North American Bancard

Wireless Payments Bring Speed and Efficiency to Flea Markets

Posted on 30, Apr | Posted by admin

Flea markets are fun, swarming environments where like-minded, independent merchants can earn money for their passions with minimal overhead. Nonetheless, it’s important to have a means for accepting payments in all different forms, even in the most remote of settings. The perfect solution here is wireless payments, which can expedite sales for flea-market merchants, such as those in the following categories.

Antique Sellers
Antique sales can be lucrative for people who know the trade. Depending on the culture of a particular region, you might do well with art nouveau prints, art deco frames or even dishware dating back to the colonial period. But whether you’re selling things from the 1750s or the 1950s, you’ll make the most money by accepting all forms of payment. North American Bancard offers a wireless payment system that lets you process purchases from all the major credit card brands.

Home Craft Sellers
Home craft-making is an enjoyable pastime for anyone with a creative spirit. From baskets and kites to ceramics and crochets, there are certain handmade staples that sell well at flea markets. The ultimate dream for the average home-craftsperson is to earn a living off his or her passion. Having crafts that sell is your first step; having a means to process payments is the next. With the wireless payment service of North American Bancard, you’ll get immediate authorization for the sales processed at your table.

Used Comic Book Sellers
As one of the great American art-forms for more than a century, the niche market of comic books continues to draw big bucks. With fervent collectors in all age groups, dealers can rake in bucks on everything from the Golden Age of Marvel to the underground graphic novels of the last quarter century. Collectors snap up titles impulsively, especially when they can pay on card. Regardless of whether your next flea market is located in a remote location, North American Bancard has a Store and Forward feature that lets you save swipes for later processing when sales take place in poorly covered areas.

Bead Sellers
Bead-making is a lucrative hobby that continues to attract young people of the bohemian type. Some are crafted with complex and colorful patterns while others blend in with neutral attire – yet beads makes for an artful form of accessorizing, regardless of style. To maximize sales on small and large bead purchases alike, you must steer clear of pricey processing fees. Fortunately, North American Bancard offers some of the lowest fees in the wireless industry. Call NAB today to learn more about how its services can help you at your next flea market.

Credit Scores: the Good, the Bad and How to Get Better

Posted on 25, Mar | Posted by admin

Credit scores measure the payment histories of credit-holding individuals. Depending on your ability to handle payments in a timely manner – in addition to the spent/unspent ratios on your monthly statements – you might have a high, low or medium score. A high score built on timely repayments of large items (cars, boats) can qualify you instantly on most applications, whereas a low score can make it difficult to secure loans and deals without the presence of a co-signer. Credit scores are ranked by the following groups of digits:

720 or above (excellent) – instantly qualifies you for loans and low rates in the eyes of banks, landlords and car dealers.
675 to 719 (average) – disqualifies you from the best rates of lenders.
620 to 674 (below average) – subjects you to premiums and disqualifies you from many deals.
Below 620 (sub-prime) – subjects you to high premiums on the few available options.

It generally takes time to raise credit, and there is no quick fix for a sub-prime score. If you commit to a plan, however, your credit can be improved with the following steps.

Isolate the Problems in Your Credit
The first step towards improving your score consists of identifying and understanding the root of your problem. In order to find out your score, you should contact the credit bureaus and ask for a copy of your report. Featured on your report will be the three-digit number that represents your score, along with explanations for your ranking. Whether the problem is due to overuse of credit or delinquencies on payments, you will know which areas can be improved.

Reverse Your Negative Credit Profile
If your problem stems from overdue payments, you will need to minimize your spending until you bring your credit to a satisfactory level. If your accounts have been closed, apply for simpler lines of credit such as store cards. These can be used to build a positive payment profile in the eyes of the credit bureau – providing you honor all subsequent payments on time.

Open Multiple Credit Accounts
With multiple accounts in your profile, lenders will see you as a more experienced credit holder. Experience makes you a safer risk in the eyes of lenders, especially if you have handled a mix of credit and installment loans. When it comes to car dealers, you are in better shape with bad credit than you would be with no credit.

Utilize Older Credit Accounts
Well-maintained credit accounts improve with age, which makes it necessary to keep all existing accounts active. Unused accounts, by contrast, add dead weight to your credit profile. Rule of thumb: open the accounts you need, and use them.

