New Line of POS Systems Now Available

Merchants looking for a next generation, point of sale system that is completely scalable to their business can now obtain one through Mountain Media’s Web Payment Software.  The Vital POS product suite, now available through Web Payment Software, is comprised of three product categories designed to fit every size business and every point of sale scenario.  All the products use the same cloud-based back office software, enabling a single access point across all devices.  Here is a quick look at the Vital products:

Vital Mobile

These card readers are great for small-medium businesses seeking an inexpensive, easy way to accept payments using their personal mobile phones or tablets.  The readers are both Android and IOS compatible, have multi-user access, come with tip functionality, built-in tax rates, email/print receipt options and accept both mag-stripe and EMV cards.  The newer, C4 reader also accepts NFC/contactless payments.  Vital Mobile is ideal for lower sales volume, on-the-go businesses who may not otherwise be able to afford POS hardware.  Food trucks, craft/event/farmers market vendors, HVAC, plumbing, towing and landscaping services can all benefit from this affordable, mobile POS payment solution.

 

Vital Plus

This reader is better suited for busier merchants seeking an alternative to expensive countertop electronic cash registers.  The Vital Plus X5 offers more advanced payment and management capabilities such as split payments, inventory alerts, server/table assignment and kitchen printing.  The handheld device features a 5″ HD color touchscreen with customizable screen layouts, a built-in camera for scanning, a charging base and training tutorials.  The Vital Plus POS is ideal for small-medium specialty retailers, coffee shops, delis and event registration booths.

Vital Select

This is the most feature-rich POS solution, offering three register sizes to fit various businesses needs and budget.  Additional features and benefits of the Select systems include Ethernet/WiFi connectivity, a cash drawer, customer-facing HD color display, employee time clock, and white-glove 24/7 support by Vital Experts.  Vital Select systems are ideal for business seeking a full-featured, standalone POS solution.  Retailers, restaurants, convenience stores and higher-volume vendors should consider a Vital Select system.

No matter which product you choose, your business (large or small) will have access to the intuitive, cloud-based back office with 24/7 setup and ongoing technical support.

Vital Back Office

 

To learn more about the Vital POS systems and Web Payment Software, send us an email or call us at 1.877.583.0300.

 

 

 

 

Merchant Category Codes: What Are They and How Do They Affect You?

MCC WPS

There’s an awful lot of data that’s thrown at merchants and consumers where credit cards are concerned. However, from a consumer perspective, knowing how your credit card categorizes businesses is a useful tool to maximize the benefits you gain from your card’s rewards program. For merchants, knowing how your business is classified will help you make sure you’re getting the best rates for interchange fees. I’ll be going over why you should know the different, “merchant categorization codes” so you can take maximum advantage of your card and get the best benefits from them.

History of Merchant Category Codes

Back in ’04, the IRS required that businesses be classified based upon the market segment that they occupy. An MCC Code is a four-digit code that a business is assigned once it starts accepting one of the two major credit card brands; Visa or MasterCard. Businesses that purchase some kind of service are required to report it on a 1099 form at the end of the year, while purchased goods don’t have the same requirements. Certain businesses are also tagged for lower interchange fees depending on the type of business that it is.

How MCC Affects Consumers

While a consumer doesn’t have to worry about interchange fees for their business, MCC still affects consumers by the codes assigned to the stores that they frequent and how that comes into effect with their rewards programs for their credit cards. Say your Visa card gives you 5% cash back on groceries when you use it, you’re going to want to know what stores qualify as a grocery store according to Visa. For example, Target, qualifies as a grocery store, so knowing this, even if you purchase things that aren’t considered grocery items, because Target is a “grocery store” according to Visa, you will still receive the 5% cash back for your entire purchase.

Conversely, however, you should keep an eye out to make sure that a business that you think is in one category, is in fact, in another. For example, you may think that 7-11 might qualify as groceries, but in fact it actually falls into “service stations” category. A great resource to use to find out what businesses fall under what MCC is to use Visa’s Supplier Locator website.

