Tag Archives: Merchant Processing

Is QuickBooks EMV Compatible?

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Many clients have contacted me regarding Europay, MasterCard, and Visa (EMV) chip credit cards https://en.wikipedia.org/wiki/EMV requesting more information on the technology, process, and requirements.

Cards with EMV Chips

Many of you have already received one or more EMV chip cards which have a small computer chip in the card that stores information digitally rather than relying upon the magnetic strip that we are used in the  in the past.  This change is to enhance security and reduce credit card fraud, more information on implementing these changes can be found at http://usa.visa.com/download/merchants/visa-merchant-chip-acceptance-readiness-guide.pdf & http://quickbooks.intuit.com/r/emv-migration/what-is-emv-and-why-do-i-need-it

Processing Transactions with EMV Chip Cards

EMV chip cards can be processed using three different methods.  However only the 1st option will increase security and reduce credit card fraud.

Equipment that uses an EMV Chip Reader AND EMV Compatible Software

Swipe the Magnet Strip in a card reader

Manually enter the Credit/Debit Card number

For more information on the EMV process see http://usa.visa.com/personal/security/chip-technology/emv-chip.jsp & http://quickbooks.intuit.com/r/technology-and-security/step-by-step-guide-to-emv-migration-for-small-businesses

EMV Compliant Software

Is QuickBooks EMV Compliant? The answer is, it depends on the version of QuickBooks the following QuickBooks Software versions are EMV compatible.

QuickBooks Online

QuickBooks Point of Sale Version 12 is EMV Compatible

2016 Quick Books Pro/Premier/Accountant is EMV compatible

16.0 QuickBooks Enterprise Solutions is EMV compatible

Keep in mind that having an EMV compatible version does not make the reseller’s sales transactions compliant.  You also need to process the EMV card with equipment that reads the EMV chip.

Is EMV Compliance Required by a Given Date?

Starting October 1st, 2015, liability for fraudulent credit/debit card transactions will shift from the card issuer to the merchant if the transaction uses an EMV chip card and is not processed on EMV compliant software & card reader.  HOWEVER,

Intuit is extending the EMV liability shift by six months for its QuickBooks Payments customers to allow everyone more time to transition. If you are a QuickBooks Payments customer and unknowingly accept a counterfeit EMV card using your magnetic stripe reader, Intuit will assume your liability for the fraud until March 31, 2016. For further details around Intuit’s extended liability shift, please refer to the liability chart here.Intuit has extended this date to March 31, 2016 for customers using their credit/debit card processing solutions.  https://support.quickbooks.intuit.com/support/articles/inf23795

Conclusion

I hope this helps explain the EMV concepts and implementation.  Please contact me if you have any addition questions regarding QuickBooks and the processing of EMV transactions at Ilene.eisen@ie-solutions.biz

My Virtual Office

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This month I moved out of the office space I had rented for the last 8 years!  In the last year I have worked from the office, hotel rooms, airport lounges, my kitchen table, and anywhere else with an internet connection when I had to get work done.  I found that the only advantage to being in my office was multiple monitors!  For efficiency over the years I have moved more services and data to the “cloud” and this has significantly reduced my costs and increased flexibility!

Remote Access Software – This service allows me to log in with clients to work remotely on their desktop for training and problem resolution.

Webinar Software – This software gives me the ability to present webinars to large groups of people regardless of location.

Voicemail – This online service sends me an e-mail with my messages included in a sound file and a transcribed conversation that I can read easily.

QuickBooks – This software lets me e-mail invoices and estimates and the merchant services link allows customers to pay their invoices online.

Office 365 – This subscription gives me full Microsoft functionality anywhere any place. I also store my files using the SharePoint which is included in the service and synchronize the files with my desktop and laptop so I have all my files with or without an internet connection.

Internet Fax Service – This service accepts my faxes and sends me an e-mail with an attached PDF of the fax.

These services and software also allow me to more responsive and flexible to client needs.  They have also made my business more convenient for my clients.

 

 

How to Select a Credit Card Processor

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Many of my clients accept credit cards for products and services and they often use their bank to provide this service rather than using other vendors.  I think this is a mistake to go directly to any one vendor without comparing the different processors first.  Since this can be a difficult decision and there are a lot of companies asking for your business here’s a strategy to help you through the process and compare competing offers.

Does this processor work with my billing and accounting software? 

  • Can you use one process to make the sale and charge the customer’s credit card?
  • How will acceptance of credit cards affect your bank reconciliation process?
  • Do I need to purchase additional software to enhance the process?

The first vendor I would approach is your accounting software vendor.  Many accounting software vendors provide additional modules or their own credit card processing that makes both the sale and the bank reconciliation easier.  I normally look at the software vendor first and see what they have to offer.  I sell & support  QuickBooks (by Intuit)  software and the  clients using Intuit Merchant services spend less time processing a transaction and considerably less time reconciling their bank account.  I also support Sage 100 (formerly MAS 90/200) and clients can save time using their credit card module but do not necessarily need to use Sage Credit Card processing to achieve these benefits.   To insure full disclose I just want to mention that I do sell Intuit Merchant Services.

What are the rates that I should pay?

Credit card fees depend upon many variables including average sale, sales volume, credit or debit cards, type of credit card, annual fees, monthly fees…  Rather than trying to compare this complicated billing scheme, most vendors will ask for a copy of your last few statements and do a price comparison for you.  If they are not less expensive that your current provider don’t be shy and ask for a match of your current pricing, I’ve seen this reduce fees quite often.  Don’t let the rates dictate your entire decision, consider the any additional accounting fees to reconcile the account and verify that you have received all your funds rejected cards. Lost revenue due to a lack of reconciliations and follow thru can offset the cost savings quickly. Also consider the cost of credit card terminals and additional equipment.

Do I rent or purchase the credit card terminal?

  • Some software packages do not require a terminal and the user can enter the credit card number directly into the software or smart phone so you may not need a terminal.
  • Renting a terminal can be quite expensive but if you have any technical issues, the terminal is usually replaced free of charge.
  • Purchasing a terminal is the most economical but you will incur the full cost at the time of purchase.  Many processors will discount the terminal or offer cash incentive to offset this cost, so make sure you ask for any promotions available.

What length of Contract should I agree to?

Many processors will require a multi-year contract.  I recommend that you ask for a contract with no minimum time required and no cancellation fee.  Therefore you can change processors if you are not happy or you find a better fit with another provider.

Conclusion

I hope this helps in making your decision.  Please contact me if you need additional assistance.