Wait for Inquiries to Age
Hard inquiries, such as auto loan and mortgage applications, leave footprints that will affect your score for 12 months. While the footprint only accounts for 10 percent of your score, it could be enough to drop you down a bracket. Therefore, you should wait 12 months after an inquiry before opening a new account.

How to Find the Lowest Credit Card Processing Rates

Posted on 22, Mar | Posted by admin

Merchant accounts can seem perplexing for new merchants. The period of shopping around for the right provider is often marked with frustration. Despite everything that needs to be learned and understood about merchant service providers, it’s worth the benefit of having credit card processing for your business. By keeping in mind the following simple rules, you could easily land some of the lowest processing rates in the industry.

Learn the Lowest Rates Before you Start Searching
Every year in April and October, interchange fees are published by Visa and MasterCard. Interchange fees are what credit card processors pay to the issuing banks of cardholders. Basically, the lowest cost provider is actually the one who charges the lowest markup.

Understand the Pricing Methods of Interchange
Customers often get confused by the rates of interchange fees, but there are basically three different models: interchange plus, enhanced recover reduced, and tiered. Providers that use interchange plus are the easiest to compare, because the model is based on markups of fully disclosed interchange fees. The other two models are more difficult, because the interchange categories are never revealed on merchant statements.

Look for the Lowest Interchange Fees
Low rates and minimums are both important features, but it’s crucial to know about the rising nature of interchange fees in order to save money. Inevitably, you will have many circumstances where you will wind up keying in card numbers instead of swiping the actual credit cards, either because of faulty magnetic strips or verification failures. Due to the elevated risk of such transactions, interchange fees are applied to cover the difference.

Examine the Overall Value of Each Deal
Many novice merchants fixate on discounts when signing up for a service, all the while missing the smaller charges listed in the finer print – charges that add up over time. Another mistake is to focus on the interchange fees while losing sight of all other costs, such as monthly minimums and transaction fees. Even if a company offers super-low rates, it doesn’t necessarily make that company one of the best providers – cheap sometimes equates to poor service. Therefore, it is important to examine all the details before signing on with a merchant services provider.

Landing the right merchant services deal is far easier when you speak with agents who can walk you through the process. Here at North American Bancard (NAB), our staff is here to answer questions 24/7 on anything pertaining to merchant accounts. Call NAB today to find out more about the lowest rates and best services in the credit card processing business.

The Advantages of Customer Loyalty Programs

Posted on 21, Mar | Posted by admin

Loyalty programs are marketing measures that businesses employ to reward loyal customers. In business/consumer relations, loyalty programs serve the twofold benefit of allowing merchants to track customer habits and in turn provide more satisfying products or services. Customers receive points and gain access to special offers and discounts when participating in loyalty programs.

A loyalty program can work in one of many different ways. With some businesses, loyalty programs offer discounts of 10% or more for periods extending anywhere from three months to a year. In other scenarios, a loyalty program might offer 25% discounts to customers who amass a certain dollar amount in purchases.

There are even some loyalty programs that offer points that can be redeemed on offers at third-party businesses. Most of these programs are handled through loyalty cards, which are used by many of the leading retail chains, both domestically and abroad.

Two-thirds of U.S. consumers own at least two loyalty cards, with grocery stores accounting for the vast majority of usage. Customers receive discounts on marked items by swiping their cards at checkout, which in turn allows stores to track which items are most popular amongst loyal shoppers.

The Origin of Loyalty Points
The concept of loyalty points stems from the 1970s, when airlines initiated mileage rewards for frequent flyers. Under this type of program, flyers amass points by traveling x-numbers of miles. Flyers that reach the required levels can redeem their points with a choice of benefits, typically in the form of free mileage. In recent years, companies in the fuel sector have teamed with airlines to offer frequent flyer points in exchange for loyalty at the gas pumps.

Find the Best Loyalty Programs
For businesses of all sizes, fields and magnitudes, customer loyalty equals sales. Loyalty programs bring about customer satisfaction while helping merchants better refine their inventory. Businesses that employ these programs generally agree that loyalty is a boon to foot traffic and sales in today’s marketplace.

Of all the merchant services on the market, one of the most optimized for customer loyalty is North American Bancard (NAB). Handling all of the work involved with tracking, accounting and customer support, the account specialists here at NAB design loyalty programs that are tailored to the unique profiles of individual businesses. Call today to learn more about how the programs of North American Bancard can boost customer loyalty for your business.

