January 25th, 2017 by Elma Jane
PIN vs. Signature: What’s the Difference?
PIN Debit – PIN transactions are routed through what are known as (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.
Signature Debit – 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.
Posted in Best Practices for Merchants Tagged with: credit card, customer, debit, debit card, electronic, electronic funds transfer, online, payment, PIN, POS, terminal, transactions
January 24th, 2017 by Elma Jane
How to set up a travel merchant account?
First, you need to find a Merchant Service Provider.
Put together your business profile so you can start applying for a merchant account.
There are questions that you’ll need to answer, that way merchant account providers have an idea of how they should set up your account.
Some of the questions are:
Is your business seasonal?
For Travel Agencies or Tour Operators, it is seasonal, there will be high and low volume. NTC works with seasonal downtime.
How do you intend to accept payments?
Different business models require different methods of accepting payments.
If you’re doing face to face transaction and have a physical location then you need a credit card terminal.
If you process checks, then you need Electronic Check and ACH Transfers.
For e-Commerce shopping carts, wireless/mobile, you can check out our Converge Virtual Merchant and NTC e-Pay.
How much volume do you plan on processing?
Merchant account providers are going to want to know how much sales volume you plan on processing per month.
If you’re new in the business – give just an estimate average of how much you’ll be processing (per month), within the first 6-months of operation.
if you’ve been in the business – you’ll already have this number ready.
What will be your average ticket price?
Example:
Total Sales Revenue = $150,000
Total Number of Sales = 500 150,000/500 = $300 (Average Ticket Price)
If you need to setup an account give us a call at 888-996-2273 or use our contact form.
Posted in Best Practices for Merchants Tagged with: ach, credit card, e-commerce, E-Pay, Electronic Check, merchant account, merchant service provider, mobile, payments, shopping carts, terminal, transaction, travel, virtual merchant
January 19th, 2017 by Elma Jane
Card-Present vs Card-Not-Present – It’s important for a merchant to know what types of credit card payments their business will be taking.
If you rely on mailed, over-the-phone, or online payments a Card-Not-Present merchant account is what you need.
With this type of account, you don’t need the physical card. You are set up to accept credit cards where card information is being keyed into a credit card terminal or online.
A card-not-present merchant accounts base rate is higher than if you signed up for a Card-Present or swipe merchant account.
Why are card-not-present rates higher? There is less risk associated with a business swiping a credit card than keying it in. Why? When a card is swiped, a person is present; where the merchant can check ID and signature. When a person is not present, it’s open for consumer fraud.
However, when you’re setting up a Card-Not-Present merchant account, these factors are taken into consideration during the underwriting process, which leads to a lower base rate for keyed-in payments
Posted in Best Practices for Merchants, Travel Agency Agents Tagged with: card present, card-not-present, credit card, merchant, online, payments, terminal
January 6th, 2017 by Elma Jane
Online fraud is not going away; hackers are becoming more sophisticated. While technology offer more avenues for consumers to pay, they also offer new ways for hackers to steal data.
There are several factors that increases the growth of online fraud:
EMV migration: because of EMV migration, fraud in face to face transactions becomes more difficult and moves to card-not-present transaction. This has been observed after EMV is implemented in other country.
Banking activity: it is moving online not only via online-only banks, but also mobile and online bank services.
An increase of online marketplaces: financial services pros are more proficient in identifying fraud compare to individual consumers who become sellers that can be victims of online fraud.
How can e-commerce and financial services companies reduce online fraud?
Merchants: Ensure that you have payment security. Fraudsters use sophisticated technologies, ask your payment provider for encryption and tokenization. You can also use BIN LookUp as an added security and number of benefits. Bin LookUp allows merchant or institution to check more about the transaction.
Online marketplaces: Marketplaces can protect their reputation by validating new sellers using sophisticated device and applying advanced models and machine learning to detect unusual patterns of activity that indicate misuse.
Banks: Fraudsters continue to innovate. Bank technology needs to be flexible and stay one step ahead.
