By Transfer Video Film VHS VCR Tape To DVD Queens NY February 24, 2015
Thanks for the connection. We wish you and your company much success! Lee www.heckervideo.com ...read more
In this post I am going to talk about the different ways that you can get the equipment that you need to process your credit and debit cards. There are a couple different types of setups you can go with, phone line, wireless, and Ethernet. Also you can setup your POS or quick books system to do your processing. One thing that I am seeing when I am going out to meet with business owners is if they have a POS system they think that they have to go through the processing that is offered at the time of sale. This is not true at all most processors can reprogram POS system to work with there setup, but I will say that a POS system has one big con that could end up costing you alot of money in the long run and that is you can not set up pin based debit on it. Pin based debit is the cheapest card to process with the least amount of risk. Also you can set up your termail to charge the debit fee to the person using the card, so if they buy something that for $1 and your fee for debit is .20 cents then the termail will charge the person $1.20. I have noticed that alot of people out there get mad when they find out that they are being charged for using there debit card but in my mind I don't understand why business owners have to pay for there customers air miles and cash back, but I will get back to the subject i could go on for hours about that. So if you do have a POS system I would recommend that you use it as a cash register and a time clock but get a termail to process your cards, you will see in the long rung that this kind of a setup will save you money in the long run. When buying the termails there are a couple different ways to do it and each has a pro and a con. You can go on eBay and get a used one for a cheap price but, you are taking a risk of getting a bad termail and an outdated termail. The second way is to just buy it from a equipments sales website or from your processor. This is not to much more than getting a used one from eBay but this will be up to date and new. The next way that is out there is to get a free termail from your processors. This sounds like the no brainier best options but it is the worst way to do it!! I say this because nothing is free ever, what I mean is if they give you a free processor you can bet your bottom dallor that your rates are too high and you will end up paying for that termail 6 times over the next couple years. So stay away from the free equipment. The last way out there is the leasing option, There is alot to say about this and if you know a business owner that has been around awhile they will tell you with out a doubt to stay away from this. I would agree for the most part but leasing has changed alot and now there are programs that if you lease equipment from someone you get free hardware and software upgrades for the life of the business, which can do the math but it will save you a bunch of money in the long because you will get free software when a new update is out there and if your termail gets added to the discontinued list (and it will at some point because just like all things the new ones are coming out with better things loaded on them) you will get free termail, to sum that up you will always have the latest a greatest equipment and that means lower fees and lower rates for you. Well I am going to end this post now i hope you are finding my post useful in some way and feel free to email me with any questions that you may have. ...read more
By Platinum Business Solutions January 19, 2012
This is a subject that I am blown away that I don't see more people talking about. With all the business owners and people that are looking to open a business I would think people would talk about this more. So lets start with an overview of how it all works and then I will go over everything step by step. First thing that you need to understand about credit card processing is how the rates work and how you are charged for it. So we will start by saying that you have a merchant account that is setup at a rate of 1% and .06 cents a transaction ( this is a low rate but we will talk about that later in this post). OK so now a customer comes in and buys something from you for $100 they hand you there card and you swipe it so now what happens? At the end of your work day you batch out to the automated clearing house and report all your transactions and then the ACH collects the money and sends it to your account via your processor. Most processors out there charge .30 cents per batch. So for that one transaction for $100 would cost you $1+.06+.30=$1.36 now for this I added the batch to this charge because it was the only transaction that was done that day but you only get charged the .30 once a day that you batch. So for this day $98.64 would go into your account. So the next question that comes up at this point is how long does it take to get the money? That is a great question and depends on your processor, most processors take 2 to 4 days to put the money in your account but some processors put the money in your account the morning after you batch out. I bet you are asking why do some take 2 to 4 days, well the answer is greed! What happens is most processors get the money from the ACH and they turn and put the money into an interest bearing account, then they hold it for a couple days and make money off of your money then they give it to you. That sums up how the rates and charges work. So now lets talk about where the rates come from, if you go to google and then search interchange rates you will find a pdf file on visa's website that will show you pass through rates for every type of card out there . Now there are alot of these because there are alot of different kind of cards and rates. Cards with air miles, cash back, or reward points are at high rates than just a no points system card. Now these passthrough rates you see are know as "interchange" and also next to them you will see a pass through transaction fee most of them are between .03 and .07 cents. So that explains what interchange is, so now when you are shopping for a merchant account you will be offered an interchange plus setup most of the time and how that works is you will be offered interchange plus 30 bases points. That setup just means that you will pay .3% over interchange and the .3 is the profit that the processor is going to make on your account over time. Now some processors will try to offer you a tiered rate system turn these down this is the worst setup out there because no matter what type of card you take you will pay the tiered rate and also with this there is mids qual and non qual cards. Mids and nons are just cards that have airmiles and cash back on them or they are business cards so if you get a tiered rate say at 1.67% you will pay that plus a 1.55% for mids and a 1.95% for nons. So as you can see then your real rate is going to be close to 3% vs. interchange plus your average rate would be about 1.80%. OK now you understand about where the rates come from and how the rates are charged you lets talk about the adds you see out there. The first one that I seen when I googled it today was merchant accounts starting as low as 0.39%, well that is just a straight lie! If you look at the interchange chart there is not one single card on that list that has less than .67% as its pass through. So that just means that they are offering you interchange plus .39% mark up. So there are alot of choices out there for you when you are signing up for a merchant account so lets go over the main things to look for: You want a interchange plus setup with a low mark up and low transaction fee You want to make sure that you get your money next day. ( this is known as a zero day hold time) You want to get a low monthly fee with no monthly minium No Yearly fees You want a MOTO (mail order/telephone order) account attached to your merchant account because if you key enter a transaction this will keep your rates down because visa and MasterCard charge more for key entered transactions because it is a riskier way to process cards. I will have more postings to follow about this subject. The reason I started this blog is simple, I am the owner of platinum business solutions and we do offer merchant accounts. Now i did not post this blog to sell anything I am just tring to inform people how these things work because I meet with merchant's everyday that are just being ripped off for years on there credit card processing and i want business owners to be informed on this topic. If you have anything that you would like to know more about regrading this subject please feel free to drop me an email atdavidwgrable@gmail.com ...read more
By Platinum Business Solutions January 18, 2012
This is why our company stands out; we are out to combat to unneeded mark up on on credit card processing. Right now most owners are paying retail rates because they are using a middle man to handle everything. What we do with our company is try to set you up with the national wholesale level for merchant processing, which for you as the owner means big savings. Right now the merchants that are using retail processors are paying a markup that is just not needed, the mark up comes from the company that is handling your merchant gets the wholesale rates then they mark them up from there and resell them to you. Most cases the merchants on the retail program are paying between .5 to 1.5% mark up, so signing your merchant accounts with us instantly saves you about 30 to 50% on your monthly bill. So contact us today so we can setup a free review of your current processing setup and see if we can save you any money. Lower monthly bills means lower overhead and that is money you can invest in growing your business. ...read more
By Platinum Business Solutions September 22, 2011
Cash advances and/or payday loans are available from several different loan companies. In fact there are probably several within your own city. These companies offer a temporary solution to your money needs. However you may not receive the amount of money you require by obtaining just one. ...read more
Teenagers need another source of money other then their parents, as they are constantly on the go. If you are a teenager you have many options to make money outside your chores. Here are some guidelines that you can follow to learn how to make quick money while a teen. ...read more