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Good Evening,
Tonight I would like to bring some things to your attention, some warnings so to speak; all of which will do nothing but help you if you choose to do something about them or the lack thereof.
For those of you that do not know I am Adrienne Johnson an Independent Agent with North American Bancard and I offer credit card processing services. Therefore this and any post on this blog has to do with Credit Card Processing.
The Things You May Have Been Told ( deception )
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- There is a necessary one time charge of $25 set-up fee from the IRS and it can not be waived
- The rate for PCI ( Payment Card Industry ) Compliance is $129 every year
- There is a necessary $4.95 a month charge in addition to your yearly fee and monthly statement fee from the IRS that can not be waived
- That there is a such thing as Flat Rate Pricing
- A set-up fee from the IRS does not exist. Instead the processing company ( if applicable ) decides to charge you $25 to cover the filing of the proper papers to the IRS when you choose to process through them. Some companies like the company that I offer services through choose to eat this cost and not charge you for their having to file these documents.
- There is a fee but the minmum is $79 for PCI on a yearly basis. Now you may have never heard of this before, why is in the next section; The Things You Should Have Been Told.
- It has been said that there is a $4.95 fee per month from again the IRS this is not true. Now what exactly does the processing companies charging this fee do with the money, I honestly do not know. But I do know that if it was required we would charge it and we do not so it is not required. THERE ARE NO MONTHLY FEES FROM THE IRS TO YOUR BUSINESS FOR PROCESSING.
- The truth of the matter is that you are not being charged one flat rate for all of your different types of processing discounts. Qualified, MidQual, NonQual... for credit and debit cards. Flat Rate pricing is very deceptive but if you do not work for a processing company and or do not know how to read and analyze a statement yourself you will not know that there are surcharges and that you are actually being charged, or that the company you are working as an Agent for is actually charging different rates for the above mentioned discounts and card types.
The Things You Should Have Been Told ( saving your business )
You should have been told about Payment Card Industry Compliance. If in fact you are processing and have never been told about this you have every right to be and should be upset. This is why;- PCI Compliance is protection for your business.
- If you are not PCI compliant and someone gets a hold of your business receipts from credit card and debit card transactions and or obtains your customers credit and debit card information you will be charged $10,000 per incident. That means each person that is a victim of this theft will cost your business $10,000. This is something that can put you out of business.
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Can you afford to take such a hit? Even if you can, if you have good Business Sense you know that $79 a year is much better than $10,000 and beyond in fines for not being compliant. This is one area that you do not want to take a risk in. Get Compliant!Hold your Credit Card Processing Vendor accountable for not sharing this information with you and if they try to deny knowing about this then make the switch to a processor that has an interest in saving you from going out of business.
For questions regarding your processing or processing period I can be contacted at:
Adrienne Johnson
ALJ.CreditProcessing@gmail.com
Subject Line: Processing Inquiry
facebook.com/aljscreditprocessing
Receive a free phone swipe for credit card processing at www.phoneswipe.com/?source=21970.2
That's my website so if you have any questions please do not hesitate to contact me
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