May 2013

What Kind of Small Business Merchant Account Do You Need?

When you first begin looking into merchant accounts and accepting credit cards you may be a bit overwhelmed. After all if you do not take cards how can you predict how many card transactions you will have in a month? Are you willing to pay fees if you go over your allotted transactions? This could be a rather expensive decision. What happens if you overestimate your transactions to get a lower rate, and then find out that you only have a percentage of that number of card transactions? Will you have to pay a different rate once the month is over?


Merchant accounts differ between processing companies but generally there are several different package and plans to choose from. Knowing your business and clientele is a good way to choose an initial plan. If people have been asking you when you are going to start accepting cards that is a good indicator that you need to accept cards, but what kind of merchant account do you need? As a leader in merchant accounts, VPS can help you choose the best ones for your needs.


Luckily, most processing companies offer a small business merchant account which has a bit of flexibility. Some months you may have more card sales than others, some sales may be higher in dollar amount than others and a small business merchant account will not penalize you for this. There are certain allowances made for a small business merchant account, typically for a period of one year so that you are more aware of what to expect from your transactions. Some people will still use cash, some may use checks if you accept them and of course there will be people using check cards, credit cards and debit cards.


There’s no reason not to get set up with a merchant account today, even if you feel a bit overwhelmed by the options. The professionals at Vision Payment Solutions will help you make the best and most affordable choice for your small business. Contact us at (877) 674-2286 today!


How Do You Apply for a New Merchant Account?

When you decide that your business needs to start accepting credit cards it is important that you find a processing company that understands what your business is and can help you choose the correct account.  There are many processing companies to choose from; even your own bank may offer credit card processing. It is important that you check a few different processing services and compare their accounts, fees and services.

Apply for new merchant account services with a company that offers:

  • Cost analysis
  • Quality terminals
  • Smart Phone solutions
  • Check readers
  • Variety of accounts
  • Low fees


These factors will be important to your business and to your budget. Before you apply for new merchant account services you will need to have an idea of the number of transactions you will process each month, be prepared to provide your banking information and give permission for a business credit check.

Because a merchant account is based on your business income, transactions and because the processing company makes their money on the rates they charge you per transaction or per dollar processed it is important that they check everything and make sure that they are not taking a chance that will result in a loss on their part. You will also need to be prepared to provide the date your business started, the length of your lease if applicable and several other pieces of general information that you may not think are relevant. The number of employees you have, your business lines of credit and even your person financial information could be requested.

Gather your bank information, company balance sheet and preferably a profit and loss statement for the past year or more when contact a processing company in order to discuss merchant accounts and apply for new merchant account services. This is an important decision for every business owner and choosing the right processing company and terms for your company can be a huge benefit which is important for your company to grow.

As the leader in merchant accounts, Vision Payment Solutions can help you find the perfect solution for your business. Led by the knowledgeable CEO, Eric Hannelius, VPS can accommodate any business of any size.  Contact us today!


Can You Afford to Pass Up Accepting Credit Cards?

Small businesses face a challenge when it comes to accepting credit cards. Most merchant accounts for credit cards have expensive fees. When the percentage of the sales deducted from credit card purchases makes it necessary for small businesses to raise their prices it may seem that credit card processing is more of an expense and hassle than a small business owner needs to deal with on a daily basis.


The truth is that cash is becoming obsolete, checks are questionable and plastic is how the world goes round. Debit cards, credit cards, and bank cards are all common items these days. When fewer people are using cash and are willing to drive to a store that accepts credit cards it could mean a huge loss of business if you do not take credit cards.


Small businesses have a lot of expenses that may seem overwhelming, but accepting credit cards can be a huge benefit. The question is whether the benefit outweighs the expense. When you have a quality merchant account that has reasonable fees, then accepting credit cards is not only smart but cost effective.


The initial expense of accepting credit cards is fairly low, most companies offer a merchant account with a card reading machine upfront. Setup is quick and easy, training employees can be done in about an hour and you are ready to accept credit cards at your small business.  Transactions are processed throughout the day, batched at the end of the day and then the cost comes into play.


A percentage of each transaction is tallied, your profit is deposited to your account and the fees are sent to the processing company. There are a few options for this step including a monthly deposit and payment and some processing companies even offer monthly billing so that the fees are not deducted from your initial deposit.


If you are ready to increase your business by accepting credit cards, look into finding a small business merchant account that fits your budget. Vision Payment Solutions is one of the leaders in the payment processing business, with their team of experts, including CEO Eric Hannelius, we can get you a solution that fits your business. Contact us today!




Credit Card Processors Are Vital Points of a Successful Business

Building a successful business takes time and patience but if done correctly can reap great rewards.

In order to be successful in any kind of business, there are a few key points that you need to address. When you keep these things in place, your business can be very successful. Not using them does not mean it will fail, but it will not be as successful as is could be. Sometimes, business owners believe that they can get away with not doing the most simple of things for their customers.

Quality is Always First

No matter what kind of a business you are in, you need to give the best service possible. Always pick quality over quantity or you will always be working hard instead of working smart. There is a world of difference between these two philosophies.

Keep Records

You need to keep records of every transaction. No matter what you do, keep the receipt or written record of some kind so that you will be better prepared when it comes time to deal with financial issues or taxes.

Keep it Simple for the Customer

There should always be a record of every transaction with a customer, and a clear set of expectations from you as well as the customer. Draw up a contract if need be, but make sure all the terms are understood so that you do not end up in a credit mess. Try to accept methods of payment that are easy for you and the customer. This will mean you need a credit card processor. Without a credit card processor, you will not be able to take credit or debit cards at all. You can always take cash as well, but may be taking a risk with checks.

When you keep these simple things in mind and always strive to improve, you will not go wrong. Your product will speak for itself and your customers will always have a pleasant experience and will pass that along to people who are potential customers for you.

Vision Payment Solutions can help you figure out the small things, so you worry about the bigger things. As one of the leaders in electronic planning, president and CEO, Eric Hannelius, has led key players in the payment processing business, he has lead VPS to one of the leading credit card processing businesses out there. Call us at (877) 674-2286 to learn more.

eCommerce Credit Card Processing and the Virtual World

When it comes to business in the virtual world, it is all but impossible to deal strictly in cash. Unless you are selling something online and meeting the buyer in person, there is no way to work with actual cash in hand. This means that to some extent you have to rely on the credit of the people or businesses you deal with. This is why eCommerce credit card processing is so important today.

Payment Options

Since you cannot deal in cash, you have to offer different payment options. Any method you use is going to require some level of trust. Dealing with checks is extremely risky, but once you develop a working relationship with your customer, this may be an option. However, most people have gone to other payment methods. You are better off to do eCommerce credit card processing so that you know the payment has been made and the funds transferred.


Contracts are extremely common in the virtual world. While they may seem to be a simple piece of paper, when it comes to nonpayment and legal action a contract can be the very thing that prevents you from losing money you were expecting. Make sure the contract makes the expectations clear, as well as the price and terms for payment. For instance you might use “net 30” which means that payment is due within 30 days.

In the long run, it all boils down to trust. When it comes to business, trust is not easily earned. That is why it makes the most sense to work with eCommerce credit card processing. The terms are already taken care of before payment is processed. Any issues with a lack of funds will be directed to the one using the credit card to make a purchase, rather than falling on you.

Led by the highly knowledgeable Eric Hannelius, Vision Payment Solutions has led the way in payment processing. Find out how we can help you today!