Retriever, Advantage Merchant Services

How Retriever’s Restaurant Payment Solutions Help Increase Profits and Improve Customer Experience

Fri, 07 Mar 2025 15:15:00 GMT

Running a successful restaurant requires more than just great food and excellent service. With the rise of digital payments, mobile ordering, and contactless transactions, restaurants need fast, secure, and flexible payment processing solutions to keep up with customer expectations. Retriever’s Restaurant Payment Solutions provide a seamless way to accept payments, reduce processing fees, and streamline operations , allowing restaurant owners to focus on what truly matters—serving their customers.

Why Restaurants Need an Optimized Payment System

The restaurant industry has seen a massive shift in how customers pay for their meals. Credit card, mobile, and contactless payments have become the preferred payment methods, and restaurants that fail to adapt risk losing business. A slow or outdated payment system can lead to longer wait times, frustrated customers, and lost revenue.

Retriever’s restaurant payment processing solutions are designed to:

Speed up transactions with efficient card processing and tap-to-pay options.
Reduce processing costs with competitive rates and no hidden fees.
Offer flexible payment methods , including mobile wallets like Apple Pay and Google Pay.
Integrate with point-of-sale (POS) systems to streamline operations and reporting.
Ensure security and compliance with PCI-compliant technology to prevent fraud.

Key Features of Retriever’s Restaurant Payment Solutions

Table-Side and Mobile Payments

Long wait times for checks and card processing can frustrate customers and slow down table turnover. Retriever’s mobile payment solutions allow servers to process payments at the table , reducing wait times and improving customer satisfaction .

With handheld mobile card readers , guests can pay on the spot , whether using a credit card, debit card, or contactless payment method . This speeds up service and keeps tables turning faster—resulting in higher revenue per shift .

Integrated POS Systems for Restaurants

Retriever’s payment solutions seamlessly integrate with leading POS systems , allowing restaurants to:

Manage orders and payments in one place .
Track sales, tips, and employee performance .
Sync with online ordering platforms for a unified payment experience .
Improve reporting and accounting accuracy with built-in analytics.

This reduces errors, prevents payment delays , and allows restaurant managers to make data-driven decisions to optimize business performance.

Contactless and Mobile Wallet Payments

More diners prefer touch-free payment options . Retriever’s system supports Apple Pay, Google Pay, Samsung Pay, and other contactless methods , providing faster and safer transactions . This keeps lines moving in fast-paced environments like quick-service restaurants (QSRs), coffee shops, and takeout establishments .

Online and Mobile Ordering Payment Solutions

With the rise of takeout, delivery, and mobile orders , restaurants need a secure online payment system . Retriever’s restaurant payment solutions support:

Secure online checkout for restaurant websites .
Mobile ordering and app payments .
Integration with delivery services like DoorDash and Uber Eats.
Recurring payment options for subscription meal plans .

Customers can order and pay seamlessly , reducing staff workload and increasing revenue from off-premise dining .

Loyalty and Gift Card Integration

Keeping customers coming back is key for restaurants. Retriever’s payment solutions offer built-in loyalty programs and gift card processing , allowing restaurants to:

Reward repeat customers with discounts and perks .
Sell digital and physical gift cards for easy gifting .
Track customer spending patterns to offer targeted promotions .

Loyalty programs encourage higher spending and repeat business , boosting long-term revenue.

Lower Processing Fees with Transparent Pricing

One of the biggest frustrations for restaurant owners is high credit card processing fees . Retriever offers competitive, transparent pricing , helping restaurants reduce costs and keep more of their profits .

With Retriever’s Buyer's Choice Program , restaurants can:

Eliminate processing fees by allowing customers to cover the transaction cost.
Incentivize cash and debit card payments to lower expenses.
Stay fully compliant with card network rules .

By switching to a more cost-effective payment solution , restaurants can save thousands of dollars annually on processing fees.

How Retriever’s Restaurant Payment Solutions Compare to Traditional Processing

Who Can Benefit from Retriever’s Restaurant Payment Solutions?

Full-Service Restaurants

Fine dining and casual restaurants benefit from seamless POS integration, table-side payments, and loyalty programs that enhance guest experience.

Quick-Service Restaurants (QSRs)

Fast food, coffee shops, and cafes need fast, efficient payments with mobile and contactless options to reduce long lines and speed up service .

Food Trucks & Pop-Up Restaurants

Mobile businesses require portable, wireless payment solutions to process transactions anywhere, keeping sales moving on the go.

Bars & Nightclubs

High-volume venues need fast processing speeds , secure transactions , and integrated tipping features to keep bartenders and servers moving efficiently.

Delivery & Takeout Restaurants

With online ordering and delivery booming, Retriever provides secure online payments, mobile app integration, and easy checkout options .

Why Restaurants Are Choosing Retriever for Payment Processing

Faster Transactions & Happier Customers

Slow payments cause frustration and longer wait times. Retriever’s solutions ensure quick, smooth checkouts at the table, counter, or online.

Increased Revenue & Lower Costs

By reducing processing fees and eliminating unnecessary charges , Retriever helps restaurants keep more of their hard-earned profits .

Improved Security & Compliance

With PCI-compliant encryption , restaurants reduce fraud risks and protect customer data , ensuring secure transactions every time .

24/7 Support & Industry Expertise

Retriever provides dedicated customer support to help restaurants troubleshoot issues, upgrade systems, and maximize payment efficiency.

How to Get Started with Retriever’s Restaurant Payment Solutions

Schedule a Consultation – Retriever’s team will assess your restaurant’s payment needs and recommend the best solutions.
Choose Your Payment Setup – Decide on POS integration, mobile payments, or online ordering solutions tailored to your business.
Seamless Installation & Training – Retriever sets up your system, trains staff, and ensures compliance with industry standards.
Start Accepting Payments & Saving Money – Enjoy faster transactions, lower fees, and happier customers .

Is Retriever’s Payment Solution Right for Your Restaurant?

If your restaurant is looking for faster checkouts, lower processing fees, and a better customer experience , Retriever’s restaurant payment solutions provide everything you need to streamline payments and grow your business .

Don’t let slow transactions and high fees hold your restaurant back. Contact Retriever today to get started with a customized restaurant payment solution that fits your business needs.

How Retriever’s Mobile Payment Solutions Help Businesses Stay Competitive

Fri, 28 Feb 2025 15:00:07 GMT

Accepting payments on the go has never been more important. Whether you run a small business, food truck, home service company, or retail store , the ability to accept mobile payments securely and efficiently can make a huge difference in customer experience and revenue. Retriever’s Mobile Payment Solutions provide businesses with the tools they need to process transactions anywhere, anytime —all while keeping fees low and security high.

What Are Retriever’s Mobile Payment Solutions?

Retriever’s Mobile Payment Solutions give businesses the flexibility to process credit and debit card payments from anywhere , without being tied to a traditional checkout counter. Whether you’re accepting payments at a trade show, delivering services at a client’s home, or running a pop-up shop , Retriever ensures you have a seamless and secure payment system in place.

With user-friendly mobile card readers, virtual terminals, and digital invoicing options , Retriever provides everything you need to run a fast and efficient payment system, no matter where your business operates .

Why Mobile Payment Solutions Are a Game Changer for Businesses

More consumers than ever are ditching cash and preferring digital payments . Whether it's tap-to-pay, chip cards, or mobile wallets like Apple Pay and Google Pay , businesses that lack mobile payment options risk losing sales.

Retriever’s mobile payment processing solutions ensure that businesses can:

Accept payments anywhere —no more losing customers because they can’t pay.
Offer a smooth checkout experience —faster transactions mean happier customers.
Reduce security risks —with encrypted transactions and PCI compliance.
Improve cash flow —get paid on the spot, rather than waiting for checks or invoices.

Key Features of Retriever’s Mobile Payment Solutions

Mobile Card Readers

Retriever offers compact, secure, and easy-to-use card readers that connect via Bluetooth to a smartphone or tablet . These readers allow businesses to accept chip, swipe, and contactless payments while ensuring fast and secure transactions .

Virtual Terminals

For businesses that take payments over the phone or process transactions manually, Retriever’s virtual terminals allow you to key in transactions from any device with an internet connection . This is perfect for service-based businesses that send invoices or take deposits remotely .

Contactless and Mobile Wallet Payments

With more consumers using Apple Pay, Google Pay, and other contactless payment options , businesses need a modern mobile payment system that accepts these methods. Retriever’s mobile solutions ensure businesses can accommodate all payment preferences .

Digital Invoicing & Recurring Payments

For businesses that bill customers regularly or handle one-time invoices , Retriever’s mobile payment solutions include a built-in invoicing system. This allows businesses to send professional digital invoices, track payments, and even set up recurring billing for repeat customers .

Industries That Benefit from Mobile Payment Solutions

Food Trucks and Mobile Vendors

Food trucks, farmers' market vendors, and pop-up shop owners need a reliable way to accept payments on the go . Retriever’s mobile payment solutions ensure they can take card payments anywhere , increasing sales and eliminating the risk of lost cash transactions.

Service-Based Businesses

Plumbers, electricians, contractors, and home service providers can collect payments immediately rather than waiting for customers to send checks. This reduces payment delays, improves cash flow, and minimizes unpaid invoices .

Retailers and Pop-Up Shops

Retailers who attend events, trade shows, and seasonal markets need a flexible payment system that travels with them. Retriever’s mobile solutions allow them to accept payments instantly , keeping transactions secure and seamless .

Freelancers and Consultants

From photographers to personal trainers and business consultants, many professionals rely on mobile payments for client transactions. Retriever’s virtual terminal and invoicing system make payment collection simple and efficient .

Towing and Auto Services

Mobile mechanics, towing companies, and roadside assistance providers often work in remote locations where cash payments aren't feasible . Retriever’s mobile payment solutions ensure customers can pay quickly and securely on-site .

How Retriever’s Mobile Solutions Compare to Traditional Payment Methods

The Benefits of Using Retriever’s Mobile Payment Solutions

Lower Processing Costs

Retriever’s mobile payment solutions offer competitive rates compared to traditional merchant processors. With no hidden fees and transparent pricing , businesses can accept payments without worrying about high transaction costs.

