I'm receiving a proliferation of calls from merchants who need mobile credit card processing and do not want to invest in costly wireless units.  Many merchants feel that they've invested a lot of money for their smart phones and that viable processing solutions should be directly available through such expensive hardware. 

I just received a call today from the proud owner of a $600 Android who exclaimed: "I've invested a small fortune for this phone.  Don't you think it should come with all the bells and whistles, including the ability to accept credit cards?"  I responded, "Ah, it very well may provide the perfect foundation to process credit cards as long as you avail yourself to ROAMpay.

Indeed, ROAMpay provides a specialized application to accept credit cards, and even has a concomitant reader for business folks who need to swipe their customers' cards.  Of course, ROAMpay is not compatible with all phone units, but the number seems to be growing daily, and includes units such as the Blackberry, Android, iPhone, iPad, and even other types of mobile devices, such as PCs and MACs.  Roam Data, the company that has rolled out such impressive technology, offers a list of supported phones.  Here, you can see which phones may be used in conjunction with the swiper to swipe credit cards and which ones work with the ROAMpay application to key in credit cards. 

If you're excited about the prospect of turning your mobile device to a POS unit, you should first examine a merchant account provider that resells ROAMpay.  Of course, evaluate the full scope of fees, including the additional ones assessed as a result of using ROAMpay.  Once you make your selection, the processor's technical department can build the necessary files to make ROAMpay's system complete and functional.  The shipping or deployment department can also send a reader for merchants who need swipe card capability.  (You'll eventually connect the reader to the headphone jack.)

Downloading the application is a snap and you should be able to access it in no time, inputting your secure credentials.  You'll soon be ready to accept your first credit card.

First, indicate that it's a credit sale, then input the amount of the sale, and if applicable, you'll then indicate that it's a swipe transaction.  The customer's truncated credit card information will then appear on the screen.  Subsequently, you'll be able to write notes, if you wish, about the transaction, and email a receipt to the customer.

You'll then submit the transaction for authorization.  Let's assume it's a successful transaction ... sold America!  The funds then get deposited into your bank account.

Of course, ROAMpay allows merchants to perform other actions aside from processing credit cards. Voids and refunds can also be facilitated through the system, and cash transactions may be run and recorded as well.  The system has store and forward capability and offers transactional history reports.  

ROAMpay is a useful, comprehensive tool, but I wish that it would automatically include a printer to print receipts.  However, you can purchase a separate printer to accomplish this task, and as a reminder, receipts may be alternatively emailed.

Merchants on the go (plumbers, electricians, craft show merchants, etc.) -- particularly folks who already have smart phones -- should investigate the smart technology that ROAMpay offers.  

(Warning - Promotion Declaration: Our merchant account company is offering a "25-25 roampay deal."  Here, for a one-time activation fee of $25, and less than $25 per month, you can get your mobile unit to accept credit cards.  The monthly fee includes roampay, PCI compliance, and the statement fee.  We're selling the reader for $45 + shipping.

Please call (973) 448-9701 or email, info@intelli-collect.com for details and complete pricing on our merchant roampay account.) 

One of the most important commandments in the field of legal practice: Thou shalt not commingle funds.  Indeed, property or financial assets belonging to clients or third persons in possession of an attorney must not be placed in the attorney's bank account.  Occasionally, news stories report of a lawyer's illegal financial exploitation, dipping into prohibitive accounts or depositing funds that are slated to go to an escrow or trust account to his/her own account. 

Hence, I receive the occasional phone call from attorneys who wish to use two separate accounts -- one for operating expenses and another representing a trust account.  Specifically, attorneys may need credit card processing-related fees deducted directly from an operating bank account and any deposits to go directly to the trust fund account.  Can this be set up under one merchant account?

While policies vary between merchant account processors, there are providers who will enable the merchant to set up one merchant account.   Under the umbrella of this merchant account, the provider makes deposits to one bank account and withdraws fees from another.   On the merchant account application, the lawyer should notate the account information for deposits and withdrawals, and provide a voided check or bank confirmation letter for each account.

This type of system (i.e., one merchant account for two separate bank accounts) can be set up whether the attorney swipes the client's credit card payment or keys it in, or even accepts payment online.

The question arises: What if the attorney has both operating account deposits AND trust fund deposits?  In this scenario, most processors would then require two separate merchant accounts.  Here, the lawyer would be able to designate which account he/she wants deposits to be sent to and credited.  Basically, for each merchant account, there can only be one bank account designated for deposits. It would be up to the lawyer to determine which merchant account he wanted to use for the specific deposit account.

As we're all familiar with the separation of church and state, attorneys have to embrace the separation of operating and trust bank accounts.  While it's possible and ideal to set up one merchant account ensuring attorney "no commingling" compliance, it may be necessary to set up two or more merchant accounts if the attorney has different types of deposits and/or many different trust clients.

I have about a decade of experience in the credit card processing field and although the merchant account niche can be volatile and unpredictable, I can draw several universal truths, including the following: Each time the processors are given additional responsibilities and requirements -- be it from the card holding associations or from government -- many will defray the costs of such mandates to the merchant.  Agents, such as myself, are then saddled with the unenviable task of bearing the news of increased rates to the merchants, although we don't make any additional commission from the new fees.  Moreover, while the processors are facing additional costs due to regulatory intervention, the suspicious question arises: Are they using it as an excuse to amass profit?   

Consider the omnipresent PCI compliance fee.  There's no doubt that definite costs are beared to secure backend networks, perform scanning, complete administrative work, and educate merchants (some companies have their own PCI compliance departments).  But the range of PCI compliance fees vary widely.  Some charge annually; some monthly; and some assess both monthly and annual PCI fees, and the total PCI-related cost can range from about $50 per year to well over $200.

