Merchants must understand interchange in order to understand why credit card processing fees can vary with the same bank issued card from one transaction to the next.  The cardholders financial institution remits to the merchant financial institution (merchant processor) the transaction amount, less the interchange rate. The interchange rate may be a directly negotiated rate between the bank and the processor or it may be a default rate set by Visa, Discover or MasterCard.

When the rate is created, there are stipulations or criteria to qualify for the rates. For example, the rate applies if x, y, and z are present. But if only x and y are present charge a higher rate. If only x is present, charge even more. Here’s where merchant confusion comes in. How does a merchant know what is needed? How do they know if they qualified for the lowest rate or a higher rate? It is possible to train cashiers or order processors? Of course not!

Many merchants have been trained to make sure that level 2 data is supported, which is pretty universal today. Unfortunately, they’ve been lulled into believing this is the fix-all for getting better rates. How come so many transactions don’t qualify for commercial data rate 2?  Instead, merchants hit one of the others illustrated below, commercial standard or commercial data rate 1.

This is a single excerpt of many, many pages related to commercial credit card processing. Merchants need to know there are multiple rules for all types of credit and debit card transactions, not just commercial cards.

What is enhanced data required?  It depends on the card issuer and the card brand. For example, Visa commercial cards for travel & entertainment (T&E) have different requirements than other commercial cards. Do you understand why ” supporting level 2 data” is not enough? 

What terminal will give you the best rate? It’s virtually impossible for a merchant to qualify for the best interchange without a system- what individual has access to all the rules, could keep up with the changes, and could train all employees to do the right thing to qualify your transactions?

1. Your payment solution must dynamically identify the card issuing bank, also known as bin management. Anything else is just not realistic because you can’t depend on employees to become payment processing experts.
2. The solution then must intelligently require the data needed to qualify for the best rate AND pass that data through.  Incredibly, there are solutions that capture data, but do not pass it through. There are even some solutions that capture the data, but then submit their own fake data because they don’t trust your employees to not make mistakes. If you’re particularly adept at reading merchant statements, you can be lulled into believing you have great interchange qualification, however, your company is at great risk of getting caught for violating presentment rules.
3. Your processor must support the receipt of the data. Not all processors can!

Rates and requirements are completely unknown to merchant employees who process transactions (cashiers) and the most educated financial staff. CenPOS proprietary technology is a private cloud, SaaS payment processing platform that AUTOMATICALLY optimizes transactions to QUALIFY for the BEST rates, saving you up to 1.05% per transaction by avoiding downgrades to non-qualified rates.

Contact Christine Speedy, Global Business Development, for more sales, agent, and reseller information.

 

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Experienced credit card processing agents wanted to sell value added technology to  your existing book. Provide the payment processing value your clients demand, reduce attrition and increase your earnings per account. Turnkey solution crosses all payment sources including mobile, and multiple payment types. When all the facts are reviewed, there really is nothing else on the market like our solution.

Seeking agents and referral partners for each US vertical market below:

• Legal
• Medical
• Software Integrators
• Wholesale distributors and manufacturers (level 3 knowledge required)
• Utilities
• Automotive
• Non-profit
• Property management

Join a team led by one of the top CenPOS agents in the world, plus get these benefits:

• Recurring revenue stream
• Transparent reporting with online statements and direct deposit
• Training
• Webex demo support
• 24/7 customer support
• Access to full feature set
• No territory limitations- currently in about 7 countries and growing

As members of the team are trained and productive, incoming leads will be shared with the appropriate team member. This will dramatically increase your overall revenue stream by keeping you focused as an  industry expert. If you are not interested in a team approach.

This offer is exclusively through 3DMerchant.com. Contact form or call 954-942-0483 9-5 ET.

CenPOS launched a virtual terminal update last week that includes a change how to research historical data. Use the reprint feature for all transactions within 90 days. Reprint includes every attempted transaction, whether it was approved or not. Use the new Historic Inquiry for transactions between 90 days old and 7 years old. This report applies to credit card processing only, not check processing.

About CenPOS : “Creating efficiencies through payment innovation”

Founded in 2009, Miami-based CenPOS is a payment technology provider committed to providing its customers and partners with innovative solutions for today’s rapidly evolving consumer payment choices. CenPOS is an intelligent payment-processing network that streamlines the payment experience for businesses and consumers by using state-of-the-art technology to replace inefficient, outdated payment systems.

