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Advantage July 2012

Jul 2012

From The Top - Rob BassoJuly 2012 Newsletter

From The Top
By Rob Basso
President, Advantage Payroll Services

Every business is unique, and so are their payment needs. In today’s times, you may need to offer your customers more payment options, such as debit or credit card payments and ACH transactions. Or maybe you already offer credit card acceptance but are looking to offer a larger suite of payment services, such as automated membership billing or escrow account management. Either way, it’s a great time to look at merchant services processing partners.

Advantage Payroll Services has partnered with Capital Payments, leading provider of customized payment services that focuses on offering integrated solutions that increase your client acquisition and retention. Capital Payments offers a suite of fully-loaded, PCI-DSS solutions that are low-cost and high-performance for merchants.

Today’s consumers want the convenience of spending where they want, when they want, and how they want. Two of the most popular payment methods today are credit cards and debit cards. These cards can be processed both at the retail point of a sale using a swipe device or a virtual terminal, or online using an Ecommerce website. Regardless of how the cards are processed, there is no denying the numerous benefits credit card and debit card acceptance brings to merchants. Getting started is quick and easy. I’ve asked our Sales Coordinator, Agatha Konstantatos, to answer a few of our most frequently asked questions. Make sure to reach out to Agatha or your customer service representative today for more information or for an application.

If you have an interesting topic or would like to offer your expertise to fellow business professionals, consider participating in our newsletter. Please contact us with your ideas and suggestions today at newsletter@liadvantage.com, or call Christine Cesarino at (516) 931-8400 ext 17.

Q & A with Agatha Konstantatos, Sales Coordinator

1. What is Capital Payments?
Advantage Payroll has partnered with Capital Payments to provide our clients a customized Payment Processing Solution that features a suite of payment options for your office, including Credit/Debit Card acceptance, Recurring/Automated Billing, and Automated Clearing House (ACH) processing.

2. How do I get started?
You can start processing in just a few days. Simply go to http://capitalpayments.com/advantagepayroll/ which is customized specially for Advantage Payroll clients and fill out the contact form, or you can call your Advantage representative directly with your information and Capital Payments will reach out to follow-up. Capital Payments processes merchant applications Monday through Friday, 9 am – 5 pm Central Time.

3. What kinds of payment products are available to my business?
Through the Capital Payments Payment Processing Solution, you’ll be able to take advantage of:

  • Credit Card & Debit Card Acceptance: Enables you to accept all major cards such as Visa®, MasterCard®, American Express® and Discover®.
  • Recurring Billing: Automatically secures payments from your clients based on a cycle that you determine.
  • Automated Clearing House (ACH) Transactions: Enable purchases to be electronically deducted directly from a customer’s bank account using their account and routing number.
  • Virtual Terminal: Accept payments through a personal computer or laptop instead of a physical card terminal.
  • POS Solutions: Choose from a variety of point-of-sale (POS) terminals, equipment and supplies to process secure face-to-face payments.
  • PCI Compliance Assistance Program (PCAP): Gain PCI compliance quickly and securely with Capital’s PCI Compliance Assistance Program.
  • Electronic Reporting: Get real-time information for optimal account reconciliation.
  • Secure Payment Processing: Capital specializes in secure payment processing through the company’s Bluefin gateway, which provides merchants tokenization, end-to-end encryption and transparent redirection options. Each of these unique attributes of the gateway solution reduces the scope of PCI compliance for merchants.

4. What are the fees for a merchant account?
There is a monthly fee of $19.95 and a swiped transaction fee at 1.79% and $0.25; non-swiped (key-entered) transaction fee at 2.79% and $0.25. There are no setup fees, application fees, no monthly minimums, no annual fees and you receive a free point of sale device or online virtual terminal.

5. Is there a service contract?
There is no service contract required, no set up fee and no cancellation fee.

6. What kind of information do I need to provide for the application?
The information you will need to provide is very basic and will include your business name, address, Tax Identification Number (TIN), actual or projected dollar processing volume per month, and how long you have been operating. Additionally, if you already have a merchant account from another provider and would like to switch completely to a Capital Payments merchant account, you will be asked for your previous three months of processing statements. In addition to your statements, a preprinted, voided check is required for your bank account to ensure funds are deposited to the correct account. If you do not have a preprinted check, a letter from your bank outlining account details including the name on account and your routing/account number will be sufficient.

7. Do you need a credit check and/or my financials as part of the set up process?
Yes, credit checks are required by Visa and MasterCard and are necessary to determine if the business owners are financially sound. Additionally, if you plan to process over $50,000 in transactions per month and/or have an average transaction size of $2,500 or more, one year of complete CPA prepared/Audited financials may be required. In some cases, two years of the most recent CPA/Audited financials may be needed depending on credit of signer, years in business and projected volume levels. Capital Payments extends virtually unlimited lines of credit when a merchant account is set up. Financial stability is the most critical component of the approval process.

8. Who do I contact if I have questions?
You can contact your Advantage Payroll representative directly or email us at merchantservices@liadvantage.com.

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