Wisegeek

Swiped vs. Keyed Transactions: the Vast Difference in Processing Fees

Posted on 18, Mar | Posted by admin

Due to the ease and safety of carrying plastic over cash, credit cards are the preferred method of payment amongst two-thirds of all consumers. Businesses equipped with card card terminals are able to process sales with greater efficiency – often times on expensive items that few customers would purchase through any other means.

Simply put, swiped transactions are a win-win deal for both sides of the sales process. On the other hand, keyed transactions were a costlier affair until the recent introduction of mobile card processing.

The Impact of Keyed Transactions on Merchants
One of the most frustrating situations to occur at a checkout line is the non-acceptance of a card swipe. Whether it’s because of a worn out magnetic strip or a faulty reading system, perfectly financed credit accounts do not always respond when called upon by card holders. For instances of card-swipe failure, key-ins serve as the alternate route in sales transactions. While annoying for consumers, the cost of key-ins for merchants goes straight to their bottom line.

For merchants, keyed-in transactions result in higher interchange fees. The fees are higher due to the risks involved with key-ins, which often occur from remote locations with no face-to-face contact between buyer and seller. Lower fees meanwhile, are assigned to swiped transactions because of the in-person assurance factor. While some key-in sales inevitably occur at the checkout, card companies do not make that distinction.

Another issue involves the time and verification delays of keyed-in sales. Whereas swiped transactions are processed instantly, keyed transactions can take in excess of 24 hours to clear the banks – and herein lies the risk factor. As a means of security against chargebacks and verification failures, credit card processing companies set higher, non-qualified rates on all keyed-in transactions. For small-time merchants, key-ins can be a burdensome addition to the costs of running a business.

Cost-Cutting Measures for Credit Card Processing
The ability to process credit cards without excess fees is crucial to businesses large and small. One of the biggest problems for merchants – especially those who operate on foot – are the prohibitive fees that stem from the sales practice of collecting numbers in one location and keying them in at headquarters.

Fortunately, the arrival of mobile technology has made it easier than ever to process credit cards remotely with no additional fees. Here at North American Bancard (NAB), we have developed a mobile processing system that merchants can utilize at any location. Contact our account specialists to learn about more ways for improving the POS mechanisms and profitability of your business with the services of NAB.

Ring of Fraud: The $200 Million Global Credit Card Swindle

Posted on 17, Mar | Posted by admin

Investigations are currently underway regarding a ring of credit card fraud. The scam is claimed to have racked up over $200 million in stolen funds from around the world. Eighteen people have thus far been charged in what analysts are calling one of the largest credit swindles in U.S. history.

The whole operation was launched upon fake credit scores, which scammers used to secure loan monies. Drawing upon thousands of fake IDs, the scam had international credit agencies hoodwinked for more than five years.

Originating in 2007 out of Jersey City, the scam extended through 28 states with money wired to Canada, Europe, the Orient and the Middle East. With more than 7,000 bogus identities and 1,800 dummy addresses in its collective arsenal, the ring managed to defraud over 25,000 credit cards.

The fake addresses were used in the forgery of electrical bills and other bogus documents, which were then submitted to unsuspecting credit card companies. Upon securing lines of credit, participants of the scam began making and paying off small charges. With seemingly good reports under their belts, the fraudsters then approached credit-rating agencies to secure the highest possible limits.

From there, the scam reached epic proportions. Ring members promptly took out loans and maxed out credit lines with no intention of ever making payments. More than 80 fake businesses were set up through the ring, which were used to run illegitimate cards through machines for more stolen loot.

Participants lived lavishly on the stolen money, indulging in spa treatments and spending millions on electronics and jewelry. Some of the members even stashed cash in odd places, with one raid unveiling $78,000 in bundles stuffed into a kitchen range.

As police cracked down on the ring, doors were shuttered and inventory was seized at three Jersey City jewelry stores. Of the 13 suspects initially taken into custody, four had prior arrest records. As investigations continue into this ring, the defendants have all been charged with a single count of bank fraud.

In the eyes of any respectable credit card company, the above would read like a bad screenplay if it weren’t in fact a true story. Sadly, there are some poorly operated companies in the credit industry that don’t sufficiently screen applicants or provide foolproof account security.

Operations are far more secure with the merchant services of North American Bancard (NAB). Providing credit card processing with PCI encryption, NAB offers services that are safe and secure. Contact us today to learn just how safe your business will be with the services of North American Bancard.

