American Credit Card Processing Corp

10/31/2024

The pitfalls of deciding on a new merchant account provider on price alone

Choosing a new merchant account provider based solely on price can lead to several pitfalls:

Hidden Fees: Low advertised rates may hide additional costs like monthly fees, statement fees, PCI compliance fees, and chargeback fees, which can add up quickly.

Poor Customer Support: Cheaper providers may lack reliable customer service, leaving you without help when issues arise with payments or equipment.

Limited Features: Lower-cost providers may not offer advanced features like fraud protection, reporting tools, or integration with your POS system, which can limit business growth.

A la Cart features: Lower-cost providers utilize costly 3rd party vendors for features like apps for smartphone or tablet, payment link, virtual terminal which can make the total monthly costs higher with additional fees and logins, reports & calls to customer service.

Long-Term Contracts: Some low-cost providers may lock you into long-term contracts with hefty cancellation fees, making it difficult to switch if you're unhappy.

Unreliable Processing: Focusing on price may mean sacrificing reliability or uptime, potentially leading to lost sales during processing downtimes.

It's essential to consider the overall value, not just the upfront price, to avoid these common issues.

Mx Merchant will make your business more Efficient, more Effective and more Profitable

I offer a complimentary 30-minute discussion to walk through what that looks like for you.

www.calendly.com/jsaluk

10/30/2024

Is your merchant account a Trick or Treat?

In the credit card processing space, over-promising and under-delivering is a common issue. Here are a few examples:

1. "Lowest Rates Guaranteed"

Promise: Providers often advertise the lowest possible processing rates to attract businesses.

Reality: The "teaser" rate only applies to a small percentage of transactions (like debit cards), while other transactions are processed at much higher rates. Hidden fees for things like PCI compliance, monthly service, or batch processing can quickly add up.

2. "No Contracts"

Promise: Some companies claim to offer "no-contract" or "month-to-month" agreements.

Reality: In fine print, there are often early termination fees, or you may be locked into a lease agreement for POS equipment, which can last years and be expensive to break.

3. "Free Equipment"

Promise: Some processors offer "free" POS systems or card readers.

Reality: The equipment may be free upfront, but merchants often pay higher transaction fees or are tied to a long-term contract with costly terms. Leasing fees may also apply, turning the "free" equipment into a financial burden over time.

4. "Instant Approval"

Promise: Providers promise quick approvals to lure businesses.

Reality: While initial approval may be fast, issues like withheld funds, account freezes, or underwriting delays can occur later, especially for high-risk businesses, causing disruption in cash flow.

These tricks can lead to significant frustrations, making it important for businesses to carefully read contracts and ask detailed questions before signing up.

Mx Merchant will make your business more Efficient, more Effective and more Profitable

I offer a complimentary 30-minute discussion to walk through what that looks like for you.
www.calendly.com/jsaluk

10/29/2024

Jim Moran Institute for Global Entrepreneurship alumni lunch

10/29/2024

Why does my business bank try to sell everyone clover?

Is Clover right for every business to accept credit cards?

Many banks and payment processors promote Clover as a point-of-sale (POS) system for businesses because of its versatility, strong integration with banking services, and potential for generating additional revenue for the bank.

Here’s why your bank might be pushing Clover and whether it’s suitable for every business:

Why Banks Promote Clover

Revenue Generation:Banks and financial institutions often have partnerships with companies like Clover. When they sell or lease Clover devices, they earn commission from hardware sales, software subscriptions, and transaction fees.

All-in-One Solution:Clover offers an all-in-one platform that includes hardware, software, and payment processing services. Banks like this because it simplifies the onboarding process for merchants—they don’t have to source separate solutions for different needs.

Brand Trust and Integration:Clover is owned by Fiserv, a major financial services company. Banks are confident in recommending Clover because it's backed by an established name in the financial industry. The system often integrates well with the bank’s own merchant services and reporting tools.

Ease of Use:Clover is user-friendly, and banks market it as a solution that simplifies payment processing for small- and medium-sized businesses (SMBs). It allows banks to offer a product that their customers can start using with minimal training.

