Electronic Data Payment Systems

This Just In ... 20% off all terminals and set up fees in July!

2011-07-06T17:23:00.006-04:00

Have you been looking for ways to help your business grow in the 2nd half of 2011?

Look no further ... For the month of July, all of our new terminals and set up costs are 20% off! Contact us today to learn more about this promotion and how our credit card processing can help your company grow!

For your convenience, I have included our contact information below:

Phone: 866-578-9740
Fax: 866-528-3854
Email: info@edpaymentsystems.com

We look forward to hearing from you!

Knowledge is Power: The Guide to Escaping Merchant Processing Traps Continued

2011-06-15T17:18:00.001-04:00

The Trap: A Really, Really Low Rate

The Truth: This may be the most commonly used tactic in merchant processing sales, but the rate isn't the only price you pay, not and all transactions are created equal. In addition to your rate, you may also have transaction fees, authorization fees, AVS and CVV fees, batch fees, annual fees, monthly minimum fees, statement fees, customer service fees and more. Every merchant account will involve some of these, but make sure you understand what they are and how much you will be charged.

Now for the truth on rates: the pricing structure for a swipe retail business will be very different from a key entered business in terms of pricing as a result of the risk associated with the type of transaction. The farther you get from swiping the card and getting a signature, the more it will cost you. A standard pricing schedule should include the following rates from lowest to highest: Qualified Debit, Qualified Credit, Mid-Qualified and Non-Qualified. In some cases, a Rewards rate may also be available, but if not, rewards based cards will fall into the Mid or Non-Qualified categories.

Helpful Hints: If you ask if the rate is debit or credit, swiped or key entered, you may be surprised at the reaction you get. Most door-to-door merchant processors don’t expect business owners to know enough to ask this question. Make sure to get a copy of the full pricing schedule, including the categories above, before assuming that the low rate is true.

The Trap: You Need a New Terminal

The Truth: You probably don’t need a new terminal. As long as your terminal is PCI Pin Entry Data (PED) compliant and is not proprietary, you should be OK. Your payment processor will have a list of all PCI PED compliant terminals. If your terminal is compliant, most processors will be able to reprogram it for a low fee instead of requiring you to purchase a new one.

Helpful Hints: There are only a handful of terminals that are no longer supported by their manufacturers, so you definitely need to do your research before throwing your terminal out and purchasing a new one for this reason.

In addition to watching out for these traps, you should also ask the following of processor you consider:

What will my overall savings be over my current processor, not just the rate?
What is the term of the Merchant Agreement? Is there an early termination fee?
What type of account will I be set up with, retail or key-entered?
What per item fees will I pay?
What annual fees will I pay?
What monthly fees will I pay?
How long will it take before I can see the money in my bank account?
What is the availability of customer and technical support?
How long have you been in business?
Can I have the names of a few current customers to call for feedback?
Do I have the complete terms and conditions?
How can I reach you if I have any questions?
Can I have everything in writing to review before I sign anything?

It is no secret that the credit card processing industry is complicated and is a mystery to many business owners. As a result, many credit card processing companies can be vague, sneaky and sometimes downright misleading when it comes to signing new accounts. Next time a merchant processor approaches your business, avoid the above traps, ask the right questions and remember … if it sounds too good to be true, it probably is!

If you have any questions in regards to your merchant account, please feel free to contact us at 866-578-9740. We will answer any questions you may have.

Knowledge is Power: The Guide to Escaping Merchant Processing Traps

2011-05-11T17:05:00.001-04:00


We hear about it all the time…“A credit card processor walked in my door offering the lowest possible rate, but I was charged fees that we never even discussed!” Or “They told me that I needed a new terminal because I was non-compliant!” Or “I didn’t even realize I was signing a Merchant Agreement!” Unfortunately, we hear these scenarios from merchants across the country every day. But here’s the good news: it doesn’t have to happen to you! Learning what to look for and knowing the right questions to ask will help you avoid falling into a merchant processing trap and empower you to make the best decision for your business when it comes to credit card processing.

The Trap: A Free Terminal The Truth: Many door-to-door merchant services salesmen use the hook of a new terminal for free to convince you to sign with them. Keep an eye out for a monthly supplies fee, a higher rate or other unnecessary fees the processor may charge to make up for it. The truth is profit margins are so thin for most credit card processing companies that they simply can't afford to give away a $300 to $600 piece of equipment. Helpful Hints: Ask for a full list of the fees that you will be charged and make sure you understand the purpose of each. *The Trap: An Affordable Lease on a New Terminal* The Truth: Many businesses who have never accepted credit cards are fearful of the cost involved to get startedand a lease sounds like a great idea. Here's the problem: if you are paying a $30/month lease for 24 months, you will have paid $720 by the end of a lease and may not even own the equipment. That's more than the cost of some wireless terminals! Helpful Hints: Ask for a comparison of the purchase and lease prices. If the purchase price is a little more than you can handle, ask if it can be split up into a few payments and you will get a much better deal. Stay tuned for more tips to escaping merchant processing traps ...

