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Member You - 17 Essential Questions You Must Have Answered Before Selecting A Payment Processing Provider
The top 4 things to consider when purchasing on online business opportunity.1.) When purchasing an online business opportunity, the first thing you need to look for is what type of products you will be selling. Most online opportunities are affiliate driven. This means, that there are several different products that you will be selling. By becoming an affiliate, you will be helping other people sell their products, and you earn a percentage of the sale. Normally, this percentage is pretty high. Sometimes you can even earn up to 75%. Being an affiliate is also nice, because then, there are no products for you to store or warehouse, someone else does all that for you. Being an affiliate will make you money, because it allows you to have several streams of income.2.) The next thing to look at when purchasing an online business opportunity, is marketing. Marketing is the most important aspect of any home-based internet business. Without marketing, there is no way to get the word out about your products. Google Adwords, and Google Adsense, are the two most popular and easy to understand forms of marketing o
5. What are the Set-up Costs?
- Every Payment Processing Company will have set-up fees, some more then others. Set-up fees can range from $50 - $300. Usually the set-up fees are one-time only set-up fees for Visa, MasterCard, Amex, & Debit Cards – usually around $25 per card. Some Companies also charge an initial set-up fee for programming POS Terminals or a fee for Initial Training. Set-up Fees can greatly vary from Company to Company.
6. Are there any application fees?
- Not all Payment Processing Companies have an Application fee, however, some Companies do. This is usually a non-refundable fee, whether you are approved or not. Applications fees can vary from non-existent to $30
Those of us who are highly creative and artistic employees know how we can be looked at differently by those who operate from the other side of the brain in the corporate world. It can be hard to fit in to conservative work environments at times for those of us who are free-thinking and artistically expressive. The creative mind is cut from a very different cloth than many. Speaking for myself, it takes adapting a free-spirited and detail oriented mind to a different world - where logic, analytical minds and strict rules usually apply.Sitting behind a desk for forty hours is a hard thing to doBefore becoming a home agent for my company, I spent a year in-house, sitting in a cubicle and obeying strict rules. It was, as usual, a bit torturous to have to take breaks at assigned times, and be under the constant scrutiny of bosses. Having worked as a freelance artist most of my adult life, it was important for me to put aside my usual carefree lifestyle and adapt to being corporate. My superiors had some adjusting to get used to me, as well. Eventually, getting up at the crack of dawn and going into work, then stayin
- Every Payment Processing Provider will have this fee. Discount rates can vary on from as low as 1.59% right up to as high as 5.0%. The Discount Rate is really not a discount. It is a % of your sales that the Credit Card Companies charges the Business Owner to be able to offer their customers to pay with their Credit Card. (Example: If you did $10,000 in Visa sales in one month and your Discount rate was 2.5% then you would pay $250 in fees to Visa that month.)
- Rates vary and are dependent on your Business Model, Business Volume, Average Sale per Customer, Type of Product & Service your business offers, the way you process payments for your products & services: online, telephone, mail-order, or in-store all affect the Discount Rate your business will qualify for.
- Usually High-Risk Business will have higher rates. Businesses that have higher ticket prices, Businesses that process payments via: E-commerce, Telephone (IVR), & Mail-order usually fall under the High-Risk Umbrella.
2. Are ‘keyed in’ Visa, MasterCard & Amex Discount Rates at a different rate then swiped?
- Most Payment Processing Providers will have a different Discount Rate for transactions that are keyed in on POS Terminal instead of being swiped across the POS Terminal. However, there are some exceptions for some businesses that have reoccurring billing.
3. What are the Transaction Rates?
- Transactions fees are sometime called IDP Transactions. Every Payment Processing Company has at least a Transaction fee for Debit and usually for Credit Card Transactions too. It is become more common that any Transaction that is made on your POS Terminal will be considered a Transaction and a fee will apply, whether is it is a void, debit, credit card, refund, batch close, etc.
