PCI compliance checklist-

Grant @ myposdepot

The issue of merchants becoming “PCI Compliant” has raised a lot of questions surrounding what a merchant must do to become compliant in the payment card industry.  Compliance rules and regulations have a lot to do with the type of business a merchant has and how they accept credit cards. Some of the benefits of following the standards set by PCI compliance include the following:

• Being compliant with the PCI DSS demonstrates that your customers’ private information is protected, so they can entrust their credit card payments to you without needing to worry about the security of their data.
• Compliance with PCI DSS enhances your business reputation and is held in high regard by banks and credit card companies — the very same corporations that help you do business and help you to gain customers trust.
• Following the PCI security standards helps you to demonstrate an ongoing commitment to enhance the shopping experience for your customers – and a genuine desire to protect their data by preventing security breaches.

The following 12 components form part of the PCI compliance checklist outlined by the PCI Security Standards Council. This checklist aims to establish and maintain a secure, impenetrable network focusing on security of payment brands users.

• Install and keep updated a firewall between the public network and the payment card data
• Change vendor-supplied passwords that come with network and payment processing equipment
• Protect any customer data stored for business purposes or regulatory purposes
• Encrypt all transmissions of customer data over any public network
• Maintain antivirus software in all of your computers
• Deploy only secure card processing applications and systems
• Limit access to the customer payment data to as few people as possible on the “need-to-know” basis within your business
• Use building entry authentication such as visitor and employees badges with identification to limit access to stored data
• Keep restricted physical access to business computers and customer data
• Regularly test security applications and any PCI security processes that you have in place
• Keep all employees informed about your information security policies

Generally, a merchant will implement what is necessary to ensure these requirements are adhered to. Evaluation of the PCI security processes and the compliance checklist will help to ensure that your business is providing a secure environment and protecting customer data efficiently.

Grant Rowlands
National Account Executive
P: (866) 480-2433

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Are digital receipts and mobile card processing the next evolution of commerce?

Grant @ MyPOSDepot

How often have you waited in line at the local home improvement store for the one clerk to checkout 20 patrons; often with tired, screaming children running through the aisles?  Perhaps you’ve enjoyed a long meal at a Zagat-rated restaurant, and you’ve been waiting for over a ½ hour for your server to process your check.  You know the story; its wait, wait, and wait some more!  Waiting is what we seem to do best these days.  If you’re like me, when you purchase a product or service, you want to get in and out of the retail environment as soon as possible, with no complications at the register.

Recently, an increasing number of retailers and restaurants are offering mobile credit card processing as a solution to alleviate these long checkout queues, as well as enjoy other benefits to the merchant and consumers.  In a nutshell, the merchant utilizes a placement reader or card swiper that attaches directly to a smartphone, such as the iPhone, Android or Blackberry.  A smartphone app downloaded by the merchant provides the technology for credit card processing, digital signatures and electronic receipt transmission to the customer.  The merchant swipes the customer’s card through the placement reader, the card transaction processes in the background, the customer signs the smartphone screen and a receipt is emailed to the customer’s email inbox.

Beyond the obvious convenience factor of reducing retail checkout queues and the efficiency of emailing a receipt directly to a customer email inbox, merchants are starting to tout the other benefits that accompany mobile credit card processing.  Merchants that are migrating towards paperless, digital receipts are finding that expensive to maintain receipt printers are no longer necessary.  This in turn reduces the merchant’s receipt paper and printer ink costs.  With a reduction of paper usage, merchants can now champion the environmentally friendly aspect of paperless receipts in their green marketing campaigns.  Customers also appreciate the green alternative to a crumbled receipt that often gets misplaced.

Cardholder security is a major concern for both merchants and customers alike.  Most mobile processing systems are equipped with rigorous encryption standards that meet or exceed conventional processing terminals.  For example, Alpha Card Service’s QwickPAY mobile processing device surpasses current PCI DSS standards by combining multi-layered MagneSafe™ security, in addition to encrypting card data from the point-of-swipe.  The QwickPAY service enables merchants to use their existing mobile devices to make secure, card present transactions anytime and anywhere, without the concerns of storing sensitive card data.

