Support & FAQ
One of the most frequent complaints from business owners about their merchant services account is the lack of personal support. Why is it so difficult to talk to a PERSON anymore??
Reach out to us anytime and we will do our best to respond promptly.
Frequently Asked Questions
Are we missing any questions you would like us to cover? Would you like more information on anything? Reach out via email, text, phone call or one of the many other contact methods throughout this site.
Interchange Plus, Tiered Pricing, Flat Rate/Bundled Pricing, Cash Discount, Surcharge, Dual Pricing
Interchange Plus(IC+) pricing is a transparent pricing model used by some payment processors to charge businesses for accepting credit card payments. In IC+ pricing, the processor charges the business a fixed percentage above the interchange fees set by the credit card networks.
Interchange fees are the fees paid by the merchant’s bank to the customer’s bank when a credit card transaction takes place. These fees are set by the credit card networks, such as Visa, Mastercard, and Discover, and can vary depending on the type of card used and the transaction amount.
Under an IC+ pricing model, the processor charges a fixed percentage above the interchange fees for each transaction. For example, if the interchange fee for a transaction is 2%, and the processor charges a fixed percentage of 0.5%, the total fee paid by the merchant would be 2.5%.
IC+ pricing is considered a more transparent pricing model compared to other pricing models, such as flat-rate or tiered pricing. This is because the processor passes on the actual interchange fees to the merchant, rather than bundling them with other fees and hiding them in a single rate.
IC+ pricing can be particularly beneficial for businesses that have a high volume of credit card transactions, as they can potentially save money on fees by paying only a fixed percentage above the interchange fees. However, it may not always be the most cost-effective pricing model for every business. I highly recommend a regular review with an independent agent to make sure your pricing strategy still fits your needs.
The tiered pricing model has been one of the most common pricing models used in the payment processing industry. This pricing model is also known as bundled pricing or bucket pricing.
In the tiered pricing model, the fees charged to merchants for processing credit and debit card transactions are divided into several tiers or categories, each with its own pricing structure. Typically, there are three tiers: qualified, mid-qualified, and non-qualified.
Qualified transactions are those that meet specific criteria, such as being swiped in person, and they are charged the lowest processing fee. Mid-qualified transactions are those that do not meet all of the criteria for qualified transactions, such as being keyed in instead of swiped, and they are charged a higher fee. Non-qualified transactions are those that are considered the riskiest or least secure, such as international or corporate cards, and they are charged the highest processing fee.
The tiered pricing model can be attractive to merchants because it offers a simple and easy-to-understand fee structure. However, it can also be confusing and unpredictable, as there are often a lot of factors that determine which tier a transaction falls into. Additionally, some processors may use deceptive tactics to encourage merchants to process transactions in higher tiers, resulting in higher fees for the merchant. This pricing model most often benefits the processor more than the merchant.
Dual Pricing and Cash discount pricing are payment processing models that offers customers a discount if they pay with cash or a debit card, while charging a higher price for payments made with credit cards.
In a dual pricing or cash discount pricing model, merchants will display two prices for their products or services: a cash price and a credit price.
The surcharge method of payment is a payment processing model that involves adding an additional fee, known as a surcharge, to the price of a transaction when a customer pays with a credit card. Debit card and cash transactions do not incur this additional fee.
It is important to note that surcharging is subject to regulations and laws that vary by jurisdiction. In the United States, for example, the practice of surcharging credit card transactions is allowed, but it is subject to certain restrictions and requirements set forth by the card networks and state laws.
One potential benefit of the surcharge method of payment is that it allows merchants to offset some of the costs associated with credit card processing, which can be significant, especially for small businesses with tight profit margins. It is important to work with a knowledgeable agent to make sure that the practice is implemented within the guidelines established by the state and the card networks.
Cash Discount is the practice of offering a DISCOUNT to cash paying customers. This practice is allowed in all 50 states. However, some industries are not allowed to discount their services. This is common in certain medical practices, like chiropractic care. In those situations, the Surcharge method may be a better option.
Surcharging adds a FEE to only credit card transactions. The majority of the policies around this practice affect transactions classified as surcharge. Some states do not allow this practice so its important to work with an experienced agent to help with proper implementation.
Cryptocurrency payments are a digital form of payment that allows customers to pay for goods and services using a cryptocurrency like Bitcoin, Ethereum, or Litecoin, instead of traditional fiat currency like US dollars or Euros.
When a customer makes a cryptocurrency payment, the payment is sent directly to the merchant’s digital wallet without the need for an intermediary like a bank. This means that the transaction can be settled faster, often within minutes, and the fees associated with crypto payments are generally lower than those of traditional payment methods.
To start accepting cryptocurrency payments, a merchant would need to set up a digital wallet, which is a software program that stores and manages cryptocurrency. The merchant can then display their digital wallet address, which is a unique string of characters that identifies their wallet, on their website or point-of-sale system to allow customers to send cryptocurrency payments.