Cleveland.com

Notorious Myths Concerning Credit Card Processors

Posted on 16, Mar | Posted by admin

Credit card processing is among the more confusing aspects of running a business. Across every industry, retailers are constantly misled by the myths surrounding merchant services. To ensure that you never lose money to the bogus hype and fraudulence of certain deals, you must arm yourself with knowledge about the following five misconceptions that are common amongst even the most experienced merchants.

Merchant service contracts lock rates into place for their full duration.
Wrong. Contract terms provide no guarantee of static rates from start to finish. In many cases, a 12-month agreement might only offer the same protection from fee spikes as a month-to-month contract. Merchant service contracts are generally comprised of complex clauses that allow companies to change fees unexpectedly, often in the cloak of loosely defined contract language. It is therefore crucial to read the finer print in order to know whether you might be subject to sudden rate increases.

Contracts automatically go month-to-month once an initial term has expired.
Wrong. Depending on the provider, a merchant agreement typically renews by default unless cancelled within an allotted timeframe. With some companies, a merchant account must be cancelled within 30 days of expiration. If the holder fails to cancel in time, the contract is renewed for another contract term. Only once you’ve read and verified the terms of your deal can you know if it’s a one-time or automatically renewable contract.

Uniform rates apply to credit and debit card swipes.
Wrong. The fees on debit swipes are significantly lower than the fees attached to credit swipes. In an effort to lure new business, some merchant service providers will only advertise their fees on debit swipes, thereby causing false impressions of overall lower rates. To determine the rates that you would actually be charged, be sure to discuss the method of payments you accept and learn about all types of processing fees before signing a contract.

Hidden fees and rates are contained in all merchant accounts.
Not necessarily. The law requires the full disclosure of all fees attached to a merchant service contract. However, the law does not require merchant companies to boldly state such fees in laymen’s terms. Therefore, the rates and fees of an account are never hidden; they’re often simply buried in the fine print of a contract. For these reasons and more, the full text of a merchant services agreement must be read and understood in advance of signing a contract.

Monthly minimum fees correlate to processing volumes.
Wrong. Minimums are fees that merchants owe providers on a monthly basis, regardless of a given month’s processing volume. For instance, if a merchant is charged a $20 monthly minimum, yet fails to process that amount within a 30-day span, he or she will be charged the difference between the fee for that month and the $20 minimum. It is important to understand that fees from only card acceptance is included in the minimums and does not include other monthly fees.

Like many entrepreneurs, you might be confused by the minefield of competing merchant service companies. The best provider in the field is North American Bancard (NAB), which offers superior services with transparent terms. Contact one of our account specialists today to learn more about the benefits of making NAB your merchant services provider.

Merchant Account Selection: Three Common Mistakes to Avoid

Posted on 15, Mar | Posted by admin

Before launching a business, you must determine which company to use for credit card payments. Given the preferences of modern-day consumers, the ability to accept credit and debit cards is essential in today’s retail landscape. One of the most difficult steps involves choosing a merchant services provider. By learning to recognize the following pitfalls, you will be better equipped to choose a company that can satisfy your needs as a merchant.

Hidden Fees in Payment Processing
Like any retailer, you must take caution when seeking out a merchant services provider. In many cases, providers of merchant services try to lure new retailers by offering front-loaded deals. Some companies for instance, will offer contracts at low introductory rates, yet tack on numerous hidden costs such as monthly fees and transaction rates. Many companies also charge exorbitant interchange fees on keyed-in transactions. Honest providers, however, will present every fee upfront without needing cherry-picked slogans of deceptive finer print.

Sluggish Speeds of Merchant Processing
Another problem that a merchant might encounter is protracted delays between the time of sale and release of funds. If the money fails to arrive in your bank account, there is no real point of even operating a business. Delayed transfers can cause numerous monetary setbacks such as leaving you short on rent or unable to restock your merchandise. Therefore, you must select a merchant company reputed for completing transactions and releasing funds on all sales within 24-48 hours.

Fraudulent Schemes in Credit Card Processing
From time to time, horror stories emerge regarding fraudulent schemes in the credit world. Whether you encounter a “customer” wielding a stolen I.D. or a bogus card number, you will need to have a supportive processing partner to help you handle any disputes that may arise. Unfortunately, there are some account providers that fail to offer support to merchants in such scenarios. To ensure that you are never left empty handed from a bad transaction, only choose a company that will secure your funds and weed out swindlers with foolproof encryption and 24/7 merchant support.

