What to know about credit card processing

Happy Holidays!

2009-11-24T17:31:00.002-05:00

At this time of year, we find so many reasons to be thankful. We are thankful that all of our customers have continued to stick with us through this tough year; that our loyal readers have continued to return to the blog (even though we haven't updated it in several months :( ) and most of all for the great group of people that are employed by CCNJ.

Wishing you all a wonderful Thanksgiving and a very enjoyable Holiday Season.

CCNJ

Guaranteed Savings!

2009-02-25T11:00:00.003-05:00

You might be asking yourself how Credit Cards, NJ can guarantee me savings. It's really simple - we do!

CCNJ has several tools in our arsenal to help you save money. For starters, we work with you to determine where you're overspending and will then create a new account (most likely at a different processor) for you to help you pay the right amount every time. We will also work with you down the line to ensure that you are still paying the right amount and that you are not overpaying. We're only more than happy to sit down and do a statement analysis with you on an annual basis to show you we're still saving you money. To utilize this analysis service, please feel free to contact your sales agent either through our Credit Cards, NJ site or by contacting your rep directly.

We also have a tool in our arsenal for those merchants who may have recently signed up for a processing program with another provider and to whom an early termination fee would apply should you leave. This program will work with our clients and negotiate on your behalf with your current provider. The process is a really easy one - it consists of completing a two page form giving us the authority to act on your behalf and then speaking with your provider. Should we save you any money, we split the savings - you've got nothing to lose by giving us a shout!

We hope that this posting will be able to help all businesses start putting more money into their respective pockets and thereby boosting our sagging economy - call it CCNJ's economic stimulus plan!

New Year's Greetings

2008-12-31T13:49:00.001-05:00

To all our friends and clients,

Credit Cards, NJ would like to take a moment to thank you for all that you have done for us over the last year and wants you to know how much we appreciate your business and continued support of our operations. Without you, CCNJ would not be the same.

Thank you, and best wishes to you and yours for a wonderful, healthy and prosperous 2009.

Joseph Glass
President, Credit Cards, NJ

Happy Holidays!

2008-12-24T13:47:00.001-05:00

CCNJ would like to take this moment to wish you all a wonderful holiday season, and the very best to you in 2009!

New Benefits added!

2008-11-07T15:30:00.001-05:00

One of the things that we've been hearing during the election this year was all about some 40+million Americans lacking medical insurance. This fact is not necessarily due to these individual's own fault, but maybe the costs involved or certain other issues that may have come into play prevented them from being insured.

Credit Cards, NJ is doing its part to make America a little better by offering a complementary medical savings card. Simply click here to access the card, print it out and present it to one of 54,000+ pharmacies around our great country and get an average of 34% savings on your medication! It may not be much, but it is certainly a start.

May God bless our great country and all of our readers.

Do you offer free terminals?

2008-11-04T13:59:00.005-05:00

Many times we hear the question "Do you offer free terminals?" For those of you who may not be familiar with the idea behind free terminals, it may sound like a great idea - who wouldn't want to keep their up-front costs as low as possible?

I'd bet you also heard of the old adage, "there's no such thing as a free lunch!" That saying is certainly true here. If you think about it, there is a clear cost to the piece of equipment a sales force is giving away - from a small PINpad to a full Point-of-Sale (POS) system, the costs range between $100-$5,000 and more based on the configuration of the equipment. How can someone afford to give away that much money without getting something in return? The answer becomes clear now - YOU are paying for that free equipment, be it through high annual fees, higher downgrades (the rewards, and mid-qualified/non-qualified surcharges) and many other fees that can appear on your application. For all the extra expenses you'll be taking on during the life of your account with the processor who gave you free equipment, don't you think it's probably better just to buy a terminal now? Plus, the added benefit is that you will own your machine, and should you ever need to switch providers, you can take your terminal with you - don't put yourself and your business at risk.

If you have any questions on free equipment, please feel free to contact the sales people at Credit Cards, NJ - they'll be more than happy to give you all the information you need and show you why it's still better to own your equipment outright, plus with our low cost equipment, you really cannot go wrong!

Security Alert

2008-08-25T12:21:00.003-05:00

Visa Security Alert, 8/25/2008: 'Packet Sniffing Vulnerability'

Visa released a data security alert yesterday on packet sniffers.

