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EMV "Chip" Compliant Processing

In October 2015, the introduction of EMV in the US reached a major milestone. This is when liability for fraudulent payments shifted to non-EMV merchants who are unable to process transactions when a chip card is presented for payment. This liability shift could have a major impact on businesses (both large and small) that are unprepared. EMV is one of the biggest changes to happen in the payments world in a long time. EMV, also known as chip cards, is a series of specifications that define a more secure method of payment. It was developed jointly by Europay, MasterCard, and Visa in the mid-1990s.

How does It work?
EMV introduces a small computer or “chip” to every payments device. This chip stores information, performs processing, and contains secure keys that generate cryptographic data. Dynamic data is generated with each transaction, making it nearly impossible to create counterfeit cards or replay intercepted transactions.

What are the benefits of chip cards?
‍Chip cards are des…

Understanding Payment Processing Fees

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Pricing.‍ We’ve learned about how payments come in, but what about the other side of the coin? What will it cost? As you might’ve guessed, everyone who touches the transaction wants to get paid, including the issuing bank, the credit card association (Visa, MasterCard, etc.), the merchant bank, and the payment processor.  At its most basic, every time you process a sales  transaction, you pay four fees: A percent of the transaction amount: The issuer gets paid by taking a percentage of each sale, called the interchange. This fee varies depending on a bunch of things, such as industry, sale amount, and type of card used. At last check, there were almost 300 different interchange fees! Another percent of the transaction amount: The credit card associations (Visa, MasterCard, etc.) also charge a fee, called assessments. Yet another percent of the transaction amount: Your merchant bank takes a cut by charging you a percentage fee. The amount here also varies by industry, amount of sale, …

A Beginners Guide to Credit Card Processing

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What does it take to complete a credit card transaction? We break down who is involved in the process to help you, the merchant, understand. 

Players There are three main players when it comes to processing credit and debit card payments, whether online, via phone sales, or in person. On the one end is you, the business owner or merchant. On the other end is your customer. And in between is a lot of technology that connects the two.

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1. The merchant. 
In order to accept credit and debit card payments from customers, as a business owner, it’s likely you’ll need a merchant bank (sometimes called an acquirer) that accepts payments on your behalf and deposits them into an account they provide.
2. The customer.
 Similarly, in order for your customer to pay for your goods and services, they need a credit or debit card. The bank that approves them for the card (and lends them the cash to pay you) is called the issuing bank.
3. The technology. 
In the middle are two technologies that en…

Quantum Merchant Introduction

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Quantum Merchant Services can get your business accepting credit cards today!

We can provide your business with easy, safe, and fast credit card processing with no additional fees!. Flat rate $40 a month for all the credit card processing for your business. We provide Point of Sale (POS) systems for all kinds of retail, restaurant, salon, and other businesses nationwide. Apply today to get approved. With a 99.8% approval rate, we can get your business credit card processing fast!

Does your business need a website? Our expert web designers can make you a website in as little as 24 hours. Quantum provides online services such as e-commerce solutions, online ordering that is sent straight to your kitchen, schedule appointments or have your clients make appointments online. Whatever your business needs we can provide a comprehensive online experience that accurately represents your brand and mission while providing search engine optimization (SEO) to get you noticed on the web.

Visit qua…