Choosing the Right Merchant Services Provider
The preceding three scenarios can all be avoided when you select a company with a proven track record for honesty, speed and security – all of which you will find with the merchant services of North American Bancard (NAB). Here at NAB, we strive to help merchants like you succeed in the commercial marketplace.

With the merchant services of NAB, you will encounter no hidden fees or processing delays – our low rates are thoroughly transparent and our fully-encrypted processing works with lightning speed. Our customer support staff is available 24/7 to handle any concern or question that may arise as you implement credit card processing for your business. Call us today to learn more about the benefits of making North American Bancard your merchant services provider.

Credit Card Processing for e-Commerce Sites

Posted on 26, Feb | Posted by admin

Increase Sales by Accepting Credit Cards Online
Online shopping is becoming increasingly more popular. While people were once afraid to enter credit card information online for fear of credit card fraud, it has now become an accepted practice. Businesses who fail to offer this service are missing out on a huge chunk of revenue.

People tend to spend more shopping online and paying by credit card, rather than with cash or check so you’ll be more likely to receive larger orders once you are able to accept online credit card payments. It also allows customers to make bigger purchases and spread the payments out over time. You’ll also widen your customer base and encourage repeat business, which all adds to your bottom line.

Benefits for Brick and Mortar Stores
E-commerce sites aren’t the only ones who can benefit from credit card processing online. Traditional brick and mortar stores can also reap the benefits by simply making online payments available on their website. It can also serve as an added way to attract more customers who may not be close to your storefront.

Internet Merchant Account
An Internet merchant account is the first step to setting up a system to accommodate online credit card processing. One merchant account can handle the needs of multiple websites by the same company. It’s easy to manage all of your accounts through the same service.

A virtual shopping cart is designed to hold wanted items until the customer is ready to checkout, at which time, they can input their credit card information, billing address and security code to initiate an online payment and place an order. The customer inputs their credit card data and it is verified and processed instantly.

Within minutes the customer then receives a message from your site with a payment confirmation and a follow-up email with all of the details as a receipt for purchase. You then have access to the purchase records to process the order and keep for your own bookkeeping purposes.

It is essential for businesses that run e-commerce sites to have the ability to process online credit card payments. It is a customer convenience to be able to initiate payment, get verification and receive a receipt within minutes. If you run an online storefront or offer a service online, you can’t operate without a web initiated payment system. North American Bancard offers payment-processing solutions to fit your e-commerce business needs. Contact North American Bancard at 1.800.226.2273 for your e-Commerce payment processing needs.

Understanding Your Credit Card Processing Statements

Posted on 8, Feb | Posted by admin

As an informed merchant, it’s a good idea to go over your credit card processing statements and see where the charges are coming from, determine if they are fluctuating and decide how you might be able to save money on your credit card processing fees.

At first glance, a credit card processing statement can be confusing. But you need to look closely to determine what your base cost is and how much more you pay in markups. If you don’t know what you are being charged, you don’t know if you are getting competitive rates or being charged too much. By knowing what to look for on your statements, you can avoid being overcharged and know your costs up front.

Watch out for any changes that you notice on your statements and always read the statement message carefully. Statement messages are used by merchant service providers to inform merchants of upcoming price changes, regulatory requirements like PCI or IRS tax reporting or could offer insight on how to better protect your customers. Check for new reporting methods and changing rates. Another thing to look for on your statement is daily and monthly discount rates. Discounts are charged based off of daily transaction totals or at the end of the month in one lump sum, depending on how your account is set up.

There are basically two types of statements. The first kind is a tiered or bundled pricing package. This is the most common type of statement from processing companies. It uses the terms “qualified”, “mid-qualified” and “non-qualified” or an abbreviation of these terms. Each of the accounts is set at a different rate.

The other type of statement is referred to as interchange plus and is more difficult to understand than the tiered plans because it shows each interchange rate for the different credit card companies. Interchange plus is a better plan for merchants, however, because the pricing is better. The discount billed to the merchant is a set percentage and the merchant service company doesn’t profit from the downgrades.

North American Bancard (NAB) offers the interchange plus style statements because they are able to present complex information in an easy to read format. This structure is usually offered to larger merchants, but NAB makes it available for small businesses as well.

We believe that being transparent with our pricing structure not only makes it easier for you to follow, but it also builds trust. Statements tell you exactly how transactions are qualified and take the guesswork out of reading your monthly statement.

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