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What Every MARYLAND Business Owner Needs To Know About Their Credit Card Processing.
Maryland’s House Bill 777 was signed into law on April 30, 2019 and took effect October 1, 2019. Jaron Rice, Founder & CEO of Magothy Payments, authored this bill to help protect Maryland small businesses from the predators in the payment processing industry. In times past, big banks and merchant services providers could lock small…
Merchant Services Account Structure Part 2
In this video we offered some clarification on statements made in the previous video regarding interchange pricing and downgrades when a transaction fails the AVS. If the account is structured as a MOTO (mail order telephone order) or e-commerce account, you will not get an interchange downgrade if the billing address is wrong. However, you…
Merchant Services Account Structure
How is your processing account setup? That’s an important question. If you’re a card-not-present business – meaning you’re rarely in front of your customer running their card through a terminal, but keying in their information instead – you could be paying additional fees if your account is setup as a retail account as opposed to…
Don’t Lose Money Because of Chargebacks.
Here are 3 helpful tips to prevent financial losses because of chargebacks: 1. Document everything. Literally everything, including exclusions. 2. Keep good records, and have them readily available. 3. If you do issue a full or partial refund to resolve the chargeback, be sure to issue it digitally on the card you originally charged. DO…
BBB Black-Owned Business Spotlight
The Better Business Bureau of Greater Maryland is doing a Black-Owned Business Spotlight to bring awareness to accredited, black-owned businesses in the Greater Maryland area. Our Founder & CEO, Jaron Rice, did an interview with them to talk more about our company, our beliefs, and the keys to our success. Magothy Payments is Maryland’s highest-rated…
What you should know BEFORE buying a POS system.
If you purchase a hardware and/or software that requires you to use a specific merchant services provider, you may find yourself stuck down the road after investing quite a bit to get up and running. Always make sure you can take your solution with you if you leave your payment processor. BEGIN TRANSCRIPT: Ladies and…