CenPOS sales: Christine Speedy direct (954) 942-0483
CenPOS Sales Contact

Following Visa’s new merchant fee announcement, MasterCard will launch a new annual fee for acquirers on July 1, 2012. No specifics of the fee has been released, however, it will be based on credit-card volume and pin-debit volume will be excluded from the calculation.

Once again, CenPOS retail customers will have another advantage at escaping increased fees. CenPOS pin debit conversion rate averages over 75% across all USA markets. Pin-debit also mitigates merchant risk with only a 14 day window for consumer disputes vs 120 days for signature debit.

About CenPOS : “Creating efficiencies through payment innovation”

Founded in 2009, Miami-based CenPOS is a payment technology provider committed to providing its customers and partners with innovative solutions for today’s rapidly evolving consumer payment choices. CenPOS is an intelligent payment-processing network that streamlines the payment experience for businesses and consumers by using state-of-the-art technology to replace inefficient, outdated payment systems.

CenPOS sales: Christine Speedy direct (954)942-0483

 

Youtube video shows real time CenPOS SAP Crystal Reports with credit card processing insights for CFO’s and executives in both graphical and numeric formats. Forget about other products boasting extensive reports. The CenPOS dashboard provides actionable data on any facet of your credit card processing.

What % of sales were key entered? What % of retail debit is signature vs pin? Tap into standard CenPOS SAP Crystal Reports on demand or create your own reports with the Crystal Report Writer, exclusively from direct agents, including Christine Speedy, and have them automatically delivered. Does your virtual terminal or retail solution provide this?

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What is Resource Online and how does that compare to CenPOS? Many CenPOS clients also have access to Resource Online, also known as ROL, a Chase Paymentech credit card processing online reports solution. A crucial difference in products is that CenPOS is a platform to manage and control your various payment processing methods BEFORE the sale, view data in real time, and analyze data. ROL provides a simple window into payment information AFTER batch settlement. CenPOS is the hub for both accepting payments and 95% of post sale data needs. ROL is the other 5% of time when circumstances warrant it.

“Resource Online is a suite of Web-based data-management tools for retail or card-present merchants.” 2/2012, Chase Paymentech

ROL is a static relatively static tool for merchants to look at processing information after batching out, including the ability to download statements.  CenPOS enables merchants to look at data in real time, and with more extensive research tools, plus set up unlimited automated actions and report distributions. They both have a place to serve the merchant. Many CenPOS users rarely use ROL, however, if you don’t use it, your account will be closed automatically, so login at least once every 90 days. We recommend that you set up Instant Alerts for Chargebacks and Retrievals as well, because CenPOS has no way of knowing if your customers dispute a sale.

ITEM	RESOURCE ONLINE	CENPOS Virtual Terminal
Transaction data	after settlement	real time
Batch info	yes	yes
Chargeback / dispute info	yes	no
Retrievals	yes	signed receipts on demand; any type transaction receipt on demand
Data storage time	12 months	7 years
non-qualified interchange report	Yes, with reason codes, but some transactions will show non-qualified even though that is the best qualification. It’s useful, but not perfect.	Key graphic metric available in real-time on dashboard; eliminates need to search.
User /Cashier transaction report	no	yes
interchange fees	Yes, on statements downloaded.	No- only on processor statements.
Transaction research	Enter date range, then limited number of fields.	Enter date range, then choose from 4 filters or dynamically drill down the list by entering any data field
Data analytics	Extremely limited- manual process	Unlimited capabilities with automated calculations and distribution of reports. Popular reports ready at a glance.

When do you login to Resource Online? When you need to download a merchant statement, respond to a chargeback (retrieve receipt from CenPOS), or if you run into a reconcilation issue that requires special analysis.

When do you use CenPOS? For all payment processing from all sources, paperless reconciliation, and all the other benefits you chose CenPOS for. Review HR data with hourly sales by amount and transaction count, risk analysis reports, heat map of where your customers came from, refunds and many, many other tools at your fingertips.

 

 

 

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What records are we required to save and what can we throw out? CenPOS saves receipts with instant retrieval for 7 years.

How are you retaining records now and how easy would it be to retrieve specific data? Below we examine the records related to business income and how CenPOS can help you meet these requirements. There is no definitive answer for records retention from taxing and legal authorities, only general guidance and some rules.

The following information is to provide some general guidance and to help you with a dialog with your professionals, who can address specific requirements. In addition to IRS rules and requirements, some of the recommendations may apply to state and/or other federal regulatory rules (such as the Department of Labor, etc). Certain professions have specific rules dictated by their licensing bodies. For instance, in Florida, medical records must be kept five years from the last contact with the patient.

