Accepting credit cards has given lots of business owners incredible benefits!
- Getting Paid More Quickly
- Increasing Ticket Sizes
- Expanding Market Share
…just to name a few. But with the GOOD- there comes a little bad! We wanted to send a shout out to our merchants (and FUTURE Merchants ) to let you know that we are approaching a season in the credit card processing industry that tends to bring out the WORST elements.
Industry adjustments that call for rate increases and equipment upgrades bring the solicitors in our industry- out in force! You will want to keep a couple of things in mind in order to insulate yourself from the less than scrupulous visits and calls you are about to receive!!
EQUIPMENT UPGRADE REQUIREMENTS:
Currently we have two industry shifts happening at the same time. Both shifts MAY require an update to your processing equipment.
1- EMV It is important to note that accepting cards and processing them using the CHIP (EMV Reader) is NOT mandated however, businesses do put themselves at risk for additional fraud losses if they elect not to upgrade to equipment that can read the chip. Considering your clientele, the way you accept credit cards as well as your average ticket size, will help you make the best decision for your business. As you might expect, our team is here to help. If you want to talk through the pros and cons of upgrading for EMV, email our team by clicking HERE and we will walk through a NO PRESSURE, NO HASSLE conversation about whether this upgrade is in your best interest.
2- NEW MASTERCARD NUMBERS This change is one that will DEFINITELY have you considering an upgrade to new equipment. MasterCard has come out with a new series of credit card numbers. While not mandated, the fines associated with not being able to process these cards (many older pieces of equipment cannot be programmed to accept the new card numbers) are VERY large: $25K/month to be specific. For more details about this change, click HERE to see more information from MasterCard’s website. Many pieces of equipment can accept new programming, enabling them to accept the new #’s and many pieces of equipment across the country will need to be upgraded. Check out our blog on the new card numbers HERE. If you need assistance determining where you stand, our team is here to assist (NO PRESSURE, NO HASSLE) with guiding you through that process as well. Click HERE to email our team for assistance.
Every April & October, the card associations review the pricing categories and change some of them. When they make these adjustments- the entire industry sees the increases, decreases (Yes- that happens on occasion!) and additions of new categories. KNOW your rates, and if you would like a better understanding of how the entire pricing works – we have a BLOG you can visit for more information and you are always welcome to contact our team directly by clicking HERE. Knowledge is POWER and can help keep you from falling victim to some of the less honest people we see in the industry.
Our main concern is that you do not feel hounded or pressured to make any changes- for any reason. Lots of shady sales reps in the credit card processing industry use these industry shifts as a way to scare you into hasty decisions. NO NEED TO FALL PREY to those characters!
Cheri Perry
Sunday, March 26, 2017
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