Category: Best Practices for Merchants

Apr

2017

April 12th, 2017 by Elma Jane

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Posted in Best Practices for Merchants Tagged with: merchants

Apr

2017

April 10th, 2017 by Elma Jane

EMV, NFC, PIN and Signature are not the same

EMV (Europay, MasterCard and Visa) is a payment technology.

NFC (Near-Field Communication) is a technology that enables contactless EMV.

Apple Pay, Android Pay and Samsung Pay uses NFC technology to process payments in a tap at any contactless payment terminal.

NFC payments made with a mobile phone in-store by tapping the phone to an NFC-capable terminal are considered card-present transactions. NFC in-app purchases are considered card-not-present transactions.

Not all EMV terminals has NFC technology. NFC Technology/EMV terminals can be considerably more expensive than standard EMV.

There are EMV terminals that NFC capable but not enabled.

Payment cards that comply with the EMV standard are often called Chip and PIN or Chip and Signature cards, depending on the authentication methods employed by the card issuer.

PIN Debit are transactions routed through (EFT) electronic funds transfer. It immediately deducts the transaction amount from the customer’s checking account, which is linked to the debit card used for payment. EFT processing takes place when the customer chooses debit when prompted and then enters her PIN. PIN debit transactions are often referred to as online transactions because they require an electronic authorization.

PIN Based Transactions have no chargebacks rights as they are considered cash not credit.

Signature-based debit transactions are authorized, cleared and settled through the same Visa or MasterCard networks used for processing credit card transactions. Signature debit processing is initiated when the customer selects credit when prompted by the POS terminal. Signature debit transactions are referred to as offline transactions because a PIN debit network does not play a role in processing.

NationalTransaction.Com 888-996-2273

Posted in Best Practices for Merchants Tagged with: card present, card-not-present, chargebacks, EMV, nfc, payment, PIN, terminal, transactions

Apr

2017

April 7th, 2017 by Elma Jane

Merchant Cash Advance Or Loans

Merchant Cash Advance – is a funding product providing working capital to businesses. When it comes to securing a merchant cash advance, businesses are far more likely to be approved and secure the amount of funding you actually need because cash advance is not a loan.

Loans generally are lower rates than MCA? Monthly payments not daily and many of these loans may also be lines of credit. Lines of credit sometimes have collateral, real estate or other guarantees. These options can be uncovered through consultation service at NTC.

MCA companies provide funds to businesses in exchange for a percentage of the businesses daily credit card income directly from the processor that clears and settles the credit card payment. A company’s remittances are drawn from customers’ debit-and credit-card purchases on a daily basis until the obligation has been met. Most providers form partnerships with payment processors and then take a fixed percentage of a merchant’s future credit card sales.

The Term Merchant Cash Advance – may be used to describe purchases of future credit card sales receivables, revenue and receivables factoring short-term business loans, and it has a different set of rules and rates.

Cash advance has some advantage over a conventional loan structure. Payments to the merchant cash advance company fluctuate directly with the merchant’s sales volumes, giving the merchant greater flexibility with which to manage their cash flow, particularly during a slow season. Advances are processed quicker than a typical type loan, giving borrowers quicker access to capital.

Merchant Cash Advances are often used by businesses that do not qualify for regular bank loans.

Ask our loan consultant if you were told you do not qualify for a loan.

NationalTransaction.Com 888-996-2273

Posted in Best Practices for Merchants Tagged with: credit card, loan, merchant cash advance, payments

Apr

2017

April 6th, 2017 by Elma Jane

Payment types and it’s categories

The two main category types when it comes to credit card processing are swiped and keyed. Card present or card-not-present.

Swiped or card present transaction – merchants do a face-to-face transaction. A merchant can capture card information by dipping the chip or swiping the card in the terminal or POS. Merchants directly interact with a customer so the risk is low.

Card-Present Sub Categories:

Retail Merchants – conduct transactions face to face in a retail environment.

Face to Face (mobile) – this type of merchant is typically on the go, such as a vendor at a trade show. You can use a service like converge mobile that allows you to take the information in person.

Restaurant – the same as retail merchants, the difference is they may require the ability to add tips to their charges.

Lodging – processes their transactions like retail merchants except they may adjust the settlement amount depending on the customer’s length of stay.

Keyed or card-not-present are high risk, because merchants indirectly collect customers card information, and can process transactions in various ways.

Card-Not-Present Sub categories:

Internet/Ecommerce – conducts business through a web site by utilizing a shopping cart and an Internet payment gateway service. The payment gateway then collects the credit card information and processes it in real time.

Mail & Telephone Order (MOTO) – typically take the customer’s credit card information over the phone, by mail or through the Internet. They then manually process the transaction by keying it into either a credit card machine or through a virtual terminal such as Converge.

Talk to our payment consultant to know the best solution for your business.