Smartphone with QwickPAY

QwickPAY digital receipt

For merchants, there are clear opportunities for direct marketing with obtaining the customer’s email address.  Special offers, coupons, newsletters and social media outreach are all possible with this direct relationship with the customer.  However, some privacy advocates have expressed concern that obtaining customer email accounts constitute an intrusion into personal information.  As electronic receipts have been optional for consumers thus far, most of these concerns are unfounded.

As a person who is frequently impatient with long lines and slow checkout staff, I fully embrace this transformation to digital receipts and mobile credit card processing.

Grant Rowlands
National Account Executive
P: (866) 480-2433
C: (215) 421-3333
F: (215) 494-0368

http://www.myposdepot.com

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Can I have an iPad with that order?

Grant @ myposdepot     –      http://www.myposdepot.com

I don’t know about you, but I long for the day when I won’t have to leaf through filthy restaurant menus, caked by spaghetti sauce and other assorted “unknowns”.  Printed menus have long been a thorn in the side of restaurant owners and general managers, due to ever increasing print production costs and the inflexibility of revising pricing and menu items as needed.  Often you’ll see hastily prepared and unprofessional looking special sheets added to the menu as an afterthought.  Or what about those multi-colored chalk boards announcing the daily specials as you enter the restaurant?  If you’re a diner like me, you want the selection and ordering process to be as enjoyable as the food.

There may be an answer to these issues.  Within the past year or so, particularly with the advent of the tablet computer, there have a number of restaurants transitioning their printed menu to a digital version, through the use of an iPad.

Basically digital menu technology works something like this example.  A group of 4 diners enter a restaurant and approach the maître d’ station.  Instead of pulling out 4 menus, a wine list and a specials menu, the maître d’ undocks an iPad, and assigns it to a table number via the POS system.  The diners are seated then take turns ordering from the iPad…drinks from the bar, appetizers, salads, main courses and eventually desserts. By the way, items can be ordered as desired; not all at the same time with traditional menus.  The menu selection experience is much more interactive than ever before.  Crisp appetite-appealing images of the menu item entice the diners, along with accurate portion sizes, complete nutritional and food allergy information, even a comments field.

The orders are then transmitted to a head server equipped with a similar device or smartphone, who is responsible for verifying each diner’s request, and then subsequently pushing that order into the kitchen or bar for preparation.  In the kitchen, the order would print to a kitchen printer or display on a flat screen monitor.  Additionally the functionality of the digital menu system is integrated seamlessly into the restaurant’s POS system to ensure a turnkey solution.

While the order is being prepared, the iPad would re-charge at a tableside docking station, or back at the maître d’ station.  Newer versions of digital menu software have built-in social media links to Facebook and Twitter, enabling guests to Like or Tweet their overall experience at the restaurant, or just review a menu item they enjoyed.  Additionally some iPads are loaded with interactive games that allow diners to pass the time as they are waiting for their order to arrive.  Other add-on technologies could be an integrated digital signage system that prominently displays kitchen or bar items, restaurant events and promotions to patrons.

Once the meal is finished the restaurant POS system reconciles the check, and the head server could attach a mobile processing card swiper to the iPad so diners can easily pay their bill, sign the screen and leave.

For the restaurant, this appears to be a win-win scenario. While there is an investment of hardware (iPads) and software (digital menu customer facing application and backend technology) to launch the system, the bonuses far outweigh the drawbacks.

• No more printed menus.  It is extremely easy for the restaurateur to create or modify his menu items.  This is a major reduction of costs for the restaurant.
• Pricing can be revised at any time, not just at the menu print date.
• Do they really need all those servers now: memorizing orders and shuttling back and forth from the kitchen to the table?  Perhaps just a head server “captain” and some glorified “bus people”…
• Reduction of errors.  No more memorization of orders, particularly with those finicky diners.
• Restaurant would be creating a new kind of ambiance…iPads or tablets at the table.  New concepts like this create a buzz in the restaurant industry.
• Integration with POS.  This fully digital system for the restaurant owner enables him to easily focus on the business side and ensure that items are priced correctly, inventory is sufficient and profit margins are acceptable.

