Occasionally we will be contacted by an applicant who does not have a social security number and wants to sign up their business to accept credit cards.   Although a valid Social Security Number is required to apply to accept credit cards, it does not mean that we cannot help this business get approved to accept credit cards.

The easiest and most straightforward option is to have another registered owner of the company apply for the merchant account.  Many Corporations and LLC’s have multiple Directors and Officers.  We can take the application under the name of one of the other Corporate Directors or Officers who does have a Social Security Number.

If you are the sole owner of the Corporation or LLC and do not have a Social Security Number then you will be required to bring on a new Member or Officer to your Corporation or LLC.  This process is easier than it sounds.  For example, in the state of Florida it is as easy as logging onto the website www.sunbiz.org and filing the appropriate document.

If you are a Sole Proprietor without a Social Security Number then you will need to bring on a Partner to your business.  This will essentially turn your Sole Proprietorship into a Partnership.  But again, this process is easier than it sounds.  If you Google “Partnership Agreement” you will see many results.  Most of the Partnership Agreements are not that long or cumbersome, and many are available for free.

After running through the Newark airport to catch a flight to Ireland, I reached the ticket counter with a pounding heart and said, “We’re on this flight, we’re on this flight.” I noticed one of their employees had her hand on the door that closes the gate to the plane when the assisting flight attendant asked us for our boarding passes. I gladly handed them over and we were the last passengers to arrive on the plane.

I settled into my seat when the gentleman next to me started chatting away. I was more than happy to strike up conversation with him because I needed to get use to the Irish accent. After introductions, he asked, “What brings you on this journey?” I replied, “Well, we decided to see the band U2 play in their hometown. Our other friends are on a different flight and we are meeting up with them in Dublin. This is my first time to Ireland while my husband has visited once before.” He mentioned he was a cab driver a few years ago but had to quit because he had stomach cancer (he is currently in remission). He was coming back from a 7-day Carribean cruise, which he did not recommend. I asked him if he could suggest a place in town that served fish and chips and he gave me two places. He recommended a place to experience live Irish music and I wrote all of his suggestions down. He asked what my career was and I said that I was in merchant services. I work for a company that allows businesses to accept Mastercard and Visa. His eyes lite up and said, “Would it be possible for me to get one of those machines?” I said, “Are you looking for a credit card terminal?” He replied, “Yes. I have clients that I can still drive around” I mentioned that the regulations by Mastercard and Visa may be different in Ireland than the States. I recommended two wireless terminals for him to research. I wrote them down and handed him my business card. I mentioned that if he had any questions about the process he should email me and I’d be more than happy to assist.

Our flight landed early. We went through customs and retrieved our luggage. I saw John and his wife and we both waved good-bye and I thought if all Irish folk are as kind as him, I know our trip will be one to remember.

In 2008 the credit card processing industry experienced a large influx of applications from companies offering Mortgage Loan Modifications.  As most people know a Loan Modification Company will negotiate with a lender to reduce the interest rate, monthly payment, term, or outstanding principal balance of a mortgage.

Initially merchant account applications from Loan Modification companies were scrutinized very closely by the issuing banks.  But soon enough the banks became comfortable with the applications and approvals became routine.

In 2009 the tide has swayed in the other direction.  Issues have arisen with many Loan Modification companies regarding the collection of upfront fees and non-delivery of service.  These issues have been well documented in the Press. 

Banks that issue merchant account applications have responded by tightening up the guidelines for Loan Modification companies.   Some nationally recognized banks are no longer accepting merchant account applications from Loan Modification companies.

The Loan Modification industry provides an excellent example of how the ebb and flow within a given industry can greatly impact the ease with which a merchant account can be obtained.

The Fair and Accurate Credit Transactions ACT of 2003 was passed to help fight identity theft. This Act gives consumers more tools to fight identity theft. For example, it gives consumers the right to receive one free annual copy of their credit report. It also gives consumers who have been a victim of identity theft the right to contact the three major credit bureaus and place a fraud alert on their credit report.