Versatility:Clover is marketed as a versatile system, with customizable apps that can suit various types of businesses (retail, restaurants, service providers, etc.), making it appealing to a broad range of customers.

Is Clover Right for Every Business?

While Clover is widely used, it isn’t necessarily the right fit for every business.

Here are some pros and cons to consider:

Pros of Clover

Wide Range of Hardware Options:Clover offers various devices, from mobile card readers to full countertop POS systems. This flexibility makes it appealing to different types of businesses, whether they need mobility or a more robust setup.

Customizable Software:The Clover App Market allows businesses to add features like inventory management, employee tracking, and customer loyalty programs. This modular approach can be tailored to specific needs.

Cloud-Based:Clover operates in the cloud, so businesses can access their data and reports from anywhere, which is ideal for owners who manage multiple locations or need to check on operations remotely.

Integrated Payment Processing:Clover handles payments in-house, which can streamline transactions and provide easy-to-use reporting. This is convenient for businesses that want a simple, all-in-one solution.

Good for SMBs:Small and medium businesses (SMBs) with relatively straightforward operations (like retail, hospitality, or services) might find Clover’s features sufficient and beneficial.

Cons of Clover

Locked into Clover Payments:Clover requires you to use their in-house payment processing. This might not be the best option if you want the flexibility to choose a different processor with better rates. You may end up paying more in processing fees.

Higher Cost for Larger Businesses:While Clover is great for smaller businesses, larger businesses or those with complex operations may find its features limiting and more expensive.

Limited Customization for Some Industries:While Clover is customizable, it may not offer all the specific features that certain niche industries require.

Upfront and Subscription Costs:The cost of Clover devices can be relatively high, and there are ongoing subscription fees for using various apps and features. For very small businesses or those with tight margins, this could be a drawback compared to simpler and cheaper solutions.

Not the Best for High-Risk Merchants:If your business is considered high-risk (e.g., CBD, gambling, etc.), Clover may not be the best fit, as it typically caters to lower-risk, mainstream industries.

Conclusion: Is Clover Right for Your Business?

Clover can be a good fit if:You’re a small or medium-sized business that needs an easy-to-use, all-in-one POS system.
You value flexibility with a range of hardware and software options.
You prefer an integrated solution with built-in payment processing.

However, Clover may not be ideal if:
You need more complex or industry-specific POS features.
You want the flexibility to choose your payment processor and get the best rates.
You are a high-risk business, or you operate at a large scale where more specialized systems may be necessary.

Ultimately, it's important to evaluate your specific business needs, compare the cost, and review the features that Clover and other systems offer before making a decision.

Mx Merchant will make your business more Efficient, more Effective and more Profitable

I offer a complimentary 30-minute discussion to walk through what that looks like for you.
www.calendly.com/jsaluk
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10/28/2024

Applying for a high-risk merchant account can be more challenging than a standard one due to the increased risk for chargebacks, fraud, or legal restrictions associated with certain industries.

Here are some best practices to help increase the likelihood of approval and smooth operations:

