Category: credit card processor

February 21, 2018

Choosing A Credit Card Processor – Top 5 Considerations

credit card processor

Credit card processors are a dime a dozen.  You probably received a phone call from a processor soliciting your business within the past thirty days. Before you consider jumping ship for what sounds like a great offer, research the Top Five matters before selecting a new processor. Credit card processing is a utility for your business, much like your electricity, telephone and internet, credit card processing is a must-have in today’s cashless society.  Just as you expect the lights to come on in a room when you flick the switch, you have expectations of your credit card transactions going through...Read more

February 14, 2018

The Very Basics of Credit Card Processing – Explained

credit card processor

If you are thinking that your bank is your best option for credit card processing, you are mistaken.  In fact, banks are the worst choice for your credit card processing. We will explain the difference between an “issuing bank” and an “acquiring bank”.  Without a middle man credit card processor, they can charge anything they want and merchants are none the wiser.  As a side note, credit card processing is also known as “merchant services”.  A credit card processor and a merchant services provider are the same thing and both names are commonly used. The Five Parties There are four...Read more

February 7, 2018

Authorization vs. Pre-Authorization – What’s the Difference?


The term, “Authorizations” in credit card processing can mean different things to difference merchants.  There are pre-authorizations, purchases and captures.  We will explain the difference for you in easy to understand terms. Pre-Authorization Also commonly referred to as a “pre-auth” or “auth-only”, is a pre-authorization that places a hold on your customer’s credit card for a specified dollar amount based on a projected sale amount.  This guarantees you access to their credit limit for the specified amount.  This is important for you to know to avoid an unpleasant experience for your customer.  Let’s say your customer has a $1000 credit...Read more

January 31, 2018

What Exactly is a Merchant Services Provider


Recently one of our merchants had his Merchant Account frozen.  Needless to say he was very angry in his call to Chosen Payments.  He demanded we release his funds and put them in his bank account at once.  The only problem with the request is that Chosen Payments didn’t have control of the money.  However, Chosen Payments did work behind the scenes to get the money released from the sponsoring bank as well as getting the account back to good standing within 24 hours.  That’s one of the things that a Merchant Services Provider (MSP) does.  We represent merchants in...Read more

January 19, 2018

NHRA Features Chosen Payments on Fox News

NHRA partners with national credit card processor Chosen Payments. Funny Car champion Tony Pedregon will serve as an ambassador of Chosen Payments MOORPARK, CALIF. (PRWEB) JANUARY 17, 2018 Chosen Payments CEO, Jeff Brodsly was recently featured on FOX Sports. Chosen Payments was featured on the national network as the preferred credit card processor of the NHRA, its members, fans and vendors. The national processor was recently named one of the Top 10 credit card processors in the United States by Retail CIO Magazine. Chosen Payments handles credit card processing at all NHRA tracks including ticket sales, concession stands and other ancillary...Read more

January 17, 2018

Failing to Accept EMV Chipped Credit Cards Can Be Costly


We have recently learned that many credit card processors have implemented fees in 2018 to merchants who don’t have a chip reader terminal.  Really, this isn’t a fee.  It is a fine that is unfairly implemented by unscrupulous credit card processors who are simply making an extra buck off you.  It’s not just a buck though.  One processor is charging an annual fee of $299 to all merchants who don’t have an EMV chip reader terminal. They are blaming MasterCard and Visa.  This is absolute hogwash.  Although we do recommend that you implement the chip reader terminals for your own...Read more

January 10, 2018

High Risk Credit Card Processing

credit card

Taking credit cards in today’s cashless society is a basic of business.  However, if you run a business that is strictly online and involves travel, gambling, debt collection or a dating site, you can be considered high-risk.  It can be a very difficult challenge to find a credit card processor that will even entertain taking on your business due to the high number of chargebacks in these industries.  There are a number of things that you can do to make your business more appealing to credit card processors like Chosen Payments. Here are a few suggestions:   Demonstrate that your...Read more

January 3, 2018

Are You Still Swiping In 2018?


The deadline for adapting chip reader terminals was October 1, 2015.  Yet, as we enter 2018, we still see many merchants swiping cards.  We are baffled by how many merchants across America are using outdated credit card processors that don’t include the latest security standards known as EMV.  This new EMV chip reading terminals utilize the chip to thwart fraud. We have already shared many times how EMV technology works as far as processing payments. The biggest problem with the delay in implementation of chip readers is the shift in fraud liability.  Merchants not utilizing the EMV technology are now left...Read more

December 13, 2017

Four Money Saving Tips for Credit Card Processing

credit card processing

You probably think you know everything about credit card processing.  You probably felt like you did your research, selected a company or bank that could process credit cards for your business and as long as you are getting paid in a timely manner, everything is probably okay.  It could be.  But, chances are you may not know about these four secrets that can save you money and send more money to your bottom line profit or pocket rather than being spent on administrative fees to run your business. #1 – Processing fees are tax deductible.  As you prepare your tax...Read more

December 6, 2017

What Is Level 3 Payment Processing

payment processing

Most businesses that sell directly to the consumer use Level 1 credit card processing for handing transactions with Visa, MasterCard and American Express.  However, if you specialize in doing business with other businesses and your primary business model is conducting business with small to medium sized businesses, you might be using Level 2 processing or perhaps should be using Level 2.  This is ideal for limo or ground transportation companies who do business between each other.  We’ll save that for another article and go right to Level 3 processing. Level 3 payment processing is used for transacting business with larger...Read more

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