American Credit Card Processing Corp

09/06/2024

Phish or Spam? No, it’s not what’s for dinner!

Phish or Spam? No, it’s not what’s for dinner! However, it could be a question you struggle with when deciding what types of email to report to your IT department. Potentially malicious emails make it to your inbox every day, so it’s important for you to understand the difference between a Phishing email and a Spam email.

This Email Seems Phishy
Phishing is the process of attempting to acquire sensitive information (such as usernames, passwords, and credit card details) by pretending to be a trustworthy entity. Most commonly, phishing emails will try to lure you into clicking on a link or opening an attachment.

Phishing emails can appear to come from reputable businesses or even departments and users from within your own organization. They often have a sense of urgency to them. Some may even use shock and intimidation to get what they want.

If you come to the conclusion you've been sent a phishing email, we strongly recommend that you report the email to your IT department for their review.

Spam Alert
Spam is unsolicited, unwanted email typically sent for marketing purposes. It is often trying to sell you something, such as unwanted goods or services – but, it is not asking you to take specific action. Although spam can be annoying, it is common to receive it in your business email. These types of emails do not typically need to be reported, unless you believe they pose a threat to your organization. In most cases, spam email can simply be deleted or ignored.

Note: Always follow your organization's policy regarding what type of email to report in case it differs from the above.

Whether a Phishing email or Spam email, you should always be cautious when clicking on a link or opening an attachment. An email should never be considered safe until it is analyzed carefully. Remember, you’re the last line of defense to prevent a phishing attack on your organization.

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

09/05/2024

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09/04/2024

Batching out your credit card terminal timely is crucial for these four reasons:

Prompt Fund Deposits: Ensures faster access to funds by submitting transactions for processing quickly.

Avoiding Higher Fees: Reduces the risk of transaction downgrades, which can lead to higher processing fees.

Accurate Accounting: Helps maintain accurate daily sales records, making financial reconciliation smoother.

Minimizing Chargebacks: Reduces the chance of errors or disputes arising from delayed transactions, improving customer satisfaction and financial control.

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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09/03/2024

How much time do you spend each month tracking down expired credit cards to process a monthly payment?

Tracking down expired credit cards for monthly payments can be time-consuming, depending on the number of customers and the efficiency of your payment system. Many businesses spend several hours each month on this task, especially if they manually contact customers or lack automated tools to update payment information. Implementing a card updater service or using a payment processor with automated card expiration management can significantly reduce this time and ensure continuous payment processing.

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.
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09/02/2024

Mobile credit card processing has revolutionized the way businesses handle transactions, offering convenience and flexibility. However, several myths about mobile credit card processing persist. Let's bust some of the most common ones:

Myth: Mobile Processing Isn't Secure

Reality: Mobile credit card processing is secure when using reputable providers. It employs encryption and tokenization to safeguard sensitive data. Providers adhere to strict security standards to protect both businesses and customers.

Myth: It's Expensive

Reality: While there are fees associated with mobile processing, they're often comparable to traditional methods. Many providers offer transparent pricing structures with no hidden costs. Additionally, the increased sales potential often outweighs the fees.

Myth: It's Complicated to Set Up

Reality: Mobile processing systems are designed for simplicity. Most providers offer user-friendly interfaces and straightforward setup processes. Many businesses can start processing payments within minutes of signing up.

Myth: It's Only for Large Businesses

Reality: Mobile credit card processing is beneficial for businesses of all sizes. Whether you're a small vendor at a farmers' market or a large retailer, mobile processing offers flexibility and convenience. It enables businesses to accept payments anytime, anywhere.

Myth: Customers Don't Trust Mobile Payments

Reality: With the widespread adoption of mobile payment solutions like Apple Pay and Google Pay, consumers are increasingly comfortable with mobile transactions. Additionally, the security measures implemented in mobile processing systems inspire confidence in customers.

Myth: It's Unreliable

Reality: Mobile processing relies on stable internet connections, but advancements in technology have made interruptions rare. Many systems offer offline capabilities, allowing transactions to be processed even in areas with poor connectivity.

Myth: It's Only for Retail Businesses

Reality: Mobile credit card processing is valuable across various industries, including service-based businesses, food trucks, contractors, and more. It enables businesses to accept payments on the go, enhancing customer convenience and satisfaction.

In conclusion, mobile credit card processing is a reliable, secure, and accessible solution for businesses of all types and sizes. By debunking these myths, businesses can embrace mobile processing to streamline transactions and enhance customer experiences.