- Transaction fees can range from 0.05 cents up to 0.50 cents and can be different for each type of transaction, although typical POS Terminal Transactions fees are between 0.08 cents to 0.15 cents. IVR, PC, & E-commerce Transactions fees are usually much higher ranging from 0.35 cents to 0.50 cents.
4. What is the monthly cost for the Point-of-Sale Terminal?
- Most Bank Payment Processing Companies offer: only Rental Program for POS Terminals. Rental costs can range from $20 right up to as high as $100 a month dependent on the type of POS Terminal your business requires.
- Private Label Payment Processing Companies usually only offer: Lease-to-own or Buy-out Options on their POS Terminals. Lease-to-own usually run on 48 month leases with a 10% buy-out option at the end. Lease-to-own POS Terminal prices range from $30 - $80 dependent on type of POS Terminal. Buy-out POS Terminal prices, typically run from $999 - $1800 dependent on type of POS Terminals.
- *** Two very important questions to ask before buying a POS Terminal: A) What are the warranty conditions? B) Is the POS Terminal Smart-Card Ready?
- PROS & CONS of Renting Vs. Owning:
PROS: When renting a POS Terminal if you require a new POS Terminal is usually will be fixed or replaced at no cost to you.
CONS: Rental only: You pay rent forever. If you have been renting a POS Terminal for $40 a month for 5 years, then you just paid $2400. If you have been renting a POS Terminal for 10 years at $40/month then you just spent $4800 & no asset in your business. When you can own a Basic POS Terminal for as little as, $1000 and now have another Asset in your Business.
SIDENOTE: Most Private Label Companies will offer some type of life-time warranty, sometimes at no extra cost, sometimes for an additional fee. However, it always comes back to the question of whether it is better to Own or whether it is better to Rent…? – I will let you decide!
5. What are the Set-up Costs?
- Every Payment Processing Company will have set-up fees, some more then others. Set-up fees can range from $50 - $300. Usually the set-up fees are one-time only set-up fees for Visa, MasterCard, Amex, & Debit Cards – usually around $25 per card. Some Companies also charge an initial set-up fee for programming POS Terminals or a fee for Initial Training. Set-up Fees can greatly vary from Company to Company.
6. Are there any application fees?
- Not all Payment Processing Companies have an Application fee, however, some Companies do. This is usually a non-refundable fee, whether you are approved or not. Applications fees can vary from non-existent to $300
Entrepreneurs work harder than most Americans. They spend countless hours and enormous amounts of energy trying to reach business and financial goals that are often elusive. They seem to be doing all the right things: attending seminars, scouring the latest business books, networking, guerilla marketing, hoping, and praying.We all know of business owners who go through the same motions yet they are far more successful and don't work nearly as hard. And, they seem to have more fun. Surely you've seen situations where two people are in the same business, sometimes within a block from each other. The owner of the first business can be successful beyond measure. The other business can be close to bankruptcy.What is the difference? The difference is that the first business owner is allowing their natural brilliance to run the business. That natural brilliance is the Law of Attraction. We are all far greater than we think and we have truly amazing potential that most people are not even aware of. The real key to success in life and in business is accessing your "miracle mind" and unleashing your capacity for abundance
2. Are ‘keyed in’ Visa, MasterCard & Amex Discount Rates at a different rate then swiped?
- Most Payment Processing Providers will have a different Discount Rate for transactions that are keyed in on POS Terminal instead of being swiped across the POS Terminal. However, there are some exceptions for some businesses that have reoccurring billing.
3. What are the Transaction Rates?
- Transactions fees are sometime called IDP Transactions. Every Payment Processing Company has at least a Transaction fee for Debit and usually for Credit Card Transactions too. It is become more common that any Transaction that is made on your POS Terminal will be considered a Transaction and a fee will apply, whether is it is a void, debit, credit card, refund, batch close, etc.
- Transaction fees can range from 0.05 cents up to 0.50 cents and can be different for each type of transaction, although typical POS Terminal Transactions fees are between 0.08 cents to 0.15 cents. IVR, PC, & E-commerce Transactions fees are usually much higher ranging from 0.35 cents to 0.50 cents.