NationalTransaction.Com 888-996-2273

Posted in Best Practices for Merchants Tagged with: card present, card-not-present, credit card, customer, ecommerce, merchants, payment, payment gateway, POS, swiped and keyed, terminal, virtual terminal

Apr

2017

April 5th, 2017 by Elma Jane

Fighting chargebacks is important to a business. Whether you process transactions at a point of sale location or operate an e-Commerce business making sure you have implemented a process to dispute your chargebacks is critical.

Basic concepts that can be used to begin learning how to dispute chargebacks:

Keep accurate records of data that is easily accessible. Keeping track of your sales and products have a much easier time in collecting the information necessary to combat a chargeback.

Act quickly, don’t wait! You only have 10 days to respond to a chargeback or retrieval request. If you do not respond in 10 days you lose to a chargeback, and It gets worse; as you will not be able to re-present your case.

Compile and submit the documents to your processor. Make sure the documents have the original chargeback documents attached as well as the other supporting documents.

Follow up to make sure they have been received. Your processor may have an online system that allows you to submit documents directly into the processor chargeback system and some even allow you to view submitted documents in REAL TIME.

Monitor your chargebacks, this will help you understand what processes work for each specific chargeback type.

KEEP YOUR CUSTOMERS HAPPY

NationalTransaction.com 888-996-2273

Posted in Best Practices for Merchants Tagged with: chargebacks, data, e-commerce, point of sale, processor, transactions

Apr

2017

April 4th, 2017 by Elma Jane

Customer Service Revolution A State Of Being!

Customer experience will overtake price and product as a key brand differentiator. Every single interaction a customer has factors into whether they remain loyal or switch to a competitor. Customer experience affects brand loyalty.

Common mistakes when engaging customers and how to avoid them:

Being unprepared

Poor interaction related to customer support means losing customer or sale. Don’t be passive when a customer calls for help. Familiarize yourself with a customer’s background.

To ensure that the customer is using the product to the fullest extent, jump into each interaction with personalized tips on specific features. If you come to each call proactively prepared, your customers are getting the most value from your product.

Failing to build a relationship

Avoid negative engagement with a customer, track customers engagement. Plan targeted, purposeful interactions to ensure they remain happy. Take the time to get to know your customers before any issues arise. Developing strong relationships with customers means they are more likely to talk to you not resort to extreme measures.

Making a useless call merely to check in

Don’t reach out to your customer blindly, consider these questions:

Are they happy using the product? Are they using the most advanced feature? Dive deep into customer data to better understand how customers are using the product and what they might need.

NTC uses a range of tools to collect data and gather insights about our customers and use that data to understand which customers may need more hand-holding and training to increase their level of engagement.

Learn more about your customer in advance; with all of this knowledge you can better address questions or concerns with specific tips or support.

That is NTC’s Customer Service!!!

Posted in Best Practices for Merchants Tagged with: customer, data, product

Apr

2017

A Merchant Travel Account That Does More!

April 4th, 2017 by Elma Jane

A Travel Merchant Account That Does More!

Call now 888-472-7112 or click the image to redirect you to contact form landing page.

Posted in Best Practices for Merchants Tagged with: merchant, travel

Mar

2017

March 30th, 2017 by Elma Jane

Credit Card Terminal

Factors to Consider When Buying a Credit Card Terminal:

NFC – check out the payment wave of the future. NFC technology features, where you can accept Apple Pay and Android Pay for payments.
Security and Stability – do I have a computer tablet or other device that will accommodate the future technology? Newer credit card machine work faster, they also protect sensitive card data and have the ability to accept EMV and PIN. Older terminals may not comply with today’s PCI security standards.

Mobile/Wireless Connectivity – credit card terminal should be able to quickly and easily accept credit card payments and work with your payment processor anywhere.

Connectivity – do you use mobile, Wi-Fi, dial, or (IP) Internet connection? Most current credit card terminals use both technologies, but when connected to dial-up your transactions can be quite slow, unlike IP connection which can speed up your transactions.
Programmable or Proprietary – if they will not let you program it why NOT?

There are many options when searching for the right credit card terminal for your business but there are also a number of factors to consider before making an investment.

Give us a call at 888-996-2273 and talk to our Payment Consultant!

Posted in Best Practices for Merchants Tagged with: credit card, data, EMV, nfc, payments, PCI, PIN, processor, terminal

Mar

2017

March 29th, 2017 by Elma Jane

Follow NTC on Klosebuy!

As a valued customer, you can see our most current advertisements, specials, offerings, and events we have going on.

Download the Klosebuy app in the App Store or Google Play store, and search for National Transaction (NTC), and make sure to mark NTC as a favorite business.

Joining Klosebuy is FREE! Receive 25 points when you join Klosebuy and another 25 points for favoring our business ($5.00 value).

Review our latest specials and events, save them to use, and share them socially with your friends.

Collect Klosebuy points along the way and redeem them from Klosebuy’s online catalog for great gifts.

Refer your friends and you both get 100 points when they join ($10.00 value).

Don’t have a smart phone? Join Klosebuy at www.klosebuy.com.

We look forward to seeing you soon!

Posted in Best Practices for Merchants

Mar

2017