This mobile POS review compares 6 features for swiping credit cards via an iPad mobile app. The features are:

FEATURE	LightSpeed Mobile	CENPOS
Credit card processing- is the app compatible with many merchant services companies or is it proprietary?	proprietary * Site lists preferred partners, does not indicate exclusivity.	universal
Can the app store or use tokens in the transaction process. Tokens replace sensitive payment data. By enabling tokens for repeat customers, merchants can gain insights into customers.	no	yes
Scalability: is it one app = one account, or can a merchant access data by user, by location, etc. Is it part of a suite of solutions to reduce PCI burden?	centralized control & reporting	centralized control & reporting
Multi-channel: are all channels integrated with one reporting hub?	yes, not clear to what extent for reconciliation	yes
Fee relief: does the app have any intelligence to help merchants manage the cost of accepting payments, including swipe vs. key entered?	no	yes
Data storage: How long is data retrievable for? Searchable and exportable data helps reduce reduce audit costs, creates efficiencies, and improves business insights	?	7 year minimum
Worthy Notes:	Mac front and back end with inventory management across stores. Robust POS solution- the payment portion is 3rd party	CenPOS is a private cloud suite of solutions compatible with light integration options to other software.
Business model:	User licenses per location	SaaS, per merchant ID

The review is based on publicly available information at the time of this writing. Technology products can change rapidly and readers are encouraged to review respective web sites for the latest information.

There are 62 Point of Sale (POS) apps listed on Infinite Peripherals App Partners. Infinite Peripherals is a leading provider of POS hardware for Apple products including the iPad.

To keep the list manageable the topics list is relatively small so merchants can see at a glance key differences. Your blog author, Christine Speedy, sells the CenPOS private cloud suite of payment processing solutions, that includes a free mobile app, compatible with all Infinite Peripherals products. Although other apps are also available from our partners, usually they don’t stack up to CenPOS after a consultation.

For more comparisons, search for this subject title: iPad credit card terminal.

For CenPOS sales, please ask for Christine Speedy.

Christine Speedy’s tips for choosing a virtual terminal for credit card processing in ‘card not present’, often business to business, companies. Reduce the amount of time spent from hours, days, or just plain permanent procrastination, to a ‘today’ decision. Ask these 3 questions:

1. How will your virtual terminal help us manage interchange? Interchange is the biggest expense of credit card processing. Did you know that most cloud virtual terminals work pretty much the same as your old dial up terminals?  A good answer is, “Our VT automatically prompts and requires extra information based on each card presented.” A bad answer is, “We prompt for level 2 data.” Or worse, the salesperson doesn’t understand the question.
2. How long can we retrieve and export transaction records for? A good answer is at least 7 years, to match potential IRS needs.
3. How will your solution help us improve PCI Compliance? A good answer is, “the virtual terminal is one element in our suite of tools to help reduce PCI Compliance. For example, a hosted pay page is available so customers can pay online instead of using fac credit card authorization forms.” A bad answer is, “our virtual terminal is level 1 PCI Compliant”.

Answers about MY virtual terminal:

1. How will your virtual terminal help us manage interchange? Our intelligent, rules-based virtual terminal automatically prompts customers and users for the right action. All the guesswork is taken out of how to process credit card transactions in the cheapest, most beneficial way based on each card presented.
2. How long can we retrieve and export transaction records for? Minimum of 7 years.
3. How will your solution help us improve PCI Compliance?  The virtual terminal is one element in our suite of tools to help reduce PCI Compliance burden. Our secure, hosted pay page, mobile app, tokenization technology, and other tools eliminate the problems of storing card data and taking cards over the phone.

Running can be a lot of fun, but sifting through virtual terminal vendor choices doesn’t need to be nearly as exhausting. With no long term contract, no big capital investment, and customers you can call to affirm their decision,  the choice is simple. If you’re ready to make an easy, fast decision, call Christine Speedy 954-942-0483 to learn more about CenPOS solutions today.

Christine Speedy, blog author,  after the Fort Lauderdale A1A half marathon. Join me next year!

This mobile POS review compares 6 features for swiping credit cards via an iPad mobile app. The features are:

The review is based on publicly available information at the time of this writing. Technology products can change rapidly and readers are encouraged to review respective web sites for the latest information.

There are 62 Point of Sale (POS) apps listed on Infinite Peripherals App Partners. Infinite Peripherals is a leading provider of POS hardware for Apple products including the iPad.

To keep the list manageable the topics list is relatively small so merchants can see at a glance key differences. Your blog author, Christine Speedy, sells the CenPOS private cloud suite of payment processing solutions, that includes a free mobile app, compatible with all Infinite Peripherals products. Although other apps are also available from our partners, usually they don’t stack up to CenPOS after a consultation.

For more comparisons, search for this subject title: iPad credit card terminal.

For CenPOS sales, please ask for Christine Speedy.

Variable payment recurring billing is easy and fast using CenPOS token billing solutions. Video shows how to retrieve a stored token to charge a credit card again. Tokens replace sensitive card data with random alpha numeric characters. Merchants can then charge the card again, with customer permission, by retrieving the token.