Computer hackers are using packet sniffers to breach data security and obtain cardholder data.

Packet sniffers are malicious software or “malware” and may be referred to as a network or protocol analyzer. The sniffers seize a stream or block of data (a packet) being transmitted or passed on a network.

Sniffers are often used for legitimate business purposes such as network analysis, monitoring of network usage or firewall testing. An increase in data security breaches from packet sniffers has prompted the alert. Investigations have shown packet sniffers capturing cardholder data on transactions passed on the compromised businesses’ computer networks.

Visa recommends the following best practices to mitigate your vulnerability to a packet sniffer attack in their alert:

“Although packet sniffing is difficult to detect, you can utilize tactics to mitigate the risk of exposure to critical systems, such as point-of-sale (POS) systems, payment processing servers, database servers or other servers where cardholder data resides. To get started, follow these best practices:

• Utilize host-based Intrusion Detection Systems (IDS)
• Monitor firewalls for suspicious traffic, particularly outbound traffic to unknown addresses
• Implement file integrity monitoring
• Secure workstations so packet sniffers or other malware cannot be installed
• Utilize encrypted protocols or encryption to protect sensitive data
• Use packet sniffers legitimately to detect network intrusion attempts or suspicious activity on a network
• Ensure that anti-virus and anti-spyware software programs are up-to-date
• Routinely examine systems and networks for newly-added hardware devices”

More information on packet sniffing is available at www.visa.com/cisp or netsecurity.about.com/cs/hackertools/a/aa121403.htm

The economy and your business

2008-07-02T14:58:00.003-05:00

It seems lately that all we are hearing about is how bad the economy is doing, and that everything from the price of milk to airline tickets are going up what seems like every other week.

So, we'd like to ask you, our clients and readers, what you are seeing - how has the economy been impacting your business? Have you been seeing a drop-off in sales or has your business improved? Are you seeing fewer customers, or are you seeing the same customers you normally would just purchasing less?

Let us know - we'd love to hear from you.

CCNJHost.com

2008-06-04T13:50:00.003-05:00

Do you find yourself fighting with your web hosting provider on your bandwidth, levels of service or price? How about everything else?

If you don't want to have the hassles, check out our new web hosting solution, CCNJHost.com. With plans starting at only $1.50 per month, how can you possibly go wrong? Check us out today.

Compliance issues

2008-06-03T17:05:00.000-05:00

Attention all Merchant Partners customers:

Did you receive a notice in the mail stating that some of your equipment or software might not be in compliance with Visa & MasterCard regulations? As long as you are going straight to www.onlinemerchantcenter.com to handle your credit card processing, and NOT using any other intermediary piece of software, you have nothing to fear. You're in compliance and can ignore the notice.

In case you require any backup, please see our Visa CISP page.

A new business credit card?

2008-03-06T16:31:00.002-05:00

Have you been thinking about getting a new credit card for your business? Or maybe, getting your business' first card?

What better way is there than to separate your business expenses from your personal expenses than by having two different credit card accounts? Credit Cards, NJ is proud to announce that we are offering a business credit card to our clients that not only has a rewards program enabling you to earn points toward merchandise or miles but also has a cash-back option as well!

Contact CCNJ today for more information about how you too can benefit!

And are you taking my first born too?

2007-10-19T10:55:00.000-05:00

One of the many issues that all of us are constantly faced with is the question of who we can trust, and what information we can trust those individuals/companies with. And, with all of the news stories constantly appearing, it makes our information that much more of an area that we need to be careful with.

Of course, the most private of all information - our identity, consisting of social security number, date of birth and other such pieces of information, we like keeping to ourselves. We know we have to provide that information to a bank when opening an account; on an insurance policy if we want to be insured; and on our tax related forms, etc.

Most would usually believe that we would never need to give our personal information to anyone else, and normally that is true. However, there are a few instances where that kind of information may not seem on the surface to be necessary, but is in fact very much so. I am referring to the merchant services (credit card processing) applications. Let me first tell you that the information provided to a honest representative is ONLY going to be used and seen by those that have a need to see it. That would include the CCNJ data entry reps and credit officers to review an application. Your data is then securely stored or destroyed.

