Your Guide to EMV Technology

EMV chip card technology is a new standard in payment processing created out of a necessity for a higher standard in the transmission of cardholder information. While some countries have already adopted the standard which now lies in high international use, the United States is still in the process of implementing the standard into wide use. Understanding the benefits of EMV technologies ensures that consumers will stand behind the major improvements that prevent many of the common problems with the current system.


EMV stands for Europay, MasterCard, and Visa. The standard features the use of embedded microprocessor chips that contact cardholder information within them. Many experts refer to this technology either as “chip and PIN” or “chip and signature.”


Increased Security


One of the largest benefits of the new EMV standard is the increase in card-present technology. While traditionally purchases have been made with a single swipe of a card followed by either a signature or a PIN number being used to identify the owner, the new strategy involves the scanning of the chip. This ensures the card is present during the process of the transaction. Through either a signature or the use of a PIN number, the cardholder can also prove their identity as the owner of the card.


The most common scam with credit cards involved skimming a credit card. While the cardholder may be using their card at an ATM or an automated payment processing terminal, many scammers would develop technologies to sit on top of the scanner in order to steal the details of the credit card. Additionally, another piece of equipment would sit on top of the key pad to steal the PIN number of the credit card. This often led to the creating of a fake card that could then be used to make purchases without the consent of the cardholder.




As more time passes more retailers and stores will start to use credit card terminals that utilize the features of chip and pin transactions. Banks will also start to provide their clients with access to EMV cards to be able to utilize the new credit card terminals. With EMV becoming a more accepted standard, it will become essential for businesses large and small to adopt the new technology otherwise they may face scrutiny of their clients.


Card Not Present Situations


While EMV cards work great for card present situations, most scams and scammers will start to migrate towards targeting situations where a card is not present. Many predict the rate of online scams will increase as there is no way to prove the existence of the card in online transactions. There are a number of strategies that online retailers can take advantage of to prevent fraudulent charges and misuse of others cards and credentials.


It will become increasingly important for businesses to ensure their business is utilize EMV compliance solutions.

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Guide to EMV technology.

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The Truth of Check Processing

Many businesses often write off checks as a viable method of accepting payment from customers. While business owners may not deal directly with customers, each cashier will eventually run into that situation where a customer is offering a check payment but is denied the opportunity due to a lack of check processing on the side of the merchant.


There is a simple truth to the state of writing checks:




While it is true that writing checks has become an outdated method of providing payment for products and services there is still a large percentage of consumers that are willing to provide checks as a form of payment. Older consumers are more in tune with writing a check rather than presenting a card for payment. They would be more willing to go to the bank and gather the necessary cash for the transaction than they would presenting a plastic card.


Check payments are an artifact of a time when checks were the most convenient method of paying a merchant for the services they provide. In addition, checks were a method of paying other individuals either as a gift or an exchange of products or services. Most consumers don’t carry a credit card processing machine to accept a gift from their loved ones.




For many businesses a check is simply the best way to accept a payment. If the total for the transaction is $1500, it may be easier for the consumer to simply write a check for the amount than it would be to make sure they are able to make that large of a transaction on their credit card. With the rise of debit cards this has become less of a problem, but it is not a problem that has entirely disappeared. With larger transactions it is simply easier to submit a check for payment.


For businesses that accept the payment in the mail a check is often the only way to accept the payment. Putting credit card information in the mail is a frowned upon practice as it could be easily intercepted and used to make purchases. Checks are more difficult to intercept and present to a bank or financial institution. Many banks are used to thieves trying to pass off a check as belonging to them when it belongs to another entity or individual. There are checks and balances for check processing that simply don’t exist in any other method of payment.


It’s quite clear that check processing services, while being an old and dated method of payment processing, is not going to be going away any time soon. It is important for a business to understand whether or not they are going to deal with customers presenting checks within their line of work.


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Where’s The Loyalty? Why Your Retail Business Needs A Customer Loyalty Program

Your customers are faced with thousands of buying decisions every day. With the advent of the internet, competition in most industries has become fierce and customers are motivated by more than just price. Convenience, service, and now, perks, are becoming more and more a part of the buyer’s decision making process.


