If you haven’t heard by now, Visa, MasterCard, and Discover have created industry standards that everyone must adhere to.
First, make sure your provider is setting you up with products that are fully PCI compliant. If you are using an old terminal, go out to the Internet and research whether that terminal model is compliant. Never solely depend on your merchant services sales person because that could just be a ploy to sell you new equipment.
For example, let’s say your highest sale ever for your business would be $500.00 and that’s what you put down on your application. Then months or even years later a $5000.00 sale is processed and is a legitimate transaction. Although this is a legitimate transaction your funds are going to be held because this transaction greatly exceeds what you initially put on your paperwork.
Because we have representatives who manage risk within our company, when funds get held because of transactions being over their limits a phone call is made to validate that the transaction was correct. If it’s a valid transaction, then a request for an invoice and/or signature as well as what was sold is requested. Having and providing this documentation is crucial when attempting to get the funds released.
It’s important that you work with a merchant service provider that can provide you and your business the support you need to focus on your business and your customers rather than your credit card processing.