Dr. Andaloro is a chiropractor in Tucson who just started processing with NYOP Merchant.

Rudy Montijo of NYOP Merchant is excited to be a member of the Tucson Hispanic Chamber of Commerce.  They are truly dedicated to helping local business owners succeed.

The slowing economy has had an extremely negative effect on non-profit organizations, some have seen donations down as much as 90%!  In order to assist non-profits in their time of need, NYOP Merchant has launched the NYOP Cares Program.

NYOP Cares is the only one of its kind in the credit card processing industry.  NYOP Merchant partners with non-profits to offer credit card processing to local businesses who are already supporting the non-profit.  When the business switches it’s processing to NYOP, 30% of the proceeds are donated to the non-profit.

NYOP Cares allows businesses to save money on their credit card processing as well as support local non-profits organizations that are desperately in need of donations.

more information

New Welcome video added to the NYOP Merchant home page.  Click Here to visit the site.

Name Your Own Price Merchant Accounts

Credit card processing and merchant accounts are often considered a necessary evil by merchants.  As an owner you want to allow your patrons the convenience of paying with credit cards as a form of payment, but with this added convenience comes a loss in revenue in the form of fees paid to the credit card companies and to the processor.

NYOP Merchant is essentially eliminating fees paid to processors in the form of mark up by allowing merchants to Name Your Own Price for their merchant account.  By taking control of their merchant account, our clients are seeing an average savings of over 60% on their merchant processors fees.

Let the Savings Begin!!

Call today 866-546-2687 or visit us online at www.NYOPmerchant.com

The credit card processing industry, as a whole is experiencing intense competition as sales reps compete to get there hands on and keep as many merchant accounts as possible.  Business owners are successfully pitting several sales reps against each other to secure the lowest possible markup on their card transactions.   Instead of relying on a high markup on processing, reps are now looking for more creative ways to squeak out a profit.

Here are a couple things to be aware of and to avoid at all cost;

1) Credit card terminal leases

These are a great way for sales reps to make up for the decreases in processing fee commissions that they are experiencing.  Typically lasting 3-4 years with an average cost of $70 per month, a business owner can spend over $4,000 on a $150-200 piece of equipment.

The Solution: Purchase a terminal outright.  With all the businesses failing these days it is possible to buy a used terminal on eBay or craigslist for $50-100.  If money is tight, your processing company might rent you a terminal for a couple months until you have the funds to buy it.

2) Cancellation Fees

Sales reps might be willing to settle for a lower processing markup if they can slap on a contract with an early termination fee.  Most contracts are for 3  years with an early termination fee of $200-600.  If your rep tries to convince you to sign a contract with an excessive cancellation fee, find another company.

3) Hidden Fees

These can be a very expensive hidden secret awaiting you on your first bill.  Make sure you know exactly what you are being charged per transaction, batch, address verification, monthly statements, compliance fee, etc.  Most importantly, understand the total cost you are paying for your service.  Credit card processing companies are getting very creative with their statements.  Hint: The amount listed on the top of your statement is probably not the total cost that has been deducted from your account.  Look for a line item that says “less discount paid” or something to that effect and add it to the amount listed on page 1 to see how much you really paid.

In a time when belts across the country are being tightened, choose your merchant service provider with extreme care.

In efforts to best serve the members of the ARA, NYOP Merchant has dedicated a team of restaurant industry specialists to assist ARA members with their merchant accounts and to answer general credit card processing questions.

Click here for more information

  A common practice is to quote a lower rate for a merchant’s qualified transactions, usually in the neighborhood of 1.65%.  The merchant is so excited by the low rate that he/she signs up for the new account without paying any attention to the mid and nonqualified rates which can be as high as 5%.  The result is higher total processing fees due to a majority of the merchant’s transactions downgrading to the mid-qualified and non-qualified buckets. (Most merchants process 75% of their transactions as mid-qualified and non-qualified)

This tactic along with many others has made the topic of credit card processing a sore subject among merchants.  In the attempts to gain clientele, some merchant account companies have decided to offer interchange-plus pricing to their merchants. 

Interchange-plus pricing is a model that was once reserved for only the largest of merchants.  In the simplest of terms, interchange-plus pricing takes the fees charged by Visa and MasterCard and adds a fixed percentage to compensate the merchant service provider.  For example: a merchant setup on interchange-plus 30 basis points would pay 1.58% to the credit card provider (Visa or MasterCard) and .30% to the processor on a qualified transaction for a total of 1.88%.

 The nice thing about this model is that the merchant always knows the markup regardless of the card type being swiped. 

For example:

• a qualified card cost is interchange for qualified card plus 30 basis points
• a rewards card cost is interchange for a rewards card plus 30 basis points
• a commercial card cost is interchange for a commercial card plus 30 basis points etc…

Interchange-plus pricing is a step in the right direction for an industry that has been a victim of unscrupulous and deceitful practices for a very long time.  Now if we can just get rid of all the equipment leasing scams………..