check processing companies

The Evolution Of Check Processing

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The world of payment options has evolved over the past decade.  Where you were once expected to pay for your merchandise with cash, check, money order, or credit card, there are now many different options when processing payments.  Many people prefer to use other, more convenient forms of payment, and have gotten away from paying their bills or shopping with checks.  It’s been predicted that by 2018, checks will be entirely obsolete.  While many merchants have already stopped accepting checks, others will still accept them as a form of payment only under certain conditional terms.

check processing companies

Check processing can be done through many different channels.

In 2004, the Check Clearing Act for the 21st Century, or Check21, was passed allowing financial institutions to process checks as electronic forms of payment rather than processing paper checks between banks and through the mail.  There are many check processing services available that allows you to use your checking information, without writing an actual check.  While some are considered the best check processing services, all of them are important ways of processing payments.

Traditional Method for Processing Checks

Traditionally, checks were hand written by the buyer to the merchant.  All of the checks written to the merchant would be accounted for and then shipped to the merchant’s bank.  The check would then go to the buyer’s bank, which would then withdraw funds from their account.  It would then be deposited into the merchant’s account.  This method required the banks to wait during the processing of the check, and would often take several days before the money would be deposited into the merchant’s bank account.

It might be the case that the buyer would have insufficient funds within their account to pay for the merchandise; however, by the time this information came around, the buyer would already be gone.  It was up to the merchant to contact the buyer and attempt to get the money back from them.  Most often, the merchant was simply out the money for the merchandise.

Check fraud was another issue with this method of check processing.  People would steal checkbooks and begin forging them in order to receive money back or buy merchandise from retailers.

Electronic Funds Transfer

Electronic funds transfer was created in attempts to solve the problem of return checks, or check fraud.  This method works by converting your hand-written, personal check into an electronic debit.  Using the bank information that is printed on your check, the money is then taken from your checking account, much like a debit card.  With electronic funds transfer, you are able to deposit the funds from a written check any time of the day.

Automated Clearing House

One type of Electronic Funds Transfer is Automated Clearing House Payments, or ACH.  Merchants will scan the personal or business paper check into the system, which will then convert them into electronic payments.  If you happen to write a check at a merchant that uses ACH processing, they will likely return your check to you after scanning it into the system.  The system is basically removing the account number and routing number off of your check in order to process your payment.  Businesses that utilize Automated Clearing House payments will often require the customer to sign at the register as well.

Automated clearing house payments eliminate the responsibility that businesses have to chase down delinquent payments or deal with returned checks.  If there are insufficient funds in the customer’s account, the scanner will give you that information before the purchase transaction is finished.  ACH is considered by many to be one of the best check processing tools that businesses have today.

Check Processing Through Internet, Phone, and Fax

With internet check processing, businesses can accept checks from customers who are shopping online.  From e-Commerce companies to government agencies, many businesses enjoy that internet check processing gives their customers an additional option when making a payment.  When the customer enters their check information, the payment is processed instantaneously, funds are verified, and the money is deposited into your account.  This all occurs within minutes.

The same option is available to those who are paying over the phone or fax.  By simply giving their account and routing number to a representative, they will have the money debited from their account.  This option also makes it easy to set up reoccurring payments.  If you have a car payment or a credit card bill that you pay every month, you can set up your payments to be automatically debited from your account.  This takes the worry out of paying your bills on time.

check processing companies

Gone are the old antiquated methods for check processing companies.

Direct Deposit Processing

Many companies are requiring their employees to sign up for direct deposit of their paycheck.  While businesses are trying to save money and go paperless, they are suspending their paper checks and transmitting paychecks electronically.  This is a benefit both to the company and to the employee.  Not only does it save the employer time and money, but it allows the employees to have their paycheck funds instantly available to them.  Other forms of payment can be directly deposited into your account as well, including social security, tax refunds, and other government benefits.  The money is simply deposited into your bank account, and is ready for you instantly.

