Convenience Fees - Recoup High Costs From Payment Processing Fees

JUNE 2020

INSTANT ACCEPT FEATURE OF THE MONTH

Recoup High Costs From Payment Processing Fees

With costs on the rise for merchants to accept ACH, credit and debit card payments there may be relief. Adding a Convenience Fee to customer invoices may be a way to help merchants recoup the high costs of accepting credit cards. Merchants who offer credit or debit card rewards programs can feel an even bigger hit on additional fees.

INSTANT ACCEPT TIPS, TRICKS & TOOLS

Setting Up a Convenience Fee

To set-up a convenience fee, simply log into the Instant Accept gateway, go to Hierarchy and click on the “Convenience Fee” tab. You can select what type and how much of a convenience fee you would like to set-up and save.

SEND US A REVIEW

If it’s anything below 5 stars contact us so we can work to resolve any issues you may be having.

Deadline Implemented on PPP From Small Business Administration

The Paycheck Protection Program was created to help businesses stay above water. The program was directed mainly towards small business to help small business owners keep their doors open through the COVID-19 pandemic. However, while small businesses, also referred to as mom-and-pop shops, were struggling to make ends meet, public companies were borrowing millions of dollars from the program leaving the small business shut out of any of the programs benefits and opportunities.

A deadline was implemented by the Small Business Administration to pay back these loans. Public companies have shares and capital market access which is considered cash value for their businesses. Which makes it unlikely that they would be able to meet the certification guidelines set forth for the PPP program. They are certifying that they can not get funds from any other source.

Hundreds of millions of dollars have been returned by public companies by returning the monies they were given by the Paycheck Protection Program. However, there are still many companies that will never return the money. Audits will be looming for any $2 million and over loans to help thwart the public companies from taking advantage during the next round of the loan funds. Large corporations that claimed money that should not have could face serious repercussions if they do not return funds that were given to them.

Not an Instant Accept customer? Contact us now to find out how we can help you with your small business needs.

NEW FEATURES & ENHANCEMENTS

Customer Portal

Added tool tips to all products in Product & Services tab
Station provisioning UI and functional changes – phase 1

Virtual Terminal

Added ‘Print Receipt’ option in add / edit terminal from Terminal Manager and Station

Instant Accept SaaS

Batch email should pick the customer’s email from invoice details (if entered) not from customer details.

What’s New

New ‘Fees Report’ added under Report Manager. View a Screenshot of where it’s located.

Have suggestions or ideas on how we can improve Instant Accept? Drop us a line and let us know or tell us how we are doing. Contact Us

SMALL BUSINESS TIPS & RESOURCES

ACCOUNTING TIPS

Get Your Accounting Under Control

Have you ever found yourself wondering why keeping your accounting under control is such a tedious task? Perhaps these helpful tips from Intuit™ can help you have a more successful time when it comes to your bookkeeping. Get organized and get focused on what’s important… your business!

BUSINESS TIPS

Guidance for Opening Your Business Safely

what everyone is referring to as the “new norm” how do businesses open safely. Maryland Associations of CPAs has created a guide of best practices for opening businesses in a responsibly social manner where you can find information from local, federal, and state sources. You can also find guidance from some of our top resources in the country.

Newsletter: Convenience Fees