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.
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08/30/2024

The lowest price proposal for a merchant account may not be the best solution because

it can hide additional fees, offer limited customer support, or lack essential features.
Low upfront costs might result in higher long-term expenses due to undisclosed fees, restrictive contracts, or inadequate service.

It's important to consider the overall value, including the quality of service, transparency of fees, and how well the solution fits your business needs, rather than just focusing on the lowest price.

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

08/29/2024

Why MX™ POS?

With MX™ POS, merchants can enhance operational efficiency through cloud-based inventory management, customizable features, and seamless integration. Merchants can also boost customer loyalty with built-in gift and loyalty cards and enjoy real-time reporting, multi-language back-office support, and exceptional tech assistance, all designed to increase business profitability.

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

08/28/2024

Why is it bad to have a separate merchant account for retail, e-commerce and trade shows or events?

Having separate merchant accounts for retail, eCommerce, and trade shows or events can be problematic because it complicates management and increases costs.

Each account might come with separate fees, and managing multiple accounts can be confusing and time-consuming. Additionally, it can fragment your transaction data, making it harder to track and analyze overall business performance.

Consolidating transactions under one merchant account simplifies operations, reduces costs, and streamlines reporting and reconciliation.

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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08/27/2024

Why is it important to enter a CVV2 and billing zip code when processing a manually entered credit card transaction?

Entering both the CVV2 code and billing zip code when processing a manually entered credit card transaction is crucial for security and fraud prevention. The CVV2 code confirms that the person making the transaction has the physical card, while the billing zip code verifies the cardholder's address. Together, they add layers of authentication, reducing the risk of unauthorized transactions, lowering the chance of chargebacks, and potentially qualifying the transaction for lower interchange rates.

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.
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08/26/2024

How do I determine if I am on a true Interchange Plus pricing model:

Check Your Statements: Look for line items that separate interchange fees (the cost set by card networks) and a fixed markup from your provider.

Transparent Fees: Interchange Plus should show the exact interchange rate for each transaction type plus a fixed fee.

No Bundling: Unlike tiered pricing, true Interchange Plus won’t bundle different rates into general categories like "qualified" or "non-qualified."

If your fees are clearly itemized and not bundled, you're likely on Interchange Plus.

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.
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08/23/2024

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

08/22/2024

Which is worse: the pain of switching merchant account providers or the pain of staying with the wrong merchant account solution?

The pain of switching merchant account providers can be challenging, involving time, effort, and potential disruptions to your business operations. However, staying with the wrong merchant account solution can be far worse in the long run. It can lead to ongoing higher fees, poor customer support, hidden costs, and limited features that could hurt your business growth.

Weighing these factors, it's often more beneficial to endure the temporary discomfort of switching rather than continue with a solution that doesn't meet your needs.

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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08/21/2024

If your bank account was compromised and you need to change the DDA (Demand Deposit Account) linked to your merchant account, follow these steps:

Contact Your Merchant Account Provider: Reach out to customer service or your account representative immediately.

Provide Necessary Documentation: You may need to provide new bank account details, a pre printed voided check or letter from bank on bank letterhead, and authorization forms.

Update Account Information: Your provider will guide you through the process to update your DDA in their system.

Verify the Change: Ensure that the change is confirmed and that all future deposits are directed to your new account.

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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08/20/2024

Do you need to review your merchant account solution but just haven't gotten around to it yet?

I need to confirm I am on True Interchange Plus pricing but haven't got a round tu it!

I need to upgrade my POS System but haven't gottten a round tu it!

I need to automate my credit card processing so my staff can spend more time on money generating activities but haven't gottten a round tu it!

I need to migrate away from my over priced and under supported proprietary platformbut haven't gottten a round tu it!

I need a true merchant account and no longer use Stripe, Square or PayPalbut haven't gottten a round tu it!

Sounds like a procrastination moment! But don’t wait too long—reviewing your merchant account could save you money and streamline your business. Make it a Priority before it becomes an issue. Maybe it's time to get a "round tu it" sooner than later!

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

08/19/2024

Why when approved a merchant account provider may request a reserve:

High-Risk Business: If your business operates in a high-risk industry (e.g., CBD, travel, subscription services), the provider may require a reserve to cover potential chargebacks and fraud.

Poor Credit History: If the merchant or business owner has a poor credit history, the provider may ask for a reserve to mitigate financial risks.

High Chargeback Rates: A history of frequent chargebacks can lead to a reserve being requested to ensure funds are available to cover disputes.