Electronic Data Payment Systems Wins a World Wide Honor

2011-04-25T12:10:00.004-04:00

The Times Reporter, our local newspaper, recognized our company as the winner of the NBIA's 2011 Outstanding Incubator Graduate in the nontechnology category on Sunday, April 24, 2011 by featuring an article about our company on the front page of the paper.

We were also featured on the NBIA's website. To learn more about our company's history and this accomplishment visit the following link:http://www.nbia.org/success_stories/awards/2011/edps.phpElectronic Data Payment Systems wins worldwide honors

New Philadelphia Business a Finalist for National Honor

2011-03-23T15:33:00.002-04:00

Just announced: Electronic Data Payment Systems has been names a finalist for the National Business Incubation Association's 2011 Outstanding Incubator Graduate award in the nontechnology category. The winner of this prestigious award will be announced on April 12 at NBIA's 25th International Conference on Business Incubation in San Jose, California!

Would you like to learn more about our company and this award? Click on the link below and read the article that was featured in the New Philadelphia, Ohio Newspaper, The Times Reporter.

New Phila. business a finalist for national honor

Electronic Data Payment Systems Named to 2010 Inc. 500/5000 Fasting Growing Company List

2010-09-08T09:52:00.000-04:00

After years of hard work and dedication, Electronic Data Payment Systems was named to the 2010 Inc. 500Ɩ5000 of fastest growing private companies in the United States! To learn more about the award and our company, read the press release published by PR Newswire by clicking here.

Have a question about PCI DSS Compliance?

2010-06-08T14:48:00.001-04:00

Are you part of the many small business owners that do not know much about compliance with the Payment Card Industry Data Security Standard (PCI DSS)? Unfortunately if you said yes, you are not alone.

Many merchants have a lot of questions, but do not know who to turn to or where to look. The PCI Compliance Guide provides you with detailed information on PCI Compliance.

We have provided a Q&A on PCI that we have posted our website at: http://www.edpaymentsystems.com/pci/faq.

If you have any additional questions about this topic, I encourage you to send me an e-mail at pci@edpaymentsystems.com.

PCI Compliance - Explained

2010-06-08T14:07:00.004-04:00

PCI DSS Overview

2010-06-01T12:26:00.000-04:00

The Payment Card Industry (PCI) Security Standards Council was established in 2005 by American Express, Discover Financial Services, JCB International, MasterCard Worldwide and Visa, Inc. The primary goal of this council is to protect cardholder information.

The PCI Security Standards Council then created the PCI Data Security Standard which helped to define what was required in the industry. PCI DSS has defined six goals and 12 corresponding requirements that all businesses of any size are required to adhere to when accepting payment cards.

Let's first take a look at an overview of the six goals:

Goal #1: Build and maintain a secure network. If your system has internet access, install and maintain a secure firewall. It is also important to create your own system passwords rather than using those supplied by the vendor. In addition, remember to frequently review your security parameters to ensure cardholder data has maximum protection.

Goal #2: Protect cardholder data. Protect any data that is stored by using passwords wherever possible. Cardholder data must also be encrypted when transmitted across open, public networks.

Goal #3: Maintain a vulnerability management program. Use anti-virus software and be sure that it is regularly updated. Many anti-virus software programs can be set up to automatically remind you to do this periodically. Develop and maintain secure systems and applications.

Goal #4: Implement strong access control measures. Restrict access to cardholder data to a business need-to-know basis. Assign a unique ID to each person with computer access and require them to log in for computer use. Restrict physical access to cardholder data, such as imprint receipts, by placing them in a locked drawer or file cabinet.

Goal #5: Regularly monitor and test networks. Track and monitor all access to network resources and cardholder data. Regularly test security systems and processes.

Goal #6: Maintain an information security policy. Create a company policy that protects information and insures confidentiality, integrity and availability.

What is PCI DSS Compliance?

2010-05-28T09:46:00.000-04:00

PCI DSS Compliance is all the buzz in the credit card processing industry, but do you know what it means for your business?

Over the next few posts, I will update you on some facts for PCI DSS Compliance. Until then, I have includes a couple of links below for you to review:

www.pcisecuritystandards.org
www.pcicomplianceguide.org