What is a Loyalty Program?


Customer loyalty programs have technically been around since merchants started selling and trading goods. Whether a farmer gave a few extra stalks of corn, or a butcher gave extra bacon to their most loyal customers, this was the first examples of loyalty programs. Mainstream retailers grasped the concept in the early ‘30’s, and major airlines pioneered the popularity of these incentive programs in the 1960’s with their frequent flier benefits. Some of the best loyalty gift card programs really came together in the early 90’s.


Essentially, retailers offer a loyalty program that rewards customers when they shop. The more a customer shops, the bigger the benefits. In exchange for being a part of the loyalty program, the customer will usually have to offer up some sort of identifying information, like their name, email address or text number, and an address or zip code.


Customer Benefits of a Loyalty Program


Many experts agree that modern day loyalty programs and even some of the best custom gift card programs are not being used to their full potential. Many retailers have simply jumped on the bandwagon without adding too much creativity and specificity towards their ideal customers. Still, membership in these programs can certainly have its privileges.


Some of the best gift card programs include some sort of reward or benefit to the customer for frequent shopping. This may include a discount for future purchases, free stuff, in-store “money”, or discounts at partner retailers. A very popular component this day and age is some sort of fuel discount.


Merchant Benefits of a Customer Loyalty Program


A retail merchant can gain a tremendous amount of data from their customer rewards programs, so it makes perfect sense to offer a program that would be enticing for customers to actually use. Statistics actually report that fewer than 50% of loyalty programs are utilized because they aren’t intriguing enough to the customer, or their under-promoted by the merchant staff.


Three Huge Reasons to Have a Good Loyalty Program


The more customers use a loyalty gift card program, the better data you will have; it’s that simple. Create a program that inspires your customers to insist on using their loyalty card at the time of every purchase. With that said, you’ll want to insure you are using a software program or loyalty program company that can track all this great data for you.


1.            Demographic Data & Market Research- While many customers will only fill out the most basic info, you can ask for as much information as you’d like. You may be pleasantly surprised at what you learn. Aside from the normal information like; age, birthdate, sex, and zip code, imagine what you’ll learn about your customers when you ask their favorite color, favorite wine, when their anniversary is, or what their idea of a perfect date or trip might look like. All of this information can help you provide your customers with exactly what they want. And that’s the name of the game.


2.            Customized Advertising & Marketing Campaigns- Imagine knowing what products your customers buy and how often they choose to buy it. With the right loyalty gift card program, you’ll be able to do just that and more. Take that information and customize weekly or monthly promotions specific towards a group of people you already know will buy the product. Suggest related products, or similar services that might be attractive to that customer. Coupled with the demographic data above, you’ll be light years ahead of any competitor.


3.            Brand Loyalty Research- Have you ever experienced a manufacturer or supplier who thinks their product is “all that”? With a customer loyalty program, you’ll be able to track data related to specific products and advertisements that may prove that’s the case, or may prove otherwise. If your customers don’t display the brand loyalty the manufacturer is touting, you may be able to negotiate some special pricing or other incentives for your store.


Other Great Advantages of a Customer Loyalty Program


Buzz is a magical word in the day of social media, and if you’re customer loyalty program can get people excited about something, they will share it. This is just like the old fashioned “word of mouth” advertisement on steroids. One good post, or better yet, a thousand good posts, on a major social networking site can do amazing things for sales in any retail business.


On the other side of the coin, in the event of some sort of manufacturer product recall, using the data in your merchant processing services can help you be proactive in communicating and resolving the issue with your customer.


What Makes a Good Customer Loyalty Program


There is no set recipe for what makes the best customer loyalty program. There are leaders in the field though, so your research will be of great service to you when you start developing your program. Remember to think like the customer. Your wallet or purse is probably filled with loyalty program cards that just fall by the wayside because you may not be aware of their true benefits. Make your loyalty program “pop”. Do something that makes your customers want to talk to their friends about what it is you are doing. Jump outside the box! If you are working with a loyalty program company, talk to your rep about creative ways you can excite your customers into doing business with you, and only you.