The Internal Revenue Service has stated:

“Records such as receipts, cancelled checks, and other documents that support an item of income or a deduction appearing on your tax return should be kept until the statute of limitations expires for that return. Usually this is three years from the date the return was due or filed, or two years from the date the tax was paid, whichever is later. There is no statute of limitations when a return is false or fraudulent or when no return is filed.

The following is a non-IRS list of recommendations for income records retention:

Accounts receivable ledgers and schedules – 7 years

Bank statements and reconciliations – 7 years

Cash register tapes – 7 years

Sales tax returns – 7 years

CenPOS provides 7 years record retention regardless of the payment input location. Additionally, you can pull receipts, including signed receipts, on demand at no additional cost. Export all data as a CSV file.  Whether your customer pays in person, online, or over the phone, CenPOS is the hub for all electronic payments. If you are subject to an audit and need a large number of records, you can contact our support team for large retrieval alternative options.

 

About CenPOS : “Creating efficiencies through payment innovation”

Founded in 2009, Miami-based CenPOS is a payment technology provider committed to providing its customers and partners with innovative solutions for today’s rapidly evolving consumer payment choices. CenPOS is an intelligent payment-processing network that streamlines the payment experience for businesses and consumers by using state-of-the-art technology to replace inefficient, outdated payment systems.

CenPOS Global sales: Christine Speedy direct (954)942-0483, HQ toll free: (877) 630-7960.

 

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Partnering with leading technology integrators, 3D Merchant Services is expanding attorneys’ billable hour accuracy while at the same time reducing administrative time, and increasing cash flow. Increase billing accuracy with automated logging of all calls, whether in the office, or on your cell phone. Then empower customers to pay their bills securely online, and optionally send them electronic bills (EBPP)

Small law firms with 1-5 attorneys especially need tools to reduce administrative time in order to maximize profits. For small firms, an accurate cell phone call logging solution may have the biggest impact to accurately capture billable hours, and immediately assign it to a client and matter code.  Larger firms probably already have a phone log billing system, but if not, then combining the desktop time log, with PBX call logger and mobile phone logger closes the loop for all time tracking. Add the CenPOS payment processing solution, and you can bill more accurately and collect monies due in a secure and cost effective manner.

As previously reported, attorneys can accurately log billable time with a new innovative mobile time tracker. A key feature is the pop-up on incoming calls; when you hang up, you can immediately assign the call to a client, assign pre-defined matter codes and even enter notes. The length of call is prefilled for you.  Data is all accessible back in the office via a web based dashboard for later modification and export into your accounting software.

Our innovative payment gateway works with your existing payment processors, creating numerous efficiencies, increasing cash flow,  reducing the cost of payment acceptance, and improving transparency.

• Partners access real-time revenue.
• Generate reports and automatically distribute via email.
• Automatically send invoices and reminders to clients, with simple click to pay online.
• Empower clients to pay any invoice online- self pay saves your staff time and reduces risk.
• Accept payments and retainers in person with signature capture on mobile devices.
• Finance staff will have tools to automate processes and control payment processing costs.
• The most flexible, scalable payment solution available today.

Payment Modules include: virtual terminal, batch upload, Electronic Bill Presentment & Payment (EBPP), Dashboard Reporting, report writer, shopping cart and pay page.

Legal Payment Brochure (pdf Download) . This one page document will be updated in the future.
CenPOS clients include those listed in the 2011 U.S. News – Best Lawyers ‘Best Law Firm’ Rankings. Contact us now to find out why they chose our technology.

See also Legal billing and payment technology increases cash flow.

About CenPOS  http://www.cenpos.com/  “Creating efficiencies through payment innovation”

Founded in 2009, Miami-based CenPOS is a payment technology provider. CenPOS is an intelligent payment-processing network that streamlines the payment experience for businesses and consumers by using state-of-the-art technology to replace inefficient, outdated payment systems. The network reflects the core values that drive the experienced and innovative CenPOS team: Simplicity, Scalability, Security and a holistic approach to payment processing strategies.

About 3DMerchant.com

3DMerchant.com is a marketing and educational web site created by CenPOS agent Christine Speedy to share CenPOS success stories, applications, relevant merchant services news, and generate new business leads from readers like you.

Click here to request sales or information about any subject posted on 3DMerchant.com.