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The first piece of advice when selecting a merchant service provider in Denver, allow enough time to evaluate the company, proposal and contract. Rushing into an account will ensure a bad experience. Rates for accounts in Denver can vary greatly and so can the contract term.

Here are a few items to consider when evaluating companies in Denver.

• Experience – An important aspect of selecting a provider is their experience and history. Look for companies that have been in business for over 10 years. Also, inquire as to the specality of the firm. Make sure they specialize in the type of account you are looking for.
• Merchant Attrition – This is a fancy word for merchant turn over. Ask what the attrition rate is. The higher the rate the more turn over there is with merchants that work with the provider. This is a good indication that the provider does not have the merchants best interests in mind.
• Services – What services are offered and are they complementary? Many providers will offer a number of different services and thats great if they complement one another. Problems arise with firms that try to do too much for too many.  Select a firm that concentrates on electronic payment processing.
• Rates and Fees – As mentioned earlier, rates and fees can vary dramatically from provider to provider in Denver. There are also many different pricings programs that can be set up. Familiarizing yourself with pricing can be a huge savings when negotiation the account. Here is a great reference on merchant account pricing.
• Technology – The technology the provider offers will be an indication of their business investment. Make sure they offer leading technology. This is especially important in the ecommerce industry.
• Customer Support – Mentioned last in the list but is absolutely the most important aspect when selecting a provider is the support. Make sure you select an merchant service provider that offers a dedicated representative as well as 24/7 tech support.

For more help with selecting the right merchant service provider in Denver, download our merchant services survival guide.

3 Ways the Durbin Amendment Can Help Your Business

The Durbin Amendment has been highly debated since it was added to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. There are however, a few ways that it can help people with their business. Listed here are three ways that merchants will benifit.

1) The Durbin Amendment and what it means to business 

2) Businesses consumers will benefit

• It is speculated that consumers could see lower prices as a result of a swipe fee reform. A Fed Chairman has publicly said that he expects certain retailers in a competitive and low margin sector could drive down prices, while those in smaller competitive sectors may opt to pocket their savings. These are savings that could be noticable to consumers.

3) Merchants will benefit

• Proposed fees will cover the risk of fraud and other overhead charges and as of right now the fees a major source of profit margin for banks offering checking accounts. As a result, the competition between banks and other financial institutions is causing profits to be used to subsidize free premium services like surcharge free ATM's and no charge checking accounts. If the fees dropped to the proposed 7 to 12 cent charge, this would surely create a much larger transfer of wealth to the merchants from the card issuers.

The Durbin Amendment is not without its flaws and criticisms, but the advantages of such an amendment is much more prosperous to the consumers and businesses in the log run.

Small Business Startup – Setting Up a Merchant Account

Starting a small business can be equally vexing and liberating.  Any given enterprise can present the ambitious entrepreneur with a wide array of perplexing variables.  Paramount to the success of any consumer based business, particularly one in a metropolitan environment such as Denver, is the ability to accept the widest possible selection of payments. 

1. Denver credit card processing can be handled by an assortment of merchant banks, easily found and readily available. What follows is a concise list instructing the determined business owner on how to obtain such an account. 
2. Complete a merchant account application.  This is a standard form in which basic information relating to both the business as well as personal information about the owner is collected.  Details such as social security number, address, contact info, and bank account information are all required inclusions.  
3. Agree to a personal guarantee, accepting liability for all debts should the business fail.
4. Provide necessary documents of business identification. These include Articles of Incorporation, or, if the business in question is a sole proprietorship, a list of all Doing Business As (DBA) names.  In addition if the business requires a license to operate this must be presented as well.
5. Three months of financial statements pertaining to the business are typically required. In the event that the business has already been accepting credit cards and is simply looking for new service, recent processing statements will also be necessary.
6. Provide a voided check from the bank account associated with the business, opened with the listed DBA name.
7. Submit to a credit check.
8. A local inspection is required to determine if the physical facilities of the business are sufficient to conduct the owner's intended service.
9. The owner must clear a check of the Terminated Merchant File.
10. Lastly, a satisfactory examination must be made of the owner's previous merchant agreements if applicable.

What the Durbin Amendment Means to Your Merchant Account

The Durbin Amendment is new legislation that reduces the interchange fees associated with debit card processing. According to the Federal Government, which uses a transaction amount of $38 as an average, the cost of processing a debit transaction will be reduced by nearly 50%.

So, the cost of processing a debit card transaction is being cut in half, this is great news for businesses accepting credit cards, right?

Well, not necessarily.

In order for a business to benefit from the reduced processing rates the business must be on an interchange plus pricing structure. With interchange plus pricing the actual cost (interchange) associated with each credit card transaction is passed directly to the business. With tiered pricing or ERR pricing the cost of the credit card transaction is fixed at a specific tier. So, when the interchange fees are lower for a debit transaction, but the tier price remains the same there is no savings associated with the transaction. However, the margin the processor is collecting has gone up.

So, the Durbin Amendment has reduced the cost associated with accepting credit cards for merchants or businesses that have interchange plus pricing. If you would like to benefit from the Durbin Amendment you need interchange plus pricing. Find out how to get interchange plus pricing! 

Credit Card Processing in Denver, CO

Is your business located in Denver or the surrounding areas? Are you looking for local credit card processing in Denver? Do you want the added comfort of a local business that is able to respond personally to any issues you may have?

Maxx Merchants located in Denver is a premier provider of credit card processing. Founded in 2001 Maxx has consistently maintained a top 5 standing with Wells Fargo for merchant retention. In other words Maxx Merchants consistently exceeds customer expectations when it comes to credit card processing.

Maxx Merchants offers a full line up of credit card processing products for the Denver market. Some of which include:

• Retail Merchant Account
• MOTO Merchant Accounts         
• Internet Merchant Accounts
• Payment Gateway Accounts
• Merchant Cash Advances
• eCheck
• Gift and Loyalty Programs

Our sales staff is required to maintain a rigorous understanding of our entire product suite with detailed comprehension on how to adapt each product to the specific needs of each business. Every sales associate maintains a working relationship with the business / merchant for life of the account. This attention to customer service ensures each business is set up correctly and is well cared for.

In addition to a dedicated sales representative each business has 24 hour a day 7 days a week access to technical support. Maxx’s tech support is US based, live, English speaking personnel that have direct access to the bank-end credit card processing network. This results in first call issue resolution. If your account experiences difficulties you are 1 call away from a resolution.