So, Where is the Loyalty?


Customers can quite literally go just about anywhere to buy their products or services. If it’s not a major retailer or smaller competitor, it could be any one of numerous websites. Everyone will be selling at close to the same price, so those merchants that base their business model on the cheapest price will likely fall behind and close up shop. The major motivator for purchases in today’s (and tomorrow’s) market will be other differentiating factors.  Customer service, convenience, guarantees, and of course, customer loyalty programs, will all be major considerations for potential customers. Make yourself stand out and apart from your competition.

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The Evolution of Payment Processing

As businesses continue to innovate their internal processes, many payment processors are standing on the door of innovation. New technologies are quickly replacing old antiquated technologies that consumers are often stuck with. With constant change comes a constant changing of different payment processing methods each with their own pros and cons. It is essential for a business to understand the pros and cons of any payment processing solution.


The simplest method of accepting payment from a customer comes in accept cash. This has been the way of making payment for the longest time outside of exchanging bank notes or items of equal value. Payment processing has evolved over the years into new areas where payments can be processed in a number of different methods.


The Credit Card


A credit card is simply a line of credit provided by a bank or another financial institution as a means of allowing an individual to “charge” their account. The line of credit is accessed by providing the credit card to any merchant that is equipped with a credit card processing machine. Or rather, a credit card machine was a device absolutely required for the processing of credit card payments. Over the years credit cards have evolved into the realm of online sales and international payments. There are also ways to pay via credit card over the phone.




Checks are still a fairly old method of accepting payment for many businesses. Consumers are used to the notion of writing checks to provide their payment. The elderly have been writing checks for years, therefore it is a comfortable method of producing payment. Many rental facilities, automobile services, and other businesses often accept checks as a primary method of payment. Other businesses have opted to phase away from the check standard towards more modern methods of payments.


Not accepting check payments can often be a critical mistake many businesses make which can often segment their willing customer base.


Check processing services can provide businesses with more modern approaches towards accepting check payments.


It is important to understand how check processing companies have evolved over time and to take advantage of new methods of obtaining and processing payment. Many of these solutions ensure that businesses will be able to have fast access to the funds they have earned through the course of normal business practices.


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Find out how payment processing has evolved over the years.

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Identifying The Right Point Of Sale Software Package For Your Business

If you have been in the retail business for very long, then you have had plenty of time to hear about point of sale systems. Even if you don’t know that they belong in the POS (point of sale) category, you probably already have some hardware features: barcode scanners, cash registers, and credit card readers, among others.


So, what do you need to know about retailer point of sale software? How can you tell which software you need for your store? Which elements of point of sale software do you really need? In order to determine the answers to these questions, you need to develop an understanding of the different operations the software will make possible and the solutions that the POS software will provide.


The Most Common Uses of POS Software


One of the most important uses of your software is to speed up the checkout process, for both the physical store and for an Internet based business. At this point the software will make it possible for you or your employees to:


•             Read barcode price tags

•             Look up products

•             Read credit cards, debit cards and gift cards

•             Track promotions

•             Implement sales prices


Another important use of point of sale software is to track your inventory. This allows you to make records, maintain an accurate count of your available products, receive alerts when you need to update your orders, keep track of shipments, and create reorders automatically.


You will also find that the best retailer point of sale software will allow you to gather customer information in order to increase your sales and plan for the best promotions and sales. Carefully chosen POS software will allow you to gather and analyze purchase history information, track demographics and draw pertinent information from them, and pinpoint which products and sales have the best sales history.


One other valuable use of point of sale software is to keep track of your employees’ hours and wages. While businesses have different ways of scheduling employees’ hours and determining pay schedules, the use of POS software can streamline the process, making it less time consuming and reducing errors.


The Roles of Point of Sale Software


As you look at the different types of point of sale software you may find some of these:


•             Cash register software

•             Stock tracking software

•             Documentation software

•             Card printing software

•             Barcode solution software

•             Time and attendance software

•             Retail management software


But do you really want to buy a separate package of software for each of your point of sale needs? Not to mention every other aspect of running your business. In actuality, there are some business owners who prefer to choose their software for each of their specific aspects of business. However, many business owners find that one package which provides all of their retailer point of sale software solutions will save them both time and money.