Online Bill Pay

Due to the ability to pay bills online electronically, there is no need to send checks in the mail to pay for expenses.  When paying bills by paper check, it was necessary to plan ahead.  Sending your check a week before the deadline was customary, in order to ensure that it made it through the mail and arrived at the proper destination on time.  You can easily set up online bill pay with your financial institution.  By specifying the day of the month you would like your bill paid, the bank will be able to debit your funds on that day and pay your bill electronically.

With the increasing popularity of check processing through electronic means, many companies are striving to provide this service for online businesses and consumers.  This healthy competition allows the business to choose the best check processing companies for their particular needs.  It is easy for your business to join the electronic revolution and begin processing your customer’s checks with these alternative methods.

retail merchant services

Hard Facts About Retail Merchant Services

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If you’re like me, you’re managing a retail store and trying to find the best retail merchant services out there. At some point in time during a business’s lifespan, you have the opportunity to grow and expand. While your main location already has a nice merchant service and the ability to accept payments, you’re now growing into new locations. It becomes vitally important to find a merchant service that can grow and expand with you.

retail merchant services

Retail merchant services can provide you with the hardware and service you need.

The Growth Truth

With any company that grows the costs of growing will exponentially grow. Each new location adds new complications. The more services you can combine within a single vendor, the easier it will be to manage. If you have to pay 20 different electric companies, utilities, and rent payments, it can become a nightmare trying to schedule and organize things. Even with hiring someone or outsourcing your finances, it can be difficult to know where all of your services are coming from.

There are a large number of retail merchant services out there which aim to help retail chains and stores handle the complexity of handling payments at a growing number of physical locations. These services aim to help retail managers and store owners accept credit card and other types of payments at all of their locations. They also help integrate everything so it becomes easier to understand how much money is coming in from each location, which locations are having the most success, and which ones may be having problems. Issues like theft and inaccuracies are a growing concern amongst retail managers.

The Integrated Approach

While it made sense at the beginning to use different vendors for different services, if you’re expanding your business into multiple locations you need an integrated approach. Your credit card processing, check processing, and cash sales all need to be done through the same terminal. You need a retail merchant service that understands the complexity of retail sales that can also create a custom solution for your business to handle your payments accurately and effectively. No longer do you need a separate solution for each part of the transaction. Retail merchant services provide you with all of your payment processing at the terminal while providing an online interface to see how your business is doing. In many cases, they can even integrate with your financial institution in order to integrate your sales within your payroll and other aspects of your business.

Small retailers generally use a number of different services:

  • Credit Card Processing
  • Check Processing
  • EBT Processing

If all of your solutions are handled by a single merchant service, your complexity decreases and so do your costs.

The Bottom Line

Managing multiple retail locations can quickly become a complex exercise of patience and planning. Using a single retail merchant service for your payment processing ensures that you’re maximizing your potential for your payment processing. Don’t be stuck spending countless hours solving technical issues with each provider when you can have one dedicated retail merchant service to save you from the endless hassle.

merchant processing

Getting Started With A Merchant Account

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Chances are that if you own a business, you want to be able to accept credit and debit card payments. In the world today, credit cards have become practically a necessity for everyday living. With the convenience and added security that is offered by a credit card, many people have almost completely stopped paying with cash. When you consider these facts, it becomes evident that your business could literally eliminate thousands of potential customers by choosing not to accept payments through credit cards.

merchant processing

Merchant processing services are helpful to merchants starting up a business.

Because most businesses cannot afford to eliminate such a large group of paying customers, nearly all modern businesses use merchant services. With the right type of merchant service, your business is able to accept credit card payments in the following ways:

*In person

*On the phone

*By mail order

*Over the internet

In an effort to help you find the best merchant services for your company, here are some simple things you should know.

What Is A Merchant Account?

A merchant account is simply an account that makes it possible for a business to accept payments via credit cards. If you do not establish some type of a merchant account, with an online or other merchant service, your business will be unable to accept credit card payments.

There are many different types of merchant services out there, each utilizing their individual methods for processing transactions. But, no matter which type of account you choose, the primary function will be basically the same. In short, a merchant account is simply a relationship that exists between a business owner (i.e. the merchant) and some type of a financial organization that allows the business to process credit card payments.

