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.

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.

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. In the coming weeks I’ll post reviews on a very specific set of features. The features are:

• Credit card processing- is the app compatible with many merchant services companies or is it proprietary?
• 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.
• 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?
• Multi-channel: are all channels integrated with one reporting hub?
• Fee relief: does the app have any intelligence to help merchants manage the cost of accepting payments, including swipe vs key entered.

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 solution that’s 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.

Look for this subject title: iPad credit card terminal. Shown below is the Infinea Tab.  The Infinea Tab

Click the image above to visit the iPad peripherals manufacturer web site.

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.

Spend management has it’s benefits, but do the consultants really know what’s the best credit card processing solution for your business? Spend management consultants often mistakenly focus on the very same financial issue as merchants: the merchant discount. The biggest savings are achieved with interchange management.

3 questions every business to business company should ask before changing merchant accounts or credit card processing technology:

1. How will your solution help me manage interchange qualification? (What specifically will it do to ensure that transactions achieve qualified instead of non-qualified interchange rates? Does it rely on employee training or does it handle it automatically?)
2. How often does the company roll out new innovations? (The payments industry is changing fast, will they be able to keep up? Is this company a market leader?)
3. How will your technology impact my PCI Compliance burden? (Payment Card Industry Data Security Standards or PCI DSS)

I’ve talked to a bunch of spend management experts over the years. Rarely do they have the expertise to guide merchants to the best solutions. They can help you reduce costs, but don’t leave money on the table by only solving part of the problem.

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.

No, not if the goal is to defend against future disputes. Merchants can never store the security code on paper or electronically. It’s a violation of the both merchant card acceptance and PCI Compliance* rules. The penalties can be especially stiff, even reaching over one million dollars in fines and jail time, for merchants in industries covered by special identity theft rules. For example, automotive dealers and health care providers also collect sensitive personal data, increasing regulatory obligations for protecting consumers from identity theft.

First Data, a leading credit card processor, has this language in their PCI Rapid Comply 2013 questionairre:  “Do you make sure that you NEVER, EVER store the card-validation code or value (three-digit or four-digit number printed on the front or back of a payment card) used to verify card-not-present transactions after authorization (even if encrypted)?”

If it’s never OK, how can card not present merchants protect against fraud and disputes?

1. Increase capabilities to accept card present transactions. For example, a local business might add mobile card readers for delivery personnel to swipe credit cards.
2. Require remote buyers to print the sales receipt, sign and send back. A signed sales receipt containing the authorization code and correct authorization language enhances the trail of evidence.
3. Same as above, except for commercial accounts, require the cardholder forward the email receipt with their electronic signature from a company email address.
4. Require cardholders to specifically approve any 3rd party delivery address or personnel. Maintain all email communication records related to the sales process.
5. Switch to self-serve payments such as an online pay page or electronic bill presentment and payment, both of which create opportunities for trails of electronic evidence. Use a third party provider to reduce PCI Compliance burden.
6. Use a third party service to electronically store sensitive payment information in a ‘vault’ for recurring customers. Ensure that no one can access the full card or ACH information.
7. Have a set of policies that can be remotely managed, monitored and enforced. This is critical in a multi location environment.

* PCI Compliance: short for Payment Card Industry Data Security Standards, or PCI DSS. All merchants are subject to PCI Compliance and the requirements vary by a number of factors including how payments are accepted and business size.

About the author: Christine specializes in providing innovative card not present payment processing solutions for manufacturers, wholesale distributors and new car dealers to improve PCI Compliance and streamline the payment experience for both merchants and customers. It’s 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.

If one thing is certain, it’s the uncertainty of what the mobile payment space will look like five years from today. Professional sports organizations seeking new payment technology, while improving PCI Compliance (Payment Card Industry Data Security Standards), need to consider whether the company they partner with will still be around in the future.

I recall back in the mid-90′s, working as a trailblazer bringing professional sports and related parties onto the internet. So many companies came and went. Yahoo, DoubleClick and Real are still in business. About a thousand other hot companies have long since disappeared.  Similarly the entire payment industry is going through a transformation, with hundreds of companies vying for a position in mobile payments or some other slice of the payment pie. Even big Google Wallet couldn’t generate a dominant marketshare. It’s a safe bet that 90% of them will fail, and some of them already have.

A little history might help breen caution. For over a decade, ISO’s, or Independent Service Organizations, grew dramatically. Instead of obtaining a merchant account from one of a few options via the big banks, businesses could buy the same product, or nearly the same product,  from an ISO, but often with lower mark-ups over interchange fees. As the economy grew in the last decade, a large number of companies borrowed against their residual earnings. When the economy tanked, businesses went under, and many businesses were over leveraged. There is a contraction underway in the ISO industry. The mobile payments space doesn’t typically have the revenue stream, and instead often relies on angel investing. A contraction will come for them as well.

What does an ideal mobile payment solution look like? The equipment makers and others pounded the drums for NFC, but to date, it’s made little movement. Ideally, both the consumer and merchante will benefit from any new payment solution. It needs to create efficiencies, and improve security.

CenPOS is a fast growing payment technology network that streamlines the payment experience for merchants and consumers alike. It has several advantages over other solutions:

1. CenPOS is non-disruptive to operations. It routes transactions to existing financial partners, including credit card and check processors.
2. CenPOS supports multiple channels. Kiosk, mobile, retail POS, ecommerce and more.
3. CenPOS reduces PCI burden.
4. CenPOS is scalable and flexible.
5. Integration options vary widely by need.
6. CenPOS started years ago as a company to create efficiencies for consumers and merchants. The others are playing catch up.

When all the facts are considered, CenPOS is the most robust solution on the market today, and with continual innovation, markets will drive future enhancements.

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.

Merchants Have New Representment Right for Multiple Fraud-Related Chargebacks

In 2011, MasterCard implemented the Fraud Notification Service (FNS) as a means of ensuring that chargebacks are properly submitted by the issuer.
Accounts that are deemed fraudulent must either be closed by the issuer or the chargeback rights must be relinquished for those accounts. This service also helps determine if a chargeback representment option is possible.

Effective April 19, 2013, MasterCard will expand their rules regarding excessive fraud chargebacks on a single MasterCard card account number and expiration date combination.
Prior to this change, if fraud-related chargebacks occurred on any one MasterCard card account (used at any merchant), the chargebacks could only be represented if the transaction occurred prior to the date of the second fraud-related chargeback (the FNS date). With this modification, if there are over 35 fraud-related chargebacks on any one MasterCard cardholder account (used at any merchant), merchants will have the right to represent the transaction to the issuer. This is a positive change to protect merchants from fraud.