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Atricle Dump - 17 Essential Questions You Must Have Answered Before Selecting A Payment Processing Provider
In the Tittha Sutta, some monks remarked to the Buddha that there are many followers of other teachings with differing opinions, who bicker with one another on what is and is not the truth. The Buddha described the situation with a story... Once, a king gathered men blind from birth before an elephant. To some, he "showed" a tusk, and to others the trunk, body, foot, hind, tail and tuft. Next, he asked what they "saw". Those who touched the head said it was like a winnowing basket, while the tusk was like an iron rod, the trunk like a plow pole, the body like a granary, the foot like a post, the hind like a mortar, the tail like a pestle, and the tuft like a broom. The blind men then argued and fought over their "views" of what the elephant was really like. The Buddha remarked that those who are blind to the Dharma (the truth, or the way to the truth) do not know what is beneficial or harmful - thus do they argue over it.To argue with animosity is harmful. It makes one blind to the truth to be seen with calm and clear introspection. The Buddha himself discusses the Dharma peacefully, even with the quarrelsome. Argument
PROS: When renting a POS Terminal if you require a new POS Terminal is usually will be fixed or replaced at no cost to you.
CONS: Rental only: You pay rent forever. If you have been renting a POS Terminal for $40 a month for 5 years, then you just paid $2400. If you have been renting a POS Terminal for 10 years at $40/month then you just spent $4800 & no asset in your business. When you can own a Basic POS Terminal for as little as, $1000 and now have another Asset in your Business. SIDENOTE: Most Private Label Companies will offe
If you're a business owner, there are many reasons to hire a freelance writer: One very significant reason is that your staff doesn't have the necessary skill set to handle all of the needs of your business, and the workload isn't heavy enough to hire a full-time employee. The fact of the matter is, that freelance writers are used by businesses of all sizes for everything from improving web content to drawing up contracts.How Can A Freelance Writer Help Your Business?Typically a business will hire a freelance writer when it comes time to write all the marketing material and internal company material that no one paid any attention to when the business was starting out. Other Businesses use them to create, modify and revitalize their written material. This can include manuals, technical documentation, newsletters, business proposals, etc. But most of all, a freelance writer provides support to you on an as-needed basis so you can focus on your business.Unless you're new to the whole online universe, everyone who runs an online business knows that content is king. And as you grow your online business, you
- Every Payment Processing Provider will have this fee. Discount rates can vary on from as low as 1.59% right up to as high as 5.0%. The Discount Rate is really not a discount. It is a % of your sales that the Credit Card Companies charges the Business Owner to be able to offer their customers to pay with their Credit Card. (Example: If you did $10,000 in Visa sales in one month and your Discount rate was 2.5% then you would pay $250 in fees to Visa that month.)
- Rates vary and are dependent on your Business Model, Business Volume, Average Sale per Customer, Type of Product & Service your business offers, the way you process payments for your products & services: online, telephone, mail-order, or in-store all affect the Discount Rate your business will qualify for.
- Usually High-Risk Business will have higher rates. Businesses that have higher ticket prices, Businesses that process payments via: E-commerce, Telephone (IVR), & Mail-order usually fall under the High-Risk Umbrella.
2. Are ‘keyed in’ Visa, MasterCard & Amex Discount Rates at a different rate then swiped?
- Most Payment Processing Providers will have a different Discount Rate for transactions that are keyed in on POS Terminal instead of being swiped across the POS Terminal. However, there are some exceptions for some businesses that have reoccurring billing.
3. What are the Transaction Rates?
- Transactions fees are sometime called IDP Transactions. Every Payment Processing Company has at least a Transaction fee for Debit and usually for Credit Card Transactions too. It is become more common that any Transaction that is made on your POS Terminal will be considered a Transaction and a fee will apply, whether is it is a void, debit, credit card, refund, batch close, etc.
- Transaction fees can range from 0.05 cents up to 0.50 cents and can be different for each type of transaction, although typical POS Terminal Transactions fees are between 0.08 cents to 0.15 cents. IVR, PC, & E-commerce Transactions fees are usually much higher ranging from 0.35 cents to 0.50 cents.
4. What is the monthly cost for the Point-of-Sale Terminal?
- Most Bank Payment Processing Companies offer: only Rental Program for POS Terminals. Rental costs can range from $20 right up to as high as $100 a month dependent on the type of POS Terminal your business requires.