1. Understand Why You're High-Risk
Industry Type: Businesses like adult entertainment, gaming, travel, CBD, forex, and subscription services are considered high-risk.
Business Model: High chargeback ratios, subscription billing, or businesses with a global customer base are typically deemed high-risk.
Credit History: If your business or personal credit score is low, processors may view this as a risk.
2. Choose the Right Provider
Specialized Providers: Look for payment processors that specialize in high-risk accounts. These providers have the necessary experience and partnerships with acquiring banks.
Multiple Acquiring Banks: Some high-risk processors have multiple banking relationships, increasing the likelihood of approval and ensuring continuity if one bank drops your business.
3. Prepare Detailed Documentation
Business License: Ensure your business is legally registered and compliant with local regulations.
Financial Statements: Provide accurate financial records to demonstrate business stability. Having a few months of bank statements and prior processing statements can help show the processor your chargeback ratio and sales volume.
Chargeback Mitigation Plan: If chargebacks are a risk in your industry, explain how your business mitigates this, such as through clear terms, customer support, or fraud detection systems.
Processing History: If you have had merchant accounts before, provide a record of your transaction volume and chargeback ratios to demonstrate responsible operations.
4. Ensure Your Website is Compliant
Terms and Conditions/Privacy Policy: Have clear and accessible terms and conditions, return policies, and privacy policies on your website.
Secure Checkout Process: Ensure that your checkout process is secure and uses SSL encryption to protect customer data.
Business Information: Display your contact information, address, and business name to build trust with both the provider and customers.
5. Be Transparent About Your Business
Full Disclosure: Be upfront about your business type, target market, and transaction types. Misrepresenting your business may result in account closure or legal repercussions later.
Explain the Risks: If your business has higher-than-usual chargebacks, explain why and what steps you are taking to reduce them (e.g., better customer service, clearer billing).
6. Optimize for Chargeback Reduction
Fraud Detection Tools: Use fraud prevention and chargeback mitigation tools, like 3D Secure, AVS (Address Verification System), and CVV matching.
Customer Service Focus: Ensure that customer support is easily accessible to resolve disputes before they escalate into chargebacks.
Recurring Billing Practices: If you offer subscriptions or memberships, make cancellation easy and provide reminders about upcoming billing to prevent disputes.
7. Negotiate Terms
Fees: High-risk accounts often come with higher processing fees and reserves. Negotiate these fees and aim to get the best terms based on your business's volume and risk profile.
Rolling Reserves: Many high-risk accounts come with a rolling reserve, where a percentage of your funds are held in reserve for a certain period. Understand and negotiate the reserve terms, aiming to lower this over time as your business demonstrates reliability.
8. Maintain a Low Chargeback Ratio
Best Practices: Keep your chargeback ratio below 1% of total transactions. A ratio above this could result in your account being flagged or terminated.
Chargeback Monitoring: Use chargeback monitoring services to get early warnings about disputes, enabling you to respond before they escalate.
9. Stay Compliant with PCI-DSS
Security Standards: Follow the Payment Card Industry Data Security Standard (PCI-DSS) to ensure your payment systems are secure, and you're protecting cardholder data. This is essential for gaining and keeping a merchant account.
10. Monitor Your Account Regularly
Review Statements: Keep an eye on your processing statements to catch any unusual activity or discrepancies.
Regular Communication: Stay in regular contact with your payment processor, especially if you anticipate any major business changes, such as volume spikes or the introduction of new products or services.
By preparing thoroughly, choosing the right provider, and maintaining compliance, you can improve your chances of approval and manage your high-risk merchant account effectively.

Mx Merchant will make your business more Efficient, more Effective and more Profitable
I offer a complimentary 30-minute discussion to walk through what that looks like for you.
www.calendly.com/jsaluk
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10/26/2024

To avoid chargebacks when accepting card-not-present (CNP) credit card transactions, follow these best practices:

Use AVS (Address Verification System): Verify the billing address to ensure it matches the cardholder’s address on file with the issuing bank.

Require CVV Codes: Request the three- or four-digit security code on the back of the card to add an extra layer of security.

Require copy of Credit Card & Driver's License: Adds an additional layer of confirming the CH (Cardholder) is performing the transaction.

Obtain Clear Consent: Ensure customers agree to the purchase terms by getting explicit authorization, such as via email or a signed agreement.

Provide Detailed Descriptions: Offer clear and accurate product/service descriptions to avoid confusion or dissatisfaction.

Deliver Promptly and Communicate: Ship items quickly and send confirmation and tracking info to the customer to manage expectations.

Use Fraud Detection Tools: Employ tools like 3D Secure or fraud filters to flag suspicious transactions before completing the sale.

Maintain Good Customer Service: Address complaints or refund requests promptly to prevent disputes from escalating into chargebacks.

Mx Merchant will make your business more Efficient, more Effective and more Profitable

I offer a complimentary 30-minute discussion to walk through what that looks like for you.

www.calendly.com/jsaluk

10/24/2024

Are you using 20th Century technology in the 21st Century?

