To most small businesses, getting the proper payment processing solution is key. But how do you find a company with a good reputation and fair charges? And then there’s the confusion over what you get with merchant services and what you don’t because the term encompasses much more than processing credit cards these days.

Let’s dive into answering some basic questions about payment processing and merchant services:

What Are Merchant Services?

Merchant services is a term referring to products and services allowing companies to accept various types of payments – the most common, of course, being credit or debit card transactions. If you want to be able to accept payments at point-of-sale, a merchant services provider will take care of all the back-end work required to produce the transaction. There are third-party merchant service providers that can be banks or independent organizations, manufacturers of POS systems, or payment gateway providers.

What Needs to Take Place to Process Electronic Payments?

One of the most obvious reasons a business will partner with a merchant services provider is to obtain the equipment needed to accept payment transactions. Some provider companies also offer industry-specific solutions, such as restaurant and retail-specific POS systems. Most equipment can either be rented or purchased. Some of the products a merchant services provider generally offers include:

• POS Systems
• Pay-accepting card readers to accept debit or credit cards
• Application software that helps manage inventories, sales, and other related business functions. 
• E-commerce solutions coupled with payment gateways to collect orders online. 
• Marketing options through gift cards, promotional offers, or a loyalty program. 

The payment processing equipment decides which one of them would give you the most hours saved on paperwork and help your business operate more quickly.

This post was written by a professional by Exzact Business Solutions. TRANSPARENT | AFFORDABLE | SIMPLE merchant services Tampa, Websites, and Social Media Done Right. Exzact Business Solutions are on a mission to educate local businesses to ensure smiles, savings, and solutions. Exzact clients save an average of 30% on their processing alone. No Contracts, Free Equipment, Local Support, No Rate Increases, and More. Exzact Business Solutions goal is to educate the local business community in order to ensure smiles, savings and solutions. Exzact Business Solutions is an Independent Sales Organization with strategic partnerships dedicated to cultivating reliable and trustworthy relationships in the Payment Card Industry, allowing to tailor products and services to the needs of each merchant. Contact EBS and see what a difference having the right advocate can make!

Merchant services are a must for any business looking to accept credit and debit card payments from their customers. How merchant services work can give a business all the necessary information to help in making decisions as to which provider to use and how to set up its systems efficiently. This article goes into detail about how merchant services work, explaining the different processes and components involved in making each transaction smooth.

Basics of Merchant Services

Primarily, merchant services are any kind of financial services that would help a business process card transactions. They are offered by MSPs or acquiring banks, acting in their capacity as intermediaries between the business, the customer’s bank, and card networks like Visa, MasterCard, and American Express.

Setting Up Merchant Services

The process initiates with a business applying for a merchant account with an MSP. Such an account may be thought of as a kind of bank account, allowing a business to accept card payments. Before accepting the application, the MSP evaluates the risk profile of the business in view of the nature of its dealings, turnover, volume of transactions, and personal credit history.

Payment Processing Workflow

After setting up the merchant account, the payment processing workflow itself consists of a few important steps, as mentioned above:

Authorization:

• Every transaction that is made by a customer via a credit or debit card is initiated with authorization. 
• The information from the credit or debit card is gathered at a point-of-sale terminal or an online payment gateway. 
• The details are then encrypted and transmitted successfully to the MSP, who further forwards this information to the card network. 

Authentication and Approval:

• The card network routed the transaction to the customer’s bank (issuing bank) for checking card details and sufficiency of funds or availability of credit.
• The issuing bank approves the transaction or declines it and passes the response back via the card network to the MSP.
• The MSP further relays the message of approval or decline back to the business’s POS system or payment gateway.

Clearing and Settlement:

• Otherwise, if the transaction is approved, clearing and settlement ensue.
• At the end of the business day, the business submits a batch of the pre-authorized transactions to the MSP.
• MSP then submits the batch via the card networks to respective issuing banks.
• The latter remits the funds to the acquiring bank deducting the interchange fee.
• It is then deposited into the business’s merchant account by the acquiring bank, usually within a couple of days.

Fees and Charges

There are a lot of fees involved in merchant services. These may include:

• Transaction Fees: This is a percentage of the amount of every transaction. It typically falls between 1.5% and 3.5%.
• Monthly Fees: These are fixed fees for maintaining the merchant account and various other services.
• Interchange Fees: These are fees that the card networks set and are paid to the issuing banks.
• Chargeback Fees: These are charged whenever a customer raises a dispute on any transaction and demands a refund.

Security and Compliance

Security forms an important part of merchant services. MSP uses various security measures such as encryption and tokenization to protect card information during transmission. Businesses also have to adhere to the Payment Card Industry Data Security Standard (PCI DSS) for the protection of card information.