While there are benefits to accepting cryptocurrency payments, there are also some considerations that merchants should keep in mind. Cryptocurrencies can be highly volatile, which means that their value can fluctuate rapidly. As a result, merchants may want to convert cryptocurrency payments to fiat currency as quickly as possible to avoid any potential losses. Additionally, merchants should be aware of the legal and regulatory requirements associated with accepting cryptocurrency payments in their jurisdiction.
Overall, accepting cryptocurrency payments can be a good option for merchants who want to offer a more diverse range of payment options to their customers, and who are willing to take on the potential risks and challenges associated with this emerging form of payment.
Accepting crypto payments can offer several benefits to a business owner. Here are a few reasons why a business owner may want to know more about crypto payments:
- Diversify payment options: By accepting crypto payments, a business can diversify its payment options and cater to a wider audience. There are many people who prefer to use cryptocurrencies for transactions and by accepting them, a business can attract those customers who may have otherwise gone to a competitor.
- Lower transaction fees: Accepting payments through cryptocurrencies can lower transaction fees as they often have lower transaction fees compared to traditional payment methods. This can save the business money and increase profitability.
- Faster settlement times: Cryptocurrency transactions are settled faster than traditional payment methods as they do not require intermediaries like banks. This means that businesses can receive payments faster and improve cash flow.
- Enhanced security: Cryptocurrencies are based on a secure blockchain technology which can provide enhanced security to businesses that accept them as payment. Unlike traditional payment methods, cryptocurrency payments cannot be reversed or charged back.
- Emerging market: Cryptocurrencies are an emerging market and by accepting them, a business can stay ahead of the curve and offer a more modern and innovative payment solution to their customers.
Overall, accepting crypto payments can be a smart business decision for a business owner as it can bring in new customers, save money on transaction fees, improve cash flow, enhance security, and provide a competitive advantage in the marketplace.
Customers are constantly flooded by your competition. Staying top of mind with your current, past, and potential clients is one of the easiest ways to keep them faithful to YOU:
- Maintain relationships: Keeping in touch with your clients helps to maintain strong relationships and fosters a sense of trust and loyalty. When clients feel valued and appreciated, they are more likely to continue doing business with you and refer others to you.
- Increase visibility: Staying top of mind ensures that your clients are constantly aware of your brand, products, and services. This helps to increase brand recognition and recall, making it more likely that clients will think of you when they need your services.
- Increase sales: By staying top of mind, you are keeping your products and services at the forefront of your clients’ minds. When they need what you offer, they are more likely to choose you over competitors they may not have thought of.
- Build credibility: Consistently staying top of mind shows clients that you are reliable and professional, helping to build your credibility and establish yourself as a trusted provider.
- Competitive advantage: In today’s competitive market, staying top of mind is a key factor in differentiating yourself from your competitors. By staying in regular contact with your clients, you are positioning yourself as a trusted advisor, making it more likely that they will choose you over other providers.
Overall, staying top of mind is a crucial aspect of building and maintaining strong, productive relationships with your clients, and is a key factor in growing your business and increasing your market share.
I asked ChatGPT for some top ways to stay top of mind with clients. This is the response. 🙂
Here are some great ways to stay top of mind with your clients:
- Personalized communication: Personalized communication is key to building a strong relationship with your clients. Use their names, remember their preferences, and send personalized messages, such as birthday or holiday greetings.
- Consistent outreach: Regularly reaching out to your clients through email, phone calls, or social media can help you stay top of mind. It’s important to find the right balance between staying in touch and not overwhelming them with too much communication.
- Valuable content: Sharing valuable content, such as industry insights, tips, and educational resources, can help position you as a thought leader and keep your clients engaged.
- Special offers and promotions: Offering special deals and promotions exclusively to your existing clients can make them feel appreciated and incentivize them to continue doing business with you.
- Personalized gifts: Sending personalized gifts to your clients on special occasions, such as birthdays or holidays, can make a lasting impression and show that you value their business.
- Networking events: Hosting or attending networking events can provide an opportunity to connect with your clients in person and strengthen your relationship.
Overall, staying top of mind with your clients requires a combination of personalized communication, consistent outreach, valuable content, special offers, personalized gifts, and networking events. By taking the time to build and nurture your relationships with your clients, you can create a loyal customer base and drive long-term success for your business.
Send Out Cards(SOC) is an amazing service that sends greeting cards, postcards and gifts on your behalf. You can spend just a few minutes each day reaching out to your client and prospect lists with heartfelt cards and gifts.
If you can’t spend 15-30 minutes a day, SOC has a virtual assistant service to handle it all FOR you! There is a budget for everyone.
We are waiting for your question
We have tried to anticipate the questions most often asked. Let us know if there is anything you would like to see added.