More Payment Options, More Sales

As a business owner, you already know the more payment options you can provide your customers the easier it is to make sales, and most importantly, to get paid.  You also know, in this day and age, that many customers prefer to pay with credit cards and debit cards rather than cash. If you haven’t added those options to your payment choices, you are missing out on potential sales. How do you change all that? By signing up for a merchant account with a merchant services provider (MSP). 

payment-options

Synonymous with financial services that allow you to accept credit cards, debit cards and mobile payments, merchant services can cover everything from software to the hardware and equipment needed to enable in-person, telephone, online and mobile device sales, with a fee attached to each transaction. 

Some business owners have resisted merchant services due to that fee, but others have come to realize that paying a small percentage per transaction does not eat into their bottom-line like reduced sales (due to cash-only policies) or non-payment for services.  The “check is in the mail” – anyone?  

Other businesses have found ways to absorb fees through slight price hikes or other methods.  Plus, it is now possible to tap into MSP’s that offer very competitive rates and attractive terms. Take for example CardConnect Gold Coast.  We offer merchant accounts with rates from 0.25%, free setup & hardware options, and no long-term contracts. 

Now that you know merchant services through a merchant account can enhance your business, here’s a look at how it all happens so you can confidently make the move toward providing your customers with additional payment options. 

  • While it only takes a few seconds to approve or deny a credit card purchase, it takes a few parties to make a transaction happen.  The payment processor (MSP), the credit card company (Visa, American Express, Mastercard etc.) and the card issuer (usually a bank or credit union). 
  • When a customer swipes, inserts or taps their card at a credit and debit card terminal, it will send transaction information to the payment processor (also called the acquiring bank or merchant account) and request authorization for payment.
  • The payment processor will then, in turn, send the transaction to the Credit Card Association (Visa, Mastercard, American Express, etc.) who passes it on to the bank or organization that issued the card to your customer. 
  • The card issuer will follow up with an approval or denial message on your terminal based upon the status of the customer’s account.  

As we mentioned, this usually takes just a few seconds and sets you up to receive funds from your sales (less the interchange fee which the issuing cardholder shares with the credit card network share) within 24 to 48 hours. 

Ready to get started?   At CardConnect Gold Coast,  we provide credit card processing to merchants of various sizes and industries, and are always looking for every opportunity to help our clients obtain more value from each transaction with one of our merchant accounts. We offer competitive rates,  free setup & hardware options along with a point-of-sale system that essentially helps you manage credit, debit & gift card processing, rewards programs and more. Let’s discuss the possibilities. Contact us today online or by phone at (800) 823-2131.

Four Words That Will Help You Increase Sales & Profits!

Increase Profits“We accept credit cards.”  After all, providing the ability to pay in a number of ways helps customers  say “yes” to purchases they might not have the cash in hand to cover. And that is becoming more commonplace every day. 

We live in a world where technology rules; where millennials and their younger counterparts have grown up with credit cards and debit cards provided by their parents as a safer alternative to carrying cash, and/or to keep track of spending habits.

As these young consumers age, their preference to go “cashless” has resulted in merchant service providers making it easier than ever to insert, swipe or tap. As a possible “boomerang effect,” these preferred-cashless buyers may also be prone to avoid stores, restaurants and other service providers that do not accept credit cards.  That’s something to seriously consider if you are running a cash-only business.

While the thought of implementing a credit card processing system may seem overwhelming, accepting credit cards at your business pays off in the long run, and here’s why. 

Credit cards make collections easier and encourage more purchases.  The transaction is usually quicker than paying with cash or check. Plus, it takes away the mental aspect of “giving change”  as well as balance sheet errors that can occur with under-or-over payment by cash. Plus, credit card acceptance often leads to more frequent purchases by customers who put a high-value on convenience.

Credit cards keep track of transactions.  An electronic record is automatically created through whatever service or device that handles your transactions. This record is invaluable when assessing sales, issuing refunds, dealing with disputed transactions, compiling marketing data and more. 

Credit cards send money your way immediately. Customers with credit cards pay immediately, getting your business its payments faster and improving cash flow. For businesses that send out invoices and often wait for payment for several weeks, this benefit may be the most compelling reason to accept credit cards. 

At Card Connect Gold Coast, we believe the sooner you accept credit cards, the sooner your products and services will become available to more people for more sales and more profits.  We offer credit card processing to merchants of various sizes and industries, and are always looking for every opportunity to help our clients obtain more value from each transaction. Merchant accounts, credit card processing, universal commerce, point-of-sale (POS), payment processing, we do it all.  Contact us today online or by phone at (800) 823-2131.

Rack Up More Sales With Clover POS!

