Author: Mike Myer

Choosing the best Payment Processing for Small Business!

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Best payment processing for small business

One of the important decisions to be made for your businesses is to choose the best payment processor. As you setup, the commercial website of your business, payment processors are a very important essential for every payment transaction are made successful with it. How do choose the best payment processing for small business? Before that one must be knowledgeable enough about the services and processes involved in it.

Who all are involved in a payment transaction?

The merchant or the business owner who accepts the payment is the first person involved in it. For this, the merchant must partner with any bank called a merchant’s bank. This bank accepts the payment and deposits it in the account of the merchant. Then comes the customers who purchase and make the payment. The customer needs a credit or debit card to make payments. This card of the customer is accepted by the issuing bank. Though these two are directly involved in the purchase, there are many technologies and processes in between, payment gateway and payment processor. The payment gateway takes you to a payment processing network where the payment processor checks for all the necessities and processes the payment.

How is any transaction processed in a payment?

The online payment service providers are divided into two steps or processes, one is the authorization and the other is the settlement.

A customer purchase with a debit or credit card. The card information is processed through the payment gateway checking all the data. The payment processor requests the issuing bank for the amount and pays where the bank denies or approves the payment. As the issuing bank approves, the transaction is processed for settlement. The money is sent to the merchant’s bank which deposits the amount in the merchant’s account. 

Fees involved in payment processing:

Different payment processing has different policies and modes of payment. As any transaction is processed, interchange fees are charged, assessment fees are charged by the credit card association, the merchant bank charges markup charge, and the payment processor charges a particular fixed percentage for the transaction.

This pricing by a payment processor is further categorized into three. Flat-rate pricing is a fixed percentage of the transaction amount, interchange fees charged by merchant services, and tiered pricing depending on the classification.

Being a business owner, one must be more cautious about all the above details and more. One of the best and trustable payment processing is offered by Merchant Service Broker Solutions. Call 888-912-6727 for more details!

Outline of Virtual Credit Card Terminals

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Most of the people in the modern world nowadays prefer to make every purchase online. But have you ever thought about the various process and procedures involved in making payments? It involves virtual credit card terminals, payment processing, payment gateway, issuing and acquiring banks, and many more. This guide is all about virtual credit card terminals and reads ahead to know more in detail.

  • As purchase is made, the sale process is ready for authorization and to capture the settlement. As the sale is a procession, the transaction is ready for automatic settlement. The transaction can also become invalid due to many reasons. The process must also include reversing the transaction and refunding the amount. If not the transaction process has to be completed being settled.
  • Authorizing process is usually done to avoid any kind of unwanted distractions. The authorizing party will check for a sufficient amount available in the cardholder’s account. Then it would check the validation of the card including the expiry and other details. Finally, it also checks the account for any forgery with unauthorized card details. After all the checks, the authorization is completed checked for sufficient transaction funds and the next step is processed.
  • As the authorization is processed and ready for the settlement of the amount, it is called capture. 
  • Void is the process that can be done before the settlement of the transaction. The void is a simple process and to void any transaction, enter the transaction id directly in the void space available. This is done under the virtual terminal section.
  • A refund is usually needed when the cardholder who had made the payment already is not satisfied with the purchase and wants to return it. The return and refund process is provided solely as per the decision of the merchant. Total refund or partial refund is also the choice of the merchant. One can refund the transaction by simply enter the transaction id along with the amount in the refund section.
  • Having a report of every purchase and payment made is compulsory to have data to check in the future. Storing all the data with the type of credit card and the transaction id will make it easier for quick search and report. Print a receipt or void a non-settled transaction by searching for the transaction id along with the payment details.

The best virtual credit card terminal is provided by MS Broker Solutions which is highly trustworthy and reliable.

Types of Merchant Service Providers

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Merchant Service Providers

What is the role of merchant service providers?

