merchant
account or payment aggregator and if
it's something that you're looking at
once again and you want to make sure
that you get it set up properly just
click the links in the description you
can book a call to talk with myself or
someone on my team now on to
underwriting most people don't look at
it this way but a merchant account is
actually a short-term loan and here's
why due to the nature of how the money
is collected and processed in other
words the transaction flow or the cycle
of the transaction the banks and
processing companies are essentially
paying you in advance for the money that
is due to be collected so in simple
terms when a customer pays for something
on their credit card at the
point-of-sale
or online the money is not collected
until their billing cycle ends so the
bank and the processing company that
pays your money out to you you get that
immediately or the next day and again
it's being paid to you in advance with
the assumption that there's no
chargebacks or disputes on that
particular transaction so the banks are
not reimbursed for that payment until
the cardholder pays their bill 30 days
or sometimes longer and the fees
associated with accepting credit cards
go towards the costs associated with the
transaction process including the risk
of loss that is inherently involved so
let's look at some common questions
about merchant accounts number one how
long does it take to get an account set
up typically timeframes range from about
24 to 48 hours for merchant account
approval because again there is an
underwriting process that takes place
with a merchant account although it is
becoming more and more common to get
same-day approvals with lots of merchant
account providers so it can very high
risk merchant accounts typically can be
approved in about one to three weeks
because the approval times are generally
a little bit longer it's not always the
case but generally speaking it does take
a little bit longer because it's a more
in-depth underwriting process and takes
more application information what sorts
of information is typically asked for at
the time of application process so
there's a link in the description
that'll give you a checklist and bullet
points of what's common information but
typically its standard company info tax
ID number your bank account for deposits
and personal information like Social
Security and other ownership specific
details can you have more than one
merchant account for a business yes of
course you can have as many merchant
account for a single entity and it's
very common when you have a parent
company that might have different
locations or chain restaurants or retail
stores things like that where every
individual location might have their own
merchant ID number and so you can apply
for more than one merchant account of
course under the same ownership umbrella
again if it makes sense for your
business how do I apply for a merchant
account
well the links are in the description it
can vary from one company to the next
but of course I have my recommendations
and once again I of course can help you
with this myself and my team can help
you get an account set up and even
linked in to your ecommerce store or
your retail point of sale system so
check the links in the description and
last question to wrap it up how will I
know if my business will be accepted or
is a type of merchant account that will
work with my website my software and
everything that I'm using it my business
so this is probably one of the most
common questions that I do consultations
for and talk with business owners about
because the best way to find that out is
to do one of two things number one is to
schedule an appointment with myself and
my team to go through that it's it's a
case-by-case scenario so if you are open
to that go ahead and click the links and
schedule an appointment or number two if
you'd like you can go over to our
website
and take the best-fit survey to get some
suggestions on what equipment and what
software will work best for your
business in your situation if you're new
here welcome if you found this video
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on any of the information that I shared
here please leave me a comment below or
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released ​the pay low cash
discount program is available in all 50
states has no hidden fees and has
options for both terminal and point to
sale equipment you can process all card
types with Pay-Triot in addition to mobile
wallets and EMV chips best of all it's
easy to get started with Pay-Triot speak with
a consultant to select your plant and
equipment then put out your cash
discount notices Pay-Triot provides you with
all the hardware signs training and
support materials you need to run a
successful cash discount program Pay-Triot
has helped thousands of businesses from
quick Mart's and quick serves to salons
and smoke shops dry cleaners and
daycares
they all have one thing in common you're
saving thousands this year with a better
way of processing cards join the
revolution grow your business and love
pay love what can Pay-triot do for you to us
today for a free business analysis.  let
Pay-Triot help you save on credit card fees
and enjoy one simple low cost monthly
statement unlike traditional or
surcharge processing