Fast and Secure Transactions

Every transaction is encrypted and PCI-compliant , reducing fraud risks. Retriever’s technology ensures that customer data remains secure while keeping payments fast and efficient.

Seamless Integration with Business Operations

Retriever’s mobile solutions integrate with your existing accounting, invoicing, and reporting systems , making it easy to track payments and manage transactions.

24/7 Support and Dedicated Assistance

Retriever provides expert support whenever you need it , ensuring that your mobile payment system runs smoothly without disruptions.

How to Get Started with Retriever’s Mobile Payment Solutions

Choose Your Mobile Payment Setup
Decide whether you need a mobile card reader, virtual terminal, or invoicing system . Retriever offers flexible solutions tailored to your business needs.
Set Up Your Account
Retriever’s team will guide you through the setup process , ensuring everything is compliant and optimized for your business.
Start Accepting Payments Anywhere
With Retriever’s mobile solutions in place, you can start processing payments immediately , whether you’re on-site, in-store, or on the go .

Is Retriever’s Mobile Payment Solution Right for Your Business?

If your business requires flexible, fast, and secure payment processing , Retriever’s Mobile Payment Solutions are a game-changer. Whether you're on the move, working remotely, or serving customers in different locations , Retriever ensures seamless transactions without the hassle of traditional payment systems .

Don’t let outdated payment systems slow your business down. Contact Retriever today to learn how mobile payments can streamline your operations, increase revenue, and improve customer satisfaction .

How Retriever’s Buyer's Choice Program Helps Businesses Eliminate Payment Processing Fees

Fri, 21 Feb 2025 15:00:06 GMT

The Rising Cost of Payment Processing

For businesses of all sizes, credit card processing fees can be a significant burden, eating into profit margins and making it difficult to scale. With the increasing use of cashless payments, many businesses feel trapped, forced to absorb these fees just to remain competitive.

That’s where Retriever’s Buyer's Choice Program comes in. This innovative solution helps businesses eliminate payment processing fees while staying compliant with industry regulations. If you're looking for a way to keep more of your revenue without raising prices, Buyer’s Choice is the solution you've been waiting for .

What is Retriever’s Buyer's Choice Program?

Retriever’s Buyer’s Choice Program is a merchant processing solution designed to offset credit card processing fees , allowing businesses to keep more of their earnings.

How Retriever’s Buyer's Choice Program Helps Businesses Eliminate Payment Processing Fees

What is Retriever’s Buyer's Choice Program?

Retriever’s Buyer’s Choice Program is a merchant processing solution designed to offset credit card processing fees , allowing businesses to keep more of their earnings. Instead of covering these fees themselves, businesses can pass the cost to customers who choose to pay with a credit card while offering an incentive to those who pay with cash or debit.

The program ensures businesses remain fully compliant with card brand regulations , offering a seamless and transparent pricing model that both businesses and customers can understand. Unlike traditional surcharge programs, Buyer's Choice is structured to work across a wider range of industries, helping businesses reduce costs without violating any processing rules.

How Buyer's Choice Eliminates Processing Fees

Credit card companies charge businesses a percentage-based processing fee for every transaction, often between 2-4%. Over time, these fees add up and significantly impact revenue. Retriever’s Buyer's Choice Program helps merchants eliminate these fees by adjusting pricing models based on the type of payment customers use.

Here’s how it works:

Customers paying with cash or debit receive a built-in discount at checkout.
Customers who choose to pay with a credit card cover the associated processing fee as part of their total transaction.
The process remains transparent at checkout, with clear pricing displays to ensure compliance and customer awareness.

By shifting the cost to those who choose to use credit cards, businesses no longer absorb processing fees , allowing them to reinvest their earnings into growth, marketing, or improved customer experiences.

Why Businesses Are Switching to Buyer's Choice

Increased Profit Margins

Without processing fees eating into every sale, businesses can keep 100% of their revenue on non-credit card transactions. Over time, this adds up to thousands of dollars in savings annually .

Compliant and Transparent Pricing

Unlike outdated surcharge programs that may violate processing rules, Buyer's Choice ensures full compliance with Visa, Mastercard, and other card networks . The program is built with clear, upfront pricing , ensuring customers understand their options without any hidden fees.

Encourages Cash and Debit Transactions

Buyer's Choice incentivizes customers to pay with cash or debit by offering a lower price. This helps businesses reduce their reliance on credit card payments, leading to fewer chargebacks and processing-related headaches.

Works for a Wide Range of Industries

From retail stores and restaurants to service-based businesses and professional practices, Buyer's Choice can be customized to fit different industries. Whether you run an auto repair shop, medical office, or local café , this program helps eliminate unnecessary costs without disrupting operations.

No Additional Costs for Merchants

Unlike other solutions that require expensive equipment or software upgrades, Buyer's Choice works with most existing payment systems . Retriever handles the setup and compliance , making it an easy and cost-effective transition.

How Buyer's Choice Compares to Traditional Credit Card Processing

Many business owners are unaware of how much money they lose each year due to processing fees. A switch to Buyer's Choice eliminates these unnecessary costs and puts money back into their business.

Who Can Benefit From Buyer's Choice?

Restaurants and Cafés

With increasing credit card usage, small food businesses lose thousands in fees every year. Buyer's Choice allows them to keep more of their earnings while maintaining compliance with card regulations.

Auto Repair Shops

Shops that process high-ticket transactions see major savings by eliminating credit card fees. The program is particularly beneficial for mechanics, body shops, and tire centers .

Medical and Dental Practices

Healthcare providers often struggle with credit card processing fees , especially for large transactions. Buyer's Choice helps offset costs while maintaining patient satisfaction .

Retail Stores

From small boutiques to high-volume retail chains, Buyer's Choice helps increase profitability while keeping transactions simple and transparent for customers.

Home Service Providers

Contractors, electricians, HVAC companies, and other service providers benefit by ensuring that large invoices no longer include hidden processing fees .

How to Get Started with Buyer's Choice

Switching to Buyer's Choice is fast and hassle-free . Retriever provides businesses with:

A full compliance review to ensure all transactions follow card network rules.
Signage and disclosures to inform customers about pricing options.
Seamless integration with existing payment processing systems.
Ongoing support and customer service to handle any questions or concerns.

Retriever’s team ensures a smooth transition so business owners can start saving money immediately .

Is Buyer's Choice the Right Fit for Your Business?

If you're tired of watching credit card fees eat into your revenue , Buyer's Choice offers a proven and compliant solution to eliminate those costs. Whether you process $5,000 or $500,000 in credit card transactions each month, keeping more of your hard-earned money is always a smart move.

Contact Retriever today to learn how Buyer's Choice can help transform your payment processing strategy and increase your profits .

How Gift and Loyalty Programs Can Transform Your Business with Retriever

Fri, 14 Feb 2025 14:36:38 GMT

Customer retention is the foundation of a successful business. While attracting new customers is important, keeping existing ones engaged and encouraging repeat visits is even more valuable. Retriever’s Gift and Loyalty Card Programs give businesses an edge by boosting sales, increasing customer loyalty, and creating long-term brand advocates .

Why Every Business Needs a Gift and Loyalty Program

Many business owners focus heavily on acquiring new customers but overlook the potential of repeat business . Studies show that returning customers spend up to 67% more than new customers , making them an essential part of any business strategy. A well-structured gift and loyalty program can:

✅ Encourage repeat visits by rewarding customers for their purchases.
✅ Increase revenue by incentivizing higher spending.
✅ Boost brand awareness with gift cards circulating among new potential customers.
✅ Improve customer satisfaction by offering perks and exclusive benefits.

Businesses that implement gift and loyalty programs not only increase customer lifetime value but also establish stronger relationships with their audience.

How Retriever’s Gift and Loyalty Program Works

Retriever offers a customizable, easy-to-use gift and loyalty card system that seamlessly integrates with your existing payment processing setup. Businesses can:

Issue digital or physical gift cards that customers can purchase or reload.
Track and manage loyalty points for repeat customers.
Create special promotions such as birthday rewards, VIP perks, and discounts.
Integrate with POS systems for a smooth transaction experience.

With Retriever, businesses control their own loyalty program , eliminating the need for third-party apps that take a cut of the profits.

The Power of Gift Cards in Driving Sales

Gift cards are a proven revenue booster . They work as a direct sales tool and a marketing asset that brings in new customers.

�� Customers typically spend more than the value of the gift card. On average, gift card users spend 20-50% more than the gift card amount when making a purchase.

�� Gift cards introduce new customers to your business. Every gift card purchased is a referral —someone trusts your brand enough to share it with a friend or family member.

⏳ Gift cards create future sales opportunities. Unlike discounts or coupons that expire quickly, gift cards encourage customers to return and make a purchase on their own timeline .

Businesses in retail, hospitality, restaurants, salons, and service industries benefit the most from custom-branded gift cards , as they generate ongoing sales and brand exposure .

Loyalty Programs: Turning One-Time Customers into Lifelong Fans

A loyalty program is more than just a point system—it’s a relationship-building tool that rewards customers for their continued support .

Types of Loyalty Programs Retriever Supports

�� Points-Based Rewards
Customers earn points based on their purchases, which they can redeem for discounts, free products, or exclusive perks.

�� Tiered Loyalty Programs

The more a customer spends, the higher the tier they reach , unlocking better rewards over time.

��️ Punch Card Style Programs
Simple but effective—after a set number of visits or purchases, the customer receives a free item or discount .

�� Birthday & Anniversary Rewards
A great way to personalize customer engagement by sending special offers on important dates.

By offering customized loyalty programs , Retriever helps businesses retain more customers and drive higher spending .

Industries That Benefit from Gift and Loyalty Programs

Different businesses can leverage gift and loyalty programs in unique ways. Here’s how different industries can take advantage of Retriever’s solutions:

Restaurants & Coffee Shops

Offer reloadable gift cards for frequent customers.
Create a loyalty rewards system that gives a free meal or drink after a set number of purchases.
Run holiday promotions where customers get a bonus card with a certain gift card purchase amount.