Integration of business operations

Advanced MSPs of the modern day offer integrated solutions extending beyond payment processing to inventory management, customer relationship management, sales analytics, and loyalty programs. Such integrations automate business operations, providing insight and creating an excellent customer experience.

This post was written by a professional by Exzact Business Solutions. TRANSPARENT | AFFORDABLE | SIMPLE best credit card payment processing companies St Petersburg fl, Websites, and Social Media Done Right. Exzact Business Solutions are on a mission to educate local businesses to ensure smiles, savings, and solutions. Exzact clients save an average of 30% on their processing alone. No Contracts, Free Equipment, Local Support, No Rate Increases, and More. Exzact Business Solutions goal is to educate the local business community in order to ensure smiles, savings and solutions. Exzact Business Solutions is an Independent Sales Organization with strategic partnerships dedicated to cultivating reliable and trustworthy relationships in the Payment Card Industry, allowing to tailor products and services to the needs of each merchant. Contact EBS and see what a difference having the right advocate can make!

If you operate a food business, it is crucial to follow food safety regulations. Not only will violating these regulations lead to disruptions in your business, but it can also damage your reputation during restaurant inspection processes There are several common violations that you should avoid, such as storing cleaning products near areas that come into contact with food, improper sanitation procedures, improper temperatures for stored food, and allowing sick employees to be in the kitchen. Any of these violations could potentially lead to foodborne illness and pose a significant risk to the health and safety of your customers and employees.

To ensure that your business is in compliance with the regulations set forth by the FDA, it is important to establish standard operating procedures. These procedures should be designed to minimize risks and ensure that all food handling and preparation is done in a safe and sanitary manner. By taking a proactive approach to food safety, you can reduce your liability and create a safe environment that both your clients and staff can enjoy.

Helpful Tips For Upcoming Restaurant Inspections

To help you achieve this goal, we have prepared a list of tips from industry professionals on how to stay compliant with FDA regulations. By following these tips and implementing them in your restaurant operations management, you can ensure that your business is operating at the highest level of food safety. This will help you avoid regulatory sanctions and, more importantly, protect your customers and employees from harm.

1. Use a Self-Inspection Checklist

To ensure that food businesses are adhering to proper food safety guidelines, there are free food safety checklists and guides for restaurants. These checklists are designed to assist in maintaining adequate employee illness procedures, good hygiene practices, and preventing food contamination, as well as ensuring that proper food and cooler temperatures are maintained.

By utilizing these inspection checklists, restaurant owners can ensure that their employees are following proper food handling protocols, such as washing their hands thoroughly and frequently, avoiding cross-contamination, and properly storing food to prevent spoilage. Additionally, the checklists can help prevent the spread of illness by providing guidelines on how to handle employee illnesses and how to prevent the transmission of illnesses to customers.

2. Review Some Previous Inspections

It is important for restaurant owners to take a proactive approach to food safety, and one way to achieve this is by reviewing previous restaurant inspections. At the end of each inspection, a report is provided outlining any findings or violations. To avoid repeating past health violations, it is recommended that restaurant owners review their last three to five restaurant inspection reports.

By reviewing these reports, restaurant owners can identify any recurring issues or areas where improvements are needed. They can make a note of all health and safety violations and take the necessary steps to address them. This may include scheduling additional training for employees on proper food handling procedures or implementing new protocols to ensure compliance with food safety regulations.

3. Update Cleaning Procedures

Before a restaurant inspection, it is important to keep your restaurant clean and update your cleaning procedures. A thorough inspection of your restaurant can be done by starting at the front door and checking for any signs of dirt or debris.

Fingerprints on entrance and exit doors should be checked and surfaces under tables, benches, and counters should be free of dust and food particles. Food holding drawers, cooking surfaces, food prep areas, and warming stations should be inspected for cleanliness.

4. Inform Your Staff

One of the most important things to keep in mind before an upcoming restaurant inspection is to make sure that the staff is informed. As a restaurant owner, it is essential to prepare for upcoming food safety inspections. Although the exact date and time of the inspection may have yet to be discovered, you will typically be given a range of dates.

It is recommended to hold a staff meeting to inform all employees of the upcoming restaurant inspection. This allows everyone to be aware and prepared to put their best foot forward in ensuring the restaurant is in compliance with all food safety regulations. During the staff meeting, it is important to review proper food handling and sanitation procedures to ensure that everyone is on the same page.

Conclusion

So, these are some of the best tips that will help you conquer your next restaurant inspection in a seamless manner. Follow these tips and find the best results.