A Christine Speedy, CenPOS global sales, training video. This video uses ZOOM so you can watch as is, or enlarge as it was recorded in larger 1280 width. If you have trouble viewing, watch it on youtube: #33 How to use a stored token for credit card payment: CenPOS training video .

Tokens replace sensitive payment information with the last 4 digits of the card only, and the random alpha numeric token ID that replaced the full card number. CVV can never be stored, per card association rules, but merchants can perform a zero dollar authorization before creating a token.

Click on the credit and debit tab.

Select USE TOKEN. If the ‘use token’ icon is not visible, contact the merchant administrator to update user permissions, either by moving the user to a new role that has the use token permission, or by updating the existing role to add the permission to all users in the role.

If you don’t know the token ID, search for it.

Select the token by clicking on it.

Then enter the sale details. If the merchant has set up additional information fields, enter now. If the credit card type qualifies for special interchange rates that require additional information, such as a purchasing card, CenPOS will automatically prompt for it.

A receipt is automatically delivered to the customer email address put on file when the card was originally stored and the token was created. As a reminder, full credit card data is never accessible to anyone after a token is created.

The same process applies for stored checking account information via the Checks tab. By regulation, merchants cannot initiate repeat sales creating an ACH on business checks. Customers must initiate business ACH transactions. CenPOS supports that via the Electronic bill presentment and payment, or EBPP electonic invoicing solution.

About the author: Christine specializes in providing merchants with innovative technology to create efficiencies and ease the burden of PCI compliance. With a primary focus on “card not present” payment processing solutions for mid-size companies, including manufacturers and wholesale distributors, merchants improve PCI Compliance and streamline the payment experience for both their company and their customers. It’s fast, easy to use, and requires no capital investment to implement. For sales call Christine Speedy at 954-942-0483 or click here for more information.

Follow Christine Speedy on Quora for questions and answers about cloud payments, mobile credit card processing and other payment technology matters.

Christine Speedy, far right with fellow volunteers helping bring financial literacy to kids in South Florida.

Now volunteering on Quora to educate USA employees on financial technology.

Christine Speedy, CenPOS global sales, training video shows merchants how to retrieve an original PCI Compliant credit card authorization form. The  form replaces sensitive payment information with the last 4 digits of the card only, and the random alpha numeric token ID that replaced the full card number. Print the form, send to your customer, get it signed and sent back.

This video uses ZOOM so you can enlarge or watch as is. If you have trouble viewing, watch it on youtube: #32 Reprint PCI Compliant credit card authorization form: CenPOS training.

Unlike typical credit card authorization forms, there is no full card data or cvv security code, so it’s safe to store in a file drawer. The token ID cannot be used outside the merchant CenPOS account.

About the author: Christine specializes in providing merchants with innovative technology to create efficiencies and ease the burden of PCI compliance. With a primary focus on “card not present” payment processing solutions for mid-size companies, including manufacturers and wholesale distributors, merchants improve PCI Compliance and streamline the payment experience for both their company and their customers. It’s fast, easy to use, and requires no capital investment to implement. For sales call Christine Speedy at 954-942-0483 or click here for more information.

I was reading the copy on a popular merchant accounts for lawyers web site and there was so much false information, it’s amazing. Many law firms are fairly new to accepting credit cards, so maybe it’s easier to believe what’s written from a vendor that has an attorney for an owner. Below I clarify information about fees that I found misleading.

What are the costs associated with accepting credit cards? Fees include:

Discount Rate or Sales Discount:  Negotiable. This is the fee the Merchant/Acquiring Bank keeps for profit. For example, you call a credit card processor and open a merchant account. The credit card processing company you deal with charges a discount rate, which is itemized on better prices plans, but buried in other costs on more profitable price plans. How much profit is fair? Every business has overhead and needs to make a profit. What’s fair?  That’s negotiable, though some businesses may have internal rules for their sales force.  The fee can be a combination of a per transaction fee or percentage of transaction, and other itemized fees that include a combination of actual cost plus profit.

Interchange. Non-negotiable, but can be influenced.   Interchange is a fee paid between the merchant’s acquiring bank and the card issuers bank that serves to balance costs in the payments system. The rates depend on the card, the payment method (sometimes) and many other factors. It’s complex and every card has multiple interchange rates associated with them, except regulated debit.

On the best price plans, the merchant will typically have a discount rate and itemized interchange fees. On others, typical of small businesses, they’re combined into a merchant discount fee.

Merchant Discount fee: Negotiable. It is not simply the cost of moving money. It’s interchange plus profits (discount rate) bundled.   Quite simply, it’s easier for the merchant to understand and easier for the salesperson to explain. It’s never the best deal for the merchant, because to keep it simple, everything is rounded up to be sure all costs are covered.

Network Fees: Non-negotiable if on a pass through interchange price plan, which will be indicated on your merchant agreement. Non-negotiable examples include DISCOVER DATA USAGE FEE, MC NETWORK ACCESS AUTH FEE, M/C INTERNET AUTH FEE,MC ACQUIRER AVS BILLING. VI TRANSACTION INTEGRITY FEE,  and many others. These add up up but are still a minor part of what merchants pay overall.