Retail Stores

Sell gift cards at checkout to increase impulse purchases.
Reward loyal customers with exclusive discounts and early access to sales .
Offer tiered loyalty perks based on spending levels.

Salons & Spas

Sell gift cards for services like massages, facials, and hair treatments.
Give loyalty points for referrals , encouraging customers to bring friends.
Offer seasonal bonus promotions , such as “Buy a $100 gift card, get a $20 bonus card.”

Auto Repair & Service Shops

Reward repeat customers with discounts on future services .
Offer referral rewards for customers who send new clients to the shop.
Use gift cards as incentives for package deals and seasonal promotions.

Gyms & Fitness Centers

Offer membership-based loyalty programs where members earn perks for consistent attendance.
Sell gift cards that can be used for personal training sessions or fitness classes .
Provide milestone rewards, such as a free session after a certain number of check-ins.

Why Choose Retriever’s Gift and Loyalty Program?

With so many third-party apps and generic loyalty platforms, what makes Retriever’s system stand out?

✔ Fully customizable – Design gift and loyalty programs that fit your business model.
✔ Seamless integration – Works with most POS systems and payment processors .
✔ Increases customer engagement – Encourages repeat visits and higher spending.
✔ No hidden fees – Transparent pricing with no third-party commissions .
✔ Branded for your business – Custom-designed physical and digital gift cards that showcase your brand.

How to Get Started with Retriever’s Gift and Loyalty Program

1️⃣ Choose Your Program Type – Decide whether you want gift cards, a loyalty program, or both .
2️⃣ Customize Your Design – Create branded gift cards and set up personalized rewards.
3️⃣ Integrate with Your POS System – Retriever will help with setup to ensure smooth transactions.
4️⃣ Launch and Promote – Start marketing your program to boost sales and increase customer retention .

Is Retriever’s Gift and Loyalty Program Right for Your Business?

If you’re looking to increase customer retention, drive sales, and build long-term brand loyalty , Retriever’s gift and loyalty solutions are the perfect fit. Whether you're a small business, restaurant, retail store, or service provider , this program will help you generate repeat business and keep customers engaged .

 Get started today and discover how Retriever’s Gift and Loyalty Card Program can elevate your business and maximize your revenue .

Thu, 27 Aug 2020 20:04:00 GMT

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Retriever Payment Systems Earns Better Business Bureau Accreditation

Wed, 12 Aug 2020 18:14:00 GMT

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Turn PPP Recipients into Lifelong Customers

Wed, 22 Jul 2020 15:22:00 GMT

The Small Business Administration’s (SBA) Paycheck Protection Program (PPP) has opened up small businesses to new relationships with community-based financial institutions—and the benefits that come with building business banking partnerships.

While the program is not perfect, community banks in particular rose to the occasion, flexing their competitive advantages and value propositions to woo small businesses away from large bank competitors in many instances.

The question that remains is how will community banks leverage the new opportunity presented to them? Simply remitting the funds to businesses will result in leaving a mountain of lost opportunity on the table.

Add Value to Convert Transient Accounts

One way financial institutions can maximize those new relationships is to take on the role of a trusted advisor to small business banking clients. During the “new normal” for the foreseeable future, all messaging should revolve around being there when account holders need you most—and small businesses are no exception. Experience, as well as the receptiveness to new offers of new account holders, can be combined to set the stage for a long-lasting and mutually beneficial relationship. Winning new customers over from larger competing institutions, as well as being there for them during one of recent history’s most challenging times, provides the opportunity to port over existing services from those banks.

Perhaps nothing adds more potential value to overwhelmed small business owners than a rich merchant services offering, including state-of-the-art equipment and well-supported customer service. Now may be a good time to reevaluate your existing card processing vendor relationship to answer these questions:

• Are we being offered the most competitive rates?
• Does our institution and do our merchants have access to 24/7/365 support as well as local, hands-on support?
• Does our partner offer state-of-the-art equipment, payment rails and security (fraud detection and prevention)?
• How hands-on is our partner with marketing, sales, installation and support?
• Does our partner offer referral incentives for our staff?

It can be easy to relegate your merchant services program to a simple checklist item in light of all the pressures facing financial intuitions—particularly now. But a first-rate card processing solution can actually open new streams of revenue and improve profitability as well as help you retain and attract small business banking clients during a time of great economic uncertainty.

With the influx of PPP recipients literally falling into the lap of community-based financial institutions, the hard part is done. Now it is time to convert those loan recipients into lifelong customers using a relationship-based approach supported by best-in-class products and services.
Retriever Payment Systems checks all the boxes for financial institutions seeking to elevate their merchant services offerings. Whether you are currently in the midst of a card processing vendor contract or nearing expiration, contact us to learn how we can partner with you to deliver more value to your business banking clients as well as improve the profitability of your existing merchant services program.

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Use Value-Added Merchant Services to Get More Small Business Banking Market Share: Arkansas Community Banker, Summer 2019

Wed, 02 Oct 2019 20:12:00 GMT

In light of all the market and regulatory pressures community banks and credit unions face which threaten to chip away at your margin, it is more important than ever to remain on the lookout for new revenue streams. Small businesses present the opportunity for FIs to capture more market share as well as a greater portion of business deposits and opportunities to generate new loans.

Retriever Payment Systems was featured in the Summer 2019 issue of Arkansas Community Bankers Association virtual magazine discussing how to leverage your merchant services offerings to get more small business banking market share.

The post Use Value-Added Merchant Services to Get More Small Business Banking Market Share: Arkansas Community Banker, Summer 2019 first appeared on Retriever, Advantage Merchant Services .

Simplifying Your Merchant Processing

Tue, 08 Jan 2019 15:22:00 GMT

Part of being an entrepreneur or business owner is that you must become knowledgeable about topics that may not be that closely connected to what your business does. For example, if you opened a restaurant, it’s probably because you have experience in the industry and enjoy providing quality food to your guests. Or, you’re an independent plumber or electrician, you’re an expert at that, and you enjoy it.

However, it doesn’t take long before you realize that, in addition to your specific line of work, you’re now required to become an expert in a bunch of other things, too. Like computers. Very few businesses can stay up and running if the computers go down. Or advertising and marketing? There are so many ways to get the word out about your business, but how do you know which ones work best?

The same is true with merchant services – the processing of credit and debit cards. And as with all these other services you need, the best way to maintain your sanity is to simplify the process as much as possible, while making sure you understand what you’re paying for.

That said, here are a few recommendations that will help you simplify and better understand how your merchant service system works for you.

1. Develop a strong relationship with your merchant services representative.

You’re probably busy, without a lot of free time on your hands, so it may be tempting to forget about your rep… unless there’s a problem, that is. However, if you can find the time to reach out every month or so for a five-minute conversation, it gives both of you a chance to talk about what’s going on in your business and, possibly, head off any minor issues before they become major issues. Plus, there may be new products or services you may not know about. If your rep has a regular pulse on your business, he or she will be better able to keep you informed of these opportunities.

2. Learn how to read your monthly statement.

The first thing you must do is open the statement when it arrives in the mail (or email). You’ll notice that there’s usually a LOT of data in there and if you’re the kind of person who really enjoys crunching numbers, then you’ll find hours of fun in that statement! For everyone else, though, there are two really important figures: total sales and total fees. If you can’t figure out where those numbers are, call your rep and ask. Once you have them, grab your calculator and divide the total fees by the total sales, then multiply by 100 to get the percentage of fees paid. Like this:

(Total fees) ÷ (Total Sales) x 100 = % of fees paid

So if your total sales on a statement is $20,000 and the fees are $400, it would look like this:

400 ÷ 20,000 x 100 = 2%

Do this every time you receive your statement and keep an eye open for unusual fluctuations. For example, if your fees have been coming out to between 2% and 2.3% for a long time, then suddenly jump to 3%, you should contact your rep and find out why.

3. Know who to call if you have an emergency.

In fact, it’s best to write that number on a slip of paper and tape it to your machine. Or, save it to your contacts on your cell phone. This is especially important if a high volume of your sales happens in the evenings or on weekends, like at a restaurant. Ask your rep what you’re supposed to do if a machine goes down on a Saturday night. Know who to call at your Internet service provider, too, because sometimes that’s where the problem is. In any event, have an emergency plan in place.

4. Be careful switching processors for deals that sound “too good to be true.”

For most merchant processing providers, the processing fees and the cost of equipment are similar, not counting overhead for office space, marketing costs, and a few other things. So, if the offer doesn’t make sense, it’s wise to be a little skeptical.
Accepting credit and debit cards shouldn’t be a source of stress for you, even though it can be a little confusing at times. If you can simplify it and understand it, you’ll be able to spend more time focusing on what you really want to do: build and grow your business!

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Protecting Yourself from Credit and Debit Card Fraud

Mon, 03 Dec 2018 19:06:00 GMT

With all the enthusiastic shopping that takes place during the holiday season, there is no shortage of thieves who want to steal your hard-earned money from you. While a lot of the problem involves packages that are stolen from people’s porches, you also have to be very careful about protecting yourself from credit and debit card fraud. It’s a terrible feeling to check your balance on a credit card and discover hundreds or thousands of dollars in charges that you had nothing to do with. It’s even worse to check your bank account balance and find that money is missing, along with the bank’s fees for insufficient funds.

Many people mistakenly think that their cards are secure now, thanks to the industry’s conversion to chip-based cards a few years ago. However, the fraud continues at an accelerating pace. So, you might be wondering, what can the typical consumer do to protect themselves? Fortunately, there are steps you can take to reduce your risk.

For starters, using a credit card is much safer than a debit card. And while many people try to avoid running up credit card debt, the bottom line is that, when you charge a purchase, the money doesn’t come straight out of your account. Instead, you get a bill that you pay later. With debit card purchases, however, the money comes straight out of your account and you may have to wait for your bank to resolve the issue and replace the funds

Other steps you can take to protect yourself include:

Keeping your credit and debit cards secure.

