Happy Fathers Day

 

Happy Fathers Day To All The Fathers Of The World! 

Hope you have a wonderful weekend celebrating.

Bankcard Processors LLC

jphaire@bankcardprocessors.biz

916-518-5195

FREE Second Look

Get a Free Second Look at Your Processing Statement

Are you sure you're getting the best value from your payment processor?

Many business owners assume they have a great rate, only to discover hidden fees, unnecessary charges, or opportunities to save when they take a closer look. That's why Bankcard Processors offers a complimentary Second Look Review of your current merchant processing statement.

We'll review your statement, explain what you're paying, identify potential savings, and help you determine whether your current solution is truly the best fit for your business.

There's no cost, no obligation, and you may be surprised by what we find.

Send us your latest processing statement and let us give it a second look!

Contact us today:

CA 916-518-5195

FL 850-228-5571

jphaire@bankcardprocessors.biz

A Better Solution for Wineries

Wine clubs, online sales, reservations, customer management, and payment processing, Vino brings it all together in one winery-focused platform designed to help your business grow and operate more efficiently.

Ask how our partnership with Vino can help uncork new opportunities for your winery.

The Lowest Processing Rate Isn't Always the Lowest Cost

When comparing payment processing providers, many business owners focus on one thing: the rate. While a low advertised rate may sound appealing, it doesn't always tell the whole story.

In reality, the true cost of payment processing often comes down to a combination of rates, fees, equipment costs, contract terms, and how your transactions are processed. Some providers advertise an attractive rate upfront but offset it with monthly fees, statement fees, PCI compliance charges, equipment leases, or other costs that can add up over time.

The way your customers pay can also impact your effective processing cost. Card-present transactions, online payments, keyed-in transactions, rewards cards, and business cards can all be processed at different rates. As a result, the advertised rate may apply to only a small portion of your actual transactions.

Beyond pricing, business owners should also consider the value of customer service and support. When a payment terminal goes down or a funding issue arises, having access to a local expert who can help quickly can be worth far more than a fraction of a percentage point in processing costs.

The best approach is to look at your overall processing expenses rather than focusing on a single rate. A comprehensive statement review can often uncover opportunities to reduce costs, improve efficiency, and ensure you're receiving the service and support your business deserves.

At Bankcard Processors, we offer complimentary statement reviews to help business owners understand exactly what they're paying and identify potential savings. Sometimes the best deal isn't the lowest rate, it's the solution that delivers the greatest overall value.

A Brief History of Credit Cards

 

A brief segment on the history of credit in the USA

Credit Card Processing Basics: 5 Tips for Success

Whether you’re just starting out as a business owner or have been doing this for years, the ability to accept credit cards is a must. That means that you’re going to need a credit card processor – but how can you be sure you’re choosing the right one for you? While there are many factors that go into choosing the right partner, these credit card processing basics will give you a solid foundation.

Know What You’re Paying and Why

Many credit card processors like to take advantage of unsuspecting business owners with hidden fees and rates that slowly creep up over time. Ask questions about your rate, and don’t accept vague answers about those little charges that start to really add up. Those are junk, and if your processor insists on charging them it’s time to shop around.

Know Your Worth

Although it may not always seem like it, your credit card processor is providing you with a service – you’re in charge here! One of the most important credit card processing basics to remember is that your business is important to your processor and that you deserve transparency, honesty, and respect. Your processor should treat you like an equal and focus on educating you about the credit card processing industry so you can make more informed decisions in the future. If they talk down to you or treat you like you’re nothing but a number, it’s time to move on.

Understand How Credit Card Processing Works

We wrote a great blog about the credit card processing process here. We encourage you to give it a read so you understand how money flows through the system, what factors can slow it down or make the process more expensive, and what role your credit card processor plays in all of this. We also encourage you to give your processor a Processor Polygraph. If they fail or refuse to answer these basic questions about how they do business, get out of there!

Never Sign a Contract

Contracts only serve to trap you in a bad situation once you’ve realized that the promises made by your sales rep are never coming true. Once processors have you hooked, they often disappear and leave you to fend for yourself when things go wrong. Remember one of the other credit card processing basics we discussed earlier – knowing your worth. You should always maintain your ability to walk away, and that’s a lot harder when you’re in a contract.

Never Lease a Terminal

This is another way that credit card processors lock you into long-term deals that aren’t in your best interest. When you lease a terminal from your credit card processor, you end up paying double, triple, or even more that you would have paid had you purchased it outright. Plus, the credit card company ultimately owns that terminal – not you. This is a predatory trap that processors drag many unsuspecting business owners into – don’t be one of them.

Making Smart Decisions is Easy!

If all this has you stressed out about finding the right credit card processor, don’t be concerned. 

Source

Who Plays A Role in A Card Transaction?

Obviously, you have the cardholder and the merchant, plus each of their banks, which we will call the “issuing bank” (belonging to the cardholder) and the “merchant bank” (belonging to the merchant). The issuing bank is responsible for authorizing the transaction and for sending funds to the merchant bank if the transaction is approved. The issuing bank will then bill the cardholder monthly for their credit card purchases. Meanwhile, the merchant bank holds the account where funds are deposited following a purchase.

Then, you have the middleman – the payment processor. This can be a separate party or sometimes will be the merchant bank. Regardless, the payment processor ensures the funds are transferred from the issuing bank to the merchant bank. Often, the payment processor will offer the hardware or software used to accept cards, such as tap-to-pay terminals or other card-reading devices.

Source