Synergy Card Services

Have your rates been lowered since you first received your P.O.S. terminals?

devon — Thu, 28 May 2009 17:15:07 +0000

In our experience, nearly all merchants are still paying what they were paying when they first signed on with their original P.O.S. processors. With the advent of new technology in the industry and the introduction of new measures to offer lower risk to merchants accepting credit and debit as methods of payment, lower pricing is now available.

The new EMV chip card is the latest example of a forthcoming industry standard that assists in protection against fraud. Since there is lower risk to merchants with chip card compliant terminals, they are now eligible to receive lower rates.

Can selling gift cards increase business for you?

devon — Thu, 28 May 2009 16:42:37 +0000

IN 2008, in the United States, sales of gift cards exceeded $97 billion. Synergy Card Services offers our clients the option of selling gift cards for use in their stores. There are a number of benefits to selling gift cards, which are also known as “loyalty cards”. Clearly, a customer with a gift card to your store is required to show loyalty by using the card to make purchases at your establishment.

Statistics show that only 70% of the available funds on a gift card is generally used. Meanwhile, 100% of the gift card has already been paid for. In addition, historically customers will spend 40% more than the value of their gift cards when they are being redeemed for a purchase. Needless to say, there is evidence that selling gift cards is a surefire way to increase revenue.

How can you minimize the risk of accepting online purchases?

devon — Thu, 28 May 2009 16:41:41 +0000

When you buy something online, how does the computer know that it’s you? It doesn’t – it can’t see you or your signature. This type of transaction is riskier to processors and risk has a cost. In an effort to lower the risk of fraud, credit cards have a “dispute mechanism” that allows customers to investigate fraud in the event that unrecognizable charges appear on a monthly statement. In order to get money back from merchant, an investigation must be opened and a credit or “chargeback” may be placed on the customer’s account.

Synergy Card Services provides P.O.S. terminals that are compatible with over 80 different online checkouts. Once a customer makes an online purchase and goes to the checkout to submit payment using his or her credit card, the information is sent directly to Synergy Card Services in order to have the transaction approved.

When is the last time your merchant services provider discussed your rates with you?

devon — Thu, 28 May 2009 16:36:42 +0000

At Synergy Card Services, we work to ensure that all of our clients are fully informed about the various surcharges that exist for the wide array of card types in the market. With so many types of point cards that offer different bonuses for using them, it is important for merchants to be knowledgeable about the surcharges associated with them.