One might ask why it is necessary for a merchant to divulge such information. Remember the last time you went into the bank to open an account (especially after Sept. 11)? You had to provide the bank with all sorts of information, including your social security number. That requirement has been further strengthened under the US Patriot Act. In basic terms, the Patriot Act requires all financial institutions to know their customers, and to ensure they are not related to any terror related groups. When you, as a merchant, are applying to accept credit cards, you are entering into a financial relationship with a bank, and are therefore subject to the same rules and requirements. Additionally, there are other areas of concern which include but are not limited to:

Fraud protection: Are you really who you say you are?
Financial Risk: Are you or your business financially solvent, and how do we know that?So how do you know we are who we say we are?

As a consumer, there are ways to protect yourself. If you are unsure about the person you are speaking with, hang up, and use the Internet, telephone book, or Directory Assistance to find the official phone number for the company you are dealing with, and call back directly. You can also ask for references or look up the business in the Better Business Bureau at www.bbb.org.

Governments making it simple to pay our taxes

2007-10-17T15:02:00.000-05:00

In a recent report issued by the Council of State Governments called “Acceptance and Use of Electronic Payments for State Taxes and Fees,” state governments are increasingly using electronic payments, such as credit card and ACH processing, as a method to collect taxes and fees. Of the 33 states that replied, 91% of the respondents said they were using an electronic payment program and most said they were even planning on expanding their existing programs.

The following benefits were the most commonly cited and considered the most important:

Decreased processing costs
Reduced processing time
Lower delinquency rates
Faster transaction verification
Increased security and accuracy
Added convenience for taxpayers

To see the complete report: http://www.csg.org/pubs/Documents/e-PaymentsReport.pdf

Just as regular businesses are realizing the importance of collecting payments more efficiently, so are governmental institutions. Whether you’re collecting a local tourist tax, driver’s license fee, or state income tax, government offices will reap the benefits of increased efficiencies and taxpayers will appreciate the convenience and expediency.

Credit Cards, NJ (CCNJ) has a perfect solution for all entities, even governments! Contact a CCNJ sales rep today for more information.

New service offering: Business Cash Advance

2007-10-16T18:13:00.000-05:00

If you are in need of a source for funding, where would you typically go? Most people would go to their bank or their own pocket for financing. What happens though if you can't go to your bank, and you simply don't have enough to finance your business' expansion needs with your personal funds? You would need to either forget about expanding, or look for another alternative.

Let us introduce you to a brand new service offering by Credit Cards, NJ (CCNJ) known as Business Cash Advance. With this program, CCNJ can front you up to $2,000,000 to allow your business to grow and finance all of your expansion needs. With that kind of financing available, CCNJ is truly your smart choice for merchant services! Contact a CCNJ representative today for more information!

New service offering: Corporate Credit Cards

2007-09-10T18:07:00.000-05:00

Are you a business owner in need of a new credit card? Maybe the one you have now is just not working out for you for any number of reasons.

Credit Cards, NJ (CCNJ) is pleased to announce a brand new service offering available to all our customers and friends. Beginning this month, you can sign up for a new business credit card. We are able to offer a Visa card to all businesses, and an American Express card to those businesses who sign up with CCNJ and UBC as the processor. Contact us today for more information!

Gift cards

2007-09-07T13:55:00.000-05:00

Do you want more sales? Do you want to make more money? I think the answer is going to be yes! Who would ever pass up making more money or completing more sales... One would have to be at maximum capacity, and then some to ever say they would not want more business.

Let me introduce to you Credit Cards, NJ's gift card program. Using our gift card program, you will be driving more customers into your store, and many of those customers will be new ones - people who would have never stopped into your business before. Our gift card program comes in a variety of sizes and shapes, and is perfect for just about every retail business - don't pass up any more sales.

Especially at this time of year, when people will be getting ready to begin their holiday shopping, what better way of giving yourself a bonus is there? Contact Credit Cards, NJ or go to our Gift & Loyalty Card program page today for more information on our gift card program.

Business Resources

2007-08-22T12:40:00.001-05:00

In today's crazy world, one really does not have time to search for a separate provider of services for every possible product one requires. That is why Credit Cards, NJ is proud to announce our business resources page. On this page, you will find information on many of the top companies, including a link for telecommunications services and even Amazon.com! Now you can simply link directly from our page to theirs and complete your purchase on the spot. No more figuring out who to go to, and how to get to them. Check out CCNJ's Business Resources page today.

