Merchant analysis proves client will save over annual $13,000 in DUES AND ASSESSMENTS with our help to convert more to pin debit.

Merchant statements for April 2012 may include a bulletin about fees. This is a bulletin from an actual statement.

EFFECTIVE WITH MAY 1, 2012, YOU WILL BE CHARGED DUES AND ASSESSMENT FEES WHICH SHALL BE CALCULATED AS FOLLOWS: 0.110% (MASTERCARD) APPLIED TO ALL SETTLED MASTERCARD CONSUMER AND COMMERCIAL CARD SALES BELOW $1,000 AS WELL AS PREPAID AND SIGNATURE DEBIT CARD SALES REGARDLESS OF THE TRANSACTION AMOUNT, 0.13% (MASTERCARD) APPLIED TO CONSUMER CREDIT AND COMMERCIAL CARD TRANSACTIONS EQUAL TO OR GREATER THAN $1,000, 0.110% (VISA) AND 0.105% (DISCOVER) MULTIPLIED BY YOUR GROSS SALES VOLUME. CONTINUING YOUR MERCHANT ACCOUNT WITH US OR USE OF YOUR MERCHANT ACCOUNT AFTER 30 DAYS WILL REPRESENT YOUR ACCEPTANCE TO THESE TERMS.

EFFECTIVE JUNE 1, 2012, YOUR MASTERCARD “US CROSS BORDER FEE” WILL BE INCREASED TO .40%.

EFFECTIVE JUNE 1, 2012, A .80% MASTERCARD “US CROSS BORDER FEE” WILL BE ADDED TO YOUR ACCOUNT. THIS FEE WILL BE APPLIED TO TRANSACTIONS IN WHICH THE CARD PRESENTED WAS ISSUED IN A COUNTRY OTHER THAN THE UNITED STATES.

All of the fees above are mandatory and non-negotiable. Merchants see these fees on their statements if they are on PASS THROUGH or INTERCHANGE PLUS pricing. We call this ‘wholesale’ pricing. This is the best price plan for merchants because costs are transparent. If the merchant does not have these fees itemized, then they are on a bundled price plan. The downside is that higher profits can be hidden in bundled pricing.

Note, cross border fees are fairly new, yet they are climbing rapidly. Some merchants are under the misconception that these fees do not apply to them with their particular merchant processor, however, if you read the fine print, you’ll find them everywhere. For example, Paypal charges a 1% cross border fee. Why the difference? Because it’s Paypal cross border, not card association specific ie Discover, Visa, MasterCard which each have their own rates. Paypal is a bundled price program. They can charge whatever they want.

CenPOS processes Level III Data with Vantiv for interchange optimization, helping business-to-business merchants drive down the cost of card acceptance. Merchants can now process commercial, business, and corporate purchasing cards while mitigating unnecessary downgrades.

Miami, FL (PRWEB) May 07, 2012

CenPOS, a fast-growing payment processing network, is now able to process Level III data through certification with Vantiv. CenPOS merchants can now process commercial, business, and corporate purchasing cards at the lowest cost.

Level III data processing is an important accomplishment for CenPOS, especially for merchants in the business-to-business environment. The interchange cost associated with business cards can be quite high for merchants if the needed data elements are not sent with the card clearing record. The CenPOS processing platform automatically identifies these card types and makes it easy for merchants to include the data needed; thus, mitigating unnecessary downgrades and reducing their card acceptance cost.
“We are really excited about helping our clients drive down the cost of their card acceptance. Our recent Level III Certification allows them to do just that,” said Jorge Fernandez, CEO, CenPOS. “Now CenPOS clients can clear their commercial, business and purchasing cards at the lowest interchange cost.” Continuing their commitment to innovation and development, CenPOS will be completing their Level III certification to other processing platforms in the upcoming weeks.
About CenPOS

http://www.cenpos.com/

“Creating efficiencies through payment innovation”
Founded in 2009, Miami-based CenPOS is a payment technology provider. CenPOS is 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. 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.
CenPOS provides solutions to a range of organizations including but not limited to retail, card not present merchants, automotive dealers, professional services and academic institutions; special programs are also available for non-profits. Call us: (305) 630-7960, or toll free: (877) 630-7960.
LinkedIn: http://www.linkedin.com/company/820255
Twitter: http://twitter.com/cenpos @CenPOS
About Vantiv, Inc.
Vantiv, Inc. is a leading, integrated payment processor differentiated by a single, proprietary technology platform. Vantiv offers a comprehensive suite of traditional and innovative payment processing and technology solutions to merchants and financial institutions of all sizes in the U.S., enabling them to address their payment processing needs through a single provider. We build strong relationships with our customers, helping them become more efficient, more secure and more successful. Vantiv is the third largest merchant acquirer and the largest PIN debit acquirer based on number of transactions in the U.S. The company’s growth strategy includes expanding further into high growth payment segments, such as prepaid, ecommerce, mobile and information solutions, and attractive industry verticals, such as business-to-business, government, healthcare and education. For more information, visit http://www.vantiv.com.

EDITORS NOTE:  CenPOS sales contact Christine Speedy  click here for more information.