Types Of Merchant Services

Depending on the type of business you happen to run, you will need to determine the best merchant services for your personal needs and business structure. There are many different types of businesses out there, so there are specific merchant accounts set up for nearly everyone. Although there are others, three of the most common types of merchant accounts include:

1 – Retail Merchant Accounts – Retail merchant accounts are generally the least expensive accounts, but they usually have much more restrictive limits than most other merchant accounts. With these accounts, a physical credit card must be swiped through a credit card terminal, so it becomes difficult for companies to accept payments over the phone or over the internet. Because of their more restrictive structure, retail merchant accounts are generally best suited for certain businesses, such as restaurants and local clothing stores, that usually only accept payments in person.

2 – MOTO (Mail Order – Telephone Order) Merchant Accounts – Mail order and telephone order merchant accounts are usually slightly more expensive than retail merchant accounts, but they allow businesses to accept credit card payments over the phone and by mail. Instead of swiping a physical credit card through a terminal, credit card numbers are typed into a virtual terminal that usually exists on a business computer. If your business is set up to accept money orders by phone or mail, this might be a good choice for your merchant account.

3 – Internet Merchant Accounts – Internet merchant accounts make it possible for customers to purchase items by credit card over the internet. These accounts are usually similar to MOTO accounts in terms of cost and restrictions. With so many people regularly shopping online, internet merchant accounts are becoming an extremely popular choice.

As you consider the needs of your business, you can use this this guide to help you determine the best merchant services for you.

Real Time Processing Vs. Batching

In addition to the type of merchant account you choose, you will also need to consider the type of authorization method to use. Depending on your business size and structure, you will need to choose between Real Time processing or batching. Here are some things to consider about both authorization styles:

*Batching – Batching is a very popular authorization method, especially in smaller companies. If you choose to use this method, your daily receipts will be processed together, usually at the end of the day. This can be a good way to protect against fraud, but it can also be time consuming.

*Real Time Authorization – With Real Time Authorization, transactions are approved or declined almost instantaneously as credit card payments are made. Many larger businesses choose to use Real Time Authorization because it eliminates time spent at the end of the day.

Both Real Time Authorization and batching are effective methods of processing, so there is no right answer for everyone. However, as you consider your own business goals and structure, you can make the decision that is right for you.

Where To Get A Merchant Account

With so many different businesses requiring merchant services, there are many different ways to go about setting up an account. There are many different types of financial institutions that offer merchant accounts. However, some of the best merchant services are offered through banks and various online sources.

As the internet continues to grow in popularity and usage, online merchant services are steadily growing in demand. As you try to find the best merchant services for your business, it might be wise to compare several different sources to find the best online merchant services for you.

How To Apply For An Account

When you have found a few online merchant services that you like, you will need to start applying. Many merchant services use a slightly different application process, but here are two of the things you will likely need to do:

*Prepare an estimate of your average order

*Establish a monthly estimate

Don’t worry if you are unsure how to apply for a merchant account. Most of the companies that offer these types of services make the application process very simple. Many of them are also very willing to provide additional information to help you get started using your new account.

Find The Right Merchant Service For You

As you begin shopping for a merchant service, you will find that there are many different options to choose from. Take the time to compare several different online merchant services to make sure you find the right one for your company.


My amazing student life with no money problem

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Hi everyone! My name is Shelly and I’m currently pursuing my graduation. You know that in student life one of the biggest problems is that you are always short of money. I had heard this from my friends and seniors when I was just about to join my college, so I tried to find ways around this problem. Then I came to know that as students, we can get student credit cards. These cards are very helpful for people like us, who are away from home and might need money on contingency situations. Apart from study expenses there are other expenses too like going out with friends, food etc.

Why I decided to get credit card

When I did not have a credit card, several times I used to feel helpless while shopping online, because more most orders it required a credit card when cash on delivery was not available. It also happened many times that suppose I know that I would get my money in a week or so from my parents but I have an urgent need today, then I had to borrow money from my friends. I did some research about student credit cards and studied about the pros and cons. The pros greatly undermined the cons. The pros were that I could have an extra financial cushion, easily shop online, did not have to carry cash all the time, so no worries about losing money.

