Yahoo merchant account and credit card processing reviews for Electronic Transfer,Inc.. In business since 1989 Electronic Transfer, Inc. offers merchant accounts and credit card processing to accept Credit Cards.
ETI has all you need for credit card processing and they do very professional job on that. The best/most reliable credit card processing …
Wonderful service, a dream come true for mobile transactions. Their mobile card reader is perfect selling our wares at farmers market…
Electronic Transfer, Inc. offers merchant accounts, virtual terminal and a payment gateway through the Fast Charge Payment Gateway. Established in 1989 has a great track record of providing merchants with payment processing…
Check with your credit card processor acquirer regarding the minimum purchase amount that you are allowed to charge. U.S. merchants may establish a minimum purchase amount on credit card transactions. The minimum purchase amount must not exceed $10, must not differentiate between card issuers or card brand, and does not apply to transactions made with a debit card.
Adhere to any maximum purchase amounts on credit card transactions established by federal agencies or institutions of higher education. The maximum purchase amount must not differentiate between card issuers or card brand, and does not apply to transactions made with a debit card. In other countries, there are multiple variations of the “Minimum Purchase” rule, depending on local law and acquiring practices. Your acquirer can advise
you regarding permissible minimum purchase amounts.
What Visa says:
What is a convenience fee?
It varies slightly from one card brand to the next, but a convenience fee is basically a charge in addition to the original transaction amount for the privilege of being able to use an alternate payment method. It sounds like the same things as a surcharge, but it’s not that easy.
By VISA’s guidelines, surcharges are different than convenience fees. By MasterCard’s definition “any fee charged in connection with a Transaction that is not charged if another payment method is used” is a surcharge. So technically, VISA says that convenience fees and surcharges are different and MasterCard says they’re the same thing.
“Always treat Visa transactions like any other transaction. You must not impose
any surcharge** on a Visa transaction.”
For merchants who offer an alternate payment channel (i.e., mail, telephone,
or e-commerce) for customers to pay for goods or services, a convenience fee
may be added to the transaction amount. If the merchant chooses to assess
a convenience fee to its customers, the merchant must adhere to Visa rules
regarding convenience fees.
For restaurant, taxicab, limousine, bar, tavern, beauty/barber shop, and health/
beauty spa merchant transactions with a Visa credit or debit card, authorize
only for the known amount, not the transaction amount plus estimated tip.
Cardholders now have the ability to check their credit or checking accounts
almost instantaneously via phone, the Internet, or an ATM. An authorization that
includes an estimated tip can reduce a cardholder’s available funds or credit by
an unrecognizable or unexpected amount. This kind of transaction may occur if a
cardholder leaves a cash tip or adds a tip that is less than the estimated amount
used for authorization. For example, a restaurant authorizes for an estimated 20
percent tip, but the customer adds on only 15 percent.
What MasterCard Says:
A merchant located in the U.S. region or a territory or possession of the United States in another region may set a minimum transaction amount to accept a MasterCard® card that accesses a credit account, as long as the minimum transaction amount does not exceed USD 10 (or any higher amount established by the Federal Reserve Board by regulation) and does not differentiate between issuers, or between MasterCard and other acceptance brands.
The following types of merchants may set a maximum transaction amount to accept a MasterCard card that accesses credit, as long as the maximum transaction amount does not differentiate between issuers, or between MasterCard and other acceptance brands:
a department, agency or instrumentality of the U.S. Government;
a corporation owned or controlled by the U.S. Government; or
a merchant whose primary business is reflected by one of the following card acceptor business codes (MCCs):
MCC 8220—Colleges, Universities, Professional Schools, and Junior Colleges;
MCC 8244—Schools, Business and Secretarial; or
MCC 8249—Schools, Trade and Vocational.
Click here to download the MasterCard Fact Sheet, Setting a Minimum or Maximum Transaction Amount — Frequently Asked Questions.
As a reminder, certain education and government merchants located in the U.S. region may participate in the MasterCard Convenience Fee Program, which enables qualified merchants to assess MasterCard cardholders a convenience fee when cardholders pay with a MasterCard card. To learn more about the MasterCard Convenience Fee Program merchants should contact their acquirer or click here.
Paying Taxes by Credit or Debit Card:
Generally, taxpayers can make a payment using an American Express® Card, Discover® Card, MasterCard® or Visa® card. Taxpayers can visit the service provider’s web site for payment method options. The IRS does not receive or store card numbers. … The convenience fee will be included on the statement as a “Tax Payment …. The Taxpayer Relief Act of 1997 authorizes the Treasury to accept these payments and charge convenience fees.
For further information on Convenience Fees, please contact your acquirer.
How to Obtain the Lowest Credit Card Processing Rates
Everyone goes into business to make money, so why spend more of your profits on expensive transaction fees, Website maintenance, service agreements and high credit card processing rates?