Also, in an effort to enable everyone to network, and find various providers of services, you might be interested in checking out the 5&Dime group, founded by Credit Cards, NJ. On this site, you can list your company and what you do, and allow the other members of the group to know who you are, and what you do. What better way to network informally than this?

Good luck, and we hope to hear from you soon!
Credit Cards, NJ

Accept Credit Cards Online!

2007-08-15T13:02:00.000-05:00

Do you have an online business? Do you have a need to accept credit cards online? If you do, look no further - CCNJ has your answer.

With Credit Cards, NJ's e-commerce program, you'll be able to integrate your website into our online virtual terminal to process all of your credit cards directly through your website. Alternatively, if you only need to process cards without a website, the same virtual terminal can be used for that as well. You can even add a recurring billing module to your account, so that you can charge your customers their monthly subscription fees - all from the same service!

Try us out today - surf on over to Credit Cards, NJ - Your Smart Choice for Merchant Services and check out our e-commerce programs.

Accepting credit cards

2007-07-31T14:44:00.000-05:00

Over the years, I have encountered many questions when it comes to accepting credit cards and setting up merchant accounts for small and large business.

When researching the idea of accepting credit cards you should not just look for information on the various rates and fees that will be applicable to the account. Sure, the cost is one important component, but the most important piece of your decision should be based on the reliability of the particular merchant provider (and sales office) you will be using, since after all, this is your money and your business at risk.

What is a Merchant Account anyway?
A merchant account is a special type of account that is setup to allow businesses to accept funds from credit card holders using an e-commerce storefront or a retail POS device. This account is not to be confused with a traditional business banking account.

The merchant account provider acts as the business's gateway between Visa, MasterCard, Discover and American Express and allows the money to be transferred into the merchant’s bank account.

In order to get setup to accept credit cards the business must supply the merchant provider with a few important documents that the bank requires during the underwriting process, which can include prior processing statements (if applicable), personal information (i.e. social security #, date of birth, etc.), driver's license and other pertinent information requested by the various underwriters.

A common question is what the normal cost for a merchant account is. Like every other provider, CCNJ can offer a base rate; however, based upon the business's (and owner's) credit score and the particular industry type (among other items) will allow us to better understand your business and estimate a rate to best fit your needs. To give you a range:

Retail store doing $25,000 per month on Visa & MasterCard, with an average transaction of $25: 1.59%+ $0.25 to 1.95% + $0.25 per swiped transaction (Qualified level only. Keyed transactions, business cards, etc will raise the rate).
Online storefront doing $25,000 per month on Visa & MasterCard, with an average transaction of $25: 1.99% + $0.30 to 2.75% + $0.30 per transaction. (Mid-Qualified level only. Business cards, etc will raise the rate).

What's the Next Step - How Do I Setup a Merchant Account?

1. Please Complete this Small Questionaire and a Merchant Account Consultant will be in contact to discuss your business's needs.

2. Please fax the following information to 201-490-5451, attn: New Accounts

Completed Application
2-3 months of prior processing statements (if applicable)
Business License
Driver's License
Voided Check

Most people looking for a merchant account just go out onto the internet and find the lowest credit card processing rates and signup without understanding all that goes into the process. I have had many customers that have been burned by not knowing all of the details up-front. Ask questions, don't expect the sales rep to come straight out and give you all the fees, etc on the account. If you do not feel comfortable with the deal, walk away.

Accepting credit cards also has it's risks for the fact when it comes to chargebacks. You need to make sure that your merchant provider can help you when these issues arise because you do not want your business to be listed on the "TMF List." The Terminated Merchant File is essentially a BLACKLIST from which it is almost impossible to be removed, and will force you to pay higher rates for processing, should you be approved in the future. Note - chargebacks are only one way to end up on the TMF List; other factors can land you on this list as well.

Get a FREE Rate REVIEW
Talk to a merchant account consultant at Credit Cards, NJ to analyze your current rates to see if there is anything they can do to help you reduce your monthly fees. Since CCNJ guarantees that they will meet or beat your current processing rates based on your current statements, what have you got to lose? You can either complete our brief form, or call us at 201-645-0132 and ask to speak to someone in sales today!