4. What is the monthly cost for the Point-of-Sale Terminal?
- Most Bank Payment Processing Companies offer: only Rental Program for POS Terminals. Rental costs can range from $20 right up to as high as $100 a month dependent on the type of POS Terminal your business requires.
- Private Label Payment Processing Companies usually only offer: Lease-to-own or Buy-out Options on their POS Terminals. Lease-to-own usually run on 48 month leases with a 10% buy-out option at the end. Lease-to-own POS Terminal prices range from $30 - $80 dependent on type of POS Terminal. Buy-out POS Terminal prices, typically run from $999 - $1800 dependent on type of POS Terminals.
- *** Two very important questions to ask before buying a POS Terminal: A) What are the warranty conditions? B) Is the POS Terminal Smart-Card Ready?
- PROS & CONS of Renting Vs. Owning:
PROS: When renting a POS Terminal if you require a new POS Terminal is usually will be fixed or replaced at no cost to you.
CONS: Rental only: You pay rent forever. If you have been renting a POS Terminal for $40 a month for 5 years, then you just paid $2400. If you have been renting a POS Terminal for 10 years at $40/month then you just spent $4800 & no asset in your business. When you can own a Basic POS Terminal for as little as, $1000 and now have another Asset in your Business.
SIDENOTE: Most Private Label Companies will offer some type of life-time warranty, sometimes at no extra cost, sometimes for an additional fee. However, it always comes back to the question of whether it is better to Own or whether it is better to Rent…? – I will let you decide!
5. What are the Set-up Costs?
- Every Payment Processing Company will have set-up fees, some more then others. Set-up fees can range from $50 - $300. Usually the set-up fees are one-time only set-up fees for Visa, MasterCard, Amex, & Debit Cards – usually around $25 per card. Some Companies also charge an initial set-up fee for programming POS Terminals or a fee for Initial Training. Set-up Fees can greatly vary from Company to Company.
6. Are there any application fees?
- Not all Payment Processing Companies have an Application fee, however, some Companies do. This is usually a non-refundable fee, whether you are approved or not. Applications fees can vary from non-existent to $30
Operating construction jobs is a great deal of work, not just in terms of using a level or nail gun. Managing those construction duties is just as time consuming and sometimes aggravating. Small and medium sized contractors have a need for the most help, which will definitely benefit the use of construction estimating software. While there are many software packages used for estimating residential and commercial construction options, they can sometimes be a hassle to use, since the feature an over abundance in customization which is hard to catch onto, or they are so simple they do not cover all the needs of a busy construction office.Keeping track of the estimates and cost is vital to operating a residential construction business, which means keeping the books straight while being hard pressed for the correct totals. Not doing so, will leave you with lint in your pockets while the business is penny pinched for needs of materials that have not been assessed properly, this can all be done away with while using a Construction estimating residential software package. A contractor will get nowhere committing to expenses wi
- Transaction fees can range from 0.05 cents up to 0.50 cents and can be different for each type of transaction, although typical POS Terminal Transactions fees are between 0.08 cents to 0.15 cents. IVR, PC, & E-commerce Transactions fees are usually much higher ranging from 0.35 cents to 0.50 cents.
4. What is the monthly cost for the Point-of-Sale Terminal?
- Most Bank Payment Processing Companies offer: only Rental Program for POS Terminals. Rental costs can range from $20 right up to as high as $100 a month dependent on the type of POS Terminal your business requires.
- Private Label Payment Processing Companies usually only offer: Lease-to-own or Buy-out Options on their POS Terminals. Lease-to-own usually run on 48 month leases with a 10% buy-out option at the end. Lease-to-own POS Terminal prices range from $30 - $80 dependent on type of POS Terminal. Buy-out POS Terminal prices, typically run from $999 - $1800 dependent on type of POS Terminals.
- *** Two very important questions to ask before buying a POS Terminal: A) What are the warranty conditions? B) Is the POS Terminal Smart-Card Ready?
- PROS & CONS of Renting Vs. Owning:
PROS: When renting a POS Terminal if you require a new POS Terminal is usually will be fixed or replaced at no cost to you.