How I use my card

Now after I got the credit card, I am never short on money. I buy all my essential supplies with it and it helps me to meet any unplanned expenses related to my studies. It has made me more responsible as I make sure I don’t splurge around and maintain a healthy credit record. One of the advantages of maintaining a clean credit record is that after I pass out of the college it will help me further in getting loans for my car, house or business.

Precautions with the card

As they say, with great power comes great responsibility, the credit card should be used carefully and the limits should be taken care of. I make sure that I don’t spend more than I can afford to and also arrange my money at time for timely payments of the card bill. I have never had to pay a penalty for late payment.

To learn more about using a credit card responsibly, check out this video:

Mobile Payment Processing

Accepting Payments On The Go With Mobile Card Processors

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It used to be that in order to accept a credit card payment, you had to have a bulky card terminal hooked up to an analog phone line. Today, though, you can accept payments virtually anywhere that you have access to a mobile phone, tablet, or handheld device, and a cellular or wireless network.

Mobile Payment Processing

Mobile payment processing made possible by Square.

Ending the Endless Fees

Many business owners avoided entering the world of credit card acceptance because it meant getting an expensive and complicated system—setup fees, monthly fees, subscription fees, equipment fees, and more. Today, however, there are several companies offering easy mobile credit card processing through apps on smartphones and tablets, and often they follow a pay-per-use model, so you only pay fees when you process a transaction.

In some cases, these mobile credit card processing services offer a subscription plan that can lower costs if you’re processing a high volume of transactions every month (more than $1,300). These plans, available through GoPayment and VeriFone SAIL, charge a monthly fee, but a much lower rate for each transaction.

The Pay-As-You-Go Structure

When comparing credit card processing to find the best mobile credit card processing solutions, one of the first things most businesses check is the fee structure. With the majority of mobile card processing systems out there, the model follows a pay-as-you-go plan, meaning you only pay fees when you process a transaction. Generally the fees are a set percentage with no per-transaction fee for swiped transactions (when the card is present), and a higher percentage plus a per-transaction fee for keyed-in transactions (when the card is not present). These fees may be slightly higher than what you would pay if you went with a more traditional merchant processing company, so it’s important to weigh the costs and identify exactly how many transactions you will need to process to ensure you’re getting the lowest costs.

Eliminating Extra Equipment

In addition to changing the payment model, the best mobile credit card processing doesn’t require you to purchase expensive equipment. Many of these companies allow you to process cards through a (free) portable card reader that fits easily into your pocket, and plugs into the jack on your smartphone or tablet. Customers “sign” the screen of your smartphone or tablet with their finger, and get receipts via email or text. If you do need the ability to plug into peripheral devices such as cash drawers or receipt printers, many now offer the ability to integrate with these devices.

In addition, there is very little technical setup required—all you need is the mobile app on your smartphone or tablet, and you’re ready to process cards anywhere. You can easily check your balance through the mobile app or online and view recent transactions, as well as check on the status of deposits and issue refunds if required.

Four Major Players

Right now there are four major providers, each with slightly different services, software, card readers, and apps. Compare all of them to find the best mobile credit card processing.

Intuit GoPayment

The Intuit mobile credit card processing system (from the makers of QuickBooks) works with Apple devices running iOS4 or higher, and most Android tablets and phones. Their pay-as-you-go rate is 2.7% for swiped transactions and 3.5% plus $0.15 for keyed-in transactions, and is the same for all major credit cards (Visa, MasterCard, American Express, and Discover). They have the option to upgrade to a subscription plan for $13 a month and a rate of 1.7% on swiped transactions and 2.7% on keyed-in transactions.

This system includes a web interface that allows you to process partial refunds, charge cards online, authorize funds, set up recurring payments, and search transactions. You cannot track cash transactions through Intuit GoPayment, but you can track tips and adjust for different sales tax rates using the GPS locator. Customers can get receipts via email or text, and you can also quickly add clients to your phone contact list when you process their transaction so you can keep in touch with newsletters, coupons, and special offers. GoPayment also offers a fundraising feature for nonprofits to track donations and contributions, and can connect to receipt printers via Bluetooth with Android devices.


mobile payment processing

Mobile payment processing made available by PayAnywhere

PayAnywhere’s mobile credit card processing solutions have the lowest per-transaction cost with a fee of just 2.69%, and the ability to accept all major credit cards. Keyed-in transactions with no card present are charged a rate of 3.49% plus $0.19. They offer an app for Apple devices on iOS4 or higher, Android 2.1 or higher phones (not available with Android tablets), and are currently the only mobile processor to support BlackBerry devices.