Over the past 20 years, the merchant services industry has gone from clunky "knuckle busters" (manual credit card imprinters) and the ever-reliable Zon Jr. terminals to a slick, tech-driven landscape. EMV chips came along to give your transactions a security upgrade, followed by the rise of contactless payments like Apple Pay and Google Wallet—because who has time to swipe or dip anymore? E-commerce brought in virtual terminals and gateways, letting businesses sell online with ease. And now, integrated POS systems do everything but pour your coffee, handling inventory, sales, and even customer management like pros.

Mx Merchant will make your business more Efficient, more Effective and more Profitable

I offer a complimentary 30-minute discussion to walk through what that looks like for you.
www.calendly.com/jsaluk
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10/23/2024

It’s been 9 years since Priority Payment Systems acquired American Credit Card Processing Corp, where I began my journey in 2003. I've been in the merchant services industry for over two decades, and I've spent more time working for Priority than most professionals have been in the business.

This long tenure has allowed me to witness the evolution of payment processing from Zon Jr's to contactless and continually refine my expertise to provide top-tier solutions to clients.

My experience has given me a unique perspective on the industry’s challenges and opportunities, making me a trusted resource in merchant services.

Mx Merchant will make your business more Efficient, more Effective and more Profitable

I offer a complimentary 30-minute discussion to walk through what that looks like for you.

www.calendly.com/jsaluk
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10/22/2024

Are you waiting to get around to it to address your sub par merchant account?

Waiting to address a subpar merchant account can lead to multiple issues:

Higher Fees: Delays may mean paying unnecessarily high processing fees, cutting into your profits.

Missed Opportunities: Without the right tools, you might not be able to capitalize on more efficient payment methods or integrated solutions.

Customer Frustration: Poor transaction processing could result in slow payments or declined transactions, leading to lost sales and unhappy customers.

Security Risks: Outdated or inadequate systems may expose your business to increased fraud risk and potential breaches.

Compliance Issues: Waiting could lead to non-compliance with the latest industry standards, risking penalties.

Mx Merchant will make your business more Efficient, more Effective and more Profitable

I offer a complimentary 30-minute discussion to walk through what that looks like for you.

www.calendly.com/jsaluk

10/17/2024

A buffalo turns into the storm knowing it will pass quicker by doing so.

Do you prolong adversity by turning away from it?

The metaphor of a buffalo turning into the storm is a powerful one, symbolizing resilience, courage, and the understanding that facing adversity head-on is often the quickest path to overcoming it. When a storm approaches, buffaloes instinctively turn toward it and charge through, knowing that by moving into the storm, they will endure the hardship for a shorter period of time. On the other hand, many animals (and metaphorically, people) tend to run away from the storm, prolonging their time in the chaos as the storm inevitably catches up with them.

Do You Prolong Adversity by Turning Away From It?

Avoidance Delays Resolution: By turning away from challenges, whether personal or professional, you might temporarily escape discomfort, but you prolong the time spent in uncertainty or struggle. Adversity doesn't disappear when ignored—it tends to grow, and the longer you avoid it, the more overwhelming it can become.

Facing Challenges Builds Strength: Like the buffalo, when you turn toward your challenges, you face them with the intention of pushing through. By addressing problems head-on, you develop the strength, skills, and resilience necessary to handle future challenges more effectively.

Turning Away Increases Anxiety: Avoiding problems often leads to a buildup of stress and anxiety. By not dealing with them, you're left with the looming presence of the unresolved issue, which can feel heavier the longer you avoid it. Facing the storm brings clarity and action, helping you regain control.

Growth Comes From Facing the Storm: Much like storms, adversity is temporary. By confronting it, you allow yourself to grow through the experience, learn valuable lessons, and come out stronger on the other side. Running away only delays growth and prolongs the discomfort.

Short-Term Pain, Long-Term Gain: Charging into adversity may be painful in the short term, but like the buffalo, you'll emerge from the storm quicker and stronger. The more you face difficulties directly, the better equipped you are to handle future storms.