Choosing One Software Solution


Some of the best retailer point of sale software solutions can be recognized by the following characteristics:


•             One complete solution to handle all of your programming needs

•             Ability to process payments in many forms

•             Provides multiple ways to enter in sales

•             Ability to customize the programming and paperwork of your business

•             Allows you to print forms and labels

•             Facilitates the process of handling sales tax

•             Manages employee wages and productivity

•             Tracks inventory

•             Enable Internet sales


Why Choose One POS Software Solution?


When it comes right down to it, one software solution is simply easier. You don’t have to worry about different software programming being compatible with the others. You won’t have to provide several different trainings for your employees. Reporting, printing, forms and tracking are all handled under one consistent program.


Accepting Multiple Forms of Payments


Your customers may prefer to pay with cash or to write a check. You may have customers who won’t use anything but a credit card. Having the ability to accept payment in any of these forms and others will broaden your customer base and won’t limit your sales. This will be especially important in an Internet retailer point of sale software package. Customers will appreciate the chance to make payments through online banking and to take advantage of sales and coupons when making Internet purchases.


Entering Sales Information


Providing your employees with multiple ways to enter in a product at the point of sale can save them and you a lot of time and eliminate frustration. Your software programming should allow you to use barcode scanning, keyed in code information, touch screen clicks and any other means of entering information in order to limit the amount of cash register confusion.


Customizing and Printing Forms, Records, and Labels


Customization for your business can take many forms. Because every business is different and has unique goals and needs, it will be important that the POS software you choose can be adapted to meet those needs. You may want to have the address of your store, the cashier’s name and the date and time recorded on receipts. Perhaps you want to include trade in information printed at the time of purchases. Customization allows you to print the information that it is most important to you and to not print those things that aren’t necessary.


Determining and Charging Sales Tax


This may be most important for Internet retailers. Therefore, the best Internet retailer point of sale software packages will provide the means of determining sales tax from other countries in their own currency or to transfer from one country’s currency to another. However, even within one country, sales tax will differ from state to state. Accurately determining and charging sales tax must be a vital part of your POS software.


Employees and Inventory


Your software package should allow you to track any employee commissions, record and determine employee pay, and print paystubs and other reports.


Tracking inventory should also be handled by your point of sale software. Viewing your inventory, noting where your stock is running low and being alerted to areas of overstock can all be made easier with the right software.


In Conclusion


By now it should be clear that choosing a point of sale software system will be very important to the success of your business. In the end, you will have to choose a software package based on your business goals, needs, and acceptable credit card processing fees. Prepared with an understanding of what POS software can do, you will be better able to determine what your POS software must do.

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Finding the right point of sale software for your business.


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Identifying A Good Point Of Sale System

Today there are multiple ways for companies to contract a sale and in order to make the process as smooth as possible for consumers, it is important to choose a point of sale (POS) system. Businesses that are in the market for a POS system need to look at the many different systems being sold today, analyze their strengths, evaluate their weaknesses, and then examine their own needs. There are several things to look for in the best retail software POS and so it is a good idea to take the time to understand what a POS system is and what components make a good system.


The POS system


A POS system is any type of technology that is designed to capture a sale from a customer. It can be a physical piece of hardware like the cash registers or self-check-out stations used at grocery stores and other retailers, a software program designed for web retail sites, or software designed for use on a mobile device such as a smartphone, tablet, or laptop. The system allows the consumer or the employee to enter data from the item being purchased through a scan code, tally the amount owed, add tax if applicable, enter the amount being given to pay for the product(s), and then produce a receipt.


Some of the best retail software POS systems will even have additional features such as picking a shipping method, if being used for a mobile or online business, tracking inventory amounts for the retailer, and even a way to weigh items like fresh produce. Others have the ability to perform reverse transactions like returns or exchanges, servicing consumers quickly.


Advantages of a POS system


Having a retail software POS system provides a business with a number of benefits over the traditional hand tally method.


