10 Jan Strategic Insights Radio -Jennifer Rusz and Daniel Stewart
Daniel Stewart/Merchant Lynx Services
At Merchant Lynx Services, they believe in creating loyal customers by providing exceptional credit and debit card processing services to businesses nationwide. They strive to lead in the industry by providing competitive rates and a full range of products and professional solutions to meet their customer’s needs. Merchant Lynx Services is committed to their core company values of saving customers money, providing the best products available, maintain superior customer service and exercising outstanding internal and external communication. They pledge to be positive role model, to attract and retain a diverse workforce that closely matches the diversity of the community. They hire only the most qualified, ethical and professional people. Merchant Lynx Services strives to create a workplace environment that encourages all employees to maximize their individual potential.
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Jennifer: I actually have here with me Daniel Stewart from Merchant Lynx Services I’m going to talk a little bit about the cost of doing business and the cost of money in doing business in revenue.
Daniel: Thanks for having me today Jennifer
Jennifer: So if you can tell the little bit about who you are and and what you guys provide.
Daniel: What’s up my name is Daniel Stewart, as you said, I am with Merchant Lynx services and we provide credit card processing and business solutions for small to medium-sized businesses. Non cash payments is what I specialize in and also to make sure we do the cost effective way, meaning, doing what’s best for the merchants and helping them get on their way to accepting those payments.
Jennifer: Non cash payments is one of the biggest expenses for a business these days, right? And businesses don’t realize it’s a basic expense, is taking credit cards to taking debit cards and I mean, cash is Cash, cash is still king because you don’t get it a fee on your cash.
Daniel: That is right, and that’s one of the largest parts, educating our merchants we are working with, your number one cause that’s accepting that credit card so you have the association’s Visa Mastercard Discover American Express they set up a base rate depending on what type of card or what type of debit transaction if it’s debit or credit that has rewards the debit transactions are typically little cheaper which is good.
Jennifer: About that, so one of the things that people don’t realize when they want to use a system like square or something like that. When they’re really small business, they figured out they got the fee. It tells you up front what the fee is but when you’re talking about taking as a credit card transaction at your cash register or from an online system, a lot of times you see that they don’t explain to them what that fee really means and that how that works because at the end of the day you think that you made $20 in reality you made $19. Can you explain this a little bit more?
David: Yes, that fee is actually taken out so if you have a $20 transaction and you take a credit card from Visa, and I can get into some specific range, Visa takes $1.51 + $0.10 for that Merchant just to accept that card so $1.51 at $20 a transaction per cent plus $0.10 is automatically out. They actually don’t really get that full $20.