Serve First Solutions Bankcard Blog

Data Privacy and Security Act

2011-06-28T08:21:00.000-07:00

The Green Sheets, a leading payment industry weekly peridocial, outlines how data privacy and security are making headlines in Washington, D.C.

"Sen. Leahy, the Senate Judiciary Chairman, introduced the Data Privacy and Security Act of 2011 in June. This legislation is modeled on bills Sen. Leahy introduced into the last three sessions of Congress. It imposes criminal penalties on hackers and requires businesses that store customers' personal and credit card information and do business with the government to have adequate data privacy and security programs. This bill would also set a mandatory national data breach notification standard."

'"The many recent and troubling data breaches in the private sector and in our government are clear evidence that developing a comprehensive national strategy to protect data privacy and security is one of the most challenging and important issues facing our country," Leahy said in his statement heralding his fourth attempt to get cyber security legislation passed.'

Serve First Solutions Teams up with Duffy Boats

2011-06-21T06:58:00.000-07:00

Los Alamitos, CA - June 21, 2011 - Serve First Solutions, Inc is proud to announce its partnership with Duffy Boats of Newport Beach, CA.

Serve First Solutions is providing payment processing representation for the wholesale and retail channel for the family owned Newport Beach based company. Read on for some great information taken directly from the Duffy website, visit them at: http://www.duffyofnewportbeach.com

"Renting a Duffy Electric Boat is the perfect way to enjoy an afternoon or evening with your friends and loved ones, silently cruising Newport Bay. All of our new 21-foot Duffy boats can accommodate up to 12 adults (10 comfortably). Each boat has a full canopy top, full window enclosures and a great sounding CD player with iPod hookup.

Our Newport Beach boat rentals services are available to rent 7 days a week. Reservations are highly recommended, especially during weekends and holidays. We take individual reservations up to three-months in advance and group bookings up to six-months in advance. Last minute and walk-up customers are always welcome; however we cannot guarantee a boat will be available for your group.

Duffy Boats are now also available for rent at Marina Bay of Fort Lauderdale, Florida. Please visitDuffyboatsflorida.com for more details. "

Also find Duffy on social media:

Twitter: http://twitter.com/DuffyNewport
Facebook: http://www.facebook.com/duffynewport

Bank cash transfers offered via cell, e-mail

2011-06-01T08:37:00.000-07:00

Three of the nation's four largest banks are launching a system that lets customers transfer money from their checking account using only a phone number or e-mail address.

The banks say the service, called clearXchange, will make payments easier than traditional money transfers, which require a bank routing number move through a system controlled by Federal Reserve Banks. The service is a joint venture between Bank of America, JPMorgan Chase, and Wells Fargo.

ClearXchange is an attempt by the banks to retain fee-weary customers who have embraced alternatives such as pre-paid debit cards and eBay's PayPal service.

Google enters mobile pay

2011-06-01T07:57:00.000-07:00

Google plans to take mobile payments into the practice using one phone at Sprint. The Android shop is expected to unveil it's long awaited wireless system at an event in New York.

Google jumps into a field already crowded with credit card companies, financial services firms, online payment giants, and telecommunications companies all eager to control the unfolding wireless wallet. Google which has had limited success with it's own online payment system - Google Checkout - plans to use near field communication or NFC technology in the Samsung Nexus S Phone carried by Sprint in hopes of ushering in the mobile phone credit card.

Serve First Solutions partners with historical LA eatery

2011-05-28T22:05:00.000-07:00

Serve First Solutions is excited to announce it's partnership with The San Pedro Fish Kitchen in San Pedro, CA!

"Often referred to as the Disney Land of seafood, San Pedro Fish Market and Restaurant was founded in 1982. Our original store was actually called Vista Seafood and opened in 1957. Both specialized in delivering fresh seafood to seafood lovers. The founders, Mackey Ungaro, his son Henry Ungaro and his nephew Tommy Amalfitano. In the late 60’s we relocated to the waterfront and eventually changed our name. We are still a family owned and operated business; there are currently 3 generations of us working here."

Check out the San Pedro Fish Market!

Online: http://www.sanpedrofishmarket.com

Twitter: http://twitter.com/sanpedrofish

Facebook: http://www.facebook.com/sanpedrofish?ref=ts

Serve First Solutions partners with local business bank

2011-02-11T16:37:00.000-08:00

Serve First Solutions partners with local business bank to provide credit card processing, and merchant solutions for their business banking customers. Serve First increases cost savings by utilizing pass through pricing, improves efficiency through state of the art technology, and backs it all up with best in class customer service.

Serve First Inks deal with OC Airplane Parts Manufacturer

2011-02-07T10:36:00.000-08:00

Serve First Solutions works with local manufacturer on comprehensive payment plan in increase cash flow and reduce operating expenses. Utilizing online payment gateway Authorize.net and pass through pricing structure, Serve First continues to build it's reputation as Card Not Present expert in the Orange County marketplace.