The best practice is to always keep them in your wallet or purse unless you have it out for a purchase. At restaurants, this can be tricky if the server takes your card to the back to be processed, so check your statements frequently.

Protect your self from gas pump skimmers.

Before you run a card at the pump, make sure that the card reader is securely attached to the pump by giving it a light tug. Also, try to use the pumps closest to the store, which crooks usually avoid. Of course, the best way to protect yourself is to pay for your gas inside at the counter.

Be cautious with online purchases.

This is especially important if you’re using a lesser-known site. First, check to see if the URL starts with “https.” That “s” at the end stands for “secure” and if it’s missing, it could be a problem. On a secure site, you should also see a small padlock icon in front of the URL. And if you want to take it a step further, right click anywhere on the site, scroll down to “Inspect,” then click on “Security,” and you’ll see details about the website’s security status. Also, never send bank account or credit card info by email or text, whether it’s for online shopping or any other reason.

Avoid shopping when connected to public Wi-Fi.

It’s just too easy for a crook to read your signal and steel your personal information.

Use technology to stay informed.

Most banks and credit card companies allow you to check your balances and recent transactions from a smart phone. So if you have any doubts, check it immediately. You may also be able to set up an alert so that, every time a transaction is made, on either your credit or debit card, you’ll know so you can address it immediately.

It may sound like a lot, but once you get into the habit of staying safe, it doesn’t take that much time to stay on top of it. And it’s definitely worth the effort. Ask anyone who’s ever been through it before. It’s much more of a pain to clean up this kind of mess than it is to prevent it in the first place.

The post Protecting Yourself from Credit and Debit Card Fraud first appeared on Retriever, Advantage Merchant Services .

Expecting a Holiday Rush? Here’s How Merchants can Protect Themselves from Fraud

Tue, 20 Nov 2018 14:04:00 GMT

Even though it’s been three years since retailers have been able to switch to new chip-based credit and debit cards, a recent study shows that payment fraud is still a major concern in the United States as criminals take advantage of remaining vulnerabilities at point of sale, while also focusing more on online merchants. And with the holidays in full swing, criminals are also ramping up their efforts because they know retailers are often overwhelmed by high order volume. In fact, just last year, e-commerce fraud attempts went up by 22 percent between Thanksgiving and the end of the year.

Clearly, one of the reasons for this increase is that chip cards don’t protect retailers from online fraud at all. Still, the new technology has not been as effective in the U.S. as it is in Europe, most likely because In Europe, the customer is required to enter a PIN at the point of sale to complete the purchase both online and in person. Additionally, some retailers still aren’t compliant with the chip technology, despite the incentive of substantially reducing their risk to loss from fraud when they update their equipment.

For retail merchants, this trend means it’s even more important to take any steps available to protect yourself from credit card and debit card fraud. The most obvious step you can take is to make sure that you are using up-to-date processing machines that accept chip-based cards. Other steps you can take include:

Increase your fraud screening capacity.

As holiday orders start coming in faster and faster, you may find that your fraud screening capabilities can’t keep up. If that’s the case, don’t make the mistake of skipping manual and simply declining all flagged orders. While it may seem easier, declining valid orders can cost you more in lost business than the fraud you’re trying to prevent. Also, you don’t have to let orders get backed up in your manual review queue. If you haven’t been able to keep up with manual review demands during previous holiday seasons, you may want to consider at outsourcing that function.

Put more emphasis on providing top-level customer service.

In 2016, false declines cost businesses in the U.S. $2 billion more than completed fraud did. For many retailers and merchants, that’s an eye-opening statistic. It also may point to a customer service problem related to how flag orders are reviewed. When your manual review team reaches out to customers to check the validity of a flagged order, it takes skills and training to be able to present that review as an example of outstanding customer service, instead of a nuisance or making the customer feel like a suspect.

Making sure you understand every sales channel’s fraud prevention strategies.

That includes treating mobile and desktop online sales as separate channels, as well as in-store purchases. For example, one study found that synthetic identity fraud, the practice of creating fake identities with both fabricated and real information, has become a particular challenge for mobile commerce.

Close the shipping loophole.

With merchants getting better and better at spotting fraudulent activity, criminals have started targeting a new area: The shipping department. In this scam, the criminal uses stolen customer data, including the victim’s card number, billing address, and shipping address, to place the order. This avoids raising flags at the point of sale. Then, once the order is approved, they then attempt to get the shipment re-routed to a different address. While they sometimes reach out to the merchant’s customer service team, they have also been known to contact the shipping company directly to change delivery information.

Every business is unique and experiences different challenges, including the ways that criminals attempt to defraud them. If you have specific questions about your business, reach out to us on our Contact Page . Our experts will be happy to assist with all your questions.

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The Merchant Processing Implications for Gift Cards: A Small Business Guide

Mon, 01 Oct 2018 15:27:00 GMT

As a small business, you may be wondering if it’s worth your while to get into offering gift cards to your customers. You may think it involves giving out free money to people, and that’s bad business – right?

The thing is, investing in gift cards isn’t nearly as bad as you may think. In fact, handing out gift cards can actually increase the amount of money your business makes.

So how does this all work, and what exactly can this do for your company? Keep reading to find out how getting gift cards for your small business can help your company succeed.

Why You Should Invest in Gift Cards for Your Small Business

Like any debit or credit card, gift cards have a whole host of benefits for the user, but with a twist: there are benefits for businesses as well.

The very first thing you should know is that gift cards make a customer return to your store more often. Why is that?

Well, when people get their hands on a gift card, they feel compelled to spend it at the store. In fact, customers who have gift cards are three times more likely to shop than those who don’t.

This will entice them to buy more items in your store, further putting money in your pocket. Customers who come in with a Gift Card almost always spend more than the value of the card, so it’s a definite win for you.

Getting started on a gift card program is also really easy. For small businesses, it’s best to have a closed loop gift card system. This means the gift card can only be used in your store, allowing all the returns to stay in your company.

Want more of an incentive? For as low as $100 a business can have their own gift card program. It can also be used as a giveaway, as a promotion , or for people who want a refund with no receipt.

Oh, and one more thing – gift cards are a simple and efficient way to advertise your business.

When one customer shows their gift card to a friend or family member and tells them about the awesome deals your store has, you could potentially bring in another buyer without having to do anything yourself.

Lesson of the day: gift cards are beneficial in so many ways, and using them will do nothing but help your business. It’s about time you started looking into getting the plastic.

Your One Stop for Your Electronic Business Needs

If you’re looking for ways to use gift cards for small businesses to make your company grow to new heights, You should definitely give us a try. At Retriever, you’ll find that our products and customer service are second to none.

We specialize in many different services, including point-of-sale systems , mobile payment apps, and custom solutions. We also offer our processing solutions to retail institutions, professional businesses, and on-the-go merchants.

Have a question you need us to answer? Not a problem. Just reach out to us and we’ll be sure to get back to you about any concerns you may have.

We look forward to hearing from you.

The post The Merchant Processing Implications for Gift Cards: A Small Business Guide first appeared on Retriever, Advantage Merchant Services .

How Do Gift Cards Work? Here’s Why Your Business Needs Them to Increase Profit (Easily)

Wed, 26 Sep 2018 18:34:00 GMT

People are less sensitive to their spending when they’re holding a gift card. It’s a simple fact, and it’s one of the reasons that you should implement a gift card program for your business.

There are many reasons that gift cards bring an increase in sales. There are close to no reasons that you shouldn’t have a few sitting out on the counter next to the register.

But how do gift cards work? How do you input them to your point of sale system and get them running smoothly? It’s not as difficult as you think. We’ve created a little guide on how it will go.

How Do Gift Cards Work?

Before we get started on the logistics, let’s briefly cover what a gift card system could do for your business.

The Benefits

It may seem like something that could just be a convenience for customers, but gift cards actually have the potential to give a huge boost in sales. First, people want to use them to give gifts.

If your shop has product that could conceivably be given as gifts, you’re going to be in luck. Large chains have loads and loads of gift cards, and this is for good reason. It’s because people don’t always know what their loved ones want, and they don’t want to give cash because it’s too impersonal.

Right then, three days before Christmas, the gift cards catch the customer’s eye and they have found the answer to their gift-giving problems. Giving them an alternative makes you a hero. Do some creative gift packaging and you are now a superhero.

Another element in the equation is the fact that we referenced at the beginning of the article; people spend freely when they are using a gift card. It makes sense, too. Those who are buying the gift card want to be generous enough to allow the recipient to buy whatever they want.

Gift cards prompt customers to spend every penny and some! They don’t want to leave a balance!

Setting it Up

Thankfully, it’s really simple to set up the gift card program. Contact your Local Retriever representative and learn how easy and cost effective it can be.

Gift cards will be created for your business in just a few weeks that contain your logo and your chosen design. Then You simply enter an amount, swipe the card, and that amount is added to the card. The total sale is deducted each time the card is used, and that’s it!

Optimize the Way You Handle Money

We know processing and like the gift card that can help you to optimize your cash flow. It’s worth your time and money to learn about everything that’s available to you.

If you’re interested in learning more about how to optimize your point of sale , we have the information you need.

The post How Do Gift Cards Work? Here’s Why Your Business Needs Them to Increase Profit (Easily) first appeared on Retriever, Advantage Merchant Services .

Get Ready for Mobile POS

Fri, 15 Dec 2017 12:00:00 GMT

Customers rarely carry cash these days, and they expect merchants to accept debit and credit cards, no matter where they are. That’s why it’s more necessary than ever that businesses have mobile point-of-sale (mPOS) terminals.

A mobile point-of-sale terminal can be a tablet, smart phone, or similar wireless device, equipped with point-of-sale apps that act as a traditional POS system. There are many options, including Square, LevelUp, & Shopkeep. These allow you to process payments anywhere, and can even come equipped with a credit card swiping mechanism, or be set up to accept mobile payment from apps like Google Wallet or ApplePay. They’re plug and play systems that make it easier than ever for merchants to process payments.

Implementing mPOS devices can offer merchants many benefits. They drive sales in any environment, helping merchants provide more personalized customer experiences, and even helping promote a business’ reputation. Adding mPOS solutions to existing payment systems can also help manage customers during busy times, when you may need additional options for processing payments.

