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Q.01 When is money settled into my account using Credit Card
Processing Software? |
A.01 This depends on the Processor you are using to authorize
your credit card transactions. However, it is typically no slower
or faster than processing via a traditional POS terminal.
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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 Do any of your credit card processing
software solutions work for processing payments when my business is
located outside of the United States? |
A.06 Yes. Depending on what country you reside in,
you will have to make sure you sign up with a payment processing center
that specifically supports your country's currency. This is one
reason why ManageMore offers a variety of card processing interface
solutions.
For example, in Canada, one can use the PC Charge software to interface
with either the Royal Bank of Canada or Global Payment East.
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Q.07 Will I have to change my existing electronic
payment processor in order to authorize credit cards from within the
ManageMore program? |
A.07 Not necessarily. Please
contact Intellisoft about your options and which card processing
software will work best with your scenario.
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Q.08 I'm confused with the transition between a pos terminal
and a card processing software. Can you clarify? |
A.08 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.
Credit card processing software does the same exact thing, except it
relies on a simple computer modem or internet connection to pass all of
the card information for approval. You must initially
provide these programs with your merchant account number, phone number
to call for authorizing the credit card, etc.). One benefit
of using a payment processing software is that there is no proprietary
hardware involved and it is simple to reprogram for use with any
processor. Another added benefit is that these types of software
programs often provide an interface for POS solutions (i.e. ManageMore)
to communicate directly when a sale is being made. This makes the
POS process much smoother and allows for important information
like the approval code to be recorded directly in your POS software. |
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Q.09 What is involved in setting up these credit card
processing software solutions with ManageMore? |
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A.09 Each of the three card processing solutions supported
by ManageMore vary slightly in their implementation.
Intellicharge is by far the simplest to implement. All that is
needed is an internet connection on the workstation and you are ready
to go.
The other two products (i.e. PC Charge or IC Verify) require a
software installation on the computer that will be doing all of
the credit card processing. This is usually the server, but it
can also be a workstation on your computer network. A modem or
internet connection will be required on the computer that will have one
of these two solutions installed.
From within ManageMore, under Setup... POS... Payment
Authorization... you will find the settings needed for ManageMore to
communicate with one of these payment processing software solutions.
Please refer to our online documentation on how to answer each of these
POS settings.
After everything has been installed and all settings answered
correctly within the setup section of ManageMore, you are ready to
process credit cards. All three interfaces are completely
transparent to the end-user and your approvals and rejections will
appear from within ManageMore.
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Q.10 If I have a problem with the implementation of the credit
card processing software, do I contact Intellisoft or the respective
software vendor? |
A.10 Intellisoft's technical support will be glad to help
you in any way possible. However, keep in mind that it is best to
contact the actual third party software vendor.
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Q.11 I'm considering processing credit card transactions through the
internet. What's involved? |
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A.11 With the advent of the internet, many business
practices have changed in the last several years. Many payment
processing centers now offer the ability to process a credit card
transaction through a secure internet connection versus the traditional
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.
In order for you to use this much improved way of card
authorization, you must be signed up with a payment processor that
supports this option. Intellicharge is already set up to do just
this very thing. |
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Credit
Card Processing Software Review