New Business: New or unproven businesses might be required to maintain a reserve until they establish a stable transaction history.

Large Transaction Volumes: If your business processes large transactions or has significant sales spikes, a reserve may be requested to manage risk.

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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08/16/2024

Prevent Credit Card and Debit Card Fraud

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, you should know how to prevent and respond to potential credit card or debit card fraud.

Follow the tips below to help you keep your organization and customer information secure:

Report suspicious activity immediately. If you see unusual behavior in your organization, report the behavior. For example, if someone looks like they are tampering with a card reader, they could be installing a skimmer to steal data from unsuspecting customers. If you report this behavior, you could help protect your customers and your organization.

Report strange computer behavior to your IT team. Many data breaches happen because an employee clicked on a link or opened an attachment in an email they were not expecting. If you suspect you may have been the victim of a phishing attack, you should contact your IT team immediately.

Use strong passwords. If your passwords are weak, you can put your organization at risk. Strong passwords typically include at least 16 characters and a combination of uppercase and lowercase letters, as well as numbers and special characters.

Do not send or save sensitive card information on unsecured or unapproved devices. You should never store any sensitive data unless the data is absolutely necessary. If you have to store sensitive data, store this data on a secure device that’s been approved by your organization. You should never share credit card or debit card information through unsecured channels, such as emails or public fax machines.

Make sure to properly store and dispose of receipts or imprint machine transactions. Cybercriminals can steal paper records, so it’s important that you properly store and dispose of these records. If you need to dispose of receipts or any other confidential records, you should shred them. Never throw sensitive information away in a trash bin.

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.

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08/15/2024

To win a dispute as a merchant, follow these best practices:

Keep Detailed Records: Maintain thorough documentation of every transaction, including receipts, contracts, and communication with customers.

Respond Promptly: Act quickly when notified of a dispute to provide the necessary evidence.

Provide Clear Evidence: Submit clear, relevant documentation, such as proof of delivery, customer acknowledgment, or signed agreements.

Follow Policies: Ensure all transactions adhere to your refund and return policies, and communicate these to customers.

Monitor Disputes: Regularly review disputes to identify patterns and take preventive measures.

Maintain Communication: Keep open, positive communication with customers to resolve issues before they escalate into disputes.

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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08/14/2024

Understanding credit card processing fees is essential for businesses aiming to optimize their financial operations. This guide provides comprehensive insights into the various fees associated with credit card processing, empowering you to make informed decisions.

1. Interchange Fees: Interchange fees are charges set by credit card networks and paid to the cardholder's bank. These fees are influenced by factors such as card type, transaction type, and industry. Familiarize yourself with the specific interchange rates applicable to your business.

2. Assessment Fees: Assessment fees are set by the credit card networks (Visa, Mastercard, etc.) and contribute to the overall cost. Stay informed about these fees, as they directly impact your expenses.

3. Processor Markup: Payment processors charge a markup on top of interchange and assessment fees. This markup can be presented as a percentage of the transaction or a flat fee. Compare processor markups to secure competitive rates.

4. Transaction Fees: Each transaction incurs a processing fee. This fee covers the cost of processing the payment and can be a combination of a flat fee and a percentage of the transaction amount.

5. Monthly Fees: Payment processors may charge monthly fees, including statement fees, gateway fees for online transactions, and subscription fees for additional services. Evaluate these fees to determine their necessity for your business.

6. Chargeback Fees: Chargebacks occur when customers dispute transactions. Processors often charge fees for handling chargebacks. Implement measures to reduce chargebacks and minimize associated costs.

7. Annual Fees: Some processors impose annual fees for maintaining your account. Consider whether the benefits offered by the processor justify these annual charges.

8. Early Termination Fees: Be aware of early termination fees in your contract. Understanding the conditions under which these fees apply will prevent unexpected costs if you decide to switch processors.

Conclusion: Navigating credit card processing fees requires a thorough understanding of the components involved. Regularly review your statements, negotiate rates when possible, and choose a payment processor that aligns with your business needs.

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

08/13/2024

Priority Payment Systems Pompano Beach welcoming new members to the Pompano Beach Margate Lighthouse Point Chamber

08/13/2024

It is imperative for non-profits to be on an interchange-plus pricing model for accepting credit cards because of the following reasons:

Transparency in Costs:
Interchange-Plus: Clearly breaks down the processing fees into the actual interchange fees set by the card networks and a fixed processor markup. This transparency allows non-profits to understand exactly where their money is going and ensures they are not overpaying.
Other Models: Tiered pricing or flat-rate models often obscure the true cost of transactions, making it difficult for non-profits to determine if they are being charged fairly.

