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The Ultimate Guide To Mobile Credit Card Processing

The Ultimate Guide to Mobile Credit Card Processing answers a series of questions highlighting why 40 percent of all SMBs now accept credit cards with a mobile credit card reader. It also highlights why many more will be doing the same in the future. In a simple-to-understand format, this guide discusses what mobile credit card processing is and how it can impact your business. Definitions of industry terms like swiped transaction, keyed transaction, recurring payments and others are included as well along with details on how receipts are sent and funds are transferred.

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The Ultimate Guide To Mobile Credit Card Processing

  2. 2. What is mobile credit card processing? The process of accepting credit card payment with your smartphone or tablet. This functions by plugging a pocketsized swiper into the audio jack port on your mobile device and launching an application to process credit card transactions. “40 percent of SMBs now accept payments with mobile credit card readers.” “The question isn't 'what are we going to do,' the question is 'what aren't we going to do?’” - Ferris Bueller, Ferris Bueller’s Day Off
  3. 3. What are the advantages of mobile credit card processing? Enables small to mid-sized merchants to accept and process payments without the expense of monthly fees. Accepting credit and debit cards the traditional way isn’t always inexpensive for the SME market. Mobile credit card processing offers an affordable alternative by turning your smartphone or tablet into a credit card acceptance device. “Mobile payments are expected to reach $670 billion by 2015.” - “Go out there and get rich. Get so obnoxiously rich that when that tax bill comes, your first thought will be to choke on how big a check you have to write.” – Mark Cuban
  4. 4. What is a merchant account? A type of bank account that allows a sole proprietor or corporation to accept payments by debit or credit cards. It is established under an agreement between an acceptor and a merchant acquiring bank for the settlement of payment card transactions. “In 1949, Diners Club launched the first general merchandise charge card for travel and entertainment purposes.” – “Remember that credit is money.” – Benjamin Franklin
  5. 5. What is an aggregator account? A payment aggregator establishes a master merchant account to facilitate businesses accepting credit card payments on the aggregator’s account. The payment aggregator facilitates those credit card transactions or bank transfers on behalf of the business. “Aggregators can chose to release the funds in a timely manner (24-48 hours) like most processors, or they can withhold the funds for up to an additional 30 days.” - “Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.” – Warren Buffett
  6. 6. How do I get my money? With solutions that provide your own merchant account, your money is routed directly to your business or personal checking account. If you are using an aggregator account, it would be made available by request from the aggregator’s account or automatically added to a prepaid debit card. “68.8 percent of all US households are classified as fully banked.” - “Show me the money.” – Jerry Maguire
  7. 7. Do I need to have a business license for mobile credit card processing? You don't need to have a business license to sign up for mobile credit card processing. You can set up an account for your business as a "sole proprietor". “A sole proprietor is someone who owns an unincorporated business by himself or herself.” - “Everyday I’m hustlin.” – Rick Ross
  8. 8. What does “swiped transaction” mean? A swiped transaction is when a credit card is present during a face-to-face transaction and is actually read or swiped through a card reader. “Overall credit card fraud incidents jumped 17 percent between January 2011 and September 2012.” - “Wherever there is possession of marks, there is fraud.” - Buddha
  9. 9. What does “keyed transaction” mean? Keyed transactions occur when the card is not present or the mag stripe cannot be read. The credit card companies charge a higher rate for manually keyed transactions because they assume that it is not a face-to-face transaction and represents considerably higher risk for fraud or chargeback. “40 percent of all financial fraud is related to credit cards.” - “I made a deal with myself ten years ago … and got ripped off.” – Homer Simpson, The Simpsons
  10. 10. What are the average transaction fees? Mobile transaction fees vary depending on the solution provider. In cases where no monthly fees are included, the range is roughly 2.25% per swipe to 3.70%. Keyed rates, however, are higher. “16 percent of small-and medium-sized businesses plan to adopt mobile payment devices in their businesses within the next 12 months.” “If winning isn't everything, why do they keep score?” – Vince Lombardi