•             Better record keeping – With a software program in place, companies are able to keep better records which can be used for tax purposes, marketing, management decisions, and budgets. The data captured from POS systems can be compared to the data taken during inventories to determine losses the company has suffered from theft or errors made within the company’s departments.


•             Meeting customer demands – Companies can evaluate what consumers want, by reviewing the purchasing data gathered by their POS system, and then make changes within their buying or development to meet that demand. For example, if a clothing retailer notices that a specific style or color is popular with consumers, they can make adjustments in their product orders to reflect the current trend, encouraging higher sales.


•             Expand the customer base – Newer systems make it easier for online and mobile retailers to expand their customer base. The best retail software POS services capture customers’ information and stores that information, allowing businesses to set up email or texting marketing campaigns to entice consumers to purchase more goods through them, thereby improving their revenue intake.


•             Lower operating costs – Research conducted shows that over 90% of retailers are able to cut their operating costs down simply by installing a POS system in their business. In an economy that has businesses scrambling to cut down on their budgets, this can be good news.


Disadvantages of a POS system


To be honest, there are not really any known disadvantages to having a POS system. The only problems that a business or retailer could run into would stem from choosing the wrong system or not taking the time to understand and review all of the systems that are available. Businesses need to choose a system that will fit their particular type of industry and help them achieve their corporate goals.


Selecting a type


There are a few different types of retail software POS systems that companies can choose from and it is a good idea to be able to distinguish between them.


•             Stand alone – These retail software POS services systems are generally used by small businesses that have one location and therefore, only need one electronic cash register. Boutiques, specialty food stores, restaurants, and home furnishing stores often use a stand alone POS system, which is quite effective for their needs.


•             Network – Chain stores often rely on network POS systems because they need more than one electronic cash register operating at the same time. Box stores, grocery stores, and fast food restaurants find these systems work best for them. There is generally one register (sometimes the service counter) which has the ability to store more data and perform more transaction features in a network system.


•             Controlled – Similar to a network system, these retail POS systems consist of a primary register that collects data, produces reports, and tracks inventory with other registers connected to it to provide that information. These systems are effective for stores that sell a lot of different products and have an enormous amount of data being gathered constantly.


•             Web POS – For companies that have an internet site on which consumers can purchase goods, a web POS is a necessity. This technology makes it possible for consumers to buy items over the internet with a selection of payment methods and then tracks that information for the company.


•             Mobile POS systems – With the increasing usage of mobile technology by consumers, companies are responding by offering shopping applications that customers can download to their devices.


Some companies may need to employ a mixture of credit card processing companies in order to maximize sales and other functions within their organizations. It is also important for companies to be aware that within the scope of these types of POS systems, there are thousands of features and options available to them, making it possible for the company to develop a customized solution for their particular requirements.


The company’s needs


Companies should put together a list of items that they would like their retail software POS systems to perform and then look for a system that will fill those requirements. The items on a business’ list should include expandability of the software so that it has the ability to grow as the business grows. It should also be a system that can be easily integrated with other solutions in order for the company to take advantage of web and mobile-based purchasing.


For the modern business looking to grow and compete in a fast-paced world, it is imperative to find a retail software POS system that can keep up with them.

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finding a good pos system for your business.

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Improving Customer Service With Retail POS Systems

A business needs to run efficiently in order to ensure proper procedures are followed and what better way to do so than to have a system in place that will make all transactions smoother. It is evident that the customer is the heart of every business. If customers are not happy, it will show in a company’s bottom line. You can actually lose a sale if you have any unresolved complaints from your customer because once a particular customer is unhappy; he or she is going to pass the word on to family members and friends, telling them not to do business at that store.


According to an annual report put out by Forrester Research, last year, retailers spent $3.5 billion at stores that had the point of sale system. This shows how important it is for retail stores to get on board with this kind of technology.


Retail stores in particular need the buying power of their customers because they carry a variety of stock inventory that need less shelf life. With that being said, it is safe to assume, then that anything to increase the level of customer service will be beneficial to any retail store.


