Last week we talked about Interchange- the base for all credit card processing. Today, we are going to discuss the process & fees related to Authorizing, Capturing & Settling credit card transactions. We will use our Bicycle Shop again today to give you a real life example of how this process works!! Let’s start with definitions! AUTHORIZATION: When a credit card is processed, the first step in the approval process is AUTHORIZING the amount requested by the business owner. No money is actually moved during this part of the process but an imaginary hold is placed on the credit card, protecting the amount of money the consumer spent. The merchant has less than 30 days to complete the process- if a merchant only Authorizes a transaction and does

We have recently made some COOL updates to our Facebook page (www.Facebook.com/TotalMerchantConcepts) and our team is currently investigating the impact that Social Media has on businesses- stand by for great tips, advice and offers coming in the very near future AND- enjoy this great article we found! By Anthony Godley in Social Networking What is social media, you ask? Think Facebook? Think YouTube or Twitter? Think fundamental shift in how businesses reach customers and how organizations connect with constituencies. Think outside your traditional marketing box. Web 2.0 is alive with conversations, and Internet marketing isn’t just about email blasts anymore. The social media train is leaving, and you don’t want to get left at the station. Think you know what we’re talking about? Social Media is a phrase

Last week’s ‘Whopper of a Breach’ article regarding the $200K in fines levied against a Burger King Franchisee, caused alot of our merchants to call in and ask more questions about PCI Compliance. Could this happen to me? Is my business compliant? Do I need to do anything else to make sure my customer’s cards are protected? We have seen PCI Compliance go from an unknown, fee related issue to a very critical part of making sure businesses are insulated from breaches and fines. Instead of merchants asking questions like ‘WHY do I have to be compliant’, they are now asking questions like ‘HOW do I protect myself and my customers’. Most larger companies are now dedicating staff members to insure they are not blindsided by breaches! And

In February of last year, we discussed the IRS reporting requirements statute, which was added in November of 2009 to the Housing Assistance Tax Act of 2008. In a nutshell, this statute required all credit card processing companies to report the merchant services activities of all merchants beginning January 1st, 2011. Processors are also required to report the correct legal name, Tax Payer Identification Number and address of all merchants processing credit cards. It is imperative that the information we have on record is accurate, as the IRS backup withholding rules will be applied to this statute. This means that our processors will be required to withhold Federal Income Tax (currently 28%) if any pertinent information is missing or if there are any discrepancies with Federal Tax ID

When I train our referral partners to send their members to our company, I make some HUGE promises related to the level of service they can expect from my team. I’ve even been accused of implying that my staff can ‘Walk on Water’! Well they do not walk on water (that position was filled over 2000 years ago), but there is a reason why I feel so comfortable making large promises regarding the service level of my team: THEY DELIVER! Each of our staff members truly cares about the businesses they have the privilege of working with and they know their stuff! At TMC we know that our staff is Passionate about what they do because if they are not, we do the only logical thing we can

Welcome to 2012! A New Year has begun and for many it means time for resolutions and refocusing! Here at TMC, we are looking at ways to be of MORE service and add more value to those who partner with our company. We are excited to let you know that our merchants & referral partners are going to benefit from our renewed commitment and focus in some exciting business building areas! Here is a glimpse of things to come in the New Year! Excellent Customer Service: this is our PASSION at TMC and we are always in the process of improving our level of service. There are tons of books to read, classes to take and seminars to attend for more information. We will (of course) turn to