Plus, mPOS solutions are easy to implement, inexpensive, offer customer convenience, and integrate with loyalty programs and other services. They also give merchants a less-expensive option for accepting EMV cards.

While traditional POS will always maintain a strong hold on the marketplace, mPOS represents a substantial opportunity to expand point of sale solutions for your clients.

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Mobile Wallet Will Continue to Grow

Fri, 01 Dec 2017 12:00:00 GMT

For years, we lived by the cash-is-king philosophy. With the rise of mobile payment options, cashless systems continue to be more important.

Mobile payments come in many different forms: e-checks, Apple Pay, bank apps, and more. Mobile wallets are one cashless trend that has really taken off in recent years. Since 2015, the number people in the U.S. using mobile wallets increased from 23.2 million to 37 million, with the highest usage seen among younger age groups.

By 2020, mobile payment volume is expected to increase by 80% compound annual growth rate, bringing it to $503 billion, according to Business Insider . The number of in-store mobile payment users is also expected to rise at a 40%, five-year CAGR, to reach 150 million by the end of 2020. This growth could represent 56% of the consumer population during that year.

Mobile wallets give customers faster and easier point-of-sale payment options. Businesses can integrate loyalty programs into customers’ mobile wallets, so targeted coupons and special offers are automatically available at the time of purchase.

Merchants can also gather extra customer data via mobile wallets, which they can use to enhance purchasing experiences. Upgrading POS system hardware to support mobile wallets offers businesses the added benefits that come from accepting cashless payment, while meeting the needs and wants of their customers.

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MasterCard Adding BIN

Fri, 17 Nov 2017 12:00:00 GMT

MasterCard has recently announced that it is creating a new BIN (Bank Identification Number) for their cards. They will start issuing cards beginning with the number “2,” to supplement the existing 5 series of BIN numbers.

This not only expands the number of available cards, by creating additional secure and unique numbers, but also meets the need for new card numbers which are needed for payment tokens when cardholders load their card into a digital wallet.

This change may require merchants to perform a system update to comply with their MasterCard agreement. Your POS must be able to support this new BIN range by June 2017. Anyone identified as noncompliant will have 30 days to resolve the issue before receiving an assessment, which could be:

A systems analysis will determine any changes that are required. Software providers may have updates available and internally developed solutions may require enhancements. This change may affect issuers in the following areas:

The credit card processing industry is constantly evolving. The secret to success is being adaptable to these changes, and making customer service a priority.

The post MasterCard Adding BIN first appeared on Retriever, Advantage Merchant Services .

Point of Sale Evolving

Fri, 03 Nov 2017 12:00:00 GMT

Point-of-sale (POS) systems are evolving, and merchants are moving to these systems in droves as technology makes them more accessible and cost effective.

New tablet and mobile products have made POS technology even more affordable and easy to use. In the past, POS systems were so cost prohibitive that only big retailers could afford them. Units ranged from $10,000 to $100,000, making it impossible for a small store or restaurant to afford it.

Now, even mom-and-pop establishments can have state-of-the-art POS systems that track inventory, customers and employees, and process sales, all for less than $1,000. This responsive technology can often mean the difference between the survival or failure of a small business, giving these merchants access to the tools they need to efficiently run their business.

Some of these systems can even do customer relationship management. Merchants can send sales and promos directly to clients via email and text messages, using these targeted promotions to drive business.

Many new POS systems have built-in loyalty and reward tracking. Merchants can track purchases of specific items or visits. The system keeps track of these details right on the receipt, motivating frequent shoppers.

Merchants can also customize screens to make it easier for employees. Pictures and prompts can help employees make choices that ensure customers get exactly what they want. Bar scanners and scales can also be incorporated into POS systems. Many POS systems can go mobile for sidewalk sales or trade shows. The options are endless.

Implementing a new POS option can save merchants time and money, and keep them in touch with their customers. The entire transition can be done in less than two weeks, and the results can help streamline their entire business.

The post Point of Sale Evolving first appeared on Retriever, Advantage Merchant Services .

Credit Card Chargebacks

Fri, 20 Oct 2017 12:00:00 GMT

The EMV chip is the biggest trend in credit card payments. Merchants have been trying their best to migrate to EMV since the liability shift in 2015. However, a major roadblock has existed in the certifications of their systems.

While many merchants had new payment acceptance devices installed by 2016, they couldn’t accept chip cards because they were still waiting for EMV certifications. Major credit card companies have worked to streamline the certification process, including implementing chargeback limits on businesses affected by automatic chargebacks when they didn’t support chip cards.

The goal of these programs was to speed up chip adoption by U.S. merchants. Even a small number of chargebacks can harm a business’ financial health, and EMV certification is the best way for merchants to avoid credit card chargebacks altogether.

While least 70% of credit card holders have at least one EMV card, by December 2016, only about 70% of retailers were equipped to process EMV card transactions. Implementing EMV can help merchants avoid chargebacks and save on future point-of-sale fraud costs. However, chargebacks can still happen in e-commerce purchases.

The post Credit Card Chargebacks first appeared on Retriever, Advantage Merchant Services .

Combat Credit Card Fraud with EMV

Fri, 06 Oct 2017 12:00:00 GMT

Fraud has been an ongoing problem with credit card payments since the beginning, and it’s likely not going away any time soon. The use of EMV is the first step in combatting credit card fraud.

Other countries have had EMV credit cards for several years and, as a result, experienced dramatically reduced rates of credit card fraud. Face-to-face fraud has decreased by 72% in the U.K., and domestic counterfeit fraud has decreased 48% in Canada since converting to EMV, the PCI Security Standard Council reports.

Relatively new in the United States, EMV cards have enhanced security features designed to keep fraudsters from cloning cards and making fraudulent purchases. Card brands have created EMV migration deadlines to motivate merchants to follow the latest and most secure payment standards. The original deadlines have been modified to provide merchants with more time so they can securely accept chip cards and protect their business from counterfeit card fraud.

With big merchants already prepared for EMV, frauds are now targeting smaller merchants who might not have the technology ready. Even a small number of chargebacks can harm the financial health of a business. By implementing EMV, you can avoid these chargebacks and save on future fraud costs. Merchants of all sizes should take the opportunity to implement EMV as soon as possible.

The post Combat Credit Card Fraud with EMV first appeared on Retriever, Advantage Merchant Services .

Prepaid Cards

Fri, 22 Sep 2017 12:00:00 GMT

The use of prepaid cards as a payment method has grown exponentially over the past decade. This alternative form of payment eliminates the need for a bank account, because funds are connected directly to a card. Unlike other types of cards that require a credit check, income verification, or bank account, prepaid cards are more easily accessible. They serve as a substitute for traditional bank accounts, and are widely used in retail stores in the form of gift cards, e-commerce, and other platforms.

In 2003, prepaid cards were used for 800 million transactions worth $20 billion. By 2012, more than 9 billion prepaid card transactions were made, totaling $220 billion. The number of prepaid cards being used continues to grow in the world of credit card processing, as many users embrace prepaid cards as a way of avoiding debt or bank overdraft fees.

Millennials and Gen Xers are debt averse, and this behavior is driving prepaid cards’ popularity as a growing trend. They accounted for 80% of U.S. prepaid card users in 2013, and the number of users will continue to grow.

Prepaid cards also cater to those with no bank account or limited access to banking services. Since so much payment processing is being done online, it is necessary to have a convenient way for people without a bank account to pay. Prepaid cards broaden payment access for these individuals, and anyone looking for alternatives to traditional banks.

Prepaid cards offer many benefits to banks and credit card processors. They can include activation, reload, & maintenance fees, and even a per transaction fee, all of which goes to the issuing bank. Since they carry the widely-accepted Visa and MasterCard logos, merchants can process them using the same processor they use for network-branded credit or debit cards, and come with the same processing fees.

As this segment of the market continues to grow, merchants and banks will need to continue to expand their offerings to meet demand.

The post Prepaid Cards first appeared on Retriever, Advantage Merchant Services .

Apple Announces a P2P Service Tied to Apple Pay and iMessage

Fri, 08 Sep 2017 16:38:00 GMT

Apple recently announced the launch of a new money transfer service that will allow iPhone and iPad users to send and receive money digitally using iMessage. The new feature will be automatically included with Apple Messages in the company’s newest operating system, iOS 11, which will be available this fall.

The money transfers will be funded with credit or debit cards, but will rely on a new feature, a virtual prepaid card called Apple Pay Cash, which will let people use the money they receive via the new money-transfer service to make Apple Pay purchases online or in stores that accept tap-and-pay transactions.

Once launched, the service will compete with a raft of payment services, such as those from Facebook and PayPal’s Venmo, that pair P2P payments with social networking, as well as popular bank services like Chase QuickPay.

While Apple is expected to introduce a new phone, the iPhone 8, the new OS will be compatible with phones as old as the iPhone 5s. Industry experts believe the new payment system will introduce new users to Apple Pay, particularly younger consumers who don’t have their own traditional debit or credit cards.

This new payment option may upend traditional consumer banking habits, but the good news for credit card processing services is the funding-source requirement of using a debit or credit card. Money-transfer services backed by a debit card will be free for users, while those backed by a credit card will be hit with a 3% fee, the same as competitors.

Interested in learning more new and exciting credit card processing trends? Visit our website!

The post Apple Announces a P2P Service Tied to Apple Pay and iMessage first appeared on Retriever, Advantage Merchant Services .

March Newsletter Regulatory Accounting Assistance Program (RAAP)

Wed, 22 Mar 2017 00:54:00 GMT

In response to government regulations and the needs of our merchants, in 2012, our company developed and released the RAAP program. Since implementation, this program has provided a seamless reporting tool for our merchants.

RAAP is an online, web-based portal integrated with NPC’s existing web

reporting (www.MyNPCData.net) that provides merchants with tax reconciliation and reporting services. Our merchants have the ability to view, print and download existing payment accounting data and compare that against gross payments – now required to be reported to the IRS. RAAP has saved both time and money doing quarterly tax estimates and annual returns.