How MCC Affects Merchants

While how MCC affects consumers is relatively simple, for merchants, it gets a little more complicated. MCC can affect a merchant’s interchange rate, now we’ve spoken about interchange briefly when we discussed tiered pricing v. cost plus pricing. However, there are a few factors, some of which are outside the business owner’s control. For example, the type of card, how your payment processing account is configured, as well as what steps you take to complete each transaction can all affect your interchange rate. For the sake of brevity, we’ll just focus on how your interchange rate is affected by how your business is categorized.

Certain industries qualify for special incentive programs that mean better rates. For instance, card associations may feel that these specific industries have a markedly higher growth potential and want to encourage card use. Or, the special rate could be an incentive offered by Visa or MasterCard to promote card acceptance. Some examples of these industries include: charities, supermarkets, insurance providers, and gas/service stations. However, some businesses that do qualify for a better interchange rate don’t receive it because their accounts haven’t been properly categorized by their payment processor’s systems. To make sure you’re getting the best rate, talk to your payment processor and make sure they understand: what industry your business operates in, that your industry classification is correct, and whether or not your categorization qualifies you for a special interchange rate. These programs can lower your rates by 10 to 30 basis points lower than standard retail rates, saving merchants between $1.00 to $3.00 on every $1,000 processed.

Welcome ICVerify Customers!

As some of you know, ICVerify has recently shut down their business. As such, many businesses are now being left without a payment solution for their businesses and merchant accounts. From us here at Web Payment Software, we would like to welcome any and all former ICVerify customers to our business. We would love to become your payment gateway solution. If you look over our site, you’ll see that not only do we offer great rates, we are half the cost of our competitors. We offer cost-plus pricing for all of our merchant accounts with rates as low as 2.25% which can’t be beat by our competitors.
Interchange-plus pricing

Curious how Web Payment Software can streamline your merchant account and payment gateway services? Learn why Interchange-plus pricing will save your business money! Contact Us Today!

10 Tips To Prevent Credit Card Fraud This Holiday Season

With EMV in full swing, there is a much higher chance this holiday season for merchants to end up with coal in their stocking due to the potential of CNP fraud rising because of EMV. However, there’s no need to worry, as long as you stay vigilant and know what to look for, here are 10 signs that you might be subject to CNP fraud.

Tip #1: First Time Shopper

This one might seem kind of silly, but always be wary of first-time shoppers, criminals are always looking for new victims, this also plays into to tip #2.

Tip #2: Larger Than Normal Orders

Stolen cards or account numbers have a limited life span before they get flagged. Because of this fraudsters are looking to get the most out of their purchases so it’s, “go big or go home” when it comes to their purchases.

Tip #3: Orders That Include Multiples Of The Same Item

This comes down to simple math, criminals are looking for as much profit as possible, having multiples of the same item increases their profits.

Tip #4: Order Is Only “Big Ticket” Items

Your big ticket items have the maximum resale value, and therefore the maximum profit potential for fraudsters. Watch out for orders like these, it might be exciting to see, but always verify with the customer first before you fulfill it.

Tip #5: Shipping To An International Address

A significant number of fraudulent transactions occur outside of the US since Visa AVS can’t validate non-U.S. purchases, outside of Canada and the UK.

Tip #6: Single Address, Transactions on Multiple Cards

This should be a red flag when this appears, as this could involve account numbers that were generated using pirate software, or even be done with a batch of stolen cards.

Tip #7: Multiple Transactions On One Card Over A Short Period Of Time

This could be an attempt to “run the card” (make as many transactions as possible) before the account associated with the card is closed.

Tip #8: Multiple Cards Used From Single IP

If more than one or two card is being used to purchase from your store from the same IP address, then there is a high possibility that the transactions are fraudulent.

Tip #9: Multiple Transactions On Card with Single Billing Address, but Multiple Shipping Addresses

This kind of fraud usually indicates organized activity rather than a single fraudster at work. Be very cautious of these kinds of orders.

Tip #10: “Too Good To Be True”

The old adage rings true for online business, if the order is uncharacteristically large for your business or if the sale is otherwise outside the norm for your business, it’s probably too good to be true and is a fraudulent sale. We hope you find these tips to prevent credit card fraud helpful.