As any online purchase is made, how do you make the payments? With a few clicks and some details, the purchase is made. Have you ever thought about the processes involved in it? The merchant service providers are an application that involves every payment via credit cards and debit cards. Being a small business owner, having the best merchant service provider for all the payments and works is necessary. But the doubts, questions, and clarifications are raised only when the time comes to choose one right one. Before that, one has to know about the different types of merchant service providers. Let us see the different types briefly.

Merchant account providers: As the name says, a merchant account provider provides the merchant with an account specifically made to accept all modes of payments via credit cards and debit cards. The cash paid for the purchase is first transferred to the merchant’s account before being deposited in the business account. They also offer many facilities to improvise the business like credit card terminals, mobile card readers, POS systems, and many more. Find the right merchant account providers by clarifying all about the type of work, the experience, history, personal credits, rate of frauds, and past merchant account details.

Payment services providers (PSPs): The electronic payments that accept both online and face-to-face transactions, including credit and debit cards, are provided by the PSPs. Every small business without such amenities is likely to have small or no fees, short-term contracts, high-level scrutinizing options, chances of a terminated account, and poor customer support. This is where the PSPs come to the rescue by being attentive to all the potential risks in a transaction. Make sure to confirm with the customer experience before hiring the payment service providers as you expand the business.

Payment gateway providers: They are the simplest merchant service providers offering a secure network to make transactions with credit and debit cards. A physical store does not compulsorily require a payment gateway, but an online store does. Storing payment information, regular bills, virtual endpoint, continuous incorporation with the websites, and QuickBooks are some other features offered by a payment gateway provider. They have high safety to prevent any kind of fraudulent activities that could occur during a transaction.

MS Broker Solutions are one of the best and trustworthy merchant service providers. One can contact their team for reliable service.

What are the benefits of having a Payment Processor?

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Best online payment processors

Any larger online business may have its payment processing system, but it is well and good to collaborate with the best online payment processors or payment processing companies. One can have easy access to the latest technologies and many more benefits by collaborating with a merchant services processor. For example, MSBrokerSolutions offer additional services such as Point of Sale or POS, online payment gateway, etc.

What is a payment processor or payment gateway?

A payment processor or payment gateway acts as a medium for online transactions via debit cards or credit cards between the buyer and the company. One has to find a trustable payment processing company and ensure that they have hassle-free access and availability of all modes of transaction. It depends on the company on whether they provide additional options like encrypted transactions and validity checks that include the promise of payments sent to the correct source. Before starting, research for best credit card processing for small businesses in the USA. This way, you can contact leading service providers.

Benefits of partnering with the best online payment processors!

Online payments or transactions contain sensitive information like the bank details of the customer. And so high security needs to be ensured by the payment processor company. It would result in a loss of business with the dissatisfaction of the clients due to poor safety and security. A payment processor service provider are usually dedicated and has high technological safety and security of the data. It is important to find the right payment processor company that is user-friendly and safe to have a well-running and efficient business.

Make sure to find a payment processing service provider that has a wide range of payment options for the comfort of the customers to pay through varied options, including credit cards, debit cards, and online banking transactions. Online wallet options are also provided by many payment processing companies for the welfare of their clients.

The company you hire must aid you in an efficient manner flexible to the client’s needs. Providing such services makes it helpful to both the clients and the company being a preferable one. 

Many technologies and systems are used by the payment processing company for smooth running. The flow of information must be ensured to be encrypted. Integrity and optimal condition must be established by the payment processor service provider.

A large data is included in a payment processor company for a better analysis of the business. Many tools are used by the business for the comfort of the business making it hassle-free.

To have an ideal payment processor company for your small business, contact MSBrokerSolutions.

Guide on Merchant Services to Small Businesses

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Best small business merchant services

The merchant services also called or known as credit card processing is a type of application used to accept all modes of payments like a credit card, debit card, phone payments, and any other type of electronic payments. Being a small e-commercial owner accepting online payment methods, it is obvious to understand all about the best small business merchant services. 