When you take time to shop for the best merchant account rates, you can save quite a bit of money that can be used to good purpose in other parts of your business. Start shopping for the best credit card processing rates and open a merchant account.
You will first need to find a reputable bank or credit card processing company that will agree to extend a merchant account to you for this purpose. To get approved, you will need a solid credit history, a reasonable business plan, and documentation to show that you are able to manage the costs associated with credit card processing rates. Typically, these include an installation fee for credit card processing equipment, a monthly gateway fee for your financial host, a transaction fee of a few cents per each or an overall percentage total each month. You also may be offered Website service that will entail a hosting fee, a service contract cost, and a designer’s or updating service fee. Be sure to carefully read the terms of any contract that you receive.
Never sign something that you don’t understand or with which you cannot completely agree. Your company may have to pay for a monthly minimum up to a certain number of transactions, after which the balance for that month do not require additional fees.
Credit card processing rates can vary by company or by processor program. Some companies charge no installation fee, while others require a one-time cost of a few hundred dollars, depending on the program’s complexity. You may have to pay between 15 and 25 cents per transaction, or you could opt to pay a monthly percentage for the entire amount of business generated by your credit card processing unit; this amount often falls below 3%.
It is always a good idea to compare rates among competing financial institutions.
If you really like the services offered by one merchant account company but prefer the lower rates of a second company, tell the first one about the competitor’s lower rates, and perhaps the first company will meet or beat the lower cost in order to get your business. At first, you may want to keep the customer’s interests in mind when shopping for credit card processing rates. In other words, passing on the savings of a particular program to your customers will keep them coming back to do business with you. If your rates are too high or not competitive enough, they may decide to take their business elsewhere.
As you plan to set up your new credit card processing service rates, it may help to let them know in advance that this program is coming so they can prepare and perhaps even help to get the word out to other potential customers. Then, after installing your new credit card processor, you should not hear complaints that anyone was blindsided or treated unfairly. If someone does complain, politely remind them of the earlier notices.
When you are ready to start processing credit card payments, don’t be tempted to go for the option with the most features or the most sophisticated set-up. Opt for a system that will best suit your company needs and your customers’ interests, as well as offering the best credit card processing rates.
Who doesn’t want a Visa and MasterCard merchant account! This special service allows you to process Visa and MasterCard payments from your clients in a number of ways that can help to speedily grow your business. A merchant account has been known to double or triple business profits in a relatively short amount of time, so only if your company is poised for growth should you consider this exciting opportunity.
If you currently work with a bank that you trust with your business concerns, ask about the possibility of applying for a Visa and MasterCard merchant account. Most companies are eager to welcome this type of business from customers they know and trust. As long as you have established a solid business credit history, pay your bills in a timely manner, and aren’t involved in questionable or unethical pursuits, your chances of being approved for a merchant account are good. Of course, your bank may not offer this type of account, or you may be able to find better terms with another lender, so don’t feel as though you must apply for merchant services with your current lender. Instead, ask around at trade shows, conventions, or civic business meetings to see what type of merchant account providers your competitors are using. They can probably offer helpful tips on which lenders to court and which ones to avoid. You also can check with local business listings for references on general lenders, some of which may offer merchant accounts. Or you can browse the Internet to bring up a list of links that will let you contact those that seem most compatible with your business interests.
Getting a Visa and MasterCard merchant account is pretty easy. After locating potential lenders to work with, you should compare services and fees to make sure they will work with the business plan that you are using or one that you plan to set up. Check your company’s budget to find out how much you can afford to invest in Visa and MasterCard processing equipment and service options. Then compare your budget with transactional fees, maintenance expenses, and application or gateway rates to find a lender that is affordable for your needs.
When you have been approved for a Visa and MasterCard merchant account, you can start to accept Visa and MasterCard payments from your clients immediately, often with a couple of days. All you need to do is select the type of processing equipment that best fits with your customers’ purchasing patterns. For example, if most visit your store to shop, an onsite Visa and MasterCard processor that you can purchase for a few hundred dollars is the simplest and perhaps most effective way to start. But if you deliver goods and services, a wireless unit might be the better choice. Of course, if you do both, two units might be affordable, but you will need to check your budget. You can always start with one and add another later.
Start looking for a possible merchant card services provider to get approved for your Visa and MasterCard merchant account!
Learn How You Can
Lower Your Credit Card
Electronic Transfer, Inc. offers merchant accounts and credit card processing to accept Credit Cards. ETI has helped merchants with their Credit Card Processing since 1989 - This web page is about Merchant Accounts, Hypercom, Credit Card Processing, Virtual Terminals, Card-Swipe Terminals, VeriFone, Website Payment Processing, Secure Gateway, Wireless Credit Card Terminals and iPhone Credit Card Systems.