Tokenization is the process of replacing sensitive data with a meaningless number. There is no universal standard for tokenization in payments. The key principal is that no part of the token has any relation to the credit card or check data.  The tokens themselves are useless outside of the system for which they are designed to be used. Tokens can be created for one time use or stored for recurring.

Encryption is the conversion of data into a form that cannot be easily read by others. That which is encrypted can be decrypted.

Payment card industry data security standards (PCI DSS) do not allow credit card numbers to be stored on a retailer’s point-of-sale (POS) terminal or in its databases after a transaction, with very rare exception.  If you store card data on your servers, regardless of access limitations, you’ll have a hard time proving your company was PCI Compliant in the event of a data breach. The financial liability, and potential criminal liability, is substantial.

If PAN data (primary account/ credit card number ) is encrypted, it’s still within the merchant scope for PCI because it can be decrypted. The exception is if the merchant is using a third party that is using PCI Compliant strong encryption, and there is no ability for the merchant to decrypt the data and get back PAN’s. *

Tokenization helps merchants reduce the scope for PCI DSS compliance whenever credit card data is stored, because the merchant cannot reverse engineer to access the PAN data. Encryption can be used by the third party to protect the data in the token vault. It is not required by PCI.  When a merchant uses a token to process a transaction, the associated payment information in the vault is delivered to the processor. How and in what format? The logical and physical elements vary by provider and specific controls are secret for security reasons, but it’s a fair question to ask when considering a new provider.

The CenPOS payment platform uses both tokenization and encryption for maximum reduction of PCI scope for merchants, and for data security throughout the payment cycle. It provides the most flexibility for merchants, because they can change processors with no disruption to their business.

*Refer to PCI guidelines for further details. Official PCI Security Standards Council Site

Android app for attorneys overview:

This mobile app, powered by CenPOS, works with your existing credit card processor and is not a standalone solution. Wherever you accept payments- online, tablet, smart phone, in the office, electronic bill payment & presentment- all the payment data is available from one central hub, the CenPOS Virtual Terminal.

The Android app includes all the essentials for accepting payments on the road.

CenPOS Android App key differentiators:

1. NON-DISRUPTIVE: It works with your existing credit card processor, and if you ever want to change processors, it takes just minutes to point to the new processor.
2. FLEXIBILITY: Accept payments anywhere. Online, tablet, smart phone, in the office, electronic bill payment & presentment- with all data synched to the central Virtual Terminal hub.
3. FEE MANAGEMENT: CenPOS proprietary patented technology eliminates limitations of hardware, software, and employee training, to qualify more transactions for the lowest rates possible. CenPOS automatically solves the issue of a single merchant account for both key entered and swiped transactions, so they both qualify for the lowest rates possible.
4. RISK MITIGATION: Did you know that if you key enter a transaction on a retail merchant account, you must present a properly formatted signed receipt to defend against disputes? CenPOS presents transactions properly as card not present or card present to prevent lost disputes for this reason. 7 years receipts stored, including from your Droid App, at least 5 years more than other solutions, no coincidence matching IRS requirements.
5. RECURRING BILLING: Securely store payment data for future billing, including setting up any variable schedule. Payment data is never on your server or devices.

HOW MUCH DOES IT COST? CenPOS fees are custom quoted per client, with a $100 minimum per month.

Can you assign payments to specific matter codes? Yes, simply supply a list of codes, then enter payment amounts on the drop down menu.

Can you split transactions for operating and trust accounts? Merchants can direct all deposits and refunds from one bank account, and ACH transfers for fees from another bank account. For all other needs, merchants should contact us with specific requirements.

Do you offer an invoicing system? Yes, merchants can create invoices on the fly or we electronically deliver your invoices for ‘click and pay’.

What swipe devices does this work with?

• IDTECH Shuttle, Two-Track Mobile MagStripe Reader
• IDTECH UniMag II, Two-Track Mobile MagStripe Reader

Does this work with other mobile devices? Yes, iPhone, iTouch, and iPad.

Can I integrate with my billing system? All transaction data, except full card data, can be exported as a CSV. Additionally, API ‘s are available for integration into other tablet applications, ERP’s, and billing systems.

Learn more about our Legal Payment Solutions

Contact Christine Speedy (954) 942-0483 for a Free Demo and Test Account for Legal Payment Processing

MasterCard updated their merchant interchange rates and fees portion of their web site. It’s a useful for all merchants. The missing link to all this data however  is a clear identification of which transactions are qualified and which ones are not.  For example, if a merchant is on Interchange plus pricing, it lists all the interchange rates the merchant paid. But it doesn’t indicate which ones are qualified and which ones downgraded to a higher rate. Some processors provide this information, with a section call ‘non-qualified’ transactions, however, the software frequently shows transactions as non-qualified that truly are the best qualified rate that a merchant can receive.

As a merchant I would want to know which rates are the best possible for a given card type at a glance. Why should a merchant have to hunt through hundreds of pages to figure it out? Interchange is not getting less complicated. Our team offers merchants an automated solution to qualify transactions for the best interchanges rates. Contact us for details.

3D Merchant maintains a list and links of all official interchange rates here.

3D Merchant May Bulletin: Maintenance, CenPOS, Online payments- http://t.co/3QZqrHu2

corrected: CenPOS pay pages & CNP Webinar – http://t.co/m2uBh6or