CONS: Rental only: You pay rent forever. If you have been renting a POS Terminal for $40 a month for 5 years, then you just paid $2400. If you have been renting a POS Terminal for 10 years at $40/month then you just spent $4800 & no asset in your business. When you can own a Basic POS Terminal for as little as, $1000 and now have another Asset in your Business.
SIDENOTE: Most Private Label Companies will offer some type of life-time warranty, sometimes at no extra cost, sometimes for an additional fee. However, it always comes back to the question of whether it is better to Own or whether it is better to Rent…? – I will let you decide!
5. What are the Set-up Costs?
- Every Payment Processing Company will have set-up fees, some more then others. Set-up fees can range from $50 - $300. Usually the set-up fees are one-time only set-up fees for Visa, MasterCard, Amex, & Debit Cards – usually around $25 per card. Some Companies also charge an initial set-up fee for programming POS Terminals or a fee for Initial Training. Set-up Fees can greatly vary from Company to Company.
6. Are there any application fees?
- Not all Payment Processing Companies have an Application fee, however, some Companies do. This is usually a non-refundable fee, whether you are approved or not. Applications fees can vary from non-existent to $30
A mission statement is simply an encapsulation of the mission of a particular organization – its purpose, its goals and how to achieve them. A mission statement may also be considered a blueprint for success, streamlining the efforts of an organization’s executives as all decide the direction the organization must head, delineating the perceived best paths towards objective fulfillment.It is not an easy exercise to target, define and create a mission statement – at least one that motivates employees, has bold and aspirational qualities, outlines concrete strategies, and galvanizes interest in those outside the organization.As with any important aspect of business, a mission statement must be carefully weighed, reviewed and altered when necessary. It will serve as a foundation for the building blocks of the organization, representing the choices that the organization must make to satisfy its objectives and to achieve a strong foothold in a competitive environment.When developing a mission statement, one needs to consider the following key elements:- Seek input from as many sources as possible. Those highe
- *** Two very important questions to ask before buying a POS Terminal: A) What are the warranty conditions? B) Is the POS Terminal Smart-Card Ready? - PROS & CONS of Renting Vs. Owning:
PROS: When renting a POS Terminal if you require a new POS Terminal is usually will be fixed or replaced at no cost to you.
CONS: Rental only: You pay rent forever. If you have been renting a POS Terminal for $40 a month for 5 years, then you just paid $2400. If you have been renting a POS Terminal for 10 years at $40/month then you just spent $4800 & no asset in your business. When you can own a Basic POS Terminal for as little as, $1000 and now have another Asset in your Business. SIDENOTE: Most Private Label Companies will offer some type of life-time warranty, sometimes at no extra cost, sometimes for an additional fee. However, it always comes back to the question of whether it is better to Own or whether it is better to Rent…? – I will let you decide!
5. What are the Set-up Costs?
- Every Payment Processing Company will have set-up fees, some more then others. Set-up fees can range from $50 - $300. Usually the set-up fees are one-time only set-up fees for Visa, MasterCard, Amex, & Debit Cards – usually around $25 per card. Some Companies also charge an initial set-up fee for programming POS Terminals or a fee for Initial Training. Set-up Fees can greatly vary from Company to Company.
6. Are there any application fees?
- Not all Payment Processing Companies have an Application fee, however, some Companies do. This is usually a non-refundable fee, whether you are approved or not. Applications fees can vary from non-existent to $30
Whether you are a corporate executive trying to manage hundreds of employees, a marketing or sales rep trying to land a new client, or even an entry level gofer just struggling to appease a demanding boss, it is almost impossible to succeed without developing effective communication skills. In fact, effective communication skills are fundamental to almost every successful business interaction- a fact acknowledged by the plethora of courses and seminars offered teaching people how to persuasively convey their ideas and get what they want.However, all too often we forget that communication is a two way street, and that in order to effectively communicate we must learn not only to be a good speaker, but also to be a good listener. how to speak well, but also how to listen well. how to listen communicate thei is widely acknowledged that solid communication skills are fundamental to almost every successful business interaction, but too often we forget that communication skills encompass not only our ability to effectively convey our ideas, but also our ability to truly listen to what others are saying. In order to be an eff