Section 315 of the Fair and Accurate Credit Transactions ACT of 2003 is relevant to merchant account applications. Section 315 is referred to as the “Red Flag Rule” and requires credit issuers to take steps to detect and prevent identity theft. Enforcement of Section 315 was delayed until May 1, 2009. Of course any credit issuer will naturally want to take steps to prevent identity theft. But as of this year it is also now being enforced as law.

The bottom line is that from this point forward consumers can expect credit issuers to take stricter measures to verify identity. And this is for the good of everyone. I am always happy to provide my identification when making a purchase or applying for credit. It gives me peace of mind knowing that the creditor is taking proper steps to prevent my identity from being stolen.

More to follow on this topic in my next blog.

Don’t you just wish you could get a fair deal up-front for things rather than having to fight for everything?  Wouldn’t it be great if a company actually came to the table from the very beginning with their best deal?  Wouldn’t it be fantastic if whenever you received an offer for services, all the fees were transparent and nothing was hidden?  Don’t you wish companies would figure out how to make every deal a win-win and not just about maximum profit for them?  

Isn’t that they typical game of any kind of service that involves sales?  Try to milk the customer for the maximum amount of profit upfront.  Then if you can’t, start to make concessions.  And if you must, trim your fees to the bare minimum so that you can still make the sale and turn a profit.

But what if every deal was offered at the level just mentioned, only that was the first and only offer made?  Congratulations!  Welcome to BestMerchantRates.com!  

Large Corporate Pricing for everyone, upfront!  Tens of thousands of customers have experienced exactly what I just described above.  And we are very proud about the fact that we are making long-term business partnerships, not scamming people in this “racket” known as Credit Card Processing.  Experience the difference for yourself.

Many people shopping for credit card processing services seem to be focused on 2 factors: Rate and Transaction cost.  I would propose that there is a lot of other fees they should be concerned about other than these 2 items.

First, rate can mean many different things.  Which rate are you looking at?  Debit Rate?  Qualified Rate? Non-Qualified Rate? The better question to ask as you are shopping is: “What is your pricing structure?” Because the pricing structure is what determines how your rates are applied.  And you’ll notice I said “rates” not “rate.”  If you want to play a rate game, then go ahead and settle for the confusing and hidden fee structures of 3-Tier, ERR, Non-Qualified and Mid-Qualified.  If you want the simplest and most straightforward rate structure for accounting purposes and also the same rate structure that Fortune 500 companies demand, then ask for Large Corporate Pricing (but be aware that Best Merchant Rates.com is one of the few companies that offers Large Corporate Pricing to anyone).

Second, how are you paying for your credit card terminal?  Do you even need a physical terminal?  Has your processor offered to set you up with a virtual or internet/PC terminal?  This is very important because terminals are not always necessary and they can be quite expensive if you don’t shop around.  You might also consider leasing a terminal- which is very beneficial for many businesses.  But don’t ever agree to a terminal lease price of more than $50.00.  In fact, for the average credit card terminal, a $30 payment is sufficient over a 48 month period.  And make sure the lease comes with a free next-day replacement warranty.

Third, how concerned should you be with transaction cost?  Have you inquired about Authorization cost (because they are 2 separate costs)?  If you are a law firm or service provider that might only do 1-2 transactions per day, then why battle over transaction costs?  It’s not going to matter much to the processor because they can virtually give it away when you have so few transactions.  Pick and choose your pricing battles.  You should focus your negotiation on other fees that will affect your bottom line a lot more significantly than 40-60 transactions at $0.20 per month.

Finally, when looking at a credit card processing provider, ask yourself this question: “Have they offered me the best deal up-front, or did they only offer me the best deal after I battled them, shopped around, and was forced to do a lot of homework.  It’s very important in any industry to find a company that gives you a great deal up-front.  This says a lot about how they are going to treat you once you are a customer.  A Fight Up-front = a Fight on the back-end.

