Merchant Services – Deep Dark Secrets

Have you wondered if the MasterCard Fees and Visa Fees were genuine or were they made up? Have you ever wondered what were the deep dark secrets concerning Merchant Services Costs? What about why there was so much fine print in that Merchant Services Processor’s contract. Why is there an early termination fee?

The rate costs come from MasterCard Management Services and Visa Management Services and are generally updated twice per year. The rates that you are charged is based on their individual MasterCard rate sheet and Visa rate sheet. Now you must add to that rate the percentage your processor tacks on for their commission. Did your sales representative ask how much they might add to your fee for their commission? If you were asked that question, you have a representative that has your best interest at heart.

The cost for each type of charge card that has been issued to your customers from the banks (called the card issuer) has a definite rate associated with each of those cards. However, you might not see the individual costs for each card, but obviously you are being charged for what ever card is being swiped through your terminal. If your merchant services statement does not itemize every card you scan through your terminal, then you will never know what is happening with your account.

For example you might not know if the card is a generic MasterCard or a MasterCard World card. The same is for Visa. You could be swiping a generic Visa or a Visa Rewards card. The World Card and the Reward Card have higher rates that you have to pay. The rate is shown on the Merchant Services Cost Sheet so you should see this itemized on your merchant services statement.

The fee charge (actual cost) to scan the card (called the transaction) is usually around $.10 per transaction. That $.10 is added to the rate you are being charged. One exception to the $.10 transaction fee would be small ticket. Small ticket is associated with restaurants or fast food purchases and even coffee shops. Generally the transaction fee for restaurants i.e. small ticket transactions is about $.04 per transaction. The lower transaction fee is allowable due to the high volume and low average ticket of the transaction.  high risk merchant account

One of the deep dark secrets on your Merchant Services statement is the cost to batch your terminal at the end of the day. Batching is when you move your sales from the credit card terminal to your bank account through the system. Many merchant services contracts are written with a $.20- $.25 batch fee. The batch fee is a “mystery junk fee” that is not required. I hope you aren’t paying it.

Caution – there is another deep dark secret. There is another fee that can become very costly to merchants. The fee is called the merchant early termination fee. The merchant early termination fee is usually in the small print. Many times the early termination fee is explained away by sales reps with the idea that it is just like the cell phone companies. They will say the fee is in line with all other companies and they must charge it too.

Sounds good doesn’t it? This fee is used to deter you from canceling your service with the processor (called the acquirer). You will usually see this gem tucked away in the very small print toward the end of your contract. The merchant services early termination fee is another “mystery junk fee” used to tie the merchant from jumping from processor to processor.

My question is if the processor is looking out for the merchant, why would there be a need to jump from merchant services processor to merchant services processor. If a lower rate was available, why wouldn’t the rep take the necessary steps to lower the rate of their customers? Did you know in 2008 there were a few rates that went down on the merchant services cost sheet? Were you notified that your merchant services rate was being lowered? Could you have jumped to that processor with the lower rate without an early termination fee? Buyer Beware!

Memorable Quotes in Everyday Life

There are many amazing quote’s which sum up what summer time is all about and what it means to each of us. Memorable quotes talk about different areas of life and different seasons. Summer quotes however seem to truly live on every year. It is mainly due to the fact that we all tend to …
There are many amazing quote’s which sum up what summer time is all about and what it means to each of us. Memorable quotes talk about different areas of life and different seasons. Summer quotes however seem to truly live on every year. It is mainly due to the fact that we all tend to have high spirits during summer. The sun is shining, the kids are of school and many of us are off on vacation for a while. It is the time of year that family and friends really create many memories, therefore many quotes really make us remember the special times. Memorable Quotes Sports are another activity that seems to generate a lot of memorable quotes from the loyal supporters and of course the players. “If you believe in yourself, have dedication and pride and never quit” It has a simple meaning and yet it really shows how powerful and driven athletic quotes can be. It is all about being successful and winning a game. That message is passed on to the fans from the players and anybody else involved in the games. The atmosphere at sports games is really incredible, so much support in the air from everybody, and you really have to think that a lot of it is down to quotes, which stick in peoples minds. Softball is a very competitive game. Millions of supporters watch their favorite players either on the television or in the stadium and dream of the day that they to can become as successful and respected. Fans of this game like to show their support with softball shirts but now they have expanded on that and added some memorable softball quotes on their clothes to really help get into the spirit of the game. The players like it and the fans really show their dedication. It is all about team spirit. Memorable quotes show up in every area of life. Chances are the worst day you ever had can be summarized in a short quote to capture the spirit. It is really about finding meaning in our everyday lives and showing each other as people that we understand certain situations. It is also about finding humor in something that has always been considered dramatic or sad. Life is all about expression and making the most of situations. We all have something that speaks to us, words of inspiration perhaps or simply just facts of life.

How to Choose Substitutes for Salmon, Tuna, and More

 

Everything you’ve ever eaten is basically a scam. The pumpkin in your pie? Not pumpkin. Those Pop-Rocks you enjoyed when you were five? Not rocks.

 

Similarly, The New York Times reported a while back that one in five seafood samples tested worldwide was not what the packaging or menu declared it to be.

 

But when it comes to that last example, maybe there’s an upside. Maybe, just maybe, it doesn’t really matter what kind of fish a recipe calls for—because there’s a real chance that, no matter your intentions, you won’t end up at home with that particular fish anyway. And perhaps that means we can free ourselves to buy whatever fish is freshest that day—as long as it will work in the recipe.

 

How will you know if a different fish will work in the recipe you’re cooking?Also  what is the halibut price per pound in globalseafoods.com. Ask your fishmonger. If you’re fortunate enough to be near a fish market with a knowledgeable staff, the best thing you can do is let the salesperson know how you plan to cook the fish and then let them steer you toward the freshest, most appropriate specimen in the store that day.

 

If your seafood purveyor is less than helpful—or you suffer from FOTTCP (fear of talking to counter people)—there are a few guidelines you can follow:

 

How to Make Thoughtful Fish Substitutes

 

Stick to the Size and Weight

 

Luke Davin, manager of the Osaka fish market in Brooklyn, says that “the size of the portion is much more important to how a fish cooks than whether it is porgy or Amberjack.” Does the recipe in question call for 1-inch-thick fillets? 4-ounce fillets? A whole fish? You’ll want to buy something similarly portioned to maintain approximate cooking times and methods. While you might notice variables in flavor, you’re less likely to wind up with over- or under-cooked fish.

 

Keep It Skinless (or Skin-On)

If your recipe calls for skin-on fish, you’ll want to make sure you select something with edible skin. If the fillets in your local case still have their skin intact, it’s safe to assume it’s edible. Davin notes that lately he’s been recommending striped bass for pan-seared salmon recipes because he actually prefers bass skin over salmon skin.

 

Be Finicky About Fillets

There are two types of fish fillets: The first—a whole fillet, cut from a small fish, such as tilapia or flounder—is relatively flat. The second is a cross section, cut from the whole fillet of a larger fish, such as salmon or cod. This second cut is much thicker than the first, so the two are not easily swapped. Stick with the type of fillet called for in your recipe.