With these new IRS rules in effect, I have seen other processors charge as much as $9.99 per month for “Regulatory Compliance” or “Government Administrative Reporting” without providing any enhanced reporting or products to assist their merchants with the accounting of Gross to Net Sales. Our program is competitively priced with the annual fee due in March. NPC is not charging any merchant for the 1099-K statement.

Here is an overview of the new rules. Be aware the IRS keeps changing what needs to be reported so that is the other reason RAAP is so helpful. It evolves to give you what you need.

Enhanced RAAP Reporting

Regardless of a merchant’s income tax filing form (i.e. Form 1120S for S Corporations, 1120 for Corporations, 1065 for Partnerships or Limited Liability Companies, or 1040 Schedule C for Sole Proprietorships), the information that will be contained in the merchant’s 1099-K is critical. © Copyright 2012 NPC, a Vantiv Company. All rights reserved.

Box 1 of the 1099-K will contain the

Gross Sales Amount of the merchant’s card/third party network payments for the entire calendar year and for each month separately. If a merchant accepts American Express (“Amex”) cards, then Amex will send the merchant a separate 1099-K. If the merchant’s business is typical of most businesses, the merchant will issue credits or returns to their customers’ cards occasionally, and in many instances, may experience chargebacks. This will cause the Gross Amount reported to the merchant on the 1099-K to be different than the Net Amount of card transactions settled to the merchant.

Determining the Gross vs. Net Amount can be an accounting challenge for many merchants and their tax preparers, both for filing of quarterly tax estimates and Year End tax returns. Accounting for and reconciling the Gross card transactions to Net amounts will be more important than ever.

NPC cannot and is not providing tax, legal or other professional advice, and NPC is encouraging all merchants to consult their tax or legal advisors about the IRS regulations and their filing obligations. However, the RAAP tool and reporting services will provide the merchant and its tax preparer with easy access to information that is critical to helping the merchant comply.

The post March Newsletter Regulatory Accounting Assistance Program (RAAP) first appeared on Retriever, Advantage Merchant Services .

Our Newest POS; Vantiv Mobile Checkout

Wed, 22 Mar 2017 00:54:00 GMT

Meet our Newest Product

Vantiv Mobile Checkout

Vantiv Mobile Checkout, powered by NCR Silver, is an all-in-one point of sale (POS) solution that makes it easier for business owners to market to customers, track sales and profitability, manage inventory and process sales onsite or at any location. Vantiv Mobile Checkout is a tablet-based, cloud-connected POS system which gives merchants the mobility to reach customers and sell anywhere with the freedom to access all their data through the Back Office from home, the office, or on the road. It’s designed for any type of business retailer, restaurant, or service provider looking for an easy to use, all-in-one solution and is the perfect, cost-effective way for businesses seeking more functionality from their POS.

Vantiv Mobile Checkout has the robust functionality business owners and managers need to manage their business AND the power to actually help grow business bottom line.

Easily GROW your business:

Quickly KNOW what’s happening in your business from anywhere:

SAVE time and money:

The post Our Newest POS; Vantiv Mobile Checkout first appeared on Retriever, Advantage Merchant Services .

Everyone is Talking About EMV

Wed, 22 Mar 2017 00:52:00 GMT

Everybody is Talking about
EMV
Europay, Master Card and Visa

There is an Upgrade in our FUTURE. Sometimes it is as simple as upgrading some software and other times the change is dramatic. This time the way we transact business is being changed to help protect against fraud. Over 1 Billion EMV credit cards are already in circulation. These cards are equipped with smart chips. The technology will also be available in watches, phones and fobs.

The new terminals contain an incredibly robust system with 20 times the encryption capability to accept this more secure form of payment. These machines are already available. They have been in use in Europe and Canada for some time. ALL US merchants will need to upgrade their equipment before October 1, 2015 when there will be a shift in liability to the merchant from the card issuer. MERCHANTS NOT USING COMPLIANT EMV POINT OF SALE SOLUTIONS WILL BE LIABLE FOR DOMESTIC AND CROSS BORDER COUNTERFEIT CREDIT CARD FRAUD! You definitely need to upgrade before that date!

We have an assortment of EMV terminals available when you want to make the switch… we can help. Ask about our Special Pricing! Have you considered going digital and saving the expense of a phone line? These terminals have dual capacity, phone line or internet capable!. Call me to discuss how this new technology will affect your business!

The post Everyone is Talking About EMV first appeared on Retriever, Advantage Merchant Services .

Train Your Staff to Check Receipts CAREFULLY!

Wed, 22 Mar 2017 00:51:00 GMT

The old saw about “I have some good news and some bad news… which do you want first?” is alive and well in processing world. PCI (Payment Card Industry) has made some changes that allow a transaction to complete for a partial amount instead of declining which was the way things happened in the past. This is good news since more transactions will be approved. THE BAD NEWS is if you are not looking carefully at the receipt and see that only a portion of the sale was approved you could be shortchanging your business in a big way. Ticket for $764 might be approved for $622 leaving a balance of $142!

This is particularly important for those who use terminals and independently operated Virtual Point of Sale to process transactions! Point of Sale systems that control inventory will show the remaining balance and ask for another form of payment as will online shopping carts.

Might I suggest that employees circle or check mark next to the amount so they are verifying that the total sale amount has been received. Learning to look carefully at each receipt is a new important step in maintaining your profitability!

The post Train Your Staff to Check Receipts CAREFULLY! first appeared on Retriever, Advantage Merchant Services .

Three Credit Card Security Myths You Shouldn’t Believe

Wed, 22 Mar 2017 00:51:00 GMT

With the increase in use of plastic as payment, it’s no wonder credit card fraud has begun to run rampant throughout the country. Many people believe certain myths about the safety of their credit cards that can put them at a higher risk for fraud. Here at Retriever, we know the importance of credit card safety and there are tons of myths out there that can give people a false sense of security. We’ve compiled the top three myths that you should quickly dismiss as false.

1) If I keep my CVV number hidden, I’ll stay safe. While the Card Verification Value, or CVV, on the back of the card is sometimes asked for in online purchase transactions, it’s not as important as you may think. The CVV number is only required by select online sites. Some online retail websites don’t even require that you enter this information. They simply need your expiration date, card number, and cardholder name to complete the transaction. Therefore, if someone is able to get ahold of this information, even without knowing your CVV number, they can most likely use your credit card to order merchandise online.

2) My credit card can never be duplicated. If your credit card has a magnetic strip, that strip is where all the data for the credit card is stored. When you make a purchase, your card is swiped and the data is taken from the magnetic strip and verified by the machine. It’s possible for thieves to swipe the magnetic strip of your card and create an identical duplicate card that can be used for purchases. Many credit card companies, including Mastercard and Visa are now issuing a chip-based card for customers that make this type of duplication impossible. However, it’s still something every consumer should take into consideration.

3) It doesn’t matter if I sign the back of my card or not. Many people feel the signature on the back of the card isn’t a crucial security step. However, if you lose an unsigned credit card and it gets into the wrong hands, you’ve just made it easier for the thief to use it. A merchant cannot be blamed for a fraudulent purchase if the signature on the card matched the purchaser’s signature. However, a signed card gives the merchant something to compare the signature to and possibly stop the purchase before it occurs.

At Retriever Payments Systems, we pride ourselves on making sure our clients have safe payment transactions. Give us a call today!

The post Three Credit Card Security Myths You Shouldn’t Believe first appeared on Retriever, Advantage Merchant Services .

Announcing Merchant Data Activity Summary (MDAS) The Mobile App to Monitor Your Account!

Wed, 22 Mar 2017 00:50:00 GMT

You can verify your deposits from your cell phone or mobile device.

Pull up your statements , retrievals, charge backs and batches

MDAS is provided FREE to my merchants. Your peace of mind is my continuous promise. This app is “Read–only”. No updates to your information are performed via the application except for password updates. The username and password credentials for the Mobile App are the same credentials used for access to MyNPCData.net

Here are the simple steps to help you set up MDAS and begin using this new tool.

From Apple or Google app stores, you download the app: MDAS. Open the app, review the Terms of Use, which you may accept or decline. If you decline, you are not allowed to log-in to the app.

This is not available for Blackberry at this time.

The post Announcing Merchant Data Activity Summary (MDAS) The Mobile App to Monitor Your Account! first appeared on Retriever, Advantage Merchant Services .

Gift Cards Mean Business

Wed, 22 Mar 2017 00:49:00 GMT

Everything YOU need for just $99.00* !
Limited time savings from our regular $189 Starter package of 100 cards!
Retriever provides our merchants with an easy way to offer Gift Cards to their customers. Some important facts about Gift Cards that you may not be aware of.

Gift Cards are MOST requested Gift item!

What does that mean for you?

Easy and Cost Effective Marketing!
A properly managed gift program is the most cost effective Advertising Campaign to retain repeat business from new and existing customers.

*This includes the display rack, 100 cards and everything YOU will need to hit the ground running this holiday season.

Creating your program is easy as 1-2-3!

Call TODAY so we can get your cards to you in plenty of time for the Holiday Season!

The post Gift Cards Mean Business first appeared on Retriever, Advantage Merchant Services .

MyNPCData an incredible Complement to Your Account With Retriever!

Wed, 22 Mar 2017 00:48:00 GMT

Are you using this awesome tool?
Retriever offers our merchants an easy way to get all the info you could ever want about your processing at the touch of a mouse! Here is how to log in for first time users.

Go to www.mynpcdata.net

Step 1. Enter Merchant ID number under username.

Step 2. Enter Password which will be Tax ID or for Sole Proprietorship enter Social Security Number

Step 3 Change password (must be eight characters including one number and one capital)

Once open the Dashboard features include:

Easy and NO Cost Access!
The best part of this incredible site is it is included in our great service. You have this tool FREE with your account with us. You will love how easy it is to get all the info you need… to do your PCI Compliance education and complete your Self Assessment Questionnaire. Please call me if I can help in any way!

Have dinner out on US!
Refer a friend who opens an account and I will give you a $50 Restaurant Gift Card to enjoy with your family. I really appreciate your confidence in me and I just want to say thanks!

