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Q.01 When is money settled into my account using Internet Credit Card
Processing? |
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A.01 Typically within 24-48 hours. |
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Q.02 What is a Discount Rate/ Swiped rate / Non-Swiped
Rate? |
A.02 A discount rate is a bank charge on merchant accounts. It is
the fee that the banks and credit card companies charge merchants.
Discount rates typically vary between 1.5% to 6%. A Swiped rate
and Non-Swiped rate are merely two different types of discounts
rates. A swiped rate is typically given the best discount
rate possible and refers to transactions where the customer is present
during the point-of-sale with credit card in hand.
A non-swiped rate is a slightly higher discount rate and refers to
transactions where the customer is not present (i.e. mail-order,
telephone order, etc.).
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Q.03 Are all credit card processing software's the
same? |
A.03 Absolutely not. They all vary in features,
implementation and price.
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Q.04 What is a Magnetic Card reader? |
A.04 It is a small device that you pass a customer's
credit card through. It is the equivalent of the open slot you
use to swipe credit cards on the traditional pos terminals.
Magnetic card readers (also known as credit card readers or magnetic
stripe readers) usually connect to a computer's keyboard port or are
found already integrated into specialized POS keyboards.
When a credit card is passed through the slot of these devices, the
customer's credit card information is read from the back of the card's
magnetic stripe and passed along to your POS application.
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Q.05 Is a Magnetic Card reader necessary to authorize a
credit card using any of the credit card processing software's that are
supported by ManageMore? |
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A.05 No. At the point-of-sale, you can simply type the
customer's credit card and expiration date and it will be processed
just the same. However, most payment processors offer a better
discount rate for swiped transactions (i.e. referred to by many as a
swiped rate or card present rate). Given the relative low
purchase price of a card reader, it is probably a good investment and
will speed up your point-of-sale transactions as well.
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Q.06 Will I have to change my existing electronic
payment processor in order to authorize credit cards from within the
ManageMore program? |
A.06 Yes. However, the process of switching is very simple and ultimately will work in the same manner as you are currently used to with your existing processor. Your money is automatically deposited into your bank account within 2-3 days of processing credit cards.
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Q.07 I'm confused with the transition between a pos terminal
and internet-based card processing software. Can you clarify? |
A.07 Think of your existing pos terminal device as nothing
more than an external computer modem with a magnetic card reader
attached. When you swipe your card on a pos terminal device, it
is simply making a phone call to the payment processing center and
passing all the credit card information (i.e. card number, expiration
date, etc.) for approval. The device has been programmed ahead of
time with your particular merchant account number, the phone number to
call, and a unique ID that represents the pos terminal device itself.
Internet-based Credit card processing does the same exact thing, except it
relies on an internet connection to authorize all of
the card information for approval. |
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Q.08 What is involved in setting up internet-based credit card
processing with ManageMore? |
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A.08 Intellicharge requires an internet connection on the workstation and you are ready
to go. Once signed up, a unique username and password is provided to you for entering into the ManageMore program. After everything has been installed and all settings answered
correctly within the setup section of ManageMore, you are ready to
process credit cards.
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Q.09 If I have a problem with the implementation of the credit
card processing, do I contact Intellisoft or the respective card processor? |
A.09 Intellisoft's technical support will be glad to help
you in any way possible. However, keep in mind that it is best to
contact your Merchant Account Provider for any credit card related discrepancies.
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Q.10 I'm considering processing credit card transactions through the
internet. What's involved? |
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A.10 With the advent of the internet, many business
practices have changed in the last ten years. Most credit card processing is now being done through a secure internet connection versus the traditional and less reliable
phone dialup method.
The advantages are:
A) Faster approval/rejection of transactions (often in less than 3
seconds)
B) Supports heavier traffic volume (ideal during holiday seasons)
C) eliminates extra phone lines by utilizing the already existing
internet connection in your office.
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Internet Credit
Card Processing Review