Services -
Payment processing is a two step process
1. Your business needs a merchant account with a payment processing company.
2. Your business needs a mechanism to physically accept credit cards.
The former is covered in this section and the latter is covered on our Products page.
Services Available -
1. Credit Card Processing and Debit Card Processing
Your customers will be paying with credit cards and with debit cards (debit cards are cards issued by banks or financial institutions which do not have credit capabilities). In order to accept payment via debit card, you will need an add-on pinpad or you can also use an internal pinpad included with many of the newer terminals (although our suggestion is to obtain a separate pinpad, so you don't have to manually "palm over" the terminal to your customer).
2. Gift Card Processing
Having a gift card program is a great idea for restaurants and other businesses to pursue. Not only do you get your money immediately, but customers also spend more than the gift card's value and the money left over on gift cards is basically "found money."
First Bancard LLC has teamed up with Valutec for this service.
Although you may choose a "Custom Card" solution for your business, if you want to see how a "Standard Card" solution may look for you, you can use Valutec's new Preview It service:
We recommend that merchants start with Valutec's "LaunchBox Package" which includes 500 Custom Gift Cards for $830 (Standard Cards are less) with a monthly fee of $47 per month for a 1-year service agreement. This package also includes 3 Table Tents, a 2 Pocket Acrylic Hanger Display, 5 Gift Card Buttons, 2 Posters, and 500 Hangers to go with your Gift Cards.
3. Cash Advance Program
When business owners are in need of capital, an advance program may be in their best interests. Because an "advance" is not a loan, it is not reported as a credit lien (a UCC-1 lien) to the credit agencies, so it does not show up on a personal credit report. Additionally, with Rapid Advance, you do not sign a personal guarantee for the loan. It is strictly done through the business.
Let's say you need $50,000 in capital. Rapid Advance will advance you this sum, and if tomorrow you batched out $1,000 in credit card processing sales, Rapid Advance would debit your bank account $250 from these sales. So the $50,000 advance is money you receive against your estimated future credit card sales.
4. Point-of-Sale Check Processing
If you have customers coming into your retail establishment and you accept checks, you are an excellent candidate for electronic check conversion. Much like paying with a credit card, a paper check can now be accepted at the point-of-sale and converted to an electronic item.
Your business will need a check imager (VeriFone CR 1000i) to be attached as an add-on to your credit card terminal (VeriFone Omni 3750 or 3740). Or you can obtain an all-in-one inclusive credit card terminal and check imager, the Eclipse terminal.
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When a customer wishes to pay via check, the merchant will ensure that there is a current address and phone number on the check and he writes the customer's drivers license and state code on the check also (for business checks, the code is "66"). He then passes the paper check through the imager (which takes an "image" of the check), and the merchant stamps "ACH Processed" or "VOID" on the check. A receipt prints from the terminal which the customer must sign (the merchant copy), and then the terminal prints a second receipt (the customer copy). The merchant then returns the check to the customer, and the funds are electronically deposited in the merchant's bank account in 48 hours.
5. ACH Processing
If you are a company that has many corporate customers, you are probably waiting for your customers to send checks. This could be a time-consuming process resulting in collections efforts and aging accounts receivables. An alternate way for your business to accept payment is the ability for your business to debit your customers' bank accounts, much like the cable or electric company.
For this service, we partner with Alliance Payment Technologies, Inc.
To view a screenshot of how you would enter manual transactions (to debit a customer's bank account), please click the picture below:
