What Are Merchant ServicesST.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 SERVICEare 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 ServicesPAY-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 helpful be sure to give it a thumbs up and leave me a comment that's always appreciated and it always helps out the channel so that these videos get suggested and shared and all that good stuff so leave me a comment if you'd like if you have additional questions or on any of the information that I shared here please leave me a comment below or just reach out hit the subscribe button so you don't miss out on new videos when they're posted we we publish videos on payment software and software tools and you know videos just like this one here so if you want more videos like that hit the subscribe button give me a like and then hit the notifications bell so you get notified when new videos are 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 |