Entries tagged with “Mobile”.


“You get what you pay for.” You’ve undoubtedly heard that phrase before and have possibly learned through personal experience that it is in fact true. When it comes to merchant services, this saying is no exception. With the industry buzz about “Free Accounts” or “Free Card Readers”, more and more companies are falling for this trend without fully understanding what this so-called “free” really entails.

In order to better define these free services, the following sections offer a comparison between ProPay’s services and a competitor offering a free merchant account and reader.

Secure Card Readers

ProPay

Free Service

  • All of ProPay’s approved card reader devices encrypt sensitive credit and debit card data “on the head” of the device as information is collected off the magnetic stripe.
  • ProPay’s ProtectPay enables merchants place customer’s credit card data on file for repeat billing.
  • Additionally, ProPay over 10 ways to accept payments.
  • Competitor offers no ProtectPay equivalent.
  • Competitor offers no “clip” to secure the reader in the audio jack permitting it to spin around and risk damage to the audio jack. Also requires the merchant to awkwardly hold the phone and reader while attempting to swipe the card.

Competitive Rates

ProPay

Free Service

  • 2.60% on all swiped (Visa, MasterCard, Discover; AMEX is slightly higher).
  • 3.40% on all keyed (Visa, MasterCard, Discover; AMEX is slightly higher).
  • ProPay provides multiple tier pricing options that offer better transaction rates based on merchant’s needs.
  • 2.75% on all cards swiped.
  • 3.50% + $0.15 on all cards keyed.
  • One size fits all.
  • No data coverage, no ability to accept payments.

Fund Accessibility

ProPay

Free Service

  • No bank account is required.
  • Easily transfer money to your own bank.
  • Access funds immediately through Enhanced SpendBack.
  • Funds should be available within 24 hours.
  • Process up to $1,000 per week. Any amount over $1,000 is held in reserve for 30 days.
  • Limited to “banked” customers with a Smartphone and a data plan.
  • Bank Account is required.

Customer Service Capabilities

ProPay

Free Service

  • Phone, Email, Chat
  • U.S.-based customer service representatives.
  • Representatives that speak the following languages: English, Spanish, French.
  • Available Monday-Friday 6:30 AM – 7:00 PM MST
  • SMS, Email, Phone Monday-Friday 6:00 AM – 6:00 PM PST.
  • SMS, Email, Phone Monday-Friday 6:00 AM – 6:00 PM PST.

Many cyber security breaches result from the lack of security that credit cards with magnetic strips provide. Since these cards are most common in the U.S., your business has to take steps to protect your financial data.

The alternative to using a magnetic strip is a credit card with an encrypted chip. Yet while these cards are popular in most European countries, they’re not quite as common in the States.

Unfortunately, cards with magnetic strips are more likely to result in security breaches. According to a recent Consumer Reports article, it’s important to secure your financial data to make up for the magnetic strips:

“Contributing to today’s security problem is the fact that the magnetic stripe on payment cards is easily counterfeited. MasterCard claims that the new cards with an encrypted chip (EMV cards) have reduced counterfeiting by 60 to 80 percent. Virtual wallets, such as Apple Pay, Google Wallet, and Softcard, which use your smart phone to make payments, also provide better security than magnetic stripes.”

The problem is that Apple Pay and Google Wallet are relatively new options for consumers. You can’t just expect all your customers to switch to a virtual wallet overnight. Instead, you have to take immediate steps to protect your business from cyber security breaches.

One way to do this is to use a secure payment processor for all credit card transactions. Payment processors come with security features that help protect your financial data. So even if all your customers use credit cards with magnetic strips, your data will be safe.

Until Americans start using cards with encrypted chips, businesses will remain responsible for protecting their financial data. If your company deals with credit cards often, then you should consider buying a new payment processor for added security.

To talk more about cyber security breaches, or anything else, please contact us. Thanks.

The key to finding the right payment processor for your small business is to locate businesses that have the kind of security that you’re looking for. The current age is one where cyber security breaches are common, so it’s important you find only the most secure payment processing companies to ensure the security of your customers’ data.

