In order to accept credit cards online, you’ll have to get your head around the 800 pound gorilla known as PCI-DSS. Everyone has to adhere to these standards from multi-million dollar companies to mom & pop shops. This comprehensive guide to PCI compliance will help you tick all the boxes. A Bit Of History Payment Card Industry Data Security Standard (PCI-DSS) compliance is a set of security requirements designed to ensure that all companies that process, store or transmit credit card information maintain a secure environment. PCI was originally created by Visa and MasterCard. In 2006, they joined with American…
Read MorePaypal vs. Merchant Plus – Which One Is For Me?
Often we see businesses who have been using Paypal or new companies looking for their best payment options. Many times we’re asked – why should I choose a MerchantPlus Merchant Account vs. Paypal? The Upside of PayPal Paypal is a good start-up solution – they can get you up and running quickly and have a proven brand name that your customers will trust. They don’t have any monthly fees, so if you go days, weeks, or months without making a sale, it won’t charge you anything. For a small business just starting out online, that is a very comfortable feeling!…
Read MoreThe Difference in Merchant Account Rates — Why Not all Credit Card Processing Accounts Are the Same
As a merchant, you have to constantly monitor the money that comes out of your pocket. Finding any way possible to save money is beneficial for any business. When it comes to payment processing, you’ll often pay any combination of setup fees, application fees, monthly fees, monthly minimums, PCI compliance fees, transaction fees and annual fees. Merchant credit card processors will offer you a discount rate (i.e. the percentage taken out of each sale that you process) on credit card transactions. However, not all discount rates are the same. A discount rate is a small percentage of each transaction that…
Read MoreTaking payments online – when to upgrade from a personal PayPal account?
When starting out, PayPal can be a great option. But once you start processing decent amounts of money, you’ll get a better deal with a merchant account provider. To give you an idea of just how much you can save, use Fee Fighter’s PayPal calculator. For example, if your total monthly volume is $20,000 and average transaction is $100, your PayPal fees will be $530/month compared with an average merchant account fee of $468.48/month. Over a year, it really adds up. The big issue is when should you upgrade? If business is going well and likely to be ongoing, a…
Read MoreQuestions to ask your hosting provider about PCI compliance
PCI (Payment Card Industry) compliance applies to all organizations and merchants regardless of size or number of transactions. In place since 2005, it protects credit card data from hacking and fraud. You can view the standards here. One card provider, Visa, categorizes merchants into four levels based on transaction volume over a 12-month period. Merchant Level 1 – processing over $6m/year Merchant Level 2 – processing $1-6 million/year Merchant Level 3 – merchant processing 20,000 to 1 million/year Merchant Level 4 – merchant processing fewer than 20,000 e-commerce transactions per year and processing up to $1m/year Any merchant that has…
Read MorePlugins to ensure security during payment processing on your WordPress site
When selecting a merchant account, security is uber important. OK – you know this already. You need to make sure your software can’t be hacked with malicious code and your customer’s vital details stolen. Not only are security plugins and complex passwords a key part of the process, you also need a properly managed host. With MerchantPlus, you can upgrade to the Authorize.Net Advanced Fraud Detection Suite™ (AFDS). This is a set of customizable, rules-based filters and tools that identify, manage and prevent suspicious and potentially costly fraudulent transactions. You can customize AFDS filters and tools to match your business…
Read MoreTaking credit card payments is easier than it seems
There is no question that more people are turning to entrepreneurship today than ever before.
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