Sponsored Article: Credit Card Processing Update
Who is Network 1 Financial?
Network 1 Financial (NET1) was established in 1989 and is a leading
supplier of electronic payment processing services, merchant accounts, and
merchant accounting services for retail, mail/telephone order and Internet
businesses. NET1 is one of the fastest growing payment processors in the
country. Since 2002, it has been a division of Verus Financial Management,
Inc. Together with Cornerstone Payment Systems, NET1 forms the foundation of
Verus Card Services. NET1 products and services offer one-stop solutions
that improve our customers’ operating efficiencies and save them money.
NET1’s proprietary payment processing system, NET1
Gateway™, was developed in 1993 and
revolutionized how, when and where merchants process payments, review
transactions and balance statements. NET1 works hard to provide merchants
with valuable customer retention tools and financial resources, which help
to ensure business growth.
Why accept credit card payments?
Offering your customers the opportunity to pay with a credit or debit
card makes it easier for them to buy.
show that accepting credit cards increases sales by 15 percent to 50
household in 2005 has
credit cards, 2.2 debit cards, and 6.4 retail credit cards.
(Source: CardWeb.com Inc)
charged $1.9 trillion to signature-based credit and debit cards in 2004.
(Source: The Nilson Report)
1.4 trillion payment cards (credit, debit, retail) circulating in the United
States in 2004, and that number is expected to rise to 1.5 trillion in 2005.
(Source: CardWeb.com Inc)
customers are impulse buyers -- be ready!
provides complete card processing for Visa®,
MasterCard®, American Express®,
Discover®, Diners Club®,
JCB, debit/ATM, and private label cards for retail, mail order/telephone
order and Internet businesses. Value-added services include merchant account
origination, 24-hour customer service, equipment and supplies, voice
authorization and both online and paper statements.
What are the benefits
of accepting credit cards?
-- Consumers typically spend more when using credit cards; your guests may
be more likely to stay an extra night or upgrade to a more elegant room.
-- No more bounced checks. Reservation guarantees help to ensure that you
will get paid for a no-show or a late cancellation.
against damage or theft
-- With credit card information, it is more likely that you will be able to
get reimbursed for damages and stolen goods.
-- NET1 offers special billing element tables to take advantage of the
special lodging rates available from Visa and MasterCard card associations.
Who doesn’t take credit cards? Credit cards are everywhere and make
purchasing easy for consumers, especially for the majority who do not carry
a large sum of cash.
Consumers perceive companies who accept credit cards as more credible than
companies that do not.
can I save money?
If you are keying in your credit cards and are set up as a retail
business, you are probably paying too much for your processing. If set up
properly, you may qualify for significantly lower effective rates that will
save you money. You may qualify for special hotel pricing from Visa and
MasterCard due to your industry classification. If you qualify for these
special lodging rates, you will not be subject to expensive downgrades on
transactions that you enter manually.
are the new trends in credit card processing?
Visa, MasterCard and American Express are competing for
market share of the affluent travelers by offering rewards cards. These
rewards cards cost more for merchants because they have many cardholder
benefits and perquisites. Rates on most credit cards, especially rewards
cards, have increased substantially over the last few years. At the same
time, signature debit (check card) rates have been coming down, but many
processors have “bundled” their rates. Unless you have a separate check
card rate, you will not get the benefit of these significantly lower rates.
Can I use gift
cards to supplement my B&B’s gift certificate sales?
Gift cards have become
extremely popular over the past few years. They are a great way to collect
funds up front, bring in more guests, increase sales and build loyalty.
Funds are received up front, and there are no cash back refunds -- whether
the card is used or not. Gift cards can be purchased from NET1, and you can
use them in lieu of, or to supplement, your own gift certificates. Cards can
be printed with custom artwork from your B&B or with standard artwork from
NET1. Innkeepers can choose to have cards prepared with a set value printed
on the front, or you can have the flexibility of assigning your own value to
Gift cards are
surprisingly affordable moneymakers. They are more advantageous than the
traditional paper gift certificates because they are more durable,
convenient, and provide more marketing opportunities. They are less likely
to be duplicated, fit easily into a wallet, and have the ability to retain
value so your guests can reuse them. Consider offering gift cards as a way
to market your B&B to get additional visits. Whether you realize it or not,
guests will be talking about their stay. Why not let satisfied guests spread
the word about your B&B by purchasing a gift card for themselves, friends,
and relatives? There is no better way to explore a new place than by getting
a referral from someone you trust.
Where should I go for
Please contact Connie Hobbs with any questions or comments, or for a
free savings analysis.
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four business days! No more certificates to mail! To join the 3900
participating inns, just log in to your home base with your property ID and
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Inns for Sale
our B&B in your Inns for Sale section in January, and
started getting inquires a week later. In February,
a couple came from Florida to visit us in Cat Spring, Texas. We made a deal, and
they begin officially on April the 5th as the new owners. What you are doing
really works." Sunny and John Snyder.
Taking real-time, online reservations is the most effective way to transform
BedandBreakfast.com listing into a 24/7 sales engine. For
log in to your home base with your property
ID and password, and click “Online Reservations.”
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