You can complete voids, partial or full refunds, forced transactions, and preauthorizations through the app or the web interface, and also track cash payments, tips, and discounts. In addition, the system offers the ability to utilize a wide variety of reports and information, including graphs and custom reports. You can waive the need for a customer to sign for transactions less than $25, and it integrates with printers and cash drawers when used on Apple devices running iOS.

Square Card Processing

One of the original mobile payment systems, Square offers a free card reader and an app for Android 2.1 or higher phones (it works on some tablets as well), as well as Apple devices running iOS4 or higher. Transaction fees are the highest at 2.75% for swiped transactions and 3.5% plus $0.15 for keyed-in transactions. The device allows customers to add tips, enables you to track cash payments as well as card transactions, and allows you to waive signatures for smaller transactions under $25.

Square offers the ability to set up customer loyalty programs that reward frequent clients, and provides you with an easy-to-use web interface and app. Each sale is tracked through your device’s GPS feature, and the web interface can map all your sales locations.

VeriFone SAIL

VeriFone has long been in the business of processing credit card payments, and developed SAIL as a mobile application to compete for the business of smaller companies that were flocking to processors like Square. Like the others, SAIL includes a free card reader to plug into your mobile device. However, at this time, it is only available for Apple devices running iOS4.3 or higher. The Android version is still in beta.

Fees for SAIL are comparable to the other companies at 2.7% and 3.7% for swiped and keyed-in transactions respectively, although unlike the other processors, whose rates are consistent for all card transactions, the rate for American Express transactions through SAIL is higher at 3.7%. For small businesses processing higher volumes, SAIL does offer the option to pay a $10 monthly subscription and fees drop to 1.95% and 2.95%.

The web interface includes the ability to issue partial refunds (full refunds can be issued from both the web and the app), and view and download detailed reports. In addition, you can set up customized email receipts that include links to social networks and web pages, but you cannot send receipts via text message. You can connect to a VeriFone countertop printer, but it is an additional monthly cost to rent the device. SAIL also allows you to track inventory and scan bar codes so it’s useful for sellers with several inventory items.

Accepting card payments on the go is a critical component of many small businesses, especially those that do not operate a traditional retail establishment. When you’re ready to choose a mobile credit card processing device, be sure to do your research so you get the one that fits your business.

merchant cash advance

Deciding If A Merchant Cash Advance Option Is The Right Choice For Your Business

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As a small business owner, you face many challenges. You worry about being able to meet the needs of your customers, promote continued growth of revenue, and maintain your business’ financial health. The economic woes, that have struck the country in the last few years, have made it difficult for you, and for other small business owners, to obtain credit loans through a traditional bank. There are stricter guidelines put into place by the banks and, due to bad credit, or to a lack of tangible assets, outside of your inventory, you may not be able to qualify for these loan options. If you need money, you now have to look elsewhere and the answer may be found in merchant cash advance.

merchant cash advance

A merchant cash advance may solve your financial struggles.

Understanding What Merchant Cash Advance is

Essentially, best merchant cash advance is just what it sounds like. It is a cash advance that you can receive from a merchant cash provider and is repaid through the sales that your business makes. Some people think of it as a loan but a cash advance is not a loan. Instead, it is a process where you are borrowing against your future income—like reserving a certain amount from each sale you make to use for your business. However, instead of having to put off things till you save enough cash, you can get an immediate advance and then pay off that advance over the next several months through your credit card income or some other form.
Three Choices of Merchant Cash Advance Repayment
Best Merchant cash advance providers generally offer three ways in which a cash advance can be repaid. These methods are referred to as split withholding, automated clearing house (ACH), and the lock box.

