Three Insider Money Saving Tips for Merchant Accounts
Tip number one: If you run a business where you need to take a deposit (like a motel) or pre-authorization (as in a car rental biz) over the phone, then do the pre-authorization, but don’t close it out as a pre-auth because you will then be charged the “non-qualified” rate-which is usually substantially higher then the “card present rate.” Just leave the pre-authorization and then when it is time for payment and the customer is present, swipe the card in the machine, allowing you to end up with the “qualified rate.”
Tip number two: If you have a business where you have multiple check-out stations or a business that has a dedicated line for each terminal, then you may want to use a high-speed internet connection, because you can use multiple Point-of-Sale Terminals through one IP connection. This can potentially save you $40-$70 for each additional phone line you are paying for to connect to your Point-of-Sale.
Tip number three: If your business requires a lot of MO/TO ordering then you really should use a Virtual Product because the rates will be less on the Non’s. A terminal’s keyed transaction rates can be as high as 3-4% and yet the same Non-qualified rates used on a completely different solution (a solution designed) for MO/TO order can be half the costs. It is very important that you chose the right solution for your business needs.
Choosing the Perfect Processing Solution for Your Business Needs
You have a choice between four types of solutions.
1. Retail
A) Dial-up Machine
B) IP Machine
C) Wireless/Cellular
2. MO/TO 1-800 number
3. MO/TO Virtual
4. E-commerce
Retail Solutions are obvious for a business that will process most of its transactions face-to-face with its customers. You can have your Point-of-Sale Terminal connect via phone line, high-speed internet, or on the cellular network.
MO/TO 1 800 # Solutions are for businesses that have very few transactions, that are on the go. You can call into a 1-800 number for authorization regardless of where you are.
MO/TO Virtual Solutions are for businesses that take orders via: phone, mail-order, email, etc. and process those transactions by logging onto a website with a user name and password.
E-commerce Solutions are for businesses that want to have processing on their websites, where the customer or client clicks through and checks themselves out online. There are many other important factors that pertain to internet merchant accounts.
This concludes ‘The Critical Canadian Merchant Services Guide’
What You Need to Do Next?
Now, I believe we made an agreement together at the beginning of this guide. Our agreement was that I would tell “the whole truth and nothing but the truth” when it comes to Canadian merchant accounts. In turn, you would fill out your application through my merchant account brokerage. Ready to keep your end of the bargain? I am sure you expect the same from your clients and customers! All I ask is for you to follow through with the type of actions you would expect from your clients after giving them all the tools for success!
