Point of Banking System

Merchants looking for alternatives in high-risk credit card processing may want to consider Point of Banking (POB) as their credit card payment processing service of choice. The difference between POB and regular credit card processing is that the customer shoulders the transaction fee as opposed to the merchant, allowing merchants to aggregate savings on each sale as opposed to paying a percentage fee.

Transaction Fees

POB uses a PIN-based transaction method which increases by $5 increments for each sale. The benefit for the merchant is as opposed to a 3% processing fee for each sale amount, the transaction processing fee is charged to the cardholder allowing merchants to save thousands of dollars every month. The PIN-based system is the key change from the signature-based approach of most regular credit card processing methods and it also enables the customer to receive cash back if they wish, a service that many consumers appreciate.

Processing Mechanics

Merchants are charged a monthly fee of $X for processing services with POB. For processed transactions, there is a three-business-day turnaround for merchants to gain access to their revenue. Finally, perhaps the greatest hidden benefit of the POB system is that it eliminates chargebacks by placing the transaction process with the cardholder, saving merchants the lost revenue in fees as well as the time dealing with customer disputes.

POB offers an alternative high-risk credit card processing for merchants that serve to save them some technical difficulties regarding chargebacks and as well as revenue lost on transaction fees. Merchants with a credit card machine are already equipped to utilize POB as the service is accessible from any credit card terminal.