International Payment Processing

2010-10-19T22:10:00.000-07:00

We've taken the confusion out of global credit card payments by doing all the hard work for you. Serve First has partnered with an international leader in domestic global acquiring.

Serve First provides superior functionality, speed and customer service to card-not-present retailers around the world. With a PCI-compliant sophisticated interface, flexible reporting, and highly competitive rates. Serve First comprehensively meets the processing needs of merchants in the following countries:

Europe Andorra Austria Belgium Channel Islands Croatia

Cypress Czech Republic Denmark Estonia Finland France Germany Gibraltar Greece Hungary Iceland Ireland Israel Italy Kosovo Latvia Lithuania Luxembourg Malta Monaco Norway Poland Portugal Russia San Marino Slovakia Slovenia Spain Sweden Switzerland The Netherlands Turkey United Kingdom North America Canada United States Latin America Argentina Brazil Mexico Australia Hong Kong Japan India Korea Malaysia New Zealand Philippines Singapore Taiwan Thailand

By leveraging Serve First established international banking relationships, it's easy to enter new marketplaces, consolidate cash management and avoid navigating the murky waters of international banking

Merchant Cash Advance Info

2010-10-18T22:39:00.001-07:00

A Merchant Cash Advance is the purchase of a portion of a business future card sales at a discount. The purchase price paid by the Cash Advance provider is a lump sum of cash delivered to the business for its use as working capital.

A common and popular way for the Cash Advance provider to collect its purchased receivables is through "Batch Splitting" and/or closely related variations through Automated Clearing House transactions. In batch-splitting, the merchant directs its processor to forward an agreed
upon, set percentage of the merchants daily net (post-chargebacks, reserves and other processor-related charges) settlement dollars from card sales to the Cash Advance providers account and to forward the remainder of the net settlement amount to the merchants account.

An Merchant Cash Advance is not a loan, it is a purchase of a specified amount of card sales that have yet to occur. This distinction is more than semantics and goes straight to the benefits an Cash Advance provides to merchants. A merchant contracts for a Cash Advance because, among other reasons, it
has no fixed term. Rather, provider is entitled to receive a set percentage of its merchant clients daily net settlement batch.

Because of its structure, an MCA involves no late payments or associated charges or penalties and is better aligned with the merchants cash flow than traditional fixed payment style arrangements, in which the payment of a fixed dollar amount is due regardless of the merchants sales volumes.

Underwriting and Expectation Management

2010-10-04T15:14:00.000-07:00

The topic of underwriting can be a crass word if not used in the right context. For example "What the **** is underwriting looking for?!" Why the **** do i need to provide sensitive financial data to the underwriting department?" Well you get the idea. In a new financial landscape we have found ourselves in, we have to adapt, and the merchant services industry is no different.

As businesses large and small goes belly up in the United States, ripples are sent throughout the financial system and can have major cumulative influence. When establishing a merchant account, particularly in the "Card Not Present", Mail order/Telephone order, and e-commerce space, underwriting expectations need to be clearly communicated to the merchant.

In certain vertical markets that incur a low transaction volume, but high transaction amount (manufacturing for example) or other verticals that see a high volume of transactions in a short period of time (auction houses are a good one), major processors are taking a closer look at financials to justify a stated volume.

The possible risks needs to be explained including the possibility of funds being held or frozen until investigation or due diligence can take place on the side of the processor. This process could take up five-seven business days and can harm the business process of an organization where cash flow is crucial.

A seasoned merchant services agent should be able to navigate the payments industry and manage the expectations of both the processor and the merchant. However, if an agent seems "green" to the industry, beware and make sure you review a few options and have all the details in place before signing up.

Law Firm Merchant Account

2010-09-29T18:50:00.000-07:00

Merchant accounts can be an accounting nightmare for attorneys and law firms if the account is not set up properly. With a typical retail, mail order, telephone order, or e-commerce merchant account funds are deposited and fees are debited from the same bank account.

However, a merchant account set up specifically for a Law Firm is different for a few reasons. Funds received for services or retainers are deposited into a trust account. At the end of the month fees are then debited from a separate operating account.

This specialty merchant keeps funds earned and service fees separate and makes the month end accounting and reconciliation process more efficient.

Visa expands No Signature Required program

2010-03-05T07:20:00.000-08:00

According the The Green Sheets Online, Visa Inc. plans to extend its No Signature Required program to most merchant categories in the United States. The program allows merchants to accept domestic Visa transactions of $25 or less without a cardholder signature.

