Merchant Accounts Questions and NJBIA Member Benefits:
Q. What Makes Cornerstone Association Merchant Services (CAMS) different?
You've decided to accept credit cards for your business, did a little research, and are now perhaps a little confused by all the "we are the best, we are the cheapest" claims.
At CAMS we want to make this choice simple for you. CAMS is the exclusive merchant service provider for NJBIA members. We have been servicing members since 2005. Compare us to the others and you'll discover that we're driven to provide you with an exceptional service at a fair price. Our knowledge of helping businesses such as MO/TO, Retail, Internet, Home-based, Start-ups and E-Commerce obtain merchant accounts is unparalleled, which means a stress-free experience for you. We'll give you proven strategies and business specific expertise to help you become a profitable merchant.
What sets CAMS apart from everyone else is our experience and dedicated customer service. Our customer service allows you to reconcile your account, reduce time spent on chargebacks, or check on funds deposits. This is available to you 24 hours a day, 7 days a week at no cost. Our current merchants rave about our service and how it helps them streamline and control costs for their business. NJBIA members also enjoy a 30 day written notice to cancel their account at anytime with no early termination fee or cancellation fees. This is just one of the many member benefits to you.
Q. I am a new merchant. How can CAMS help me to start growing?
Due to our years of experience in assisting new businesses, we offer sensible advice about what to expect when you decide to start accepting credit cards. No question that you need to accept credit cards to increase your business, but be aware of some processors out there who charge high application and discount fees, offer leasing with no cancellation terms, or sign you up for services that you just don't need. There are literally hundreds of web sites out there selling you unnecessary services that you just don't need. CAMS will also provide FREE credit card processing equipment to NJBIA members.
To help you grow from the start, we'll educate you on how to handle credits and charge-backs if you happen to find yourself with an unsatisfied customer. We'll set you up with access to our 24-hour customer service that will help you save time and money for your business. In turn, CAMS is here to help you understand how fast, easy and profitable it can be to accept credit cards.
Q. I already have a merchant account. What can CAMS offer me?
Years of experience, dedication to customer service, lower rates and a company that really cares about its clients. CAMS will provide free credit card processing equipment and other products and services to help your business grow.
Q. What exactly is a Merchant Account?
If you want to accept credit cards, whether you are doing business on-line or have a physical store, you will need to obtain a merchant account. A merchant account enables merchants to accept and process credit card transactions. In other words, it handles transferring the funds from the shopper's credit card to the merchant's bank account.
Q. Why can't I just establish a Merchant Account through my current local bank?
That's a great idea. However, you'll probably discover that when it comes to smaller businesses, especially ones that are startups, home based or online, the vast majority of the banking establishment would prefer not to have these types of customers. They see too much risk involved. At CAMS we are eager to help you and, more importantly, we are able to help you. We specialize in placing these types of smaller and non-traditional businesses and provide them with Merchant Accounts for credit card transaction processing. Remember that banks issue credit cards but do not process credit cards. Banks usually provide merchant services through a third party provider.
Q. Will I have to open a separate checking account for these funds?
The answer is no. Using ACH, we will automatically deposit your funds into your existing business checking account at any U.S.-based bank. You just tell us where you want your deposits to go.
Q. How do I apply?
Contact CAMS by using the link through the NJBIA.org site or by calling our dedicated sales support team at 877-445-8195.
Q. How long does it take to complete the application process and get going?
Applications received are submitted to underwriting and approval is usually within 24 hours. You will be up and running within a few days and ready to process all major credit cards.
Q. Will it be a big problem if my credit rating is less than perfect?
Typically, it will be no problem at all. This is one of our specialties. We are able to get all types of merchants with all sorts of credit problems, even bankruptcies, set up with Merchant Accounts without ANY extra hassles, ridiculous stipulations and conditions, or additional fees.
Q. What happens if my request for a Merchant Account is turned down?
If we exhaust every option at our disposal and still can't get your business placed with a Merchant Bank, it costs you nothing. But bear in mind that we are able to place over 99% of the merchants who come to us seeking our services.
Q. Once I run a charge, how long does it take for the money to show up in my business checking account?
Monies are deposited directly into your business checking account in 24 to 48 hours.
Q. What is a discount rate and how much will it cut into my sales?
Discount rates are based on the type of business you are operating. The discount rate is the percentage fee charged for handling credit card transactions. There are a few different ways to price accounts and it is based on retail or MOTO (mail order telephone order) keyed in accounts and national priced accounts. Your CAMS representative will give you detailed information on how your account should be priced and teach you what you need to know about the merchant account industry.
Q. What are chargebacks and how will they affect my business?
A chargeback occurs when a customer tells their credit card company that they did not authorize a purchase item appearing on their account statement. We will contact you immediately if this occurs to remedy the situation.
Q. What if I'm uncertain about something or experiencing problems and need to speak with someone?
In your Welcome Packet, we provide you with a toll free customer service number you can call any time you need assistance. 24 hour customer service and technical support numbers as well as sales support numbers will all be provided to assist you with any questions or issues.
Q. What is AVS and CCV?
AVS stands for Address Verification System, and is exactly what it sounds like. In order to reduce the risk of fraudulent transactions and/or chargebacks, a credit card billing address is requested with any charge and verified before authorization is given for the transaction. CCV stands for credit card verification or secret number on the back of the credit card being used. AVS and CCV usually pertains to keyed in transactions and shows that your customer did have that card in their possession at the time of the sale and that is matches the billing address on that card.
Q. Why don't you list "as low as 1.39%" for your rates?
No one wants to pay the highest rates. Yet prior to talking with a merchant or receiving specific information about a merchant's business, we don't know what a merchant's rate structure will be.
Using a teaser percentage rate like 1.39% is misleading as it pertains to debit card pricing. A teaser rate might lure you to call but what type of first impression does that create? That type if rate is to get you to call. Then using the 3 tiered pricing structure you will see that the first rate may be low but the second and third rate is extremely high, in that the processor anticipates most of your transactions to fall into the higher categories, costing your business more money.
At CAMS, we approach every merchant relationship with a strong first impression through honesty, integrity and helpfulness. In an industry where the average merchant processor is in business for less than five years, our "over twenty five years in business" proves the approach works.
Because all merchant rates are set by the credit card companies including VISA, MasterCard, Discover and American Express, credit card processors can't have merchant rates lower than the rates set by the credit card companies! What matters most is paying the lowest total cost of ownership for your credit card processing.
Q. What exclusive benefits do you give to seasonal merchants?
Besides the lowest cost for credit card processing, any seasonal merchant who is with CAMS can turn-off their merchant account with 30 days notice and receive no billing during the turn-off period. Then just call 30 days prior to reactivating your account.
Unlike many of our competitors who charge seasonal merchants monthly minimums and billing fees all year long, we shut-off billing during their "off-season." A reason why so many trade show and craft merchants CAMS their credit card processing company.
Q. What is your Lowest Cost Guarantee all about?
We guarantee that our total cost for your merchant account and credit card processing is the lowest available. When costs are considered, we take all costs concerning credit card processing into account. Some of these include merchant account rate, terminals/software, monthly minimums, equipment warranties, supply costs, etc.
Q. What should I look for when comparing rates with other processors?
CAMS will teach you what to look for when comparing processors. Always remember that there are different types of rates and tiers. Qualified card swiped, Mid Qualified keyed in, Non Qualified corporate and foreign cards. The pricing fall into tiers. 2 tier, 3 tier, 4 tier and interchange plus pricing (National Pricing). If the first rate you see is very low you can bet the second rate will be very high. Look for contract length, cancellation fees, other fees not related to your account. Application fees should never be charged.