What is a merchant service provider? The company that offers the solutions on all the payments and transactions to the merchant is referred to as a merchant service provider. Being a small business owner, one should be aware of having the best merchant service company.

What are the aspects of a company being a merchant service provider?

The merchant service provider acts as hardware used to process all the payments made. One can connect to the merchant account and then the payment gateway by just having access to the internet.

Any online transaction that accepts the only card requires a virtual terminal to process the credit or debit card payments.

A software that encodes all the information data provided by the customers during the transactions is the payment gateway. There are also forge detection, fake address verification, and many more advanced features available in the payment gateway.

The merchant services also have a payment processor that validates and protect the payment. The payment processor acts as the medium between the customer’s information and the banks.

There are also merchant accounts where the money is deposited as the payment is made and then is deposited to the respective banks.

How does the merchant services work?

When the customer makes a purchase, the payment is made through the virtual terminal or the credit card terminal from where the data provided by the customers are transferred to the payment gateway. And then it is sent to the payment processor for authorization. After this, all the data is transferred to the network and to the customer’s bank where it is checked that enough fund is available in the account to complete the transaction. After the transaction is approved, the money is transferred to the merchant account completing the payment.

How do you choose the merchant service providers?

Considering the fees charged, all the needs of the business, the modes of payments available, and all the other things required to have a business are to be seen in merchant service providers.

One such best small business merchant services are provided is the Merchant Services Broker Solutions Company.

Factors to Consider in Selecting Credit Card Processing Companies

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best credit card processing companies

If you are planning to accept credit and debit cards by phone, online, or in person, then you will be introduced to many best credit card processing companies. Initially, you will be paying some credit card processing fees and upfront costs, but it will boost your business to a higher level, as it will open new business doors, and also your customer base will be expanded.

As per the experts of popular MSP firm – Merchant Services Broker Solutions, about 83% of the small businesses that started accepting credit/debit cards, saw a high increase in their sale margin. If you want your business to reach a higher level and stay strong in the market, then it is best advised to adapt to the new technologies. The experts state that online credit card processing for small businesses is a blessing in disguise as they will be able to open their doors to a new market world. It will also attract young shoppers who prefer online shopping more. This way, the customer’s needs are met and your business also reaches a higher success level.

To choose a merchant service provider and a credit card payment processor is not an easy job. Even a small mistake can land you up in big trouble. Therefore, the following prime factors will help you choose the best credit card processing companies for your business.

Know the fees and other related costs

The following are some of the important credit card processing fees.

  • Interchange Fees – It is the fee that charges for every transaction. The payment processor pays this fee to the card-issuing bank. The fee can range from 2%-3% for every transaction.
  • Monthly Statement Fees – It is charged by the credit card processing company for covering the expenses of the statement mails.
  • Application and Setup Fees
  • Monthly Minimum Fee
  • Monthly Gateway Access Fee – Few companies charge monthly for providing a payment gateway.
  • Early Termination Fee – Some processors will charge for early contract cancellation.

How long will it Take to set?

The time taken for setting up must not take long and must be completed at the earliest time possible. Also, ensure the processors support you through this process both in person and on phone.

Types of payment accepted?

Depending upon your business, check with the processors as to what are the types of payment that can be accepted. It must include all major debit and credit cards so that none of your customers face difficulties of any kind.

How is Customer Support?

They must be available 24/7/365 and must take heed to solve your issues anytime and anywhere.

With the above factors, one sure will be guaranteed to find the best and reliable credit card processing companies. Make sure to take it slow and steady and choose the firm that suits your business well.

What is a Payment Gateway?

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Best online payment Gateway

A payment gateway is a method for the collection of the transaction money from the buyer to a seller. With the updates in the world, people are busy purchasing everything from groceries, provisions, accessories, and almost everything online. Every purchase is done with a single swipe on the mobile. The basis of any online purchase is online transactions. It has become very convenient and easy. You can make the purchase worldwide. You can buy or sell any goods to anyone in the world. How is that so simple? Let’s see!

