Posts Tagged ‘ debit cards ’

Let us meet or beat your current merchant processing pricing


Take our $250 guarantee –
We’ll meet or beat your current merchant processing pricing, or we will give you $250.

Merchant services

Accepting electronic payments is a cost-effective way for any business to provide quality customer service and still maintain operational efficiency. If you are a retail business, service, mail-order or Internet business, we can help you process electronic payments and assist you with the ability to accept credit, ATM and debit cards.

Our partnership with The Small Business Authority, powered by Newtek provides you with all of the tools you need to set up merchant payment processing and a way to customize programs that will help drive customers to your door. The Small Business Authority provides competitive processing rates while also offering the highest level of customer service and expertise available in the industry. The Small Business Authority will also assist you with implementing personalized gift card programs, ATM’s and check guarantee services to help maximize your revenues and reduce your costs. And as an added convenience, equipment purchasing and leasing are available.

To learn more about our business services, visit your local branch.  

Newtek, The Small Business Authority will pay $250 to your business if we cannot lower your “true effective rate” from your current merchant processing provider. Rate and price comparisons are based upon the calculations provided by NEWTEK Merchant Solutions. The most recent two (2) month’s credit card processing statements are required to calculate the “true effective rate.” Pricing comparison applies to Visa®, MasterCard®, and Discover Network® credit card processing rates and other normal monthly fees only, and does not include one-time set up, hardware or software fees. Select business types are not eligible for the $250 offer. Ineligible business types include, but are not limited to: travel agents, ticket brokers, airline tickets, debt consolidation/collection services, dating services, online dating sites, financial consulting, recurring billing or continuity merchants, computer software sales, discount clubs, or custom furniture retailers. The $250 will be paid in the form of a check within 30 days. Limit one offer per merchant relationship/business entity. Offer is only available to new NEWTEK Merchant Solutions – The Small Business Authority customers.

** Percent discounts on merchant processing are based on average cost savings experienced by new NEWTEK Merchant Solutions – The Small Business Authority customers. Actual percent discount may vary.

Be Aware of Credit Card Surcharges


As a result of a legal settlement to resolve claims brought by a group of U.S. merchants, merchants in the U.S. and U.S. territories may add a surcharge to certain credit card transactions starting after January 27, 2013. This surcharge, also known as a checkout fee, is an additional fee that a merchant can add to your bill of sale when you pay with a credit card. U.S. merchants that surcharge are required to limit the surcharge fees to credit cards only, meaning they cannot surcharge debit and pre-paid cards. They must also limit the amount of the surcharge to the applicable merchant discount rate for the credit card transaction surcharged. A cap of 4% is currently in place, but that may vary. Additionally, companies must disclose the actual dollar amount of this surcharge on every receipt and disclose the fact that they charge a surcharge fee at the point of store entry and at the point of sale. Most likely, you will not see this change until February because of the 30-day notification and registration process that is required.

How will you know if a business is charging the surcharge? Merchants may charge this fee at their discretion. When you’re in a store, look for signs or postings when entering the store and at the cash register that warn you of the merchant’s fee. If you see this notification, consider using your Members 1st Visa Debit Card or a Members 1st Pre-paid VISA instead of your credit card. Unlike credit card transactions, merchants cannot charge any surcharge fees on debit or pre-paid credit card transactions.

If you suspect you’ve been hit with excessive surcharges or that your debit or pre-paid card was charged, visit www.visa.com/checkoutfees and complete a “Report a Merchant Violation Form.” Alleged surcharging will be investigated.

This new law only applies specifically to “credit card” products. Continue to use your VISA Debit Card as CREDIT at the merchant – you want to continue to earn your monthly Swipe 5 cash-back rebate. A debit card is a debit card whether you use it as “debit” or “credit.” If merchants attempt to charge you this fee when you are using your debit card as “credit”, they will be in violation and may be subject to a fine. If anyone has any issues with this moving forward, please report them to our Card Services Group at (800) 283-2328, ext. 6035.

Currently 10 U.S. states have surcharging restrictions including California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas. Consumers who are subjected to checkout fees in states where those fees are prohibited by law may want to discuss this with the retailer or report the retailer to their respective state’s attorney general’s office. Keep in mind that Members 1st is not the entity charging these surcharge fees on your credit card purchases.

For additional information about payments and surcharging: www.visa.com./checkoutfees or call our Card Services Group at (800) 283-2328, ext. 6035.

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