•    Split withholding – This payment method is the most common method used by merchant cash advance programs. When you enter this agreement, you commit to splitting a portion of your income with the company you receive the cash advance from.
•    ACH withholding – As a business owner, you are probably already familiar with ACH, but this is a system that allows you to make transfers electronically. Some cash advance companies use this method as a form of repayment. With ACH, you give the cash advance provider access to a bank account under your business’ name and they will automatically deduct payment from that account.
•    Lock box – a lock box is similar to an ACH withholding, except instead of the cash advance company having direct access to your bank account, you set up a new account, put money in it and then you transfer that money to the cash advance provider.

Benefits of Using Merchant Cash Advance
Many small businesses successfully use best merchant cash advance programs for a variety of purposes that include: remodeling their business, emergency funds, paying off other debt or business taxes, purchasing inventory for the new season/quarter, buying new equipment or repairing equipment, and to expand their business’ customer base. These businesses like the immediate availability of cash without the hoops that banks require they jump through to qualify for a loan. Some merchant cash advance providers report that a large portion of their business customers actually take out another cash advance after the first one is repaid.

Drawbacks of Cash Advance Programs

As with any financial decision you make for your business, you should be aware that cash advance programs are not without their risks. One of the largest drawbacks of using a merchant cash advance company is the fact that you will be paying a significantly higher percentage interest rate. Because there are no government regulations in place over these companies, due to the fact that they are not issuing loans—only a cash advance, businesses are paying anywhere from 30 to 200 percent in interest on those payouts. Some people compare these businesses to the payday loans that you see everywhere, but they are different in the fact that they do not require you to use any assets you own for collateral while payday loans tend to ask for the title to your car or some other asset assurance.

Evaluating Your Business Position

It is important to conduct a thorough evaluation of your business before you make the decision to use merchant cash advance programs. You should look at your cash flow history and judge whether you will be able to bring in sufficient income to pay back the advance within a relatively short period of time. Look at your business’ credit and assets to see if you would qualify for a bank approved loan instead, which will come with a lower interest rate. Do you have any assets? Those can also be used to obtain a traditional loan.

Another question that you should ask yourself is whether the business could wait until you are able to save the money through those sales you are banking on. This, of course, depends on what purpose you are intending to use the merchant cash advance for. If you are planning a renovation of your store, could you put it off for a few more months, or is the renovation to address serious structural issues? Conducting an evaluation is a good way to make sure that you really need a cash advance before you go out and get one.

Finding a Reputable Cash Advance Company

Once you have determined that a merchant cash advance is the only option open to you and your business then you should conduct research to make sure that you find one that is reputable and will offer a fair interest rate.

•    Avoid going through a broker – look for a provider that will deal with you in person because you could put yourself at risk of being scammed by a less than reputable merchant.
•    Look for a company that is a member of the North American Merchant Advance Association. This is a regulating association and companies that belong to this association have made a commitment to practice fair advance methods with their business clients.
•    Conduct a background search on the cash advance company to make sure that it treats its clients well and to find out more about how they operate.
•    Read the contract through carefully before signing and consult with an attorney for assistance.

merchant cash advance services

With a merchant cash advance, you could potentially grow your company.


Cash advance companies can be a good choice for you and your business, but it is important for you to evaluate your business, understand how a cash advance program works, and then find a good company to deal with.


Live the Potential of Today and Pay for it Tomorrow

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Using Credit Costs Credit Card Processing Fees

Be sure to be wary of credit card processing fees when using credit.

Hello friends! Before sharing my experience, let me first introduce myself to you. My name is Alison and I am the owner of a large lifestyle store in town. As you could possibly guess that my business involves very high usage of credit cards, the customers use their cards while shopping from my store and I use mine while ordering the stock and making other personal and business related expenses. I believe that, to succeed in life, you have to make out the maximum from every opportunity you get. You can’t just let an opportunity pass because you can’t afford it rite now. Well, one of the greatest boons of today is that we can buy almost everything on credit with credit cards or loans.

