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Q. What is a Point of Banking Terminal?
A: A Point of Banking terminal works very similar to a standard credit card machine. The difference is the terminal is loaded with a custom software program so it only runs PIN based transactions with a small convenience fee that the cardholder pays. This fee pays for processing costs so the merchant doesn't have to pay this expense which increases the merchant's profitability.

Q. How is Point of Banking different from Credit Card Processing?
A: Credit card terminals run signature based transactions for exact dollar amounts, but cost merchants a processing fee of around 2% of each sale amount (or more). This costs merchants thousands of dollars each year which greatly reduces the profits that their business makes each month. The larger the business is, the greater the cost is for processing.

Point of Banking terminals run PIN based transactions (cardholder must use their PIN number) for dollar amounts in increments of $5, or $10 (example: $5, $10, $15, $20, $25, $30, etc) up to a $300 maximum. The merchant chooses what dollar amounts are run on the terminal so they won't have to give alot of money out of their cash register.

The merchant runs transactions just above the dollar amount of the customer's purchase and simply makes change. The merchant can also run higher amounts if they want to provide the customer with the convenience of getting cash back with their purchase, an option many customers would appreciate.

Q. How much is the Convenience Fee, and Processing Costs?
A: Merchants decide how much they charge their customers as the convenience fee (surcharge).  Please contact us for transaction costs associated with network access needed to complete approved transactions.

The lower the convenience fee is, the better the public perception will be. The primary benefit of Point of Banking is to enable the merchant to accept bankcards without having to pay expensive processing fees associated with traditional bankcard acceptance.

Q. If I have a Credit Card machine, can I use Point of Banking too?
A: Yes. Merchants who have both types of terminals can save processing costs with Point of Banking and still be able to accommodate the occasional customer that either doesn't know their PIN, or objects to paying a convenience fee. Most people are using their debit cards (and know their PIN number) these days to make their everyday purchases. Since the early 2000s there have been more debit card transactions annually in the U.S. than credit card transactions, and this trend is growing larger each year! PIN based debit card transactions are here to stay.

Q. What are the requirements regarding installation?
A: Each new Point of Banking terminal is shipped pre-programmed for easy Plug-N-Play installation. Just plug the power cord into a standard wall plug, and connect the terminal to a standard analog phone line and you're ready to accept bankcards for your customer's purchases at no cost to you!

Q: Is a dedicated phone line required?
A: No. You can use an existing line, although it would be better to have a dedicated phone line. If using a shared phone line, just make sure it is not in use when a customer is using your terminal. It's best to use the least used phone line in your location such as a second line that may be used for a fax machine. Also, it's best not to have call waiting on the line your Point of Banking terminal is using to dial out as this could potentially cause problems connecting.

Q: Are there any monthly fees?
A: Yes, there is a monthly account maintenance fee that runs $10.00 which covers the cost of direct deposit and also provides access to online reporting which is a convenient accounting tool where merchants can also print their own monthly statements.

Q: Do I have to provide insurance for this unit?
A: We do not require you to have insurance coverage on your machine since you are buying it and own it outright. However if you carry an insurance policy on your business assets, we recommend that you call your insurance provider and add the machine to your list of insured assets.

Q: How fast do merchants get their funds?
A: The turn around time for funds is like having traditional credit card machine which is 2 to 3 business days (not counting weekends, or holidays) through the banking system to your account. The profits made from the convenience fees are deposited into the merchant's account by mid-month, for each previous month's transactions.

Q: When transactions are dialing out, are there long distance charges?
A: No. These terminals dial-up a toll-free number so you don't have to pay any long distance charges.  Terminals can also connect thru the interent which is how most merchants are connecting their POB terminal.

Q: Once I sign up, how long before I can expect my equipment?
A: You can expect your Point of Banking terminal package to be delivered in about a week after we receive payment for the terminal, along with the necessary paperwork.

Q. What About Chargebacks?
A: Charge backs are not an issue with Point of Banking terminals, since they only perform PIN based transactions.  Just keep the merchant copy of all transactions on file in case a customer tries to reverse the charge thru their bank.  Providing a readable copy of the transaction receipt protects merchants from reversals and chargebacks.

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