Do I Need a New Terminal to get a Merchant Cash Advance?August 23, 2011 | By: Sean Murray
Posted on December 19, 2010 at 6:50 PM
This past July, 2010 the Payment Card Industry Security Standards Council phased out yet another batch of credit card terminals. This has made the last 6 months a tad bit challenging for resellers of the Merchant Cash Advance(MCA) financial product. Non-compliant machines have often times caused delays in what is supposed to be a quick process.
By far and away the biggest complaint by MCA reps has been the push-back by their clients to upgrade equipment. Many merchants have been using the same credit card machine for years with no problems. This challenge is perpetuated by credit card processors that ignorantly let their clients process with non-compliant machines despite the risks. So when a MCA rep comes along and informs a business owner that their equipment violates PCI Standards, you can imagine the skeptical reaction.
Business owners should be aware that PCI Standards compliance is not something to be brushed aside. If your business is responsible for just one data breach of card holder data, the financial penalties will put you out of business. This will be no ones fault but your own. We recently added a section to our site which mirrors the basic information on pcisecuritystandards.org. That information can be found here: http://debanked.com/pcicompliance.htm
Possessing a non-compliant machine does not give your current processor or your MCA rep the right to gouge you with the cost of a brand new one. There are options available to avoid paying hundreds of dollars upfront.
* Have your processor take possession of your old machine and replace with a new one for free
* Have your processor let you borrow a new machine for a low monthly fee
* Have your processor give you a free one in return for a contract extension
* Have your processor set you up with a lease through a 3rd party
Good luck and safe processing!
http://debanked.comLast modified: August 31, 2011
Sean Murray is the founder of deBanked, an 11-year veteran of the merchant cash advance industry, a casual Lending Club and Prosper note investor, the co-founder of Daily Funder, an alternative lending speaker, consultant, writer, and enthusiast. Connect with me on LinkedIn or follow me on twitter.