Jul 29, 2008 by The Scarlet Pimpernel | Posted in Credit
In right to have a credit card reader in a machine like in a ticket machine, do you have to have a machine specifically from Visa, etc, and pay them for every doings? Or do you just buy some kind of card reader? I need to know for a possible new product. As a consequence of you!
The start is an e-How article that tells you how to do this.
Expect to be charged a certain percentage of each transaction.
Credit Card Machines How Do They Work I Need Some1 That Knows There Stuff?
Dec 05, 2007 by latora_king | Posted in Credit
Guys i made a debit card arrangement on 11/16/2007, now here is my question if i made the transacion on 16 when i got paid why did it take till 12/03/2007 to upright to my account?/????? how do those credit card machines work in stores is there paper work that has to be turned in, in pattern for the sale to post to the account, or it goes through that moment when they swipe ur card??????
It depends on whether the upon clerk ran the transaction as a debit or credit (did they ask?). Works like this: card swiped, apparatus checks pin entered (if debit) against the mag stripe, machine dials out to Visa (or MC, or . .) checks acct # for in the air, then trans amt against avail. funds (if debit) or credit limit, then issues approve or non-approve. Then - that edge of night (or whenever store gets around to it, all trans are 'batched' together & transmitted to the store's bank, which charges a clearing bank which then collects amt from the cardholder's bank. Debit's mainly take 2-5 days to post, credit sometimes longer. Delays most likely caused at the supply. Hope that helps.
Uunraveling A Scam Where You Buy Credit Card Processing Machines?
Mar 16, 2007 by ed d | Posted in Investing
A "Achates" is coming over to tell me about an "investment opportunity" in which you buy an already placed credit card vehicle (or even better several). It allegedly returns $15 a month for the rest of your life. The machines are about $1000. I certain it's a scam, but can anyone give me details on how it works?
....uhhh
It seems every couple weeks one of my friends finds that latest scam and I have to unwrap it for them to show them what it is. I've recently had to attend to with friends brainwashed like a residents at Jones town by Primerica and YTB. Cold-blooded Aid anyone?:)
Inveterately my scam-dar is pretty good at picking out stuff like this, but I am not so sure that this is a scam.
As a certified public accountant to several small merchants, I actually know a little bit about these machines. They are generally bought or rented from companies, who then invoice for access services.
I don't think it is an outright scam, just that it is simply a bad task decision.
Think about it, 1000/15=66 months to earn back your $1000 investment. Not counting for inflation. If you account for inflation you don't make it with pretend a profit for over 73 months (6 years!!).
I guess that is where it starts to seem like a scam. Buy used machines from somebody and hope like hell you thrive a profit in 6 years.
Why not just put the money in a bank account and start earning a profit pronto?
Get a 6 year Certificate of Deposit for that $1,000 and you will have a hell of a lot more money at the end than the measely $15 bucks, and a decade-old credit organization that is too obsolete to sell for anything other than a doorstop.
If the company/offerer of this actually has a website station it or email it to me, or just post the information to this question. I will use my fancy book-learnin' to get a cured evaluation on this.
(begin edit)
I tried to google for this type of scam and came up empty. There are a lot of ways to scam people for credit cards, and this could be one of them, but if it is, it is not a extremely known method.
The other poster rightfully noted that if you are the owner, you will have to pay for repairs and other such things if it breaks, further reducing any hidden profit margin. (think 7 or more years to get a dollar of actual profit)
How Do You Find A Reputable Company That Handles Credit Card Machines /merchant Accts For A Business ?
Jun 08, 2009 by aprilmccauley123 | Posted in Other - Business & Finance
I am irksome to find a credit card /merchant acct business but who can you trust ? is there a way to feel comfortable about what your getting? They all seem to be so strident on the monthly fees also ? any help on this matter would be appreciated? Thanks
Does Anyone Know Where The Best Deals Are For Credit Card Machines And Reasonable Rates?
Jun 06, 2006 by Mad M | Posted in Other - Business & Finance
Exhausted of calling places for rates just want it in writing. Pricing per credit card care, rates of credit cards, debit cards, and checks. Monthly rates and rental, contract, or to buy is the better way?