Digital menus are not for every restaurant.  However for a restaurant that is on the cutting edge of technology and wants to reach out and engage customers, this may be the right solution.  Digital menu vendors are offering options of complete purchase and leasing options to restaurants.  Essentially the technology is really the proprietary software created for the menu application and the backend module that integrates with various POS systems.  In theory, restaurants could provide their own tablet computers and contract with a vendor for the software application and continuing support package.  Look to Alpha Card Services offering this digital menu solution as part of our POS system…

As a diner who is always looking for the next big thing, digital menus are something that I would like to see more of in the near future.  I’ve attached link of a video of a restaurant in Atlanta that has this same thinking and what they are doing.

http://www.cnn.com/video/?/video/tech/2011/08/06/pkg.ipad.restaurant.cnn

Grant @ myposdepot

growlands@myposdepot.com

http://www.myposdepot.com

Why do credit card processing rates and fees change / differ?

Grant @ myposdepot

growlands@myposdepot.com

Credit card processing fees charged to each individual merchant depend on a few basic variables. To best explain how these rates and fees are determined you must first understand the concept of interchange. Interchange is the rates that each card issuer (Visa, MasterCard & Discover) charge the credit card processor to run each individual sale. Each type of credit card is given an interchange percentage rate and transaction fee and this is always determined by the card issuer. The rates vary because some card types offer incentives, rewards, or some type of promotion to their customer. To make up for this added cost the card issuers charge higher rates to accept these incentive cards.

The card issuer also charges higher rates depending on the risk involved in processing the transaction. For example a merchant who does not physically swipe the card is considered to be processing a less secure transaction because the magnetic strip on the card is not being verified. This is called a CNP or “Card No Present” transaction. These two factors are how the credit card issuing bank determine the interchange rate for each card type. On top of the interchange rate the company who processes your transaction is also going to mark up the rate so they can profit from the transaction.

The markup charged by the card processor can be come in three basic forms or pricing structures.  A flat rate pricing structure is best described as a type of pricing where a single rate and transaction fee are charged no matter what type of transaction the merchant runs. This is the least effective pricing structure because unless the merchant is always processing the same card type, they are being charged rates to cover the cost of the most expensive card types. The flat rate is going to be higher than all interchange rates to assure that the credit card processor covers their cost to process each transaction. This type of pricing is not very popular because the credit card processing industry has so many competitors and it is easy for any individual company to beat.

The interchange markup can also be in the form of tiered pricing. This pricing structure is very common for most retail merchants in the United States. Tiered pricing is based on a set of rates that will be charged to a specific card type. For example four tier pricing has four sets of rates that depending on the type of card the merchant runs will be charged to that specific card type-

TIER 1 – Standard Check / Debit Cards (Cards issued by a bank normally linked to a checking or savings account

TIER 2- Standard Credit Cards – Cards swiped at the point of sale that offering no major incentives to its customers

Tier 3- Manually entered credit cards or cards that offer basic rewards or incentives to its customers

Tier 4- Key entered rewards cards and/or business cards, signature cards, world cards, purchasing cards,  basically this is the majority of your rewards or incentive cards

Each tier has a flat transaction rate and fee that is charged depending on the card type to assure that the card is being charged a higher rate that the interchange rate that the card issuer is charging.

 

The last pricing structure is called interchange plus pricing. As simple as the name is this type of pricing charges the merchant the specific interchange rate that each card is given by the card issuer and a flat markup above the interchange rate which will be profit for the card processor. For example if a Visa Signature card has a rate of 1.6% plus a transaction fee of .10 cents and the merchant is on interchange plus pricing with a markup of .10 percentage or basis points plus a transaction fee of .10 cents the total cost will be 1.7%  plus a transaction fee of .20 cents. This type of pricing is the most cost-effective for the merchant because no matter how many cards they process or what type of cards they are the markup above cost will always be the same. In this case the markup is .10% (basis points) plus .10 cents per transaction. This type of pricing is usually only offered to high volume merchants who have a low average ticket and run a lot of sales for example a restaurant.

Now that you are familiar with the types of pricing and what credit card processing rates and fees consist of here is an overview of the many types of cards that are available to qualified customers:
MasterCard and Visa
Also know as “Bankcards” because a bank issues them. If you look at your credit card, there will be an issue bank on the front or the back of the card (Bank of America, Wells Fargo, Chase, etc.) They are a genuine credit card; the owner is given a credit line and a minimum payment is due every month. This is the most popular forms of borrowing in the US.