5. What are the Set-up Costs?
- Every Payment Processing Company will have set-up fees, some more then others. Set-up fees can range from $50 - $300. Usually the set-up fees are one-time only set-up fees for Visa, MasterCard, Amex, & Debit Cards – usually around $25 per card. Some Companies also charge an initial set-up fee for programming POS Terminals or a fee for Initial Training. Set-up Fees can greatly vary from Company to Company.
6. Are there any application fees?
- Not all Payment Processing Companies have an Application fee, however, some Companies do. This is usually a non-refundable fee, whether you are approved or not. Applications fees can vary from non-existent to $300.
7. Is there a Statement Fee?
- Not all Payment Processing Companies have a Statement Fee, however, some do. The average Statement Fee is usually around $5 or free if you are willing to receive your statement coming to you via E-mail. I am not sure if this is a nickel and dime fee or if it is Companies trying to go green…? I let you decide!
8. Is there a Settlement Fee?
- All Payment Processing Companies have a Settlement Fee. Settlement fees can range from 0.05 cents – 5 dollars.
9. Is there any Minimum Processing Fees?
- All Payment Processing Companies have Minimum Processing Fees, ranging from $5 - $25. Often there are Minimum Processing Fees for each type of card you intend to have processed. Basically, what this means is if you do not do enough business to have high enough fees you will still pay a minimum every month.
- For example: Let’s say your Discount rate 1.85% on Visa and your do a $1000 worth of sales on Visa that month and your minimum processing fee is $10. Well, 1.85% X 1000 = $18.50 in fees that month on Visa. Therefore, you have cleared your minimum of $10 and you have nothing to worry about. Now if you take the same rate and minimum, but you only made sales $250 that month on Visa. Well, 1.85% X 250 = $4.62 in fees that month on Visa. Therefore, you did not make you minimum and would be required to make the difference up of $5.38.
10. Is there a Gateway Fee?
- Most Payment Processing Companies usually have a Gateway Fee, but usually only for IP POS Terminals, PC, & E-commerce Payment Solutions. Gateway Fees can range from $5 to $45 a month.
11. Is there a Monthly Maintenance Fee?
- Some Payment Processing Companies have a Monthly Maintenance Fee others do not. If they have it, it is usually a Fee that is with IVR, PC, & E-commerce Solutions, however some Companies have it on POS Terminals solutions too.
12. Is there an Added Value Fee?
- Some Payment Processing Companies have a Monthly Added Value Fee and some do not. This Fee usually ranges from $5 - $10 a month.
13. Is there a Low Achievers Fee?
- Most Payment Processing Companies have a Monthly Low Achiever Fee. Low Achiever Fees can range from $5 - $20. This is why it is important to get your monthly/annual estimate of total business volume correct on your Visa, MasterCard, & American Express Applications. Most Merchant Account Providers have 25%-35% error lenience. If you are not sure it is always better to under estimate your monthly/annual sale amounts when applying for Credit Card Merchant Accounts.
14. Is there a Chargeback Fee?
- Most Payment Processing Companies have a Chargeback Fee. Chargeback Fees can range from $10 - $50. A Chargeback is when a Card Holder holds a dispute on a Visa or MasterCard or Amex Transaction that came from your business. If the Card Holder wins the dispute, they will be refunded their money and you will be charged a chargeback fee – it’s a similar fee to bouncing a cheque. - It is always the Merchant burden of proof to prove that the Card Holder had used or bought the product or services from your business. This is why is so important to check that on Credit Card Purchases that the signature matches the back of the Card Holders Credit Card and if it does not to ask for Photo ID.
15. What are the Technical Support Service Hours?
- Most Payment Processing Companies have a Help Desk/Technical Support. However, not all are 24/7. Some are better then others. The best thing to do is to get the Help Desk # and give it a call a few times through out a day
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