Retail POS Systems have been introduced in the market place as a viable vehicle for improving customer service. It also gives the employees a tool to make sure that people receive good customer service. If you are working as a cashier in a retail store, the cash register will come equipped with a simple touch screen that is easy to use. It operates with software and provides faster service to the customer.


No Waiting in Long Lines


When you are shopping in a retail store, it can be quite frustrating to wait in a long line, especially when you have more errands to run on that day. Most customers don’t like to wait at the register when the lines are long. If a customer is waiting too long, chances are the customer will leave the store without buying the item. To prevent this from happening, business owners are making their cash registers more software-friendly and capable of being integrated with the inventory software.  The touch screen system allows staff to spend less time serving the customer.


Stock Inventory At The Register


With the inventory software, companies are able to track and monitor sales and cost, know when to reorder products and evaluate each item to see which ones are doing well and which ones are not. The combined use of Retail POS Systems and inventory software at the cash register will allow more control on inventory. The point of sale system will record every sale as it takes place and update the inventory record at the same time.


Better yet, companies are able to receive more information regarding the sale than they can collect using a manual system.  This information using this system is collected by running various reports based on the information received, which allows managers to make the best decisions on what to order and what to sell.


In addition, if a customer were to ask for a specific item that was available in a different size or color, the staff doesn’t have to confer with the manager, but can immediately check the POS touch screen system and provide the information to the customer right away.


This means that the staff doesn’t have to run to the back of the storeroom to check. The employee stays in front of the customer and uses the integrated system to find the information. The POS system is also an integrated system that provides national coverage, which means that if the retail store is a chain, the employee can check to see which store carries the item if it is not in that particular store. Customers will be pleased and the company secures a sale, whether it is from another store or the same store.


Providing Quick Answers


There are times when a customer may have a difficult question about a particular item. The point of sale system can provide all the answers. Retrieving the information is easy and extensive. For example, if the customer wanted to know about item warranty, washing instructions or where the product was made, some POS system are able to provide this information.


With the POS System, retail companies are able to:


•             Create reports

•             Manage purchase orders from the suppliers

•             Manage inventory more efficiently

•             Use of discount functions

•             Keep up to date with new industry changes

•             Manage customer relations


Easier Upsell


With the POS system, employees are better able to sell another item to the customer. This is what happens at the cash register – the customer makes a purchase and the POS system recommends related or similar items that other customers may also have purchased.  The employee can provide a suggestion to the customer for this item.


Since the item is showing on the touch screen, it is much easier for the employee to remember to make the upsell. The more the employee suggests items for sale, the more sales will likely be made.


Customers appreciate good customer service and with an integrated POS system that is easy to use, this can help retail stores to provide exceptional customer service.


Other options


The software that is integrated with the POS credit card processing system will work better if connected to the hardware. There are many prevalent systems that support optional devices at the cash register and some of these include:


The cash drawer that is linked to the computer system

•             Barcode scanner (hand held or wireless)

•             Credit and debit card reader

•             Impact and thermal receipt printer

•             Invoice printer

Some POS systems often come with cohesive accounting modules that could include:

•             General ledger

•             Accounts Payable

•             Receivables

•             Purchase Control System

•             Inventory Control System


Entering specific inventory codes into the system makes it easier for companies to access sales prices, item description, vendors, and merchandise numbers. It also permits them to run a total and do calculations on prices for multiple items. Due to the fact that this system can track sales, businesses that have to put a hold on invoices until work has been completed, rent items or accept installment payments will still be able to have an efficient and effective system to handle all types of transactions.

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Improving your customer service with retail pos system.

In a nutshell, a POS system is a comprehensive way to track the cash and inventory flow within your business.  When you are running a retail business, there is likelihood of theft and the POS system has an audit trail that will help to prevent these kinds of things from happening.

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The Benefits of Accepting Checks

There is an often made joke about how checks have become obsolete as more and more consumers are turning to credit cards and online purchases as their primary form of payment. With the invention of plastic cards for payments more and more consumers and businesses are switching the credit and debit card payments as a common method of accepting and processing payment. It is not an abstract concept of payment in this current age.


