As a business owner you may have heard “we can save you on your credit card processing fees.”  With BIN Smart we really can.  The first thing to know is when  accepting credit cards, the biggest % of what you pay (directly or indirectly) is interchange.  Interchange is the cost from the issuing bank and the processor of the credit card transaction in the payment network.

 

With the advent of the PIN based debit cards which can also be used as a credit card, many transactions today use these PIN based debit cards also known as check cards.  It is estimated close to half of all credit card processing today is with debit cards.  For this discussion we refer to these as:

 “debit cards” for PIN based debit or

 “check cards” for signature debit.

 

Sometimes a debit card will cost less to accept than a check card.  The question is: “how do you know as a merchant how to ‘run’ these types of cards?”  Sometimes you may have noticed in the big box retail stores it will automatically prompt for debit and other times have you sign for a debit/check card. 

 

BIN Smart uses a similar technology which works by evaluating each card transaction using a complex algorithm* to estimate the least expensive processing method.  After the card is swiped, BIN Smart will prompt the cashier to either collect more data, prompt for PIN entry or simply have the customer sign the receipt.  Your staff simply needs to follow the prompts on the terminal.  BIN Smart does all the thinking for you.  Large retailers have known for years having the customer enter their PIN saves them money on larger transactions.  In fact, small merchants may save up to $1.00 on a $100 sale by having the customer enter their PIN. 

 

The problem with many of these solutions is they are only looking to see if a card is debit and not calculating to see if PIN-debit is actually less expensive or if there are other cost saving opportunities.

 

BIN Smart’s technology looks at all of the following:

• Your specific rates and merchant account structure
• The exact sale amount
• The card types (debit, credit, corporate)
• Your SIC code
• The likely interchange category for this transaction
•  Probably debit network costs
•  Your zip code 

Each one of these can influence the decision to favor one transaction method over another in just seconds.  BIN Smartuses them all in real time to maximize your potential savings

Bin Smart does all the thinking for you!

You might say it is like accepting credit card for dummies!

 

Want to know what “BIN” stands for?  Or more information about this truly affordable system?  Please call or email.  I will be happy to discuss this with you.

*An algorithm is a finite sequence of instructions, an explicit, step-by-step procedure for solving a problem, often used for calculation and data processing.

 

If you'd like to learn more! Give us a holler!

Email: info@tampabaymerchantservices.com 
Phone: 727-916-7294