Embracing the Storm in Business and Life:

Turning into the storm—whether it's a difficult business decision, a personal challenge, or a financial setback—requires courage. But, much like the buffalo, it’s often the most effective way to ensure that you’re not stuck in turmoil longer than necessary. You can either prolong the adversity by avoiding it or accelerate your path to success by facing it head-on.

Mx Merchant will make your business more Efficient, more Effective and more Profitable

I offer a complimentary 30-minute discussion to walk through what that looks like for you.

www.calendly.com/jsaluk

10/16/2024

PCI SECURITY HINTS & TIPS:

How Does Credit Card Fraud Happen?

The Payment Card Industry Data Security Standard (PCI DSS) defines the rules for credit card and debit card information security. If you don't comply with this standard, your organization could face penalties and increased transaction costs. Cybercriminals could also steal the credit card information to make their own purchases.

To help maintain PCI DSS compliance, it is important that you are aware of the various ways that credit card and debit card information can be compromised. See the list below to learn about common ways that cybercriminals steal sensitive information:

Skimmers: Skimmers are malicious card readers that cybercriminals place on credit card and debit card readers, such as credit card readers at gas station pumps. These devices can record confidential information contained on the card. Cybercriminals may also use a hidden camera to record the input of a PIN number or other personal information.

Magnetic Card Readers or Radio-Frequency Identification (RFID) Readers: These devices can record information contained in the magnetic stripe on a credit card. When the credit card is used to make a purchase, the device can steal the information and load the information onto other cards that have a magnetic stripe. Then, the information can be used to make transactions.

Social Engineering and Hacking: Cybercriminals may use several tactics to gain sensitive information from unsuspecting employees. If an employee accidentally opens an email attachment that contains ransomware or clicks a link in an email that leads to a malicious website, the employee’s organization could be at risk of a data breach.

Below are two common methods cybercriminals use to obtain sensitive cardholder data from employees:

Keyloggers: A keylogger is a type of program that cybercriminals can install on a computer. Keyloggers can record every input on the computer, including credit card information. You can unintentionally download a keylogger onto your device if you open attachments or click links in a suspicious email.

Computer Servers: When credit card information is stored on a computer server, you must protect the server, both digitally and physically. If cybercriminals steal the server, they can access any sensitive data they want.

Data breaches often occur when an employee falls for social engineering techniques. If you don’t protect sensitive payment information, your organization could face fines, increased operating costs, loss of customer confidence, and even governmental regulations. Make sure to help protect sensitive information at all times.

Mx Merchant will make your business more Efficient, more Effective and more Profitable

I offer a complimentary 30-minute discussion to walk through what that looks like for you.

www.calendly.com/jsaluk

10/15/2024

When you think about running your business, you might ask: Does your business take the stairs or the elevator?

Taking the elevator is the faster, more convenient route. It represents shortcuts, quick gains, and possibly immediate results. But it might not build a solid foundation in the long run, and the lack of effort in some areas could lead to missed opportunities for growth.

Taking the stairs represents a slower, more deliberate path. It's more challenging, requires effort and persistence, but in the end, it builds resilience and strength. The challenges you face by taking the stairs prepare your business for long-term success, making sure it’s agile, adaptable, and able to face future challenges.

Why Taking the Stairs is Healthier for Your Business:
Stronger Foundation: Like climbing stairs, building a business step by step forces you to work through challenges, develop strategies, and solve problems effectively. This leads to a stronger business foundation.

Better Preparedness: Taking the stairs involves effort, and with that effort comes experience. You’ll be better equipped to handle future obstacles, adapting to change as needed.

Sustainable Growth: Building your business step by step creates sustainable growth. Instead of a quick rise that might collapse under pressure, you're building each level carefully.

Long-Term Vision: By taking the stairs, you're constantly improving and evolving, focusing on long-term success rather than short-term wins.

Greater Satisfaction: Like in fitness, the journey of growth, effort, and achievement provides a sense of fulfillment. Each "step" taken, challenge overcome, and milestone reached fuels the passion for continued success.

So, next time you face a decision, ask yourself: is it worth taking the elevator, or will taking the stairs get your business to a healthier, more successful place?