How I started using credit

When I was in my college, many times it happened that I had to buy something, but didn’t have the money for it at that time. Then I gradually made friends with the book store owner and other people who would give me credit when I needed, and I would repay them on time as I promised. This affair continued through the college, but I realized that if could get a credit card for myself, then it would just be an extension of the same idea. I got excited about it and applied for the card. I read all the legal documents carefully and made a mental note to strictly follow the guidelines. The credit card was very helpful through my struggling period, before I landed my first job. It would help me meet my important expenses till I could get the money arranged. I always tried to clear the credit bills on time. A few times when I could not make payment for a certain month, I would take help from my parents to clear the due so that no further interest accumulates and used the credit prudently.

Using the credit for good

It is important to understand that the credit card doesn’t provide you any extra money. It should be used carefully. I only used it as a substitute for immediate money and never splurged with it. I maintained a good credit record, which helped me with merchant processing services. It was a wonderful feeling to get the loan for my shop so easily and quickly, just with the help of my credit card processing fees. The loan and card further helped me stock up my store and handle other expenses too. I used to pay my distributors through card. It had two advantages, first I did not have to part away with cash immediately and also it further increased my credit ratings. In my store, customers can shop with their cards too. The credit card processing, or merchant services are very smooth. When a customer pays with his or her card, then the credit company makes the transaction straight into my business account. The online merchant services also provide me with many discounts. These discounts depend on factors like the type of business, risk involved, retail or online, etc.

Cautions while using cards

Cards are great responsibility too. Other than using them prudently, the cards should be kept safely. There have been many cases of unauthorized access of credit cards, which are worrisome. I never share my pin number to anyone and keep my card usage statements carefully. Once it happened that my credit bill was wrongly calculated due to some technical glitches. At that time these card usage slips proved very helpful. As a merchant too, I make sure that the credit bills are duly signed by customers.

Unsecured Business Loans

What to Know Before Getting Unsecured Business Loans

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Many new business owners find it increasingly difficult to maintain the costs of starting their dream business. It is no secret that current costs associated with the start and operation of a small business are constantly increasing over time as more businesses rise and fall. With the rise of web technologies and online services there are certainly ways to cut costs. That being said, there are also more costs to take into consideration as the stakes are raised and clients expect a better service.

Unsecured Business Loans

Professionalism and planning are great ways to show you’re ready for an unsecured business loan.

Regardless of the industry you’re in the costs associated business are rising. Some may opt to finance their business through a second job or through some other activity to raise funds. For many businesses owners an unsecured business loan may be their best opportunity to receive their much needed funds to get their business started. While an unsecured business loan may be a great idea, there are certainly a lot of things a small business owner should know prior to applying for one.

Secured and Unsecured

There is a major difference between a loan that is secured and a loan that is unsecured. Secured loans are usually loaned out and secured against some form of asset. Many businesses currently in operation with the assumption of growth will seek secured business loans and place some of their assets onto the loan. Small business owners lack the luxury of having a lot of assets to be able to use as security for their loans.

A secured business loan is generally going to cost a higher percentage in interest rates due to the loan being more risky to the financial institution. They have no guarantee they will be paid for the loan outside of the promise from the borrower. While unsecured business loans have a higher cost associated with them, they are a good idea for business owners who have experience in their particular niche. Business owners who know how to turn a profit can greatly benefit from unsecured business loans due to their knowledge within their industry and their ability to properly utilize the funds they receive for their business.

Before a financial institution will be willing to hand over a loan to a borrower, the borrower generally must first show that their business has a good credit report. In addition, the business owner must have a strong business plan and showcase experience within their particular industry. Financial institutions want to feel confident about the loans they are making to ensure they will not end up losing money within the deal due to the failure of a business.

If you’re seriously considering an unsecured business loan, it is vitally important to identify your objectives with the finances you’re requested and to have a plan set to turn a profit from those funds. Financial institutions are going to want to know how you intend to pay them back and it is important to ensure for the safety of your business that you have a plan in motion.

At the end of the day it is difficult to determine whether an unsecured business loan is the best direction to go to finance the start or growth of a business. It may be important to seek the assistance of a financial consultant prior to applying for an unsecured business loan to make sure the amount you’re seeking is realistic. If you’ve ever applied for and received an unsecured business loan from a financial institution, feel free to share your story to the rest of the world in the comments below.