REGULATORY PRODUCT FEE. Non-negotiable. Some processors are now charging this as an annual fee.

Other fees: Sometimes negotiable. These may be hard costs for vendor, as fees can vary by banking relationship, or they may be negotiable. AVS (address verification service, needed for card not present transactions, statement fee, authorization fee.

How do I know if I have a good offer on a merchant account? This is the $10 million dollar question. Here’s my critical requirements checklist for you:

1. Get a virtual terminal (works with swipe and mobile if needed).  Find out how long data can be searched for. They range from 6 months and up. Ideally 7 years access to data to match IRS audit needs.
2. Does it support expenses from operating account and deposits to second account?
3. How will the solution help you manage interchange fees, the largest component of accepting credit cards? This is where most solutions will fail and sales knowledge weaknesses become evident.
4. How will the solution help you reduce the burden of PCI Compliance, mandatory data security standards? (Hint: online pay page, client managed payment method storing and updating, fax authorization forms that replace sensitive payment data with a random alphanumeric ‘token’)
5. check out my videos, including 60 seconds to see if you have a great deal (for existing merchant accounts)

Protect your firm and protect your client relationships. Just because a merchant services provider specializes in legal credit card processing relationships does not mean they have the best solution for you. Without innovation and change, they’re just a company that had a great marketing years ago.

Last week I spoke with a cloud accounting and financial software solutions company executive regarding their vision for secure cloud payments. He indicated they’ve probably fielded over one hundred inquiries from payment gateways that them to integrate their gateway. With no perceived differentiation, the software company recently chose two they thought would satisfy their clients both with domestic and international needs for at least a few years. What critical characteristic is missing from these payment gateways for mid-size and larger accounting firms, professional services, and wholeseale distributors? Interchange Management.

The impact of failing to implement automated interchange management is .50% to 1% or more in direct incremental fees above the lowest qualified interchange rate. For a company with $150M in annual credit card processing, it equates to $150,000 in Earnings Before Interest, Taxes, Depreciation, and Amortization in lost profit. Is a gateway with automated interchange management intelligence important? You’re darn right it is!

A payment gateway facilitates the transfer of money from the buyer’s account to the merchant’s account, including checks, and credit and debit cards. A payment gateway service authenticates and automates electronic payments from the shoppers account to the merchants account.

Most payment gateways remind me of computer programming back in the 80′s. They’re a simple script, but with added security, that pass whatever data you input. Remember the old adage, ‘garbage in, garbage out’? The result is the user who processes orders, often accounts receivable,  is pretty much in charge of what a merchant pays for accepting credit cards and the risks associated with acceptance. This is crazy. How much does a user really understand about interchange rates and rules?  If you’re not sure, here’s a simple test: How often do users review and or refer to the MasterCard Worldwide U.S. and Interregional Interchange Rates document? I bet 99.9% don’t even know what the document is.

A passive gateway sends require transaction information and whatever extra data is input by the user. In some cases, the gateway is set up to send additional data automatically. An intelligent gateway uses a combination of software rules and merchant defined rules to optimize a transaction for a desired result.

TRANSACTION EXAMPLE: A wholesale business to business distributor key enters an authorization via a virtual terminal for $10,000 on April 1. On April 18th, the merchant ships the product and collects the money

A) Passive Gateway, for example, authorize.net or Skipjack:  the user locates the original authorization and selects capture to receive the funds.  Because the authorization was only valid for 72 hours, the transaction is automatically downgraded by the card issuer to the highest ‘non-qualified’ interchange rate. Image shown: authorize.net virtual terminal partial page.

B) Intelligent gateway, for example, CENPOS: the system automatically prompted the user for all required fields to qualify the transaction for the lowest qualfiied interchange rate possible at the time of authorization. Recognizing the initial authorization is no longer valid, a new authorization is obtained, and the transaction is completed, with all data needed for the qualified rate.

Cenpos virtual terminal screenshot. Fields dynamically change automatically based on key entered or swiped card number

With gateway A, the user is in control of merchant fees. With gateway B, the software is in control, a far better solution that relying upon human education.

About CenPOS: CenPOS is an innovative payment processing network that streamlines the payment experience for both merchants and customers. It’s multi-channel support and SaaS model, has catapulted a shift in payment technology adoption in a variety of industries. CenPOS is fast, easy to use, and requires no capital investment to implement. For CenPOS sales call Christine at 954-942-0483 or click here for more information.

About the author: Christine specializes in providing merchants with innovative technology to manage the cost of accepting credit cards, without changing merchant accounts.  With a primary focus on “card not present” payment processing solutions for mid-size companies, including manufacturers and wholesale distributors,  merchants improve PCI Compliance and streamline the payment experience for both their company and their customers. It’s fast, easy to use, and requires no capital investment to implement. For sales call Christine at 954-942-0483 or click here for more information.