Checks still have a place in the modern world. Many consumers prefer to write a check rather than having to rely on a line of credit. While debit cards are also available as an alternative, checks are a standard for many avid professionals who are used to the concept. As a result of this, there are a large number of retailers who have opted to continue accepting checks as a form of payment while simultaneously allowing consumers to pay for their purchases with a credit card.


Continued Commonplace Transactions


Checks are still a preferred method of payment for utilities and rental companies. Many companies that accept checks on a normal basis continue to accept checks as their customers are used to providing check payments. There is an old adage amongst professional in the rental industry:


If it isn’t broke, don’t fix it.


This is very true of many businesses that are looking to reduce their costs of business over time. For many rentals, it is easier to just continue accepting checks than it would be to insert credit card terminals to ensure that other methods of payment can be accepted. Other traditional businesses with a large number of locations try not to innovate too much in their payment processing in order to prevent costs they are not comfortable with accruing over time.




One of the major reasons why some consumers still write checks is the feeling of security. A check is a pretty secure method of offering payment. It’s hard to copy a check and most check processing companies require some form of check verification prior to processing the payment. Checks have become more and more secure over the years. Credit card fraud and skimming have been two major headaches for consumers over the years. With the threat of fraud, many consumers simply refuse to subject themselves to the headaches associated with credit card payments.

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Benefits of accepting checks


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Secured and Unsecured Loans to Recover Your Bad Credits

Although you do not recommend but it may happen many times that your small business has poor credit rating. This may be due to numerous reasons like your business struggle or your own financial hardships. Under such circumstances, you know getting another loan would not only be very difficult but also next to impossible. However, nowadays many lenders can understand the fact that poor credits may happen to people and businesses and they grant loans to recover such conditions. They are more open than earlier in granting credit card processing companies to businesses with bad credit.

There are mainly two types of loan that you can seek for instilling new blood in your business. They are Secured business Loans and Unsecured Business Loans

Secured Business Loans

If you are going through turmoil and have bad credit ratings then getting secured loans would be easier for you. Loans which are given against collateral securities are termed as secured loans. Thus as you are putting something up as collateral security against the loan it becomes easy to get it. The security that you need to provide can range from equipment to inventory, from accounts receivable to property. They grant you loan on such condition that if you cannot repay the loan back they would take possession of your security.

Another advantage with secured loan is that the interest rate for this type of loan is far better than those of unsecured loans. It may happen that the business may need just cash infusion in the business to recover the present situation. In such cases, a secured loan can be the best medicine to recover from the problem. As advised by the great moguls, ‘expand when you can, but never overreach’. When you see that you can start a business in another location that would generate more revenue, do it before your competitor does. With this type of loan you may make or break your future.

Unsecured Business loans

Unsecured business loans are those where you do not keep anything as collateral security. These loans for bad credit are just like another type of cash advance for your business. They are not given to every business houses. Only some typical types of businesses are eligible to get these types of loans. For getting these loans you need to have business of retail in nature where you would accept credit card processing fees. They are provided bases on the expected future online credit card processing sales. Any retail house, restaurants, or service groups may accept such cards from their customers. The lender may ask for your six months bank statements, credit card statement and lease agreement if you can provide one.

Disadvantages of Unsecured Loans

Unsecured loans are for those who are desperate. You have to pay inflated interest rates and they are so high that may drain out all your profits. Thus you should look for such loan only when

• There is no other way from where you can infuse cash into your business.
• You have a sure shot profitable project on hand and looking forward for rapid growth
While taking unsecured loans you should be very cautious and make sure that they would do everything as per agreement. Getting advice from experts in this field like Dharma merchant services can help you out. Be aware as there are many sharks in this ocean and you should not swim with them.


However, if you can neither arrange for secured or unsecured loans, or you need to avoid unsecured loans then you may turn to friends and relatives. If they have faith in you they may provide you with loans. Before doping anything such complete up all agreements and then go for the loan.