Similarly, when legislation was passed in 2008 mandating processors to report merchants' gross income, starting in 2012, I cringed: I knew that such legislation would not only impact merchants but also processors.  It was almost a foregone conclusion that additional administrative and recordkeeping responsibilities beared by the processors would translate into what we now call an an IRS Reporting Fee.       

Yesterday, I received a phone call from a prospective client who intended to either buy or lease a physical credit card terminal although she would not have the customers' cards in hand. Indeed, her business required MOTO (mail order telephone order) credit card processing where she was simply going to key in the credit card information using a physical device. Although she was an admitted computer phobic, she became very interested in an online payment processing mechanism once I told her that it did not entail any initial setup fee.

"What is the system called?" she inquired hurriedly. I replied, "virtual terminal credit card processing." "What exactly is a virtual terminal?" she then wondered. Although I wanted to show her a demo as so many folks are visual learners, her time constraints prevented my show and tell. I simply declared that it was an Internet-based interface or screen where the merchant can manually key in the customers' credit card information following self-explanatory fields, such as the credit card number, expiration date, amount of sale, etc.

I proceeded to give the following overview of virtual terminal credit card processing: First, the merchant logs on using a unique user name and password. Once in the system, the fields are already visible, or with some systems, you'll have to click on "virtual terminal" to open up the screen's fields. Once you have access to the virtual terminal, you can systematically look at the information that is required and then carefully proceed to input the values of all necessary entries.

You probably will initially see a prompt for payment method. Here, you will either indicate whether you intend to charge a credit card or refund a credit card. You may then select a transaction type. Specifically, you will indicate whether you wish to authorize and capture the transaction -- the standard course of action when conducting a sale. However, you can alternatively only authorize a card (i.e., to see if the customer has ample funds in his/her account to pay for your product or service) or capture a card (i.e., settle and batch the transaction from a previous authorization). You can also manually capture transactions that were declined, if you wish.

Most business folks typically just need authorization and capture. In others words, both authorization and capture practically occur simultaneously. In other words, the customer's card is submitted for authorization, and if approved, the funds are automatically batched out and settled.

Now virtual terminal credit card processing mandates that you type in the payment/authorization information applicable to the transaction. As expected, the customer's credit card number, expiration date, and transaction amount are all required fields. The card code (the three security numbers in back of Visa, MC, and Discover or the four-digit code on the front of an American Express card) should be inputted as well -- although some systems do not require you to do so.

Obviously, the more information you input about the transaction, the better from a security and reconciliation standpoint. The customer's first and last name, address (including street number and zip code), and perhaps the name of the company, if applicable, are useful sources of info. Some virtual terminal credit card processing systems allow you to customize settings, enabling you to add categories, such as the invoice number. You can customize the categories that will be highlighted by going into the "virtual terminal settings." Any field can either be viewed, edited, or marked as required. You must input information for the required fields, or the transaction will not be processed.

Information that you input into your selected fields can be viewed in your virtual terminal transaction history. This history contains a record of all virtual terminal credit card processing transactions that have occurred. It also keeps track of online transactions that have transpired if you also have an online gateway.

Of noteworthy importance: it's advisable to at least input the customer's zip code, if not the street address, to ensure that it matches what's listed on the customer's credit card. An AVS match suggests that there is less risk of fraud. Moreover, merchant account processors will downgrade a transaction to non-qualified status (where the merchant pays a higher rate) if he/she does not attempt address verification or if there is an AVS mismatch.

As you can see, virtual terminal credit card processing is easy and straightforward. The Authorize.net virtual terminal is widely used, known for its simplicity, affordability, and added bells and whistles. An Authorize.net virtual terminal credit card processing unit enables you, for example, to accept electronic checks and process automated, recurring transactions. There are many virtual terminal systems that allow you to process credit cards, too -- and if you don't need any value added services -- the cost should be even lower. I hope the woman who learned about virtual terminal credit card processing will see its inherent benefits, and that you, also, will discern its myriad advantages.

Our company is celebrating the beginning of its second decade, and we've partnered with several companies, such as PowerPay, in our incessant quest to provide the most affordable credit card processing with concomitant outstanding service.  As authorized agents, we must rely on a parent company to help carry our banner of reliability, responsibility, integrity, and competitive pricing.  In essence, agents are examining credit card processing companies with the same criteria that merchants employ: Great pricing and unparalleled service are universally coveted, and we feel that our partnership with  PowerPay, a Maine-based company, easily satisfies such criteria.

Internet merchants who accept credit cards online must rely on a payment gateway -- the mechanism that serves as a conduit between banking networks to facilitate payment between buyer and seller.  Such gateways have to be safe and secure, reliable and dependable, with little down time. Low, affordable pricing is another important criterion to budget-conscious merchants.

Authorize.net easily satisfies such requirements (reflected in the fact that they have 200,000 customers) and many visit the company's website, eager to find out particulars of the company's offerings.  Eventually, merchants need to know the actual gateway's cost and may visit the following page that details Authorize.net's fees:  

While the listed pricing is affordable, there are many options to lower Authorize.net pricing.

Business owners must always keep a vigilant eye on the amount of funds that flow in and the amount that flows out.  An incessant infiltration of negative cash flow (where expenses exceed profit) can cripple a business or even put it out of its misery.  Particularly in today's volatile economic market, merchants must be extremely knowledgeable about operation costs and its impact on the operation.  Similarly, business folks must be acutely aware of the ledger of positive cash flow because what's anticipated may not actually materialize in real life.  Think of the scenarios where a merchant receives a number of bounced checks ... or is hit with a rolling reserve by their credit card processor.