The line is out the door with people ready to pay!  That’s a good thing for your business until an outdated point-of-sale systems runs slow or stops working,  Customers get irritated, some may leave before buying, or worse yet, never come back at all. Don’t lose the momentum you’ve worked so hard to build!  Provide your paying customers with fast and easy check-out with Clover POS.  

Swipe, tap, insert, cha-ching!  Electronically deposit a check, more cha-ching!   Add cash ( because it’s still “king” to many) for extra cha-ching. We all know the more ways you allow a customer to pay, the more sales you’ll rack up. That’s why the Clover Point-of-Sales System accepts ALL types of payments from credit and debit cards to gift cards and checks, and offers a cash drawer for traditional payments too!  

rack-up-more-sales-with-clover-POS

Everything you need in a POS, think of Clover POS as a “virtual assistant” able to not only accept payments, but to also take orders, organize inventory, manage your team and grow your customer base.    You can use Clover’s powerful analytical tools to track revenue: drill down to see your busiest times, best-selling items and to keep tabs on your inventory. You’ll also be able to access a myriad of vital information ranging from end-of-the-day reports to monthly sales trends.  Best of all, you can monitor your business statistics and transactions 24/7 with the CLOVER POS Mobile App. 

Speaking of Apps, you can add to your Clover System with best-in-class POS Apps such as Time Clock, Payroll and Yelp, and synchronize with accounting tools such a QuickBooks and Xero.  Clover POS include powerful POS applications to manage customer contacts, offer promotions, discounts and loyalty rewards programs, accept appointments and reservations plus more. 

Imagine, one easy-to-use  point-of-sale system that essentially helps you manage your business backed  by a merchant services firm that offers competitive rates, free setup & hardware options, no long term contract options and more.  That’s what you’ll get when you choose Clover POS and CardConnect Gold Coast. We offer credit card processing to merchants of various sizes and industries, and are always looking for every opportunity to help our clients obtain more value from each transaction.  Merchant accounts, credit card processing, universal commerce, point-of-sale (POS), payment processing, we do it all. Contact us today online or by phone at (800) 823-2131.

What’s an Interchange Fee and is it Worth Paying?

WHAT’S AN INTERCHANGE FEE AND IS IT WORTH PAYING?
So you’ve got a business and you want to accept major credit cards. The more ways people can pay, the better – but what about that “interchange fee” (and other processing costs) added to each transaction by your merchant services provider? Is it worth deducting a percentage every time you make a sale for the convenience of accepting credit cards? That’s a question we get a lot, and yes, it is worth it. We’ll explain why, but first a bit of back story on the process.

In this digital, increasingly paperless age more consumers are paying for transactions with plastic rather than cash. Fees for card processing services are unavoidable, but there are ways to reduce them and manage their impact on your profit margins.Every time a customer taps, inserts or swipes a credit card, card associations like Visa and Mastercard jump in to facilitate the transfer of funds from the card’s issuing bank to the acquiring bank. For this service, these card associations collect “an interchange fee” from the acquiring bank which then goes to the issuing bank. Well then, how does Visa or Mastercard make their money? They collect something called a “network fee” which averages around 0.05% per transaction. Much smaller than the 0.2 % or higher interchange fee the issuing banks receive, it still keeps them in business with billions of transactions processed each year. Using Visa and Mastercard as an example, it’s important to note that Discover conducts business in a similar way as does American Express with a slight variation in terminology. Amex calls their “interchange fee” a “discount rate” and with more premium credit cards in their portfolio, generally charges a higher percentage on credit card transactions. Standard interchange fees and discount rates vary, with detailed information available by clicking the links below.
https://usa.visa.com/support/small-business/regulations-fees.html
https://www.mastercard.us/en-us/about-mastercard/what-we-do/interchange.html
https://www.discoverglobalnetwork.com/en-us/home/data/acqIntchgLanding.html
https://www.americanexpress.com/content/dam/amex/us/merchant/merchant-channel/US_RefGuide_October_2018-Final.pdf

Now that you know what an interchange fee is and how much credit card companies charge, is it worth it for you to pay? We think so.
Afterall, the more options you give customers to pay for goods & services, the more likely you will increase sales and attract repeat business. The world is also becoming more of a “cashless society” with many people (especially Millennials) preferring not to carry money on their person. Unlike those using cash, these credit card carrying customers are likely to spend more when they are not restrained by a finite amount of dollars in their wallets.

Stay ahead of the times with Card Connect Gold Coast. From processing systems that benefit business-to-business merchants and P2P encryption that protects your most sensitive information and make payments more secure, we are on the forefront of payment technologies. Merchant accounts, credit card processing, universal commerce, point-of-sale (POS), payment processing, we do it all. Contact us today online or by phone at (800) 823-2131.

How Businesses Can Save on Processing Fees

In this digital, increasingly paperless age more consumers are paying for transactions with plastic rather than cash. Fees for card processing services are unavoidable, but there are ways to reduce them and manage their impact on your profit margins.