  11. 11. What is qualified vs. non-qualified pricing? Qualified rates are charged to non-rewards cards. Higher non-qualified cards are corporate cards, rewards-based cards and international cards. This processor pricing model is not always advantageous to the mobile processing merchant. “Based on an analysis of Federal Reserve statistics and other government data, the average household owes $7,084 on their credit cards.” - “Nothing in fine print is ever good news.” – Andy Rooney
  12. 12. Why is an identity verification process necessary? A credit card merchant account is viewed as an unsecured line of credit so a service provider must make sure you are who you say you are. Successful signup typically requires a social security number and successful completion of an ID verification test. “The average financial loss per identity theft incident is $4,930.” – “I've tried to do away with lying in my life in the last few years, but it's hard.” – Louis C.K.
  13. 13. What credit cards are accepted in mobile credit card processing? Visa, Mastercard, Discover and American Express are usually accepted by all mobile payment processing solutions. In some cases AMEX may determine its own rate, though, so it’s worth asking in terms of American Express pricing. “The US purchase volume for consumer credit cards was $2.9 billion during 2012.” “I know people think we drive around in these nice cars and we do whatever we want and our parents will pay our credit cards, but that's not the case.” – Kim Kardashian
  14. 14. Can you process debit cards? All branded debit cards are usually accepted. The debit card is processed just like a credit card without PIN. “I love, love, love that you want to use your debit card. But to keep your credit score solid, you still need to keep a few credit cards and use them at least once every few months.” – Suze Orman
  15. 15. Can I request a tip with Mobile Credit Card Processing? Yes, you can set a default tip percentage that is automatically added to the sale amount and presented to the customer on the signature screen. The customer can simply accept the new total or adjust accordingly. “81 percent of the money spent at fullservice restaurants in America in 2012 was charged to debit, credit or prepaid cards.” – “You know what, I do want to express myself, okay. And I don’t need 37 pieces of flair to do it.” – Joanna, Office Space
  16. 16. Why is the CVV required when keying in a transaction? The CVV (card verification value) is required to provide an additional measure of security against fraud when making purchases online or by mail order. It’s sometimes referred to as a card security code (CSC) or card verification code. “Every day, hundreds of kids go into the liquor store with fake IDs, and every single one says they're 21.” – McLovin, Superbad
  17. 17. What are Recurring Payments? Recurring payment is a feature that allows you to create a schedule of future payments (e.g. weekly, monthly, quarterly) that process automatically. “47 percent of U.S. businesses have adopted or are considering adopting a recurring revenue business model.” - “Make it simple, but significant.” – Don Draper, Mad Men
  18. 18. How do mobile processing customers get a receipt? After a transaction is processed, an email address can be entered to send an auto-generated email receipt on a percustomer basis. Some services offer an optional wireless printer device that will also generate a physical receipt. “If a customer chooses to receive their receipt via email, your brand gains the opportunity to ask the customer for an opt-in to marketing emails.” – “This isn’t just my wallet. It’s an organizer, a memory and an old friend.” – George Costanza, Seinfeld
  19. 19. Why shouldn’t I just accept cash only? Customers who do not have enough cash on them will have to walk away from a purchase they would otherwise make if you do not accept credit cards. “66 percent of all point-ofsales (POS) transactions are done with plastic – credit, debit, or gift cards.” – “America is not just a country, it's an idea, and real Americans are getting busy.” - Bono
  20. 20. How is the Mobile Processing Data Protected on my smartphone? Compliant mobile providers allow no credit card data to be stored on your smartphone or tablet during mobile processing. It is actually stored and processed on a Level 1, PCI Compliant, web-based service that is password protected. “29% of cell owners describe their cell phone as “something they can’t imagine living without." - “I do everything on my phone as a lot of people do.” - Mark Zuckerberg
  21. 21. Who are the solution providers? Companies who offer Mobile Credit Card Processing solutions include but are not limited to EMS+, Square, Intuit goPayment, PayPal Here, ROAMpay, Pay Anywhere, Chase Paymentech and others. For more info:
  22. 22. Media and PR Requests: Contact Merrell For Media or PR requests regarding mobile credit card processing, contact Merrell. Email: msheehan[a] Phone: 216.524.0900 x 1865 “Looking forward to talking with you, may even let you know where I bought my shades.” – Merrell