- Private Label Payment Processing Companies usually only offer: Lease-to-own or Buy-out Options on their POS Terminals. Lease-to-own usually run on 48 month leases with a 10% buy-out option at the end. Lease-to-own POS Terminal prices range from $30 - $80 dependent on type of POS Terminal. Buy-out POS Terminal prices, typically run from $999 - $1800 dependent on type of POS Terminals.
- *** Two very important questions to ask before buying a POS Terminal: A) What are the warranty conditions? B) Is the POS Terminal Smart-Card Ready?
- PROS & CONS of Renting Vs. Owning:
PROS: When renting a POS Terminal if you require a new POS Terminal is usually will be fixed or replaced at no cost to you.
CONS: Rental only: You pay rent forever. If you have been renting a POS Terminal for $40 a month for 5 years, then you just paid $2400. If you have been renting a POS Terminal for 10 years at $40/month then you just spent $4800 & no asset in your business. When you can own a Basic POS Terminal for as little as, $1000 and now have another Asset in your Business.
SIDENOTE: Most Private Label Companies will offer
An important object to keep in mind about ZIP code finder is that they change over time. In some cases these change can be quite amazing, but more frequently they are small and subtle. When a ZIP code changes its definition it does not change its name like a census zone. The ZIP code that was called '63301' in St. Charles County, Mo in 1985 has since been broken into first two and now three ZIP codes. These new codes were not called 63301.01, 63301.02 and 63301.03; they were called 63301, 63303 and 63304. So what is referred to as 63301 today represent about a third of the area that it referred to in 1985.The new code 63303 did not exist 12 years ago and it has already changed its definition so that it now represents about partially of the area it included when it was to begin with created. What this means, of course, is that ZIP codes are really terrible units for doing any kind of time-series analysis unless you have some way of keeping track of all the changes over time. Otherwise, you may wind up concluding that there has been a dramatic downward trend in the population of 63301 since 1980, when in fact just the op
- Usually High-Risk Business will have higher rates. Businesses that have higher ticket prices, Businesses that process payments via: E-commerce, Telephone (IVR), & Mail-order usually fall under the High-Risk Umbrella.
2. Are ‘keyed in’ Visa, MasterCard & Amex Discount Rates at a different rate then swiped?
- Most Payment Processing Providers will have a different Discount Rate for transactions that are keyed in on POS Terminal instead of being swiped across the POS Terminal. However, there are some exceptions for some businesses that have reoccurring billing.
3. What are the Transaction Rates?
- Transactions fees are sometime called IDP Transactions. Every Payment Processing Company has at least a Transaction fee for Debit and usually for Credit Card Transactions too. It is become more common that any Transaction that is made on your POS Terminal will be considered a Transaction and a fee will apply, whether is it is a void, debit, credit card, refund, batch close, etc.
- Transaction fees can range from 0.05 cents up to 0.50 cents and can be different for each type of transaction, although typical POS Terminal Transactions fees are between 0.08 cents to 0.15 cents. IVR, PC, & E-commerce Transactions fees are usually much higher ranging from 0.35 cents to 0.50 cents.
4. What is the monthly cost for the Point-of-Sale Terminal?
- Most Bank Payment Processing Companies offer: only Rental Program for POS Terminals. Rental costs can range from $20 right up to as high as $100 a month dependent on the type of POS Terminal your business requires.
- Private Label Payment Processing Companies usually only offer: Lease-to-own or Buy-out Options on their POS Terminals. Lease-to-own usually run on 48 month leases with a 10% buy-out option at the end. Lease-to-own POS Terminal prices range from $30 - $80 dependent on type of POS Terminal. Buy-out POS Terminal prices, typically run from $999 - $1800 dependent on type of POS Terminals.
- *** Two very important questions to ask before buying a POS Terminal: A) What are the warranty conditions? B) Is the POS Terminal Smart-Card Ready?
- PROS & CONS of Renting Vs. Owning:
PROS: When renting a POS Terminal if you require a new POS Terminal is usually will be fixed or replaced at no cost to you.
CONS: Rental only: You pay rent forever. If you have been renting a POS Terminal for $40 a month for 5 years, then you just paid $2400. If you have been renting a POS Terminal for 10 years at $40/month then you just spent $4800 & no asset in your business. When you can own a Basic POS Terminal for as little as, $1000 and now have another Asset in your Business.
