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Hub You - 17 Essential Questions You Must Have Answered Before Selecting A Payment Processing Provider
How do you view training and development in your business?Do you need to quantify and measure it? Is the value you place on developing your staff and management purely monetary or is there a greater benefit to the individual and to the organisation?In a study carried out by the International Institute of Management Development 80% of respondents were unable to quantify the effect of development. Yet millions of pounds are invested, in management development alone, each year in the UK.It just doesn't add up. It is ingrained in all good businesses to test, measure and know their numbers. So why spend millions without knowing the result.So what is the value of training? Many organisations say they now agree that their work force is their greatest asset and so investing in their development is both necessary and worthwhile these organisations place a high value on training. However, some still see training as a necessary interruption to work and productivity and place very little value upon it.The fact is that the value of training is and always has been difficult to me
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
The business of construction has its highs and lows, as there are investments of equipment and tools as well as payroll for labor in today's economy. For smaller contractors the question of worth in purchasing construction estimating software comes to the drawing table.A small contracting business is one not determined by the amount of take home pay, or the number of projects one has fulfilled, rather it entails the various jobs the must be taken care of by the contractor. Smaller contractors have other areas of interest to stay on top of, such as duties of human resource, business accounting as well as estimations and other area of business. On the other hand, a large contractor generally has a title of General Contractor. Therefore, there are others hired to perform other necessary duties, since a larger business is based on a larger scale.The large and medium size construction companies will find the use of construction estimating software vital to a properly run business. However, a smaller construction company may be a bit more reluctant of purchasing such software, if the general contractor has no experien
- 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
If you are like everyone else then increasing fuel prices are probably affecting you personally. Yet if you are opening a dollar store there are others things to examine other than the personal impact that higher fuel prices put on you and your lifestyle. You also need to consider the impact that higher fuel prices are having or will have on your customers and your business.As fuel prices continue to climb, what are the impacts within the marketplace. How are wholesale prices being affected? What will that extra overhead mean to existing customers? What about potential new customers that may be emerging? Opening a dollar store and then successfully operating that dollar store means that this information and the impacts on the marketplace must be determined and understood.Gathering and analyzing the data associated with fuel price increases may result in some major changes for your business after opening a dollar store. To continue to draw customers and to grow your business may require that you add certain lines of products. Possibly other product lines will need to be reduced as sales decrease. Possibly the hou
- 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
All larger companies and all those who have been in the market for several business cycles are prone to an (identity) crisis. Corporate identity and the product of the company are related. This is quite important when dealing with change.In his book – “let’s make things better,” Marcel Metze writes about the Philips culture which is centered around engineers on one side and salesmen on the other; some how these two groups keep the organization in balance.For those of you how know Philips know that this company “makes things,” it operates in consumer electronics, appliances, medical systems or in general in a wide area of products that require a design (which is sales centered) and engineering (which is product centered).Philips is a company that is more than hundred years old and has survived many crises. Currently ABN AMRO is struggling with some kind of a crisis. One of the problems the company is dealing with is that it is too large for the Netherlands and too small to be a world player.There is a big difference however between both companies. One (Philips) is a producer and ABN AMRO a financia
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
MERRITT ISLAND FL-Most folks would be a little annoyed with a windy rainy gray Florida day. But not Tinho Dornellas. Tinho is an expert windsurfer and his life’s dream is to teach you how to be a windsurfer.This thirty-nine year old father of two boys operates out of an obscure Merritt Island, Florida shop in an area where most folks would think of storing furniture rather than buying a sailboard and learning how to use it.His shop is a few miles down the road fromthe legendary Ron-Jons Surf Shop in Cocoa Beach, Florida. But, Ron-Jon’s isn’t interested in Tinho’s share of the adventurous windsurfer market. To them, windsurfing is a little too tough for the tourists passing through on their vacations.Like so many others have discovered, it takes more than inventory to bein the windsurfing business. It takes a combination of knowledge, love of what you do, and courage. Tinho has never been in short supply of any of those characteristics. He proved that when he left his home in Angola, Africa when he was only eighteen .“I wanted to design boats,” say this engineer now turned windsurfi
- 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
There are many different types of contractors. Each type has specific guidelines that they must follow.In the construction industry, the guidelines can be very strict. In today busy world, those who are in the market for a contractor do not want to take any chances of hiring someone that is not properly trained. They prefer to hire someone who has a degree in one of five different fields. These fields are building construction, construction science, construction management, architecture or engineering.Many construction estimators who work in the contractor-estimating field have extensive experience in construction this knowledge comes from working in the construction industry for many years.Most consumers have little knowledge of the construction industry. Those who do have some knowledge of areas of construction such as heavy construction, masonry work, and electrical or plumbing applications find that they have an edge on everyone else.Contract estimating is a highly focused industry. The person estimating the contract must have knowledge and experience in the industry that they are estimating. I
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, wh
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