The payment gateway acts as a medium where you could pay safely from your bank account to the seller’s wallet. A payment gateway is a software that approves the transaction from many modes of payments like the credit card, debit card, UPI, net banking, and online wallets. The best online payment gateway acts as a medium for a safe transaction on any online shopping website.

How does the online payment gateway work?

As the buyer places their orders on the website and clicks the okay button, it takes the customer to the payment gateway where they are asked to provide the details of the bank statements. Then the payment gateway takes the customer to an authorization page. And as it gets the approval, the bank check for the balance sheet of the customer if it is capable to make the payment. If it is found out to have not sufficient balance then the payment gateway (PG) replies with an error message to the customer. If there is sufficient balance, then the bank settles the payment to the PG which in turn settles to the seller. As all the transactions are confirmed, the customer is received with a confirmation message.

Now you may be doubtful about providing confidential details like the bank statements with the payment gateway. How is the information secure in the transactions with the payment gateway?

Everyone must have heard on the Http web address. But the transaction is made via https web address where the s stands for security in which it is required to sign a request from the merchant which will be a secret code. As a result of secure payment, the IP of the server is requested to verify and find any mischievous activity. With virtual payer authentication, the payment gateways make a secure payment.

There are many more benefits of having a payment gateway which can be obtained from the Merchant Service Broker Solutions.

Top Online Payment Solutions for E-Commerce

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best online payment processing

Today business owners are loaded with options of online payment processing for their e-commerce business. It is because the majority of the shoppers use virtual wallets or credit cards to complete their payment transactions.

The market is filled with many best online payment processing companies and each promises better than the other. Let’s take a look at some of the amazing and top player online payment processingcompanies that are surely ruling the digital world.

  1. PayPal

When the talk is about the leading payment solution, PayPal guides the list. it is considered as the favorite among the online shoppers, business owners, and freelancers and is an easy-to-go solution. It successfully rules the world market with 192 million accounts, availability of 25 different currencies, and is active in 202 markets.

It offers many options for payments. The setup account is also free with no termination fees. It accepts payments from all major debit and credit cards and also accepts from bank transfers.

  • Stripe

The most prime contribution of the Stripe to e-commerce is its flexible and powerful API. It gives way for platform personalization as per its users’ needs. It is combined with many hundred applications which makes it very simple and easy for its users to use. The payment process just takes 7 days to complete and promises no hidden fees.

  • Merchant Services Broker Solutions

It is considered the best online payment processing company for businesses of all sizes. It is specially modeled to reduce the cost, thereby helping the business owners and also helps greatly in boosting sales. It is a trusted and reliable company and accepts payments from multiple payment methods with the lowest cost processing fee in the market.

It stands high in its security standard and comes with PCI compliance. It also reduces and prevents fraud and theft, while promising customer service 24/7.

  • Amazon Payments

To make it more simple, quick, and easy, the shoppers can now pay it with their Amazon pay account. Since it is an established company, the shoppers feel secure using this type.

Amazon offers great options to users with no set-up fees, no monthly fees, no cancellation fees, and no fraud protection fees.

  • Wepay

Wepay is one of the trendy online payment solutions. It offers live customer support making it easy for its customers. The fraud protection feature is very high and secured. It also presents its customers with a personalized checkout page, attracting many new shoppers.

It charges no application fee, monthly fee, and is open free for its users.

  • Due Payments

Due Payments is popular for its innovative solutions and ideas with mind-blowing invoicing tools and time-tracking features. It is widely appreciated by small e-commerce business owners and freelancers. It charges just 2.8% of the transaction rate, making it a low charged rate when compared to other companies. Worldwide payment is accepted and also proposes a digital wallet. It offers no monthly fee or per-transaction fees, making it the favored firm in the digital world.