For account set up or terminal upgrade call now 888-996-2273 or visit www.nationaltransaction.com
Posted in Best Practices for Merchants, e-commerce & m-commerce, EMV EuroPay MasterCard Visa, Mobile Payments, Mobile Point of Sale Tagged with: banks, card-not-present, data, e-commerce, EMV, encryption, financial services, fraud, merchants, online, payment, provider, Security, terminal, tokenization, transactions
January 5th, 2017 by Elma Jane
Smart terminal for the lodging industry will be available beginning January 25, 2017.
Specifically configured for small and independent hotels to help manage their businesses and provide an exceptional guest experience, this solution will serve as a catalyst to drive significant sales opportunities and market share within the lodging.
For SMB/independent lodging establishments, benefits include:
- Available of an EMV terminal solution. A first for the lodging industry.
- Dynamic all-in-one smart device that looks great and delivers an exceptional guest experience.
- Modern, simple and intuitive interface
- Powerful security equipped with Safe-T technology which includes EMV, encryption, tokenization and PCI
- Robust, cloud-based reporting to help hotel owners manage their business better, and see transaction settlements in real time.
For your Electronic Payments need call now 888-996-2273
or visit www.nationaltransaction.com
Posted in Best Practices for Merchants Tagged with: EMV, encryption, lodging industry, PCI, Security, terminal, tokenization
December 12th, 2016 by Elma Jane
Wireless Freedom with Smart Terminal!
Point-of-sale with WiFi capabilities. Now customers can take advantage of total mobility within their location when accepting payments, and managing their business either in-store or remotely. The device is NFC enabled for contactless transactions, and also designed to be easily transported due to its rechargeable battery.
Perfect for Pay at the Table!
Intended to provide cardholders with the ability to pay from anywhere within a business, the Smart Terminal is the ideal solution for processing transactions (and tips) tableside. Other benefits for this service include:
- 8 hour battery life on a single charge.
- Customer screen displays for PIN, Signature, tips, and receipts (via paper/email/text).
- Cardholders have the ability to complete transactions quicker, increasing profitability.
- Enhances the customer service experience.
Available for Retail and Restaurant customers only.
Posted in Best Practices for Merchants Tagged with: cardholders, customers, nfc, payments, POS, terminal, transactions
December 6th, 2016 by Elma Jane
The Process of Processing Electronic Payments
Today new technologies are emerging in electronic payment that allow merchants to collect valuable data on their customers; from emailing receipts to providing incentives to mention the merchant on social media.
So what’s behind the process of processing electronic payments? The heart of all your payment processing needs will most likely lie in a merchant account; with a merchant account you can deposit funds from ebt cards, debit cards, gift or loyalty cards and even checks into your bank account. If your business has never had its own merchant account, it’s probably missing out on some very valuable opportunities.
At National Transaction Corporation this process is simplified to a signature page and a voided check. We consult your business personally to establish the lowest rates and fees possible with your electronic payment processing. We ask detailed questions about how you process your transactions, and if you already process credit cards, we offer a free statement review where we determine your most common transaction types and how to lower their fees and rates.
How Much Will Electronic Payment Processing Cost?
There are three parts to the answer:
Up front or startup costs – include things like an application fee, an account setup fee and equipment fees. At NTC, we don’t have any application, setup or cancellation fees on our services. Our credit card readers and terminals are nonproprietary and will work with almost any merchant services provider and we sell them at cost to make it easier on our merchants.
When you buy a terminal from us you own it and are free to leave us at any time and use the terminal to process through another merchant account provider with no penalty payments at all.
Other startup costs might be:
- check readers,
- cash registers and receipt printers
- mobile point of sale software
- credit card swipe readers
- Accounting software (Intuit’s Quickbooks Pro or PeachTree)
If you already own any of this equipment we can integrate your existing hardware into our services.
Monthly service fees – depend on what services are required; included in the monthly fee detailed statements and reporting on transaction activity.