The post MyNPCData an incredible Complement to Your Account With Retriever! first appeared on Retriever, Advantage Merchant Services .

June Newsletter Cash is King? Do You Need Some Capital?

Wed, 22 Mar 2017 00:46:00 GMT

Need Money For Your Business?

Retriever offers an often overlooked source of short-term financing. Generate the working capital you need to improve your business without having to negotiate with a bank or worry about long-term credit card interest. Instead, your company may qualify for a cash advance of $5,000 to $1,000,000 by leveraging an asset you probably haven’t thought of – your future credit and debit card receivables.*

Easy Access To Business Capital
With this fast and easy application process, qualified merchants typically receive funds in ten days or less! Use them to expand, renovate, advertise, purchase inventory – just about anything! And, there’s no fixed repayment schedule. So, in better months when receipts are high, your advance gets paid back faster; in slower months, when receipts are lower, your advance gets paid off more slowly. It’s that simple!

To qualify, you need a history of processing credit cards at your business for at least 60 days and at least $5,000 a month in credit card sales. Call me to see if this is a fit for your business!

Continuing Education
Retriever offers presentations for your chambers, networking groups and even can do state authorized CPE classes for CPAs. Contact me if you need a speaker!

Have dinner out on US!
Refer a friend who opens an account and we will give you a $50 Restaurant Gift Card to enjoy with you family. I appreciate your confidence in me and just want to say thanks!

Sincerely,
Your Retriever Team

The post June Newsletter Cash is King? Do You Need Some Capital? first appeared on Retriever, Advantage Merchant Services .

May Newsletter… Don't Be Fooled

Wed, 22 Mar 2017 00:45:00 GMT

New EMV Terminals… Upgrade SOON?

You may or may not have heard but Euro Pay, Master Card, Visa (EMV) terminals will be required by the Payment Card Industry to enable merchants to handle the new chip enabled cards. This will be mandatory for all merchants by October 2015. This is a good thing because of the dramatic reduction in fraud these chip reading machines have produced in Europe and Canada. We at Retriever have them and are offering them to all merchants signing up with us now.

Some of our existing merchants have been approached by other companies who are stating their existing terminals are not compliant. Don’t be TRICKED into buying something. We have heard nightmare sagas of astronomical charges for “Compliant” equipment. Please know we have these machines available for reasonable rates if you wish to purchase one but you are NOT required to do so until October 2015. We are here to help you when you are ready. Call or email me for more information.

Continuing Education
Retriever offers presentations for your chambers, networking groups and even can do State Authorized CPE classes for CPAs. Contact me if you need a speaker!

Have dinner out on US!
Refer a friend who opens an account and I will give you a $50 Restaurant Gift Card to enjoy with your family. I really appreciate your confidence in us and I just want to say thanks!

Sincerely,
Retriever Team

The post May Newsletter… Don't Be Fooled first appeared on Retriever, Advantage Merchant Services .

Retriever Sponsors Two Events at the Citrus Club in May

Wed, 22 Mar 2017 00:44:00 GMT

You can register to attend either one or both of these Tech Match events at WWW.FACEBOOK.COM/ACTIONCHAOS/EVENTS

Look forward to seeing you soon!

The post Retriever Sponsors Two Events at the Citrus Club in May first appeared on Retriever, Advantage Merchant Services .

Retriever Hosts Annual Meeting and Invites B-2-B Professionals to attend!

Wed, 22 Mar 2017 00:42:00 GMT

Each year our Sales team meets and has a series of professionals present at our annual meeting and this year we decided to open it up to our B-2-B Comrades. If you can attend, I guarantee a terrific ROI for you professionally! Please contact Bobbi at Bobbi@localCCprocessing.com or call the office 321.251.6693 to reserve your spot. Only cost to you is $15 for lunch for an awesome day of training and networking with other B-2-B professionals.

The AGENDA

9:00 AM Continental Breakfast/Networking

9:30 AM Leverage Your Year Tanya Papuga Helm Coaching Group LLC

Start 2013 by Developing Smarter Goals. Learn How to Improve your B.A.T. Average!

10:30 AM Getting Linked IN Dawn Jensen Virtual Options

How to leverage Linked IN, this great B-2-B tool to meet new customers, to maintain relationships and communicate more effectively.

NOON Executive Brief: Sellers/Buyers Hector Maldonado Sandler Training Celebration

Break the Rules and Close More Sales……. Using the same moves in 2013 and expecting different results is the definition of INSANITY. Let’s talk about the rules we sell by and which we need to break in order to make 2013 our best year ever. Working Lunch on site!

3:30 PM Implementation & Action Steven Placey Rock Your Business

It all starts with the first step. The key to success is decision and deeds.

The post Retriever Hosts Annual Meeting and Invites B-2-B Professionals to attend! first appeared on Retriever, Advantage Merchant Services .

How to get PAID When You are On the GO!

Wed, 22 Mar 2017 00:39:00 GMT

No matter whether you are selling a service or a product… these days you may find yourself wishing you could take a payment while you are out and about. Capturing credit card data and closing the sale has become easier with the proliferation of Smart Phone technology. I-Phones, Blackberry, Android and I-Pads give you the convenience of portability but how safe are they to transact sales. VERY! As long as you use encrypted hardware and PCI Compliant providers. Having a merchant account that is covered by PCI Compliance is a big step toward protecting you and your customers.

What about the costs?

This chart gives a comparison of the top 4 providers of processing.

The Durbin Act which went into effect October 2011 gives merchants who accept debit cards a significant improvement in their bottom line costs. Most banks cannot charge more than .05% to process a debit card; this is down from 1.19% before the Act changed the rules. If that same transaction was key entered, previous costs could have been 2.19%. In most cases, Merchants should shop for processors who offer Interchange rates and avoid the fixed rate or tiered model. Anytime, card data is key entered, a higher rate is assessed by the provider due to fraud concerns so swiping is always the most economical standard operating procedure. In the case of debit cards, this is not the case.

A Mobile solution like any merchant account requires a Tax ID, a voided check and the description and carrier of the Phone in order to establish a unique and secure account. The Patriot Act also requires personal information to verify the business owner as a reputable citizen. By taking these steps, you can be processing on the GO in 24-48 hours.

The post How to get PAID When You are On the GO! first appeared on Retriever, Advantage Merchant Services .

What PCI Compliance Means for Your Business!

Wed, 22 Mar 2017 00:38:00 GMT

We at Retriever Payment Systems spend a lot of our time selling Credit Card Processing. The second focus point in our presentations is education. It is a scary world out there with FRAUD and compromised data a daily news item. There are mistakes that many organizations make related to web application security. First, many businesses and government organizations have historically focused their attention on network security rather than web application security, and it may seem that PCI deadlines are coming out of nowhere and that businesses are scrambling to achieve PCI compliance. But the fact is, your business should have ensured that all of its web applications were secure from the beginning. PCI compliance shouldn’t be viewed as a checklist, because then all that will happen is that unreliable fixes will be applied to problems. Instead, the concept of web application security needs to be implemented within the web application itself. When web application security is implemented properly, the PCI compliance requirements related to web application security are automatically met.

As a result, the development and QA teams at businesses need to be focused on web application security. It may be that businesses will need to take their web applications and break them down from the start, rather than trying to install patches and fixes for PCI compliance.

Another section related to PCI compliance that could cause problems to a merchant, states that security scans must be done on a regular basis. If instead of fixing web application security issues internally, patches had been installed as an afterthought, these scans could become nightmarish because they will identify hundreds of issues that will need to be fixed. Better to take the time up front to build in web application security measures and avoid this problem altogether.

Conclusion

Businesses that process credit cards are likely already aware that they must be PCI compliant – but they may not have worked very hard to make sure that they are. In 2008, one of the subsections of PCI compliance became mandatory, and businesses have to evaluate their web applications very carefully. By ensuring that web application security is built from within, rather than by adding on fixes that will only work in the short term, businesses will find that not only are they compliant with one part of the PCI standards, but that they are compliant with all of them, and that their customers’ data is secure across the board.

Retriever assists our customers with their compliance questions. Building it right from the ground up is the safest and best way to assure the safety of your client’s information. Choose a firm with a robust PCI Compliance program that offers scans and indemnification in case you are compromised. To Your Success,

Bobbi Govanus

The post What PCI Compliance Means for Your Business! first appeared on Retriever, Advantage Merchant Services .

Why Is Compliance with PCI DSS Important?

Wed, 22 Mar 2017 00:37:00 GMT

The members of PCI Security Standards Council (American Express, Discover, JCB, MasterCard, and Visa) continually monitor cases of account data compromise. These compromises cover the full spectrum of organizations, from the very small to very large merchants and service providers.

A security breach and subsequent compromise of payment card data has far-reaching consequences for affected organizations, including:

Post-mortem compromise analysis has shown common security weaknesses that are addressed by PCI DSS, but were not in place in the organizations when the compromises occurred. PCI DSS was designed and includes detailed requirements for exactly this reason—to minimize the chance of compromise and the effects if a compromise does occur.

Investigations after compromises consistently show common PCI DSS violations, including but not limited to:

The post Why Is Compliance with PCI DSS Important? first appeared on Retriever, Advantage Merchant Services .

Reprint of Article: The Durbin Act Explained

Wed, 22 Mar 2017 00:34:00 GMT

Great info here but some things have changed. Lots of Big banks have decided against the $5 monthly fee for Debit Cards. In MANY cases there are other fees popping up to replace their lost revenue. Hope you find this article helpful.

The Durbin Amendment Explained

by Anisha on October 3, 2011

The Durbin Amendment, a last-minute addition to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, has sparked fierce debate. It just went into effect on October 1st, and already we’re seeing its ramifications. Banks have priced Durbin into their checking offerings – that means we’re seeing less and less free or rewards checking. On the other hand, retailers have yet to lower their prices as promised, perhaps because Visa and MasterCard jacked up their rates on small merchants. One thing is certain, however: Bank of America customers are not happy.

