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Vision Payment Solutions, Inc.
Service so good, we'll be your LAST credit card processor.
Service so good, we'll be your LAST credit card processor.

Vision Payment Solutions, Inc.'s posts

If you have questions about the new chip cards, feel free to contact me anytime. There is a lot of misinformation out there, adn companies using scare tactics to gain accounts. I've been in the industry since 1994, and I keep up on all the changes, so if you get a call or a visit telling you that you will have to buy, or heaven forbid, lease, a new credit card terminal, feel free to ask and i will give you the real scoop even if you are not one of my customers.

Hi all. I just found this community. I have been in the credit card processing industry for 19 years. Started as technical customer service, then risk management, and then operations. Got tired of corporate so broke out on my own 14 years ago, in sales; setting up businesses to accept credit cards.

If any have questions or need advice, feel free to ask. I've always believed knowledge should be shared. Of course I'd like your account, but I won't push that on you. I'll just give honest, experience based answers; and if I don't know, I'll tell you that also.

This industry is rife with smoke and mirrors, hidden fees, and subterfuge, and without some idea of how things work, many merchants get stuck in horrible contracts. If I can save any of you from that experience, then I've done what I set out to do when I ventured into sales so many years ago.

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Do you have a POS system? Are your passwords unique? Fraudsters know all the default passwords on those systems and can use them to steal card data. 
Here is a good article regarding passwords, with the top 25 passwords people use.

Amex is the 4th company to give a roadmap for EMV implementation. Also, Chase has come out with a 'future proof' credit card terminal, which accepts EMV. VPS has been putting out EMV capable terminals for the past 3 years!

Check all your credit card and bank card statements for any strange transactions. There has been a massive breach at a credit card processor. Details still coming in.

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For those interested in data breaches, this report on breaches in 2011 is interesting.

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Did you know?

Is your business getting bombarded by telemarketers trying to sell you a merchant cash advance? What is a merchant cash advance?

To put it simply, this program buys future credit card sales, and the amount they will pay is based on your business' historical card sales. So if you do an average of 10k a month in credit card sales, they may offer to pay you 5k to 20k for 7.5k to 30k in future sales depending on various factors, ie credit, product sold, etc. They usually deposit the purchase price within a week or two, and then start recouping their purchase by collecting a percentage of your daily credit card sales. They usually want to collect their investment back in about 7 months, so the percentage they take daily is set so that timeframe can be met.

A merchant cash advance can be expensive money, but there is no personal guarantee, it is fairly quick to be approved, and can be contracted even with a lower credit score. For those that can't get a bank loan, or those that need fast cash to replace a necessary business item, an MCA may be beneficial. For those looking to expand, open a new location, or increase inventory, an MCA is beneficial if the merchant can't get a bank loan.

One merchant once told me, "I'd rather have a partner that all they want is cash, than a partner that wants to tell me how to run my business." This was his reason for getting a cash advance to open 2 new locations and purchase inventory. That reason has always stuck with me.

I hope I've given you some insight into the MCA. Feel free to ask any questions you might have, and I will get you answers.

Now you know.

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At the expense of pointing to FB, as I haven't figured out how to do same here, with daylight savings time this weekend, do you know how to change the date/time on your credit card machine? If not, go to the link where I've posted instructions on most terminals. If your's is not listed, let me know and I will find it and load it.

Did you know?

If your credit card machine asks for sales tax, and you bypass, or don't put any amount there, the transaction will process at a higher cost. When you type in the sales tax, it does NOT add to the total; it is just an information only field, but it does allow the sale to qualify at a lower cost. This should only happen on specific business credit cards.

Now you know.
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