SIDENOTE: Most Private Label Companies will offe
Whether you are moving your office to a new location, larger or smaller, or you are simply looking for a way to maximize your current space, you will likely need to purchase new office cubicles and systems furniture. You may not be aware that there are many ways that you can save money when purchasing new office cubicle components and managing their layout, while at the same time maintaining employee satisfaction and increasing workplace efficiency.Turn Hard Wall Offices into Office CubiclesFirst of all, there is a misconception that if you are coming out of a hard wall office into a space in which you will use office cubicles, you will need to establish the new workspaces to be exactly the same size as those previously being used. This is simply not true. An office cubicle is more efficient than a traditional desk and credenza setup, and it can actually give you more office workspace in a fraction of the size of a standard office. For example, a 10'x12' office with a 36"x72" desk and a 22"x72" credenza equates to the same square footage of workspace as an 8'x8' office cubicle or even a 6'x8' U group.
3. What are the Transaction Rates?
- Transactions fees are sometime called IDP Transactions. Every Payment Processing Company has at least a Transaction fee for Debit and usually for Credit Card Transactions too. It is become more common that any Transaction that is made on your POS Terminal will be considered a Transaction and a fee will apply, whether is it is a void, debit, credit card, refund, batch close, etc.
- Transaction fees can range from 0.05 cents up to 0.50 cents and can be different for each type of transaction, although typical POS Terminal Transactions fees are between 0.08 cents to 0.15 cents. IVR, PC, & E-commerce Transactions fees are usually much higher ranging from 0.35 cents to 0.50 cents.
4. What is the monthly cost for the Point-of-Sale Terminal?
- Most Bank Payment Processing Companies offer: only Rental Program for POS Terminals. Rental costs can range from $20 right up to as high as $100 a month dependent on the type of POS Terminal your business requires.
- Private Label Payment Processing Companies usually only offer: Lease-to-own or Buy-out Options on their POS Terminals. Lease-to-own usually run on 48 month leases with a 10% buy-out option at the end. Lease-to-own POS Terminal prices range from $30 - $80 dependent on type of POS Terminal. Buy-out POS Terminal prices, typically run from $999 - $1800 dependent on type of POS Terminals.
- *** Two very important questions to ask before buying a POS Terminal: A) What are the warranty conditions? B) Is the POS Terminal Smart-Card Ready?
- PROS & CONS of Renting Vs. Owning:
PROS: When renting a POS Terminal if you require a new POS Terminal is usually will be fixed or replaced at no cost to you.
CONS: Rental only: You pay rent forever. If you have been renting a POS Terminal for $40 a month for 5 years, then you just paid $2400. If you have been renting a POS Terminal for 10 years at $40/month then you just spent $4800 & no asset in your business. When you can own a Basic POS Terminal for as little as, $1000 and now have another Asset in your Business.
SIDENOTE: Most Private Label Companies will offe
It is of little surprise that recent interest rate rises have taken its toll on house prices across the UK. The number of new mortgage approvals in the UK fell to a 12-month low in April, Bank of England figures show. Mortgage approvals totalled 107,000 in April, down from 111,000 in March and the third monthly decline in a row. In a further indication of weakening buyer demand mortgage lending rose by ?8.9bn, much less than expected and the weakest rise since September"The Bank of England will be comforted by today's news which shows its monetary tightening is taking effect," said Thushani Gajasinghe, an economist at the Centre for Economic and Business Research."With a further quarter-point rate increase possible in the third quarter, consumer lending may cool further."But now, after a fourth quarter-point interest rate rise in just nine months – and another seemingly on the horizon – are the bears among the property commentators finally about to be proved right?So what does this all mean for the property market at the moment?It would seem to reconfirm that we are essentially in a flat mar
4. What is the monthly cost for the Point-of-Sale Terminal?
- Most Bank Payment Processing Companies offer: only Rental Program for POS Terminals. Rental costs can range from $20 right up to as high as $100 a month dependent on the type of POS Terminal your business requires.
- Private Label Payment Processing Companies usually only offer: Lease-to-own or Buy-out Options on their POS Terminals. Lease-to-own usually run on 48 month leases with a 10% buy-out option at the end. Lease-to-own POS Terminal prices range from $30 - $80 dependent on type of POS Terminal. Buy-out POS Terminal prices, typically run from $999 - $1800 dependent on type of POS Terminals.
- *** Two very important questions to ask before buying a POS Terminal: A) What are the warranty conditions? B) Is the POS Terminal Smart-Card Ready?
