Information on Merchant Accounts,
Ecommerce and Credit Card Processing

April 2nd, 2020 by Evan V

Things to Consider During the COVID-19 Era

Filed in: Merchant Accounts | Add comment

In this newsletter, we are going to look at different ways your business can continue to process customer payments as well as introduce a way for merchants to protect themselves during this difficult time. Many businesses have been turned upside down, and now more than ever each merchant needs to be informed on various ways to utilize their merchant account.

Gateway- Virtual Terminal

Offices, restaurants, and many other types of business have been forced to close their physical locations. For most, it is imperative to find a way to continue to accept customer payments in another way. Setting up a virtual terminal is a great solution to fill this void. A virtual terminal enables the business to accept payments anywhere an employee has access to the internet. The card information is keyed into the virtual terminal, and the payment is processed just as any transaction would be. We have had many requests for this service from merchants, and for most, the set-up process is quick and simple. Depending on your current processor, additional charges may be required. Typically, it is an additional monthly charge to pay for the service, as well as an additional transaction fee.

Customer Facing

Recently, we have fielded many requests for alternative payment solutions. Many merchants have simply stopped accepting cash payments due to contamination, and many more merchants have requested some sort of customer-facing device, so their employees do not have to handle customer cards. We suggest speaking with your processor to see what type of options they have for customer-facing payment processing. One of our most popular devices is the Clover Mini with a rotating swivel stand. As well as having access to one of the more robust systems in the industry, this option keeps the merchant from ever touching a customer card or exchanging receipts. There are many options in the industry, but now more than ever is the time to take precautions for the protection of your employees.

Cash Advance

It is no secret during this difficult time, many businesses are having trouble maintaining a steady income stream. Business owners may have access to existing solutions that they may not be aware of. One such solution is a cash advance by your merchant service provider. Cash advance programs are quite simple when compared to modern business loans. Businesses are approved for a cash advance based on their past processing history. As an example, a business that averages $10,000 monthly through their merchant account can typically qualify for up to a $10,000 cash advance. These cash advances are typically paid back through the merchant’s own credit card processing. A percentage of each batch is taken through the merchant account (typically 10%) until the advance is paid in full. These advances can be used to pay for anything the business may need with no restriction and no interest. It is to be noted that these programs may differ greatly depending on your processor, but programs like this exist for the very reason they may be needed today. A good credit card processor will do anything within their power to keep you processing and support you as a business partner.

Please note these programs and services vary depending on your processor. This information is based on experience, and what The Merchant Store is doing for our merchants. We are here to talk! Any questions, concerns, or interest in our services please contact us!

1800-898-3436 or at info@usmsi.com

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