MY MONTHLY MERCHANT SERVICES STATEMENT IS CONFUSING!
Your monthly merchant services statement resembles a cell phone bill? Here is where you need to be very careful with the processor you choose. If you see the terms Qualified, MidQualified,Billback or NonQualified on your merchant services statement then Beware!
There are a few methods of sorting the cards you scan through your terminal. The easiest for a processor is to average and or filter your the cards you scan by Qualified, MidQualified,or NonQualified. So if your customers are considered risky by Visa and MasterCard, you might be ok using that method. But if you are a normal retail establishment or restaurant then it is not good. See why below:
COST PLUS PRICING
On the other hand, if your business is like 99% of merchants and restaurants in the market place, you want to be charged only what the cost sheet says and not an average (i.e. Qualified, MidQualified, NonQualified). It is wise to have a cost sheet (see Site Map); you can know what you are being charged. In other words you have FULL DISCLOSURE.
WHEN WILL I GET MY MONEY?
If you close your machine i.e. sending the data stored in the machine/terminal to your processor (called Batching) before 7:00 Pm Eastern Time and are processing with a company that allows "next day funding"; you will have your money in your account by about 11:00 Am next day. It would be a good idea to ask if you can have your terminal/machine programmed to batch automatically there is no extra charge.
HOWEVER, most processors hold your money for 48 hours. They probably make interest. It is your money; you don't get any financial breaks by them holding your money. You choose which processor works best for you. I don't have one client that has requested 48 hour funding after I have educated them on their options.
Have questions?
my email: AmmonsConsulting@gmail.com
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