Mx Merchant will make your business more Efficient, more Effective and more Profitable
I offer a complimentary 30-minute discussion to walk through what that looks like for you.
www.calendly.com/jsaluk

10/14/2024

Learn how to automatically sync payment data online!

Imagine if you are manually tracking and updating sales data? It is a draining and tiring task! But it does not need to be manually done, Priority Payment Systems has been helping merchants to track, update, and organize financial data with MX QuickBooks Sync.

Say goodbye to the stress of manually tracking sales data and say hello to automatically syncing payment data to QuickBooks! With MX QuickBooks Sync, the financial data from the MX Merchant payment platform is synced to QuickBooks Online. The daily transaction data, customer information, and even invoices are automatically updated. This saves you the time and the stress to input the data manually.

MX QuickBooks Sync automatically updates the information in the QuickBooks online and will be carried over to other MX Merchant platforms as well which includes: MX Invoice, MX Express, MX Retail, and MX Quickpay. Moreover, it is also updated in any integrated countertop terminal such as:

Customer Information
Invoice
Payment Data
Historical Data
Automatic Scheduling
You have the power to customize and get the products you need from MX

Mx Merchant will make your business more Efficient, more Effective and more Profitable
I offer a complimentary 30-minute discussion to walk through what that looks like for you.
www.calendly.com/jsaluk

10/11/2024

Why it is a bad idea and not PCI Compliant to have your security cameras on the same router as your POS terminal:

It is a bad idea and not PCI-compliant to have your security cameras on the same router as your POS terminal because:

Security Risks: Mixing sensitive payment data and security camera systems on the same network increases the risk of data breaches. Cameras can be vulnerable to hacking, and once a hacker gains access, they can infiltrate the POS system, which stores and processes sensitive customer payment information.

PCI Compliance Violation: The Payment Card Industry Data Security Standard (PCI DSS) requires businesses to segregate payment processing systems from other devices on the network. A shared router violates this rule, putting you at risk of non-compliance, which can lead to fines, penalties, and loss of the ability to process card payments.

Increased Vulnerability: Network traffic from cameras can slow down or interfere with the performance of the POS system, increasing the chances of data loss or transaction errors.

Audit Issues: During a PCI compliance audit, having security cameras and POS terminals on the same router would be flagged as a security weakness. It suggests poor network segmentation, which is a crucial requirement in safeguarding cardholder data.

For these reasons, it's essential to keep your POS terminal on a dedicated, secure network separate from other devices like security cameras to ensure PCI compliance and protect your business.

Mx Merchant will make your business more Efficient, more Effective and more Profitable

I offer a complimentary 30-minute discussion to walk through what that looks like for you.

www.calendly.com/jsaluk

10/10/2024

Three Reasons You Need to Choose Credit Over Debit

Credit and debit cards are not the same. Some of the most important reasons to choose credit over debit include:

Greater Fraud Protection

Debit cards are tied to your bank account. If someone steals your card or even the information on your card, your financial stability may be at risk. Someone may have access to the same account that you use to pay your current bills and where you deposit your paycheck. Even if your bank ultimately credits your account, debit card theft can still lead to aggravating temporary headaches. Credit cards provide a degree of separation from your bank account. Your personal funds are not affected. You can report these fraudulent charges to your credit card company to avoid being responsible for them.

Rewards

Many credit cards offer significant rewards, such as cashback benefits or miles. Debit cards often do not offer any rewards. If they do, they tend not to be as beneficial as credit card rewards.

Building Credit

Using a credit card responsibly can also help build a consumer’s credit history. This credit rating can later impact whether a person is able to get certain jobs, lease an apartment or buy a house. A history of using credit cards responsibly by making on-time payments and not having too much debt can increase a consumer’s credit score.

Priority Payment Systems Pompano Beach helps to securely and efficiently process credit card transactions for the benefit of merchants and consumers.

Mx Merchant will make your business more Efficient, more Effective and more Profitable

I offer a complimentary 30-minute discussion to walk through what that looks like for you.

www.calendly.com/jsaluk