High BBB Rating

The Better Business Bureau (BBB) represents a non-profit entity that provides a neutral, third-party assessment. It’s important to not just look for the BBB seal when you’re assessing payment processing companies, but to actually click on it as well to make sure the seal really goes to a BBB website.

Once there, it helps to check the grading scale. If a business gets an “A+” rating, this usually means that they are dependable and that the BBB has determined that they go the extra mile to solve disputes and complaints customers lodge against them, including security issues.

This page should also give you a phone number and an address for the business so you can further confirm they are legitimate.

Encryption

Another important feature to look for is that the payment processing company has end to end encryption. This should include an encrypted method for collecting sensitive data. This data collection could occur either in-person or at an online portal.

The main point is that your organization doesn’t have to store the data personally, and all of the customer’s data is stored and protected by the payment processing company itself. This makes it so that breaches that occur into your company won’t have any chance of leaking customer data to hackers.

For more information on finding the best payment processing companies, please contact us today.

Running a small business requires a whole lot of patience and an even larger amount of decision making
skills. As part of the decision making process, managers and business owners have to decide on details
such as, what payment processor to go with. Approach your decision making process with a clear mind.
With these 5 tools, you will be sure to make the right decision for your small business.
1. Compare Fees and Associated Rates

Fees and associated rates are just two things that most credit card processing companies try to
manipulate customers with. Although some companies might provide seemingly low rates, look
for associated hidden fees—that’s usually how they mislead customers. Compare fees for both
swipe and keyed rates because they will be different.
2. Evaluate Point-of-Sale Solutions

Point of sale solutions, or POS is when a customer makes a merchant payment in exchange for
goods or services. During the POS, the merchant calculates the amount owed and provides a
payment solution. When evaluating POS, look at what equipment and software are available to
either rent or lease. Compare and contrast the benefits that equipment and software companies
are offering. Evaluate what your business needs and compare it to what companies are offering.
3. Not all Payment Processors are Equal

When you start to evaluate which payment processing company is good for you, remember that
not all payment processors are created equal. Meaning that although some companies rates
might appear to be lower than their competition, their hidden fees might actually result in their
fees being equal to their competitors.
4. Evaluate Security & Fraud Assistance

Are fraud detection and protection services included in the pricing? Or are they being offered at
an additional charge? As two of the components that can ultimately save your business tons of
money, security and fraud assistance are a must-have. Make sure your credit card processing
company can provide you with these services at a price you can afford.
5. Assess Monthly Minimums and Caps

Did you know that it typically takes between 24 and 72 hours for funds from a sales transaction
to be deposited in your account? Make sure your credit card processing company can guarantee
the transferal of funds within at least the 72 hours.
For more on learning how to select the ideal payment processor a team member at ProPay is here to help, contact us.

Finding the right payment processor for your small business is all about looking for features that match up well with what your business does. Here are some examples of features you should look for depending on your business.

Mobile Card Readers for Local Businesses

One useful feature you can get from a payment processing company is a mobile card reader. This is a device that sits right on top of your phone which can process credit cards securely in-person.

Many of the better ones give you a free app to go with it, and let you plug them right into a convenient area like the audio port. This feature is ideal for local businesses that do a lot of commerce in person and not at a stationary POS system within a store. A mobile card reader will be useful for brick and mortar stores that don’t want to pay extra for the more extensive credit card devices, and also for small businesses that carry product from within their own home and want to be able to process credit cards for local customers.

Multiple Payment Storage Options for Online Businesses

One excellent way to encourage repeat customers for your online business is to make it really easy for them to store payment options. Trivial inconvenience is the great killer of e-Commerce. If customers can store different credit cards and payment options with your site using a payment processing service that allows for this, then they can come back and make additional purchases with much less hassle.

Having to enter payment information over and over again is going to deter repeat business. That’s why the multiple storage feature can be useful for encouraging growth in small businesses that focus on internet transactions.

Regardless of how your small business operates, it can benefit from the right payment processing features. For more information about these features and others, please contact us at ProPay today.