Though there are many more online payment solutions in the market, the above leads our list as the finest companies in the e-commerce world.

Top Merchant Service Providers for Small Business in 2020

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Merchant Service Providers for Small Business in 2020

Merchant services play a huge role in businesses, accepting the debit and credit transactions in online and/or in-person. The merchant service providers offer tools for payment processing like the POS system, payment gateways, and card-reading hardware. Since there are many merchant service providers in the market, this article has compiled a few of the best service providers for small businesses to help the newbies.

Best Merchant Services for Small Businesses

  • Square – Square is a one-stop solution for it accepts payments through an online, in-store, virtual terminal, and invoice payments. It is one of the simplest providers for its predictable and transparent pricing. Its usage is free except that it charges only for the transaction fees. Its user-friendly software helps a load for small businesses while demanding no contract, no applications, no monthly fees, or minimum requirements.
  • Merchant Services Broker Solutions – MSBS or Merchant Services Broker Solutions is considered as one of the best and finest service providers, best suited for the small businesses. It also takes the top position in the best merchant services providers in 2020. The company offers a flexible and convenient payment processing system and accepts multiple payment methods. It accepts MasterCard, Visa, Discover, JCB, American Express, Google Pay, Masterpass, Apple Pay, and Diner’s Debit card and Club Card. Its team offers 24/7 customer support promising smooth payment acceptance.
  • Fattmerchant – Another popular service provider is Fattmerchant, offering a suitable subscription plan for its users. Though it comes with a high monthly fee but is compromised greatly on the transaction fees. The company uses Omni software, which is considered as the best and the latest software in the market. It comes with recurring payment tools, invoicing, and reporting features. Its transparent pricings make it best suited for businesses like wellness companies, healthcare companies, field services, professional services like lawyers, and more. 
  • Dharma Merchant Services – A traditional service provider, Dharma Merchant Services offers processing services of interchange plus credit cards for restaurants, storefronts, and B2B sales. Its low-cost processing and no contract features make it one of the most favored firms among the consumers. Its transparent and simple policies and options make it the best-suited service provider for small businesses.
  • Helcim – Helcim is considered as the one-stop merchant account provider. It is a great option for small businesses and established businesses. It offers great options and features such as no early termination fees or contracts of any kind, good in international payment processing, and provides free POS, online store software, and invoicing.

Choosing the right merchant service provider is a difficult job, especially if it is a new small business or an established small business. The above providers take a lead in the industry, so choose according to your business needs.

What to Consider When Choosing a Payment Gateway?

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Online Payment Gateway

Choosing the right payment gateway is a difficult task as there are many flooded in the market. With plenty of options, it becomes easier to get distracted by choosing the sparkly ones. But how do you know which is the best online payment gateway for website?

Well, your questions are answered by the experts of Merchant Service Broker Solutions, one of the best and leading service providers in the industry. They suggest that the best online payment services must have the following factors.

  • Security – This is an important and sensitive point as no person can simply hand over his personal financial information to anyone claiming to be the best online payment gateway, expert. You should look for a reputed and trustable firm that provides and guarantees safe and secured checkout experiences.
  • Cost – Just like other services, this also comes with a price. you will have to pay transaction fees for your services. So pay close attention to all the details and research properly before investing blindly only to be slammed by a surprise fee in the later stage. A good online gateway charges its fees for the statement, transactions, merchant account fees, charge book, etc. if you are surprised by hidden costs, then it’s time to think twice about the service provider.
  • Accepted Payment Methods – To state it in a simple term, the easier a payment method for customers, the more they will like it. By ensuring your payment gateway incorporates varied payment methods, the more you will likely double your sales network. This way, you will attract more customers, thereby raising your market high.

Today mobile payments are on a high trend, so make sure your payment gateway offers this service to attract mobile users. Merchant Service Broker Solutions offers one of the best mobile payment solutions. So trust none but the experts and you will be rewarded at the end.