Transaction fees – MasterCard, Visa and American Express set what are called interchange rates. Interchange rates are a per transaction fee and/or a percentage rate based on the total of a sale. Interchange rates are very complex and consume hundreds of pages of different types of electronic transactions. These transactions are based on the type of business processing the transaction, the way the credit card data is input (like a credit card that is swiped in or manually keyed into a credit card terminal of some type) and the type of credit card used for the transaction (rewards card, corporate card, travel and entertainment credit cards, ebt cards and so on). With so many types of cards and businesses to process it’s impossible to give an accurate rate for all charges.
Again, we have no fees associated with applying for or setting up the merchant account and there is no penalty for cancellation so there are no risks in trying it out. We can do merchant rate review for free. Call us now 888-996-2273
Posted in Best Practices for Merchants, Travel Agency Agents Tagged with: credit cards, customers, data, electronic payment, merchant account, merchants, mobile, payment processing, point of sale, services provider, terminal, transactions
December 1st, 2016 by Elma Jane
The All in One Smart Terminal!
Finally, a dynamic all-in-one smart terminal that offers a turnkey solution for customers to immediately implement in their place of business. Think of it also like a smart phone for accepting payments.
Function meets Form
Enables the speed of business with a modern, engaging design. Here are a few highlights:
- Dual, interactive touchscreens for the customer and cardholder.
- Built-in intuitive software, PIN pad and also signature pad, and printer.
- Charging dock station that includes extra USB ports.
- One card slot for EMV/MSR transactions.
- NFC enabled to accept contactless transactions, for example ApplePay.
- Mobile and web applications to help owners manage their business from anywhere.
- Ability to print, email and also send SMS receipts.
Sleek modern device that delivers an incredible customer experience, therefore a great option for retailers, coffee shops, and pop-up shops.
It comes with the powerful security of Safe-T built in.
For your EMV/NFC terminal needs give us a call at 888-996-2273.
Posted in Best Practices for Merchants Tagged with: ApplePay, cardholder, contactless transactions, customers, EMV, mobile, nfc, payments, PIN pad, smart phone, terminal, transactions
November 15th, 2016 by Elma Jane
SMART TERMINAL
Another all-in-one mobile (IP countertop and Wi-Fi capable) terminal that gives customers the functionality they want and need.
Sleek modern device that delivers an incredible customer experience, and is a great option for retailers, coffee shops, and pop-up shops.
Includes two touch screens: a larger one for easy visibility of orders and other information, as well as a cardholder facing one that can be used for payments and tipping. It also offers a dashboard function, so your customers can monitor their transactions and other reports remotely. On top of that, it comes with the powerful security of Safe-T built in.
For your EMV/NFC terminal needs give us a call at 888-996-2273.
Posted in Best Practices for Merchants, Credit Card Reader Terminal Tagged with: cardholder, customers, EMV/NFC, mobile, payments, Security, terminal, transactions
October 20th, 2016 by Elma Jane
Ways consumer can use NFC!
Near field communication technology (NFC) is on the rise, and as a result consumers can use NFC not just for making payments.
Top ways consumers can use NFC (Near field communications):
NFC Access Keys – can also be used as your access to certain buildings or hotels.
NFC Boarding Pass – are used in airports to expedite the boarding process. No more keeping track of that printed boarding pass!
File Sharing – on certain Android phones, consumers can also share songs, contacts and files from phone to phone with a simple tap.
Retail – Paying in stores simply requires a wave of the customer’s smartphone. This provides speedier transactions, but also provides merchants the opportunity to offer their customers loyalty points and rewards.
NFC Ticketing – speeds up subway boarding time by allowing consumers to use their phones also at the reader.
Vending Machines – NFC-enabled vending machines will allow customers to simply tap and go.
With the growing list of NFC technology uses, merchants should be prepared for the adoption. Upgrade your terminal to be NFC-enabled give us a call at 888-996-2273
Posted in Best Practices for Merchants, Near Field Communication Tagged with: customers, merchants, nfc, payments, terminal, transactions
