Echeck And Merchant Services Providers

If you’re serious about opening—or have already opened—a retail store, you’ve come across at least one merchant service provider (MSP). These are the gatekeepers between customers’ credit and debit cards and your cash register. As such, the relationship between you and your MSP is a critical one because: They allow you to accept credit and debit cards They help you meet and maintain security standards That’s why we’re explaining exactly who these gatekeepers are, and how you and your business fit into this relationship.   What Is a Merchant Service Provider? The central authority on all things payment-related across the globe is the Payment Card Industry (PCI). They set the standards and best practices that merchants, service providers, banks and card issuers must abide by. According to the PCI, merchants are defined as: “…any entity that accepts payment cards bearing the logos of any of the five members of PCI SSC (American Express, Discover, JCB, Ma...

If you have drifted towards merchant services to manage your cash flow, attract more customers, boost the sales, stay in business 24/7, avoid bad checks and accept payments through credit card processing, you must be familiar with the deadly term, ‘chargeback.’ Though it shows its wrath mostly to the high risk businesses, low and medium risk businesses are also under the spotlight if not careful towards the actions. Even if you have a reliable merchant service provider as your backbone, you must keep yourself updated with chargebacks. What is a Chargeback ? Chargebacks were created with an aim to protect the customers from frauds & scams. They take place when a disappointed user disputes a particular charge to his/her account. If chargeback is issued for a card that’s either lost or stolen, it is the bank that issues the reversal of funds. Having said that, it is the business that is held responsible for the entire cost of the chargeback. In case the business is not EM...