Lower Processing Costs:
Interchange-Plus: Typically results in lower overall costs, especially for organizations that receive donations via credit cards. Since non-profits often operate on tight budgets, minimizing processing fees means more funds can go directly to their cause.
Other Models: Tiered or flat-rate pricing can lead to higher fees, especially for transactions that would qualify for lower interchange rates under an interchange-plus model.

Fairness Across Transaction Types:
Interchange-Plus: Ensures that non-profits are charged appropriately based on the type of card and transaction, whether it’s a debit card, rewards card, or corporate card.
Other Models: May lump all transactions into broad categories, leading to higher charges for lower-cost transactions (e.g., debit cards).

Improved Financial Management:
Interchange-Plus: Offers predictable and consistent pricing, making it easier for non-profits to budget and manage their finances. This is crucial for maintaining financial transparency and accountability to donors.
Other Models: Can lead to unpredictable fees, making financial management more challenging.

Alignment with Donor Expectations:
Interchange-Plus: Non-profits can assure donors that their contributions are being maximized, with minimal amounts lost to processing fees. This can enhance donor trust and satisfaction.
Other Models: Higher or unclear fees may lead to concerns from donors about how much of their contribution is going to the cause.

By choosing an interchange-plus pricing model, non-profits can ensure they are minimizing costs, maximizing the impact of donations, and maintaining financial transparency—all of which are essential for their mission and sustainability.

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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08/12/2024

The difference between a cash discount and dual pricing lies in how prices are presented to customers based on their payment method:

Cash Discount:

Definition: A cash discount is a pricing strategy where a customer receives a discount for paying with cash instead of a credit or debit card.

How It Works: The price displayed is the credit card price, but if the customer pays with cash, they receive a discount on that price.

Example: A product is listed at $100 (credit card price). If a customer pays with cash, they get a 3% discount, so they pay $97.

Dual Pricing:

Definition: Dual pricing involves displaying two different prices: one for cash payments and one for credit card payments.

How It Works: Both prices are clearly shown upfront, allowing the customer to choose which payment method to use. The cash price is typically lower, and the credit card price includes the processing fee.

Example: A product might be listed at $97 for cash payments and $100 for credit card payments.

Key Difference:

Cash Discount: Offers a discount after the fact if the customer pays with cash.

Dual Pricing: Shows both prices upfront, letting the customer choose between paying with cash or card.

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.

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08/08/2024

As a merchant processing a credit card transaction, where does the merchant fee go?

Here’s a breakdown of who gets what:

1. Interchange Fees:
Who Gets It: The card-issuing bank (the bank that issued the customer’s credit card).
What It Covers: This fee compensates the issuing bank for the risk of the transaction, processing costs, and rewards programs.

2. Assessment Fees:
Who Gets It: The card networks (Visa, MasterCard, American Express, Discover).
What It Covers: These fees are charged by the card networks to maintain and operate the payment network infrastructure.

3. Processor Markup:
Who Gets It: The payment processor or merchant services provider.
What It Covers: This fee covers the payment processor’s services, including transaction processing, customer support, and account management. It’s the payment processor’s profit margin.

Summary:
Interchange Fees: Go to the card-issuing bank.
Assessment Fees: Go to the card networks.
Processor Markup: Goes to the payment processor or merchant services provider.

Understanding how these fees are distributed helps merchants better navigate and negotiate their payment processing costs.

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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08/07/2024

Common Reasons for Declined Transactions:
Insufficient Funds:

What to Do: Ask the customer to use a different card or form of payment. Suggest checking their account balance before retrying.
Incorrect Card Details:

What to Do: Verify the card number, expiration date, CVV, and billing address with the customer and retry the transaction.
Expired Card:

What to Do: Request a different, valid card from the customer.
Card Not Activated:

What to Do: Ask the customer to contact their card issuer to activate the card.
Suspected Fraud:

What to Do: Request an alternative payment method or ask the customer to contact their card issuer to resolve any fraud concerns.
Credit Limit Exceeded:

What to Do: Suggest the customer use a different card or pay down their balance before retrying.
Incorrect Billing Address:

What to Do: Confirm the billing address associated with the card and ensure it matches the address provided.
Card Restrictions:

What to Do: Advise the customer to contact their card issuer to lift any restrictions that may be causing the decline.

By understanding the common reasons for transaction declines and taking appropriate actions, you can increase your chances of successfully completing the sale and getting paid.

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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