If you haven’t already heard our big announcement, ProPay is now able to sync with QuickBooks, allowing business owners to more easily track and process credit card payments. This awesome new connection will allow you to process payments directly from QuickBooks, sync all other payments to QuickBooks automatically, and use batch processing for multiple payments at once within Quickbooks.
In partnership with the team that implementing this sync, TransaX, we have hosted a webinar that explains these exciting new features, and gives a demo of how they work. If you missed it, or you would like to see it again, we have embedded the recording of the webinar here. Enjoy!
Fraud prevention has the potential to be one of the most cost-effective investments your company makes. To calculate your ROI, however, you need to understand the opportunity cost associated with fraud prevention.
A recent Yahoo Finance article reports on how much UK businesses lost due to fraud. Here are two of the most important figures:
- The average amount of money lost was $4,000
- 1% of SMBs lost more than $15,500
The article also explains that all businesses, whether small or large, can be impacted by fraud. We often say that small businesses are at a greater risk of fraud since hackers know they don’t have sufficient resources to invest in fraud prevention. Hacking small businesses isn’t as fruitful as hacking banks, but it’s easier to infiltrate unprotected technology systems that small businesses often use.
A cost-effective way to practice fraud prevention and protect your business is to use encrypted state-of-the art payment processors. These add an additional layer of security when your clients pay with credit cards. Moreover, you get to track payments in case someone tries to scam your business. The important thing is that you choose a payment processor which fits your company’s needs. There are tons of payment processors out there, and they all vary in terms of features and functions.
We recommend taking your time and researching a few payment processors until you’re completely satisfied with one. Feel free to reach out to if you have any questions about technical specifications.
When you want a great product and a great service, it always comes with a price. Some of those prices are known ahead of time, but sometimes there are hidden fees that companies do not find out about until later. In the industry that handles merchant services, it is generally not the price that raises eyebrows, it is the way providers hide their fees. The price that you are given may seem reasonable, but then you will be hit will several hidden fees at one time.
When you are trying to find a payment processor, the fees will certainly be a big factor that will have a part in your decision. If you are given a proposal from a payment processor provider with a list of services and prices, you may not get what you are expecting and you may not pay what the proposal claims you are going to pay. For these reasons, it is important to know how to protect yourself from hidden fees from payment processors.
Here are some of the common fees that you may expect to see from a payment processor or merchant service:
In many cases, you can expect to pay up to 20 cents when one of your customers swipes a debit or credit card. You will see this fee even if the transaction does not go through completely. This can be listed as a transaction fee, but it can be different for debit card transactions. You should ask the provider of your payment processor to outline all of this information, for both credit and debit transactions.
Fees For Paper Statements
You can expect to pay a fee for the monthly paper statements. This fee can be as high as $15 and as low as $5. However, you do have the option to receive these statements online. If you choose this option, the fees may be removed or these fees may be reduced. You should speak with your payment provider about this to be sure.
You need to select a provider who will be honest and upfront about all of the fees that you will be charged for. No one wants to receive a bill that will surprise them because of all the hidden fees. Contact us for support in protecting your business from those hidden fees.
It is important to consider the goods you sell and if they could be fraudulently returned. Items that have been used, such as computer hardware, or gift cards, can be used and sometimes returned with the intent on fooling the sales associates. To protect yourself from any adverse situation, it is important to track the sale of each item using serial numbers and bookkeeping.
Addresses that your customers give you should be examined. A simple system that checks for address validity could be added to your website. If customers are hiding their real address, it is very possible fraud will occur.
Chargebacks are inevitable but not the end of the world. Some businesses simply budget for a few chargebacks a year, depending on how many goods they sell. However, using a payment processor can often give you insurance for a certain number of chargebacks, so you do not have to worry.
Be wary of potential partners. Scammers like to target small businesses thinking that they are easy prey. If you receive an e-mail or letter about a business proposition that sounds too good to be true, avoid it. Contacting businesses that you want to partner with proactively is a better strategy.
Feel free to contact us if you want more fraud prevention tips. Fraud is a concern for every business and could result in a major detriment to your business if you don’t take the necessary precautionary steps.
It my be tough for many small businesses to offer their customers an option to pay with their credit card or debit card. However, just because it may be tough does not mean it can’t be done. Your small business still has the opportunity to get the competitive credit card processing deals that the other businesses have. How can you achieve this? Follow these small business financial success tips.
Accept Credit Cards
Although it may cost a bit more to accept a credit card, some customers prefer to use their credit cards over any other payment method. If you tell customers that they can not use their credit card, you can miss out on big business. As a small business, you can not afford to miss out on repeating sales.
Choose A Payment Provider That Has Stability
Since there are so many complexities surrounding the security and infrastructure in payment systems, there are now payment and technology providers that are all different in their size and depth. You will want a payment provider that will be able to process debit cards, e-checks, gift cards, and a variety of other payments. You will also need point-of-sale, mobile capabilities, the ability to accept phone payments, web payments, and other features that will fit your needs.
If you have a business plan, that does not necessarily mean you will have success. However, if you do not have a plan, you will certainly have a greater chance of failing. You have to execute all of the ideas that you have put in place. Contact us for assistance in executing all of your financial and business plans.