Telecom Services

2007-07-27T17:21:00.000-05:00

With all of the stories about the telecom industry, in particular, the Voice over IP (VoIP) technology, and some companies closing down, now is definitely the time to ensure you have the right company behind you. Credit Cards, NJ is proud to announce that we have entered into a relationship with many of the country's top providers for telecom services, including VoIP business-class services.

Check out CCNJ's telecom services page for more details.

Update...

2007-07-26T10:27:00.000-05:00

It's been a while since our last post, but we wanted to update everyone on some of the latest happenings at Credit Cards, NJ. A brand new site just launched - check it out at the home of the Low Rate Credit Card Processing & Complete E-Commerce Solution.

We also have a new promotion currently underway - sign up before July 31, 2007 and enter for your chance to win a brand new iPod Nano, courtesy of CCNJ.

Hope to hear from you soon!

Your friends at Credit Cards, NJ

Special referral bonus

2007-03-01T14:54:00.000-05:00

Special bonus available to businesses that refer new customers to CCNJ:

CCNJ values referrals. We value them so much that we'll pay you hard, cold cash to bring new accounts to us.* Simply fill out our referral form and if the person you are referring us becomes a customer, we'll pay you a handsome referral bonus. More details available on the site.

* Certain restrictions apply. New referrals must be expecting a call from CCNJ. No bonuses paid out for self-referrals.

What you really need to know about accepting credit cards!

2007-03-01T10:55:00.000-05:00

I have often heard people who say that accepting credit cards is just too expensive for me. I must say that when you look at the basic economics of it, by not accepting credit cards, you're actually costing yourself money - not saving!

If you are a business and not accepting credit cards, you are missing out on sales and free advertising. Those lost sales might make the difference between a good month and a REALLY good month or between making a profit or a loss during a particular reporting period. Merchant accounts are known to increase your business by 30-100% or more!

Let's look at an example, that can be applied to any level of sales or any type of business...
Monthly sales volume: $5,000
Assumed cost of goods sold (COGS): 50%
Gross profit: $2,500

Now, add a conservative 20% increase in sales (note - normally would expect 30-100% if not more) by accepting credit cards from your customers.

NEW Monthly sales volume: $6,000
Assumed cost of goods sold (COGS): 50%
Gross profit: $3,000
Less estimated credit card processing fees of approx. $100
NEW NET PROFIT before tax: $2,900 or additional $400 per month or $4,800 per year

By accepting credit cards in this case, you'd be making an additional $400 per month or $4,800 per year - how can you say no to that?

Let's look at another example: Let's keep some of the numbers from above, but say a 30% increase in sales.

Sales volume would be $6,500 per month
COGS would be $3,250
estimated credit card processing fees would be approx. $150.

NEW net profit before tax would now be $3,100 or an increase of $600 per month/$7,200 per year.

When you look at the math, you have to ask yourself - how did I not see this before? Why am I letting sales slip this way?

Don't beat yourself up anymore. Contact Credit Cards, NJ today and let us help you get setup to accept credit and debit cards right away.

Special for Non-Profit - 501(c)(3) Organizations

2007-02-26T16:53:00.000-05:00

Do you represent a non-profit organization?

Let's face it. It costs a lot of money to raise a dollar these days, and with more than 1 million 501(c)(3) certified organizations across the United States, it is now that much more difficult to raise money to fulfill your organization's mission. That is why CCNJ is proud to be a partner with the non-profit industry.

Sign up with Credit Cards, NJ and enjoy HUGE discounts on transaction fees, monthly service charges and much more, available ONLY to non-profit & educational organizations. Learn more about Credit Cards, NJ's program for the non-profit & educational industry.

Keep those hard raised dollars with the organization instead of with Visa & MasterCard! We make it easy and hassle free for you to join. So what are you waiting for? Contact CCNJ today.

Get money back for processing your credit cards with CCNJ!

2007-02-23T10:12:00.000-05:00

Special promotion available to new customers who sign with Credit Cards, NJ (CCNJ) before March 1, 2007...

Get up to $100 cash back on your credit card processing fees. Simply sign up with CCNJ and save on your processing fees, while even earning a chance to get money back! How much better can life get than this? Check out Credit Cards, NJ today to find out more.