Is anything less fun than deciding on a distributor processor?
Many of the questions you have asked have varying answers depending on your type of work. What type of cards will you be taking? What is your anticipated total volume and average ticket vastness? Will you swipe cards or will you be taking phone, mail and/or internet orders?
MasterCard and Visa have over 240 diverse rates for processing credit and debit cards. These rates vary and are divided into categories based on genre of card (Visa Rewards, MC Corporate, Debit, etc.) as well as manner of processing (swipe, key entered, etc.) or even the earnestness. Every merchant processing company is charged the exact same rate by MC and Visa no implication how big or small and then decides on what rates they will then pass on to their merchants. These rates vary depending on the annual amount processed by an individualistic merchant.
Most reputable processors offer very similar rates. In general, you should look at these processors and fasten which one best suits your individual service needs. Those processors who claim ginormous savings in comparison to the rest of the pack are usually somewhat suspect as they unreservedly can't offer savings beyond the rates charged to them by MC and Visa and the margins are actually very feel discomfited. They will make their money off of you somehow so read the fineprint.
That said, if you are expecting relatively low $$ ordinary tickets, look for lower transaction fees and accept slightly higher % rates. For higher normally tickets, accept higher transaction fees and look very carefully at the % rates for all types of cards as higher typically transactions usually encourage Visa Rewards, MC World and other specialty card use. Most processors who offer "the lowest rates" charge positively high fees for these types of cards. Also, if you expect to key enter many of your transactions, be watchful! The rates for these transactions can be very high and must be processed properly or you will be charged the highest rates/fees that can be assessed.
Lastly, your paraphernalia needs should be accessed on an individual basis. DO NOT LEASE! This is where many processing companies favour their big dollars and lock you into their services. Never agree to a term agreement - you should be able to substitute processors whenever you want. Your volume, processing needs and financial situation should decree whether you buy a new or refurbished machine and what its capabilities are.
If you would like more info, e-mail me at jbordeaux@windriverfinancial.com or give me a call at (920)993-9433. I can hands you wade through the muck and find out what you need. If we are a good choice, I'll let you know. If not, I'll point you in the properly direction.
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NYC Cabbies Who Resisted Credit Card Machines... Now Making More ...
by Mike Masnick
NYC Cabbies Who Resisted Credit Card Machines... Now Making More Affluence Because Of Them from the resisting-technology dept
A rather mutual thread around here is how often several industries stand up to the use of new technologies, fearing that those technologies will somehow maltreat or even extirpate the energy. And yet, before too great, the vis- turns out to be factual. Reminisce over how Jack Valenti declared the VCR to be the "Boston Strangler" to the flick picture show enterprise? Upstanding a few years later, proceeds from VCR rentals and sales represented a walloping part of the motion picture calling's perennial receipts. It happens over and over again. The NY Times has a sundry sympathetic of prototype of the same focal quirk. Two years ago, Mayor Bloomberg in NY pushed for taxis to be required to take credit cards. The cabbies resisted , complaining that it would well-spring all sorts of problems. They even went on attack over the cause c. And yet, two years later, having amenable to use credit card readers in the back of every cab means that more people are engaging cabs, because it's easier , and they have to tip more as well. Part of that is because the machines have "preset" tip suggestions that many riders use, which often outcome in higher tips than norm. While the article still quotes a few irate cab drivers who command that higher tips aren't veracious, the cameraman was qualified to evaluate the receipts from a few cabs and found that the mediocre tip was 18%, with the preset tip suggestions being tolerant of more than half the moment. While it's still premature, it certainly seems like this was yet another overreaction to new technology that has in actuality ended up portion, rather than hurting.
24 Comments | Pull up stakes a Commentary..
What the cab drivers aren't tattling you is that the credit card machines small more of their business is in reality on the meter and on the books, in preference to of loot in their pockets. It also means that someone else is handling all their rolling in it for them...
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Purchasing credit card car devices for your retail location is an option you have. ... Credit card machines are necessary: they provide companies with the ...
The start is an e-How article that tells you how to do this. 
RT : I see that Meru has issued all its cabs in Delhi 