When a merchant calls in and needs to accept credit cards our primary goal is to take the time to understand how they will be operating their business and then make suggestions that will best suit their needs. Often, the credit card processing industry is so confusing that our customers need indepth explanations to fully understand the complexity of card processing. Here is feedback from our happy customers who recognized our upfront full disclosure and detailed service approach:
“Thank you both so much for all your hard work in helping me get this account approved!!! You have no idea how much this is going to change my life! I’m making this my full time job and hope to take it to the next level. And now with your (and BMR’s) help I can work on achieving my goals.”
“I wanted to write to you and tell you what an awesome employee you have in Tuyet. She was so nice and helpful when I called her. She answered all my questions I had with no problems.
Tuyet made my day, I am going with your company for my merchant services. I appreciate Tuyet.”
“Just a note to let you know that sales rep Judy, who handled my merchant machine purchase, did an excellent job. She was very informative, polite and professional. I feel she had my best interest at heart. When my own business gets busy enough to hire people, I hope I find employees like Judy.”
“Thank you for your help and for providing excellent customer service. You were very patient with us and I appreciate not feeling like I was sold more than I need. It is nice to have the option to upgrade our account if at any time we feel the basic package isn’t meeting our needs. I have completed our application and look forward to hearing from you in the next day or two.

I have sent an email to my sister recommending she call you about her own merchant services account.”

“I wanted to take the time to let you know that Quynh is AWESOME! I’ve spoken with about 15 different merchant services representatives at all kind of different companies and Quynh has been by far the most knowledgeable, helpful and kind person I’ve spoken with. I did not feel pressured or confused when we were done talking but I did feel educated and excited about working with her and your company. I’ve been throwing follow up questions at her and she has gotten back to me timely and has been a great help. I must admit I generally do not take the time to write this kind of thing but felt you should know.”

During these challanging economic times we all are looking for ways to get by, here at Best Merchant Rates we see this daily with our merchants. New businesses that need to accept credit cards are struggling with the astronomical costs in just getting their business up and running. A new terminal that is necessary for credit card processing can run anywhere from $200 up to $800, this is an extra expense that we can assist with, how about leasing??? The lease is by far the best route to go, why? First of all the cost is spread out over months rather than due upfront and when you lease you are eligible for a 50% rate reduction. Secondly, the monthly cost is a fantastic tax deduction. When you lease a terminal at Best Merchant Rates we include a full replacement at any time, this is a huge consideration if you were to purchase a terminal and have any malfunction or damage to the terminal you will have to send the terminal back to the manufacturer for repairs. This timeline for repairs can take weeks!! How can you accept credit cards if your terminal is gone for repairs? Imagine the business that you could lose!

Leasing Benefits:
*Rate Reduction
*No upfront costs
*Fixed low payments
*Tax deductions
*Guaranteed replacement of any defective terminal
*Own the machine at the end

Real Customer Testimonials:

Hi Sheri, Thank you. If your prompt response to my question is an example of the service I will receive from your company, I am very happy that I signed up with Best Merchants. Take care, Victoria
This is about Tajah Frazier. She is awesome to help me when I called to order some supply. She took care of my request very good. Thank you, Lanchi
I just wanted to commend Karla for her great service, speedy solutions and great attitude. It’s people like her that make me happy that I chose your company for my credit card needs. Thank you, Eugene
I wasn’t sure where to send this but I just wanted to let someone know that I called customer service today and Kelly McDonough did an excellent job assisting me with my issue. Thank you for the great customer service, Agnes
Jan ’09 Hello, Kelly is a wonderful assistant. I know she is working hard on getting my web site set up. She provides great personalized attention. She is to be commended. Thank you for hiring such attentive employees. Sincerely, Dale Neumann
These are just a few of the great things our merchants have to say about our dependable Customer Care Team! You can count on the same care we have given each of these merchants once you open your own merchant processing account! We look forward to serving you!

Building a Relationship with Our Merchants
We want to get to know you, our merchant. We want to build a relationship with you so that when you call Best Merchant Rates customer care team you know you will be well taken care of. We realize that we will be judged on what we do, not on what we say.
Here are a few ways we will serve you:
1. Honesty – We will be honest with you
2. Excellence – We will take extra steps to think outside the box
3. Trained Staff – We will train our staff to meet your expectations
4. Tenacity- We will solve the problem
5. Reliability- We will only make promises we can keep
6. Attentiveness- We will listen
7. Thoughtful – We will be courteous and kind
8. Educators – We will educate you in the world of processing
In doing these eight things we hope to partner with you in building your business and maintaining a mutually productive relationship at the BEST RATE!