"The program is already in use in 26 categories, such as quick service restaurants, commuter transportation, taxicabs, parking garages, book
stores and other high-traffic retail environments. When the changes are implemented in July 2010, the program will be available to U.S. merchants assigned to 98 percent of Visa's merchant category codes."

The look and feel of the point of sale transaction will be generally the same to the consumer. As a result merchants may see a shift debit to credit for small-ticket purchases. This could be bad news for merchants, who will pay higher fees on credit versus debit card transactions.

Debit Card Payments in the New Economy

2010-01-06T08:49:00.000-08:00

This last year was a tough one. The decline in dollars spent using credit and debit cards in 2009 vary between 5 and 20 percent depending on the industry sector. However there is hope. Marc Abbey, Managing Partner at First Annapolis consulting is more optimistic and sees retails sales inching up this year as a result of new business formation.
Additionally Mark Harrington, Senior Vice President at First Data Corp., explains that the online channel is also showing signs of growth and merchants of all sizes are looking to grow their online presence, "they're looking for more holistic approaches," he said.

"As consumers save more and limit discretionary spending, many turn to debit cards to help manage their purchases," Towergroup, a consultancy firm explains. What's even more evidential is that in the span of the last 15 years, debit card transactions have ballooned from a mere one percent of non cash transactions to more than 50 percent and industry analysts predict this trend to grow.

Consumers are continuing to spend but they are spending smarter. They may feel empowered by taking a step away from personal credit and utilizing convenient debit cards with built in incentive programs to pay for everyday purchases. These incentive programs offer "cash back," "rewards points," and others programs that reward savvy shoppers. PIN based debit has seen a major increase in recent years as well.

What does this mean for merchants and consumers alike? Little known fact, debit card usage is most of the time less expensive for the merchant, therefore, given the choice, the merchant will most likely choose debit over credit cards. Consumers are becoming increasing frugal and will shop at establishments that accept their plastic debit payments that reward them for spending. Conclusion: offer the ability to accept debit payments and increase competitive advantage.

Customer Service--It's up to YOU?!

2009-11-09T18:46:00.000-08:00

Picture this: You're five years old and you sit on your grandfather's lap in front of the fireplace as the light flickers on his old wrinkled face. You look down at your brand new toy truck that has been broken and now rendered useless. A single tear drips down your face as search for answers as to why your
brand new toy you bought with all your pennies saved has just broken leaving you alone and desolate---five years old. You yearn for an explanation and comfort and your dear old grandpa explains that the reason why your cheap little toy is broken is because it was manufactured in China by a child only a little older than you and the parts are cheap, the labor is cheap and the company that sold the toy simply wanted your money and didn't care about you as an individual. He explains, "you get what you pay for sonny boy..."

Tough lesson for just a child. While I have nothing against China and their manufacturing practices, I do know that this story is happening all over the country as we speak. Insert Merchant Services Sales Agent for Chinese toy manufacturer and you've got a story that you might have experienced personally or by someone you know.

If you feel "taken advantage of" or "misrepresented" or any other set of descriptive words by a merchant services provider, then look no further because I provide solace.

If you are looking to enter into a relationship with a Merchant Services Provider to accept Credit Cards for the first time or you have been "burned" in the past by someone in the industry, or you are simply trying to learn more about this most ambiguous industry, then follow along.

First you must establish a relationship with your salesperson. Remember this individual will have access to your personal information and bank account. Ask for references. Understand how they learned about your business.

Have the sales agent explain all fees upfront. What happens if I don't accept any credit cards? Is there a monthly minimum? Is there a cancellation fee? These fees are industry standards and vary from provider to provider, so a merchant needs to understand these items in order to make an informed decision.

Remember dear old grandpa's words: " You get what you pay for..." This rule applies in the Merchant Services Industry too. The cheapest provider isn't always the best option. This is about customer service. If something happens who do I call, you might wonder? Are you going to talk with the agent who sold you on the account? What other products do you provide to help increase revenues? These are questions you should be asking yourself and the sales agent.

If you take away anything from my blathering take this: Merchant services is not about the ability to accept credit cards, it is about protecting your trusted client's personal information, its about building a relationship with a professional who can not only help you improve your overall bottom line but can save your employees time and help get more customers in the door. Thank you goodnight and don't forget to tip your waitress.

The journey of 1000 miles begins with...

2009-10-11T22:50:00.000-07:00

Can I get the bloggers in the back row to wave their hands in the air?! I just wanted to get the crowd warmed up as we embark into the wonderful wondering world of blogging...

In the Confessions of a Merchant Services Provider we will examine why people need the most ambiguous merchant services professional and more importantly I will arm you with the tools necessary to avoid some of the common pitfalls of the industry. Later we will reveal some of the common and not-so-common misconceptions about our rare breed that will shed some light on how to navigate the payments industry moving forward....and we might have some fun along the way!

Stay Tuned...