Charge Cards
American Express, Discover, JCB and Diners are charge cards; although, in 2007 Amex and Discover are beta testing a “Bankcard”-issuing their cards through a bank. Charge Cards are not issued through a bank but by a financial institution. JCB (Japanese Credit Bureau card) Issued to Japanese businessmen in the US and Japan. The Japanese Central Banking System, in the 1980’s, created this card so all funds will be processed through the Japanese Central Banking System rather than American Banks.

Private Label Cards
A private label card is issued by a retail outlet and contains the name and logo of the retailer (Macy’s, Gap, Shell, Sears, etc.) It is only accepted by the retailer who issued the card. It is usually financed by a bank or card issuing Management Company.

Secured Credit Card
MasterCard or Visa with a set spending limit secured by an equal amount of funds deposited into an account at the issuing bank. This is popular for people with bad credit trying to increase their credit standing.

Pre-Paid Cards
Similar to phone cards where an owner will purchase the card in increments, $5-$100. When the funds are used up the card can be thrown away or “re-loaded”.

Co-Branded Cards
Also know as Rewards Cards where a large corporation partners with a bank. These cards provide an incentive back to the card holder when used. These cards are more expensive for merchants to accept, higher interchange rates, which is how they can offer incentives to use their card.

Debit/Check Card
This is an ATM card with a Visa or MasterCard logo issued by a bank to its clients. It can be used as an ATM Card or otherwise known as “on-line debit” where a PIN number is entered into a pin pad by the card holder. This transaction passes through the debit networks (NYCE, Pulse, STAR, Interlink, etc.) it does not pass through interchange. The merchant is charged a flat fee with “on-line debit”. When the card is used as a credit card with a signature, the transaction goes through interchange and is called an “off-line debit”. NOTE: A pin pad is needed to accept debit transactions. If a customer has a pin pad they are using from another Merchant Acquirer, it will need to be “swapped out” for a pin pad with an Alpha Card encryption

EBT (Electronic Benefits Transfer)
This is a government issued card which was originally designed to replace food stamps. All federal benefits are now being paid by EBT. If a merchant is set up to accept EBT, they are issued a Financial Credit Services number (FCS ID). This number must be entered into the “Terminal Account Set up Form” in order for the merchant to process via EBT. A pin pad with a Buypass encryption must be used by merchant to accept EBT.

Contactless Cards
New technology that used Radio Frequency Identification (RFID) and allows consumers to pay for purchases by “waving” their card in front of the POS device equipped with the contactless reader.

If you have any questions or would like more information about myposdepot products or services please contact

Grant Rowlands

(866) 480-2433

growlands@myposdepot.com

 

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Tags: American Express, bundled merchant account, commercial cards, competitive edge, credit, credit card acceptance, Credit Card Processing, Credit Cards, Discover, EBT, EBT state and government cards. Customers happier, gift cards, Increase check-out speed, interchange pricing, MasterCard, merchant account services, merchant processing, merchant services, myposdepot, pci compliance, rates and fees, tiered pricing, Visa

Grant Rowlands
National Account Executive
P: (866) 480-2433
C: (215) 421-3333
F: (215) 494-0368

Follow MyPOSDepot & Receive Exclusive Offers!

             
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Industry specific credit card processing solutions allow merchants to save on their overall cost by reducing fees.

GRANT @ MYPOSDEPOT.COM

MyPOSDepot is a bank direct payment processor. There’s no middleman to contend with. When you get your payment processing directly from the source you save!

MyPOS Depot guarantees the lowest credit card processing rates in the industry. They are so confident that they can beat the rates of any competitor that they will write you a check for $500.00 if they cannot. Just provide statements or a quote from your current or prospective service provider & MyPOS Depot will conduct a FREE cost analysis to show you the savings!

Questions?

Contact MyPOS Depot’s Sales Department @ (866) 480-2433

Campus Solutions

Plan for the future by offering a variety of payment options today. Educating tomorrow’s future leaders is great responsibility. That’s why MyPOS Depot offers solutions to foster an environment that allows students to focus solely on learning, not on the complexity of tuition payments. Our state-of-the-art services and products will make your payment system more cost-effective and offer more options to help students feel at ease.