- PROS & CONS of Renting Vs. Owning:
PROS: When renting a POS Terminal if you require a new POS Terminal is usually will be fixed or replaced at no cost to you.
CONS: Rental only: You pay rent forever. If you have been renting a POS Terminal for $40 a month for 5 years, then you just paid $2400. If you have been renting a POS Terminal for 10 years at $40/month then you just spent $4800 & no asset in your business. When you can own a Basic POS Terminal for as little as, $1000 and now have another Asset in your Business.
SIDENOTE: Most Private Label Companies will offe
How many times have you encountered people in business and the image of the business or the person is so poorly presented it causes you to have a poor opinion of the services offered? It makes no difference if you are the owner or the employee; pride in yourself is evident in your daily dealings with people. Image is very important in business.Here are some of my suggestions for success: Dress for success. No matter what profession you are in, everyone has a dress code. For a financial advisor it is a suit, for a landscaper it could be a logoed t-shirt with appropriate length shorts or pants, for a theme-park employee it is the usually a polo-shirt and khaki shorts or pants; most everyone has a dress code and it is up to you to portray your profession correctly. Communicate effectively. As business owners and professionals it is part of our job to meet and greet people on a daily basis. When doing this you are also presenting your company. Speak clearly and effectively when meeting with people. Practice what needs to be communicated so your potential customers are aware of you
PROS: When renting a POS Terminal if you require a new POS Terminal is usually will be fixed or replaced at no cost to you.
CONS: Rental only: You pay rent forever. If you have been renting a POS Terminal for $40 a month for 5 years, then you just paid $2400. If you have been renting a POS Terminal for 10 years at $40/month then you just spent $4800 & no asset in your business. When you can own a Basic POS Terminal for as little as, $1000 and now have another Asset in your Business. SIDENOTE: Most Private Label Companies will offer some type of life-time warranty, sometimes at no extra cost, sometimes for an additional fee. However, it always comes back to the question of whether it is better to Own or whether it is better to Rent…? – I will let you decide!
5. What are the Set-up Costs?
- Every Payment Processing Company will have set-up fees, some more then others. Set-up fees can range from $50 - $300. Usually the set-up fees are one-time only set-up fees for Visa, MasterCard, Amex, & Debit Cards – usually around $25 per card. Some Companies also charge an initial set-up fee for programming POS Terminals or a fee for Initial Training. Set-up Fees can greatly vary from Company to Company.
6. Are there any application fees?
- Not all Payment Processing Companies have an Application fee, however, some Companies do. This is usually a non-refundable fee, whether you are approved or not. Applications fees can vary from non-existent to $300.
7. Is there a Statement Fee?
- Not all Payment Processing Companies have a Statement Fee, however, some do. The average Statement Fee is usually around $5 or free if you are willing to receive your statement coming to you via E-mail. I am not sure if this is a nickel and dime fee or if it is Companies trying to go green…? I let you decide!
8. Is there a Settlement Fee?
- All Payment Processing Companies have a Settlement Fee. Settlement fees can range from 0.05 cents – 5 dollars.
9. Is there any Minimum Processing Fees?
- All Payment Processing Companies have Minimum Processing Fees, ranging from $5 - $25. Often there are Minimum Processing Fees for each type of card you intend to have processed. Basically, what this means is if you do not do enough business to have high enough fees you will still pay a minimum every month.
- For example: Let’s say your Discount rate 1.85% on Visa and your do a $1000 worth of sales on Visa that month and your minimum processing fee is $10. Well, 1.85% X 1000 = $18.50 in fees that month on Visa. Therefore, you have cleared your minimum of $10 and you have nothing to worry about. Now if you take the same rate and minimum, but you only made sales $250 that month on Visa. Well, 1.85% X 250 = $4.62 in fees that month on Visa. Therefore, you did not make you minimum and would be required to make the difference up of $5.38.
10. Is there a Gateway Fee?
- Most Payment Processing Companies usually have a Gateway Fee, but usually only for IP POS Terminals, PC, & E-commerce Payment Solutions. Gateway Fees can range from $5 to $45 a month.
11. Is there a Monthly Maintenance Fee?
- Some Payment Processing Companies have a Monthly Maintenance Fee others do not. If they have it, it is usually a Fee that is with IVR, PC, & E-commerce Solutions, however some Companies have it on POS Terminals solutions too.
12. Is t
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