In this digital, increasingly paperless age more consumers are paying for transactions with plastic rather than cash. Typical merchant account companies charge up to a total of 5% on card payment transactions (including processing costs, interchange costs, and statement fees). It is a deceptively small percentage that can significantly impact businesses’ bottom lines in certain situations. Fees for card processing services are unavoidable, but there are ways to reduce them and manage their impact on your profit margins.

Set a Minimum Amount for Credit Card Sales

If most of your sales are small amount transactions, it probably is not worth accepting credit card payments for them once you consider the processing fees. A common way to prevent customers from swiping their cards for small purchases is to put up a sign stating a minimum amount. Federal law allows merchants to require a minimum of up to $10.

Swipe for Lower Fees and Higher Security

Transactions in which the cardholder’s information is manually entered incur higher fees than if the card is swiped. Manual entry is less secure against fraudulent purchases, so card processors protect their own interests against the security risks associated with manual entry by charging the higher fee. The magnetic strip found in credit cards contains security features that ultimately give cardholders, card processors, and your business peace of mind during swiped transactions.

Buy Your Own Credit Card Terminal

Many credit card processing companies rent out the terminals you need, which might be convenient for getting things set up and running more quickly. However, continuing to pay rental fees eventually ends up costing more than if you had bought the equipment. Most terminals are available for purchase cost between $100 and $600. So, depending on how much you are paying in rental fees and which terminal you choose to buy, your one-time purchase could be a wise investment in the short and long term.

Negotiate Lower Fees with Your Payment Processor

If you’ve established a good working relationship with your card payment processor and business has been going very well, use it as an opportunity to negotiate lowered fees. They won’t want to risk losing your business if it is a reliable source of revenue and lower fees will help them keep it.

Consult with a Processing Expert

Most business owners are busy enough running their business to spare the time to become experts on credit card processing. That’s why it has become a separate specialized industry with professionals dedicated to understanding the process and educating and assisting business owners with finding ways to get low fees.

 

CardConnect Goldcoast has been a leader in the card payment processing industry for nearly three decades, serving tens of thousands of clients throughout the United States and over 100,000 globally. Contact us today online or by phone (800-823-2131) with any questions about card processing fees and how we can help your business reduce them.

How Interchange Optimization Can Improve B2B Bottom Lines

Interchange optimization is a process that analyzes and evaluates each transaction to determine the lowest appropriate fee to charge for card-based transactions. CardConnect Goldcoast can help Optimize your Bottom Line.

The word “risk” is a constant presence in business, but its role in decision-making has never been more pronounced than it is in today’s globalized economy. Banks are looking for new and more effective ways to protect the money with which they fund merchants, while business owners seek more efficient ways to reduce the risks of disputes or chargebacks in order to realize lower interchange costs and higher profits.

Several studies have shown that accepting credit card payments for goods and services tends to increase sales volume. Implementing card acceptance services has always come at a cost to bottom-line profits but, understandably, business owners would like the cost to be minimal. Enter Interchange Optimization!

Interchange Optimization and Its Benefits

Interchange optimization is a process that analyzes and evaluates each transaction to determine the lowest appropriate fee to charge for card-based transactions. It accounts for the type of card used, how it was processed, and other relevant data. Merchants that accept business credit cards often benefit the most from interchange optimization, as they usually save them between .05% to 1.10% on each transaction. To obtain the best interchange rates, the transaction details need to meet certain criteria, which are set by the card provider.

The Convenience of Interchange Optimization for B2B Merchants
For B2B (business to business) merchants, analyzing and using the data extracted from each card transaction is a complex and time-consuming process. Most merchants simply aren’t equipped to handle it. Interchange optimization provides a convenient and efficient way to process all this information. And with more companies using business cards in recent years, more merchants that accept those cards are reaping the financial benefits that interchange optimization offers.

The Importance of Using a Trusted Interchange Optimization Consultant
A strong interchange optimization consultant helps B2B merchants develop a solution that considers their specific payment acceptance needs. The more personalized the service, the better the end result for your business. Also, using a knowledgeable and experienced consultant to handle your interchange optimization gives you a greater opportunity to enjoy the lowest interchange rates possible. And, as a cherry on top, you’ll free up a significant amount of resources—time, money, labor—that can be allocated elsewhere!

CardConnect Goldcoast has been a leader in the payment processing industry for nearly 3 decades. We serve tens of thousands of clients throughout the United States, and over 100,000, in total, globally. Our payment solutions are known for their security—we’re the trusted provider to several of the world’s top brands—and they’re applicable to any business in any industry. Contact us today online or by phone (800) 823-2131 to learn how your business can take advantage of the best interchange optimization service and pricing in the transaction industry today!