Childcare Solutions

Eliminate complicated payment with MyPOS Depot’s cost-effective solutions. Let us streamline your payment management system so you can focus on what you do best: keeping children safe and parents happy.

Food Service Solutions

Create a feast for your bank account as well as your senses. MyPOS Depot offers fresh ideas to keep your business running smoothly and efficiently, while saving you money with every transaction. Let us handle the details so you can focus on growing your passion.

Gas and Small Market Solutions

Get your customers to their destination even faster. MyPOS Depot provides the technology that allows your customers to refuel, pay, and on their way faster than ever. In addition, MyPOS Depot offers full ATM full service to provide incentive for people to visit your store on a continual basis. Busy customers appreciate all that you offer to help them out and will return the favor by patronizing your establishment.

Healthcare Solutions

Healing people is one of the most important services one can provide, and MyPOS Depot can help you minimize the stress of payment so you can focus on what really matters. We offer solutions to process a variety of payment so there’s always an option for everyone. Let us take care of payment processing so you can provide the best care for your patients.

 

Hospitality and Lodging Solutions

Get 100% guest-satisfaction every step of the way, from check-in to check-out. Every guest deserves the best possible service, and by utilizing MyPOS Depot’s wide range of services you’ll be able to provide an experience they’ll never forget. Once you try our credit card payment options or utilize our full ATM service, you’ll wonder how you ever worked efficiently without us. Hospitality is all about pleasing the guest – it’s time someone was all about pleasing you.

Laundry and Cleaning Solutions

It’s like finding $20 in your jeans pocket. . .only it happens every day. Let MyPOS Depot guide your establishment into the 21st century with our convenient cashless solutions. Customers will always have the right amount of change, and minimizing the cash at your business decreases your vulnerability to theft.

Pharmacy Solutions

Get the Rx for savvy payment processing. With MyPOS Depot you’ll not onhy not increase your company’s efficiency, but also improve customer service. Get your customers the medicine they need in the most cost-effective and competent way possible, and we’ll stand behind you 100%.

Neighborhood Market Solutions

Make your customers even happier to see you by offering a convenient array of payment options. MyPOS Depot offers a wide variety of payment options, as well as full ATM full service that includes ATM transaction processing, ATM sales, leasing, deployment, vault cash services, installation, monitoring, service and support under one roof. We’ll take care of the payment so you can focus on keeping your customers happy.

Non-Profit Solutions

You help people, so let us take care of you. At MyPOS Depot we provide payment solutions that maximize company efficiency to allow people to focus on their passion. Our services and products will help you raise more money to aid even more people, making the world a more caring place for everyone.

Parking Solutions

Get your business up to speed with cashless convenience. It’s a busy world out there – let MyPOS help you become even more competitive with our convenient payment processing systems. By adding a cashless form of payment to your current options you’ll get people on their way in less time than ever before!

Personal Care / Wellness Solutions

Eliminate the stress of searching for a suitable payment processing system. Your customers come to you to relax, so let MyPOS Depot take care of the details of payment so you can provide a calm, stress-free environment. Your guests will feel even better if they know how well you’re taking care of them.

Professional Services Solutions

Make your services even more valuable by offering a variety of payment options. Regardless of your profession, your clients will appreciate a variety of payment options. MyPOS Depot also offers electronic check conversion so you’ll have access to payments by check without ever stepping foot inside a bank. Make your business even more competitive and stay ahead of the curve with our state-of-the-art technology.

Restaurant Solutions

Taste success with every transaction! Offering a variety of payment options encourages repeat business and provides four-star service to guests. MyPOS allows you to accept all types of credit and debit cards, eliminates the middleman in processing payment, and allows you to reap the profits of an efficient payment system that puts your guests’ needs first.

Retail Solutions

There’s a lot of product turnover in retail, but our quality and competency never changes. MyPOS Depot can enhance your passion for quality and great customer service by by offering a variety of payment options. Not only that, but our electronic check converter transfers funds for a purchase directly into your account, so you never have to set foot in a bank.

Service and Repair Solutions

Hit the nail on the head with the perfect payment option for your customers. They trust you for the best possible service, so give them a little something extra with convenient payment processing.