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Get most for your business while choosing merchant services

If you are in business which accepts payment from customers in different manner, then you must also know that there are different ways by which you may simplify the process of accepting money or lower the costs that are associated with these merchant services. Is it that you are receiving the most out of your payment facilities? Are you receiving the lowest potential cost, the amount of value is greatest and a service that delivers the outcomes that you pursue when you want them while exceeding your anticipations? You might need to consider all of the different methods with which you can accept payments to be sure that you are using the exact payment services for your exclusive business needs.

What is credit card processing?

Credit card processing or processing of eChecks is the primary responsibility of merchant services. You have to pay a value to the merchant service provider as fee when you accept any payment from your customers through credit cards, paper check or electronic check. There are different charges levied for different types of payment clearance and you need to make sure that you consider these different approaches to get the most benefit for your business.

Choose the one which suits your business most

Based on your business needs you need to decide the type of payment processing merchant services. You would obviously choose that which would be best for your business need. Consider the various options that are available to you from the market and you would find something that would work for you. You can opt out for automatic clearing house (ACH) processing or eChecks processing as per your requirement. Whatever you choose that is ACH or Dharma Merchant services, just be sure that your clients are benefitted from the choice you make. And your business should also receive benefit from your choice of action.

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Various purposes for taking Loans and Grants

For survival and growth, numerous small businesses rely on loans and grants. When one takes loan, they have to bear interest on it, while if they can arrange for some grant, it is interest free and hence the burden of paying interest regularly is not there. However, there are various reason why a business owner can approach any financial institution like Dharma merchant Services for loan.

Loans for Business Ventures

Primarily while starting a new business, be it micro or small, one may be in a need of loans or grants. They may also need loan when they are planning to expand the existing business or buying or renting some equipment. Many enterprises may need loan during any seasonal time to meet the seasonal demand of their product and increase their working capital.

Any businesses doing export or import can benefit from export-import loans. They would provide immediate cash while the revenue is transferred from abroad.

Financial Assistance for Disaster Recovery

Nature is unpredictable and due to natural hazards our home and assets may get damaged. It becomes really a problem to face the harsh situation then. However there are various financial programs by different financial institutions that provide loans and grants for maintenance and repair of the damaged assets.

Grants for Pollution Control and Waste Disposal

Pollution is an area of concern for every developing country. Thus many Governments are interested in helping out business house if they are incorporating something to reduce pollution. They grant loans when the enterprises install energy-efficient equipment and waste-disposal mechanisms. Obviously, one has to pass vigorous scrutiny before getting these loans.

Credit for Repayment of Other Loans

Officially no bank will grant any loan to pay off loans of other credit granting organization. However in rural area of developing countries it has been a regular practice to take loan from someone to repay back some “loan” taken earlier.

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Next Day Funding May Not Always Be Great

NDF or Next Day Funding offers business owners many benefits in term of cash flows. There are different myths associated with it that people consider while using NDF.

Myth 1: Everyone is benefitted from a NDF merchant account.

NDF is beneficiary for those businessmen whose cash flows fluctuate throughout the week. Any business that has irregular cash flows are only benefitted from NDF. Like in a restaurant there are weekend sales which are more than weekly sales. Hence, they can get their cash on Monday instead of Tuesday. Only those businesses whose cash flow fluctuates like car dealer gets benefit from NDF.

Myth 2: Next day funding and Memo posting are interchangeable terms.

Transferring the money actually into an account via ACH and posting memos is not the same thing. Many banks may just memo post a deposit, which means the cash will not be physically available in the account that day.

Myth 3: One can create next day merchant account with any bank

Not all credit card processors allow NDF to any merchant having bank account at any bank. They must have active account in the sponsoring bank. Just walking into any bank for having a Next day Funding account is not possible, especially when there is no relationship with sponsor bank.

Myth 4: There exists only one cut-off time for NDF.

Again it’s not true. They totally depend on the processors and their services. It can be any early time or late hours of the day.

Myth 5: There is no risk associated with merchant services providers with NDF

In reality, Next day funding always comes with some sort of risk. The main risk is due to the decreased review time that goes while processing transactions. Although some measures like early cut-off times, detailed approval process or tardy funding for unusual deposits tries to lessen the risk but cannot eliminate it totally.
When you understand the different Dharma merchant services, you can utilize it to the most.

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