What are the major issues to avoid when selecting credit card processing companies?

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Professionals meeting to discuss credit card processing.

Many businesses face difficulties when selecting a credit card processing company.

Credit card processing reviews are beginning to reveal important issues to merchants when searching for a solid payment processor. Many of these issues have deep-seated negative impacts on the recording and maintenance of payment-oriented transactions. These issues are often sales issues, the implementation of hidden fees, unauthorized debits, cancellation fees, and numerous others. Therefore, if you’re willing to attract the attention of the maximum number of clients, it is reasonable to avoid the same issues.

In fact, these issues are the major complaints often faced by the merchants accessing these services provided by any merchant service provider. These reviews have been published in order to make people more aware of the factors that adversely affect the credit card transactions they make online. The customers are highly suggested to go through these essential features in order to better judge their merchant service providers in a better way.

Problems with Hidden Fees

The presence of hidden fees relating to payment processing is of grave concern to merchants looking to maximize profit while producing a fair price to their customers. The existence of hidden fees relating to certain types of transactions, a certain quantity of transactions, or specific situations can cause hardship for many merchants. Merchants searching for credit card processing reviews should take care to find payment processors with a lack of hidden fees based on testimony of those using the service.

Problems with Technical Support

Many merchants fear a lack of technical support as a strong reason for quitting a specific merchant service. It is important to understand a credit card processor’s technical support practices and available to best understand when they are going to be available, how quick they will be available, and how trustworthy the processor is. While some payment processors offer 24/7 support, they may not offer the same quality support at all hours of the day, thus causing headaches for merchants which process payment at all hours of the day. It is important to have a merchant processor that can handle technical issues quickly even outside of peak hours.

credit card processing

Select your best fit credit card processing company to ensure convenience for your customers.

Problems with Merchant Identification

In many cases, a merchant can find it difficult to have recurring payments or processing payments in a timely fashion. If a payment shows up on a bank statement for a client with a name that doesn’t appear to be the same as a merchant, they may contest the charge due to not understanding where the charge originated in. It is important to check reviews for such issues that could lead to charge backs due to miscommunication and misunderstandings of merchant identity.

If you’re interested in learning more about finding a quality credit card processing company, the following video should give you some more insight:


Why merchant cash advance is critical to credit card merchants.

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Businesses find merchant cash advances useful.

Don’t let your business suffer from a lack of growth without a merchant cash advance.

Many businesses operating in retail and similar industries understand the pains associated with the busiest time of their financial year. In many cases a single month of time could account for nearly 90% of the gross revenue for the year, leading to a large need of funds to purchase goods and services. For these businesses, and many others, loan services are critical for both success and future growth. Any business in an industry associated with periods of time busier than normal will find merchant cash advance services to be essential. In particular, cash advance loans work great for companies looking to expand based on a loan that is paid through their future credit card sales.

Business Loan Against Credit Card Sales

For businesses which can properly anticipate regular credit card sales and transactions, a merchant cash advance is a loan to assist them in growing their business by providing them with an up-front cash loan to purchase goods and supplies. Many merchants will utilize a merchant cash advance in order to purchase their goods and services during a period of time when sales pick up. For many merchants this time of the year is around the holiday season or during a tourist season in their area. For these merchants, the major loan criteria often relates with the volume or total amount of sales transactions by credit card on the basis of which the loan amount will be decided by the lender.

Often times there is a specific number of transactions required in order for a business to quality for a merchant cash advance loan. In many cases the credit card terminals need to be connected by the lender in order to track the daily sales transactions by the merchant processing credit cards. If the transaction volume matches up to the anticipated level, the lender can cater the loan to the merchant. In fact, the terms of loan repayment are also highly dependent on the transaction volume of the merchant. If the volume is large, then flexible terms and lower interest rates will be made available. The inverse is also true.

Loan Repayment vs Sales

Due to the nature of cash advance loans one could consider the advance either a sale or a business loan. The type of loan does not involve any minimal requirements of payback. Instead, they are mainly listed in the form of sales. In some cases, the lender purchases a certain part of future receivables. A specific credit card transaction percentage will be charged by the lender until the repayment is completed.