Utility Solutions

Feel the energy with every transaction! Getting your customers to pay their bills on time is a time-consuming and costly problem for utility companies. However, by using MyPOS Depot’s check reader you’ll be able to deposit check funds without a trip to the bank, and equip your gas and oil delivery staff with wireless terminals to collect payment immediately after delivery.

Vending Solutions

Your customers will have exact change, every time. By offering a cashless payment option you’ll make purchasing more convenient for people, increasing your sales. In addition, MyPOS Depot offers full ATM full service that includes ATM transaction processing, ATM sales, leasing, deployment, vault cash services, installation, monitoring, service and support under one roof. Soon people will have even more incentive to buy their favorite snack from you.

Veterinary Solutions

Be the top dog when presenting payment options. Whether you’re traveling to your four-legged patients or they’re coming to you, an efficient payment processing system ensures that you’re providing the best possible care. MyPOS Depot has the right tools for you that will easily integrate into your current management system to make it more cost-effective. If your patients could talk, they would thank you!

Wholesale Solutions

We streamline your business so you can provide products at an economical price. In order to give customers the best possible value, your business needs to be as cost-effective as possible. Let MyPOS Depot centralize your payment processing system so you can maximize profits while offering solid deals to your customers that keep them coming back.

 

Credit Card Processing

Look no further for a fast, profitable and safe solution to your customer payment needs. By giving your customers the option of paying via credit card, you will encourage higher customer sales, decrease checkout times, and bolster customer revisits. In addition, accepting credit cards reduces the amount of cash on hand, decreasing your vulnerability to theft.

Merchant Cash Advance

Cash advances provide you with an advance on your future credit card sales without restrictions on how to use the money. We can get you the money you need within seven days, and do not require collateral or personal guarantees. Our flexible capital spending funding and easy to meet requirements will help your business succeed!

Electronic Check Acceptance

Eliminate weekly bank trips with our free check reader, which electronically captures information from a check so the funds are deposited directly into your account. As an additional benefit, you will never have to deal with non-sufficient funds again with our check guarantee program.

ATM Services

Add value to your business and increase foot traffic with an on-site ATM. Surcharge fees offset credit card terminal charges and people will buy more with the cash they just withdrew. Give your customers even more reasons to patronize your business!

Interchange, what it is and what it is not?

 

Grant Rowlands @ myposdepot.com

Everyone is talking about Interchange, but most people do not define it properly.

Some merchants believe that the rates or transaction fees they pay are Interchange, they are not. There are three components that make up the fees that merchants pay. The processor that runs the transaction charges the merchant for each transaction.

Interchange is the portion that goes to the bank that issued the credit or debit card (if debit card with PIN number used, there are additional fees depending on the network used).

A small percentage of every sale goes to the brand of the card (MC, Visa, Discover), these fees are called the Dues & Assessments fees. Currently the rate is 0.11% plus about two cents per transaction.

The rest is retained by the processor. The processor’s share funds its computer network, customer service, support staff, pay of agent signing merchant and the processor’s profit.

There are over 500 different levels of Interchange. Volume plays a part in Interchange level, the largest retailers pay lower rates than smaller stores for the same card types.

Some businesses (including big box stores) are on Interchange Plus pricing. The Visa debit Interchange is 0.95% + $0.20 per transaction. A $100 transaction will have an Interchange cost of $1.15. If the merchant pays Interchange Plus $0.05, then total with Dues & Assessments (D&A) would be about $1.33.

Most merchants pay tiered rates. If that rate is 1.79% + $0.25, then the $100 transaction costs the small merchant $2.04 or $2.17 if D&A not included in rate.

Consider Interchange to simply be part of your processors wholesale cost. If you are a large retailer, your overall rate is tied directly to Interchange. If a smaller merchant, Interchange has no direct bearing on your rate.

If your statement includes the term(s) of Qualified, Mid-Qualified, Non-Qualified, MQ or NQ; you have tiered pricing, like about 90% of other merchants.

MyPOSDepot

@MyPOSDepot Philadelphia, Pa

MyPOSDepot is a bank direct payment processor. There’s no middleman to contend with. When you get your payment processing directly from the source you save!