For the BofA Customers: Bank of America has announced that they will start charging $5 per month for those who use their debit cards for purchases, blaming it on Durbin. We don’t think that quite adds up. Take a look at our list of still-decent checking accounts , or PerkStreet Financial , which gives 2% debit rewards and has no monthly fees.

Update July 6, 2011: After the Durbin Amendment barely survived a challenge from Sen. Jon Tester, the Federal Reserve ruled that debit interchange fees would be capped at 21 cents plus 0.05% of the transaction, with the possibility of an additional cent if certain criteria are met. Each debit card should be able to be processed on at least two independent networks, and the rules will begin to take effect in October. This ruling is generally seen as more favorable to the financial industry than expected. For a complete rundown, check out our analysis of the Fed’s final ruling .
The amendment is rather complex, but the two provisions that are still being debated, pending the Federal Reserve’s July 21, 2011 decision, are:

The provisions that are already in place include:

Banks and credit unions are against the amendment, because debit card swipe fees mostly accrue to the financial institution that issued the debit card. Card issuing banks typically take in about 1.3% of every dollar you spend on your debit card, as a fee from the merchant. This amounts to nearly $3 billion a year of very high profit margin revenue for Bank of America, for example, a number which looks to decline by ~80% unless Congress, the Department of Justice, or the Federal Reserve intervenes.

This fee is supposed to cover the risk of fraud, transactional costs, and other overhead, but due to the lack of negotiating power on the merchant side, the fee is now a major source of profit margin at every bank that offers checking accounts. Subsequently, competition between banks has caused this profit center to be used in subsidizing free premium services, like free checking accounts and surcharge-free ATMs. If this fee were to drop to 7-12 cents per transaction, as proposed by the amendment, this would create a large wealth transfer from debit card issuers to merchants, and will likely end many free premium services at banks.

The amendment’s supporters in Congress theorize that the wealth transfer from the banks to the merchants will result in lower prices for all consumers, as competitive forces between merchants force them to pass on lower costs to customers, in the form of lower prices.

Protecting The Little Guy, Fail

The swipe fee cap technically exempts financial institutions with assets of $10 billion or less. In theory, this exempts all but 3 out of the 7,000+ credit unions. However, credit unions are aggressively lobbying against the amendment. They fear that the provision requiring multiple network routing options will make the small bank interchange cap exemption impossible to enforce. For example, Visa already promised to honor the two-tier pricing system, and would process a small institution’s transaction at the current price. However, the networks are not required to differentiate between large and small banks. Even if Visa’s STAR network offered to route a debit transaction at the “exempt” 1.5% debit interchange rate, the existence of a competitive option allows the merchant to route the transaction through NYCE instead for 12 cents. Therefore the credit union would receive some fraction of 12 cents for the transaction, rather than ~1.3% of the transaction.

The Visa-MasterCard Duopoly

Proponents of the amendment allege that merchant interchange fees have skyrocketed relative to the cost of processing the transactions. The interchange market is largely uncompetitive: Visa and MasterCard effectively set the interchange fees for all merchants. Merchants can choose not to accept Visa and MasterCard, but this is not practical for most. The Durbin amendment’s attempt to reduce prices is two-pronged: first, the mandatory introduction of competition, and second, a limit to fees in order to correct for the market failure resulting from what is essentially a duopoly.

U.S. swipe fees are, overall, uncompetitive when compared to European countries, where anti-trust regulation has broken the chokehold of Visa and MasterCard. U.S. debit interchange fees are higher than the European Union average but not egregiously so; the true effect of uncompetitive pricing is seen in the interchange fees charged on credit card transactions, where the U.S. is by far the highest.

Most notably, the fees on some premium credit cards diverged greatly from the rest of the industry in conjunction with the 2007 IPO’s of both Visa and Mastercard, likely because of pressure to juice profits for public shareholders:

Onerous credit fees are ignored

Because of the difficulty of differentiating prices for goods based on the method of payment, merchants generally factor the exchange fees into the sticker price, or absorb the cost themselves. As a result, whether a consumer pays with cash, debit, credit or rewards credit, he will see the same price (one exception is in gas prices , where the limited number of products offered allows for price differentiation). However, merchant exchange fees for credit cards, and rewards credit cards in particular, are significantly steeper than debit card fees.

One feature of monopoly pricing is that the card network can, as much as they are able, set different prices to maximize how much it believes different groups will pay. So, for example, a Visa Signature Preferred rewards card nets a 2.5% interchange fee at a restaurant (which has little bargaining power), while a Visa Classic transaction may cost a large supermarket only 1.15% (because Visa wouldn’t want to risk, say, Wal-Mart walking away). By comparison, in France, a credit card with an embedded security chip costs all merchants 0.22% of the transaction plus 10 Euro cents, while the least secure (and thus most expensive to cover) method of payment costs 0.3% plus 10 Euro cents (there is virtually no difference by way of fees with Visa versus MasterCard ). The intricacies of pricing, and the emphasis on the lucrative, oft-used credit card rewards , speak to market inefficiencies.

Are the fees necessary to fund fraud protection?

The major card networks allege that the interchange fees are necessary for fraud protection efforts, and to limit consumers’ losses in case fraud does occur. However, improving technology should have driven down the cost of fraud protection, not increased it. Jamie Henry, Wal-Mart’s director of payment services, argued that credit card issuers have deliberately kept chip-and-PIN technology from U.S. cards because security improvements would remove the justification for high merchant exchange fees. “Lower interchange would push the industry toward chip-and-PIN. We would see more financial institutions become interested in controlling fraud. It would be more difficult to pass [fraud] costs on to merchants.”

In response to proposed regulation, banks cry foul and threaten tightened credit, higher fees and steeper interest rates should the proposed regulations take effect. Some have also threatened per-transaction spending caps on debit cards, at $50 or $100, rendering debit effectively useless in paying for groceries, restaurants, or plane tickets, and driving customers toward more lucrative credit cards.

However, not-for-profit credit unions are also stalwartly opposed to the amendment, and for much the same reason: they fear that they will have to cut services or increase fees in response to an increased bottom line. They may have more substance to their claims than for-profit banks.

How Durbin hopes to ease the burden on consumers and merchants

The Federal Reserve believes that merchant exchange fees far exceed the cost of fraud protection. They further believe that the steep markups persist because the two major card networks, Visa and MasterCard, have such control over the credit and debit card markets that merchants, card issuers and consumers have no choice but to accept the prices that they set.

In order to correct this, the Fed proposed a cap that it believes accurately reflects the true cost of securing the debit cards used. If they have correctly judged the cap, banks will not suffer a loss to their bottom line, and will continue to provide the same services to consumers while merchants are able to offer better prices. They also introduce competition to previously monopolistic markets by requiring each debit card to be covered by at least two networks. However, the amendment fails to address credit card interchange fees, which are significantly higher than debit.

Although the regulations make an exception for small institutions, this exemption is meaningless as card issuers will have to accept the lowest exchange fee offered, whether or not it covers their security costs. This is an undue burden on credit unions, which are generally smaller and pay more to protect their customers.

This is not to say that the “swipe” fees are grossly overpriced, and that government reform of the market will not benefit consumers. However, the Federal Reserve must be careful to preserve the advantages offered by credit unions.

The post Reprint of Article: The Durbin Act Explained first appeared on Retriever, Advantage Merchant Services .

Does Your Practice Need a Check Up?

Wed, 22 Mar 2017 00:31:00 GMT

Regulations are popping up at every turn. What does all this mean to you and your practice? Not only must you comply with the Health Insurance Portability and Accountability Act (HIPAA) there are other regulatory agencies peaking over your shoulder.

If you accept credit cards, you are required to be compliant with the PCI (Payment Card Industry) Data Security Standard. You can find out your exact compliance requirements only from your payment brand or acquirer. However, before you take action, you may want to obtain background information and a general understanding of what you will need to do from the information and links here.

Doctor’s offices are full of incredibly sensitive data. People trust you to keep their medical and personal information secure. Part of your job is to realize that there are unscrupulous people out there ready to steal information to make fraudulent insurance claims, create duplicate passports and other ID’s as well as stealing credit card data. Doing your due diligence and creating a safe environment for credit transactions goes hand in hand with your other safety measures.

Major considerations in safe guard your practice are encrypted equipment, trained personnel, written policies and secure storage.

There are many firms who offer PCI insurance as well as system checks on equipment. Be wary of purchasing something without doing due diligence. There have been instances of these “protection” firms being skimmers for data. As always an ounce of protection is worth a pound of cure. PCI website and the BBB are good sources for reputable firms and products: Trustwave is the largest and most well-known.

Another step in the defensive battle is to become PCI Certified. You do this by taking a Self-Assessment Questionnaire (SAQ). There are 4 different options based on the equipment and type of transactions you process. If you would like to have a security professional’s guidance to achieve compliance and complete the SAQ, you are encouraged to do so. Please recognize that, while you are free to use any security professional of your choosing, only those included on PCI SSC’s list of Qualified Security Assessors (QSAs) are recognized as QSAs and are trained by PCI SSC. This list is available at https://www.pcisecuritystandards.org .

The PCI Security Standards Council (SSC) provides a variety of educational resources to further security awareness within the payment card industry. These resources include PCI DSS training for Internal Security Assessors (ISAs) and Standards Training. The PCI SSC website is also a primary source for additional resources, including:

Please refer to www.pcisecuritystandards.org for more information.

There are a variety of fines and policies specified by each of the major card companies. To learn what your specific compliance requirements are, check with your card brand compliance program:

For more business centric information about PCI Regulations, you can download the Getting Started Guide and/or the Quick Reference Guide from
https://www.pcisecuritystandards.org/merchants/how_to_be_compliant.php

Check with your Credit Card professional soon to make sure you are operating a safe processing environment. A Breach means more than fines and time consuming fixes. It means a loss of confidence by your patients.
Safe practices are healthy practices!

Article Published in Medical News December 2011
Written by Bobbi Govanus, Retriever Payment Systems
Bobbi@localCCprocessing.com

The post Does Your Practice Need a Check Up? first appeared on Retriever, Advantage Merchant Services .