VaultPOS is a technology company with nearly 10 years experiences developing secure, affordable and reliable wireless payment solutions designed to work with most any mobile device, any payment gateway, any payment processor, bank or wireless carrier.

VaultPOS is a multi-part payment platform which includes a secure Payment Application suite for SmartPhones, a middle-ware solution which drives and manages POS peripherals and card readers to pass encrypted-data between a gateway and or a processor for transaction authorization and reporting.

Android, iOS (Apple, BlackBerry and (coming soon) Windows 7

Visa, MasterCard, Amex, Discover, Pin-Based debit, ACH, RDC/Check 21

First Data, TSYS, Elavon, ChasePaymentech, Global Payments, ECHO, GETi and Heartland Payments

T-Gate, VaulPOS.net, SureGate, Authorize.net and Phoenix Managed Networks.

vPrint, (P25M-i) Rambler, Rover, UniMag, MagTek Wedge USB, MagTek MICR, Verifone P-1000se

VaultPOS is hardware, operating system, payment gateway and payment processor Agnostic.

Vault services resellers of merchant card services who in-turn service the end-user or merchant. VaultPOS is open to working with third-party companies and entrepreneurs interested in reselling Vault POS.

In order to get approved by a credit card processor, a merchant will need to provide the company with some fairly basic data concerning his or her business. While some credit card processors require you to fill out lengthy forms and submit them through the postal service, many processors now allow merchants to apply online. Many of the top credit card processors do not require an application fee or will waive their fee at a merchant’s request.

Generally speaking, it is not very difficult to get approved by a credit card processor. Most credit card processors approve between 95-99% of their applicants.

Not necessarily. A business license is not required in order to be approved by a credit card processor, but it can help speed up the approval process. A merchant does not need to have a business checking account unless the business is a corporation.

There are three monthly fees that are required by nearly all credit card processors: the gateway fee, the statement fee and the monthly minimum.

Credit card companies partner with gateway providers to verify a customer’s data and determine the authenticity of a transaction. Most gateway providers charge a monthly fee that is billed to merchants through the credit card processor. Most gateway fees range from around $5-20 per month.

A statement fee is simply the monthly fee charged by credit card processors for their services. Statement fees are typically $10 per month.

The majority of the top credit card processors out there require merchants to process a minimum amount of money per month of $15-25. If a merchant does not meet the monthly minimum, the difference is added to the merchant’s monthly charges.

Credit card companies charge three different types of fees for each transaction: the discount rate, the transaction fee and the address verification fee.

The discount rate is the percentage of a transaction that a credit card processor keeps for itself.

A transaction fee is the set rate that credit card processors charge for all transactions regardless of their size. Transaction fees are rarely more than $0.30 cents.

Whenever a credit card address is verified during a transaction, a fee of $0.05-0.10 is charged to a merchant’s account. Addresses are verified in credit card transactions by an address verification service, or AVS.

No, internet transaction cost merchants slightly more than retail transactions. The average discount rate for internet transactions is usually around 0.50% more than retail transactions, and the transaction fee for internet transactions often costs a few cents more than internet transactions.

A non-qualified rate is the discount rate that a credit card company charges for certain types of transactions that are not covered by a particular merchant account, such as a phone order. Non-qualified rates are commonly 5-8%, so be sure that all of your transactions are covered appropriately before you agree to a processing contract.

The top credit card processors can handle all major credit cards, checking cards, debit cards, gift cards and electronic checks.

Although there are some credit card processors that clear all transaction the following day, most processors clear payments two to three days after a customer has completed a transaction.

Many credit card processors provide merchants with a point of sale credit card swiper regardless of whether a merchant will be conducting retail transactions.

Many credit card processors now allow merchants the flexibility of accepting credit card payments on the go with their mobile phone. Any mobile phone with internet access can handle these transactions. A merchant simply logs on to their account over their mobile phone and enters a customer’s credit card information, and the payment is approved a moment later. Some credit card processors even offer Bluetooth enabled credit card swipers that work with a merchant’s mobile phone.

Most credit card processors provide merchants with a virtual terminal in the form of a link to a secure webpage where customers can enter their credit card information.

Most types of online transactions require a basic shopping cart in order for customers to shop efficiently. While not all credit card processors offer this service to their merchants, the leaders in the processing industry general offer some sort of basic shopping cart.

Credit card processors use a number of different methods to provide the appropriate level of security for merchants and their customers, including address verification, real time processing, SSL or 3DES data encryption and the three digit CVV2 number.

Credit card transactions are generally validated by a credit card processor in a matter of seconds, reducing the amount of time that a customer’s information is available to computer hackers and other criminals.

SSL, or secure socket layer, provides credit card processors and merchants with some basic security to safely complete credit card transactions without criminals intercepting a customer’s personal information. SSL consists of a 128-bit encryption. Some credit card processors use 3DES for their data encryption. 3DES encrypts information three times over 64-bit keys, resulting in a total of 192-bit encryption.

A CVV2, or card verification value, is the three digit number located on a credit card that is not included on a card’s magnetic strip. The CVV2 number is located either on the back or the front of the card depending on a customer’s credit card.

Credit card processors often require customers to enter their CVV2 number in order to reduce the likelihood of credit card fraud because a customer typically must have his credit card in front of him in order to provide this information.

A merchant account is simply the individual account that a merchant has with a credit card processor. Using a merchant account that is not your own to complete a transaction is an illegal activity known as factoring that can have severe legal consequences.

The most common types of merchant accounts offered by credit card processors are retail and eCommerce. Other types of merchant accounts include restaurant, lodging, mail order and car rental.

While many merchants enjoy the convenience of letting their bank process their credit card transaction and deliver payments directly to their account, third party processors offer the same services at a much lower rate.

Yes. Most credit card processing contracts last for one to three years, and processors charge a fee of a few hundred dollars to merchants who decide to cancel their contract early.

All credit card processors offer some form of customer support 24 hours a day, 7 days a week through a toll-free phone number or email messages, and many now offer live chat at their website. However, it is important to find out what type of support is available, as some processors have outsourced much of the customer support oversees. Retail merchants who may need to have their point of sale equipment repaired should make sure that their credit card processor has local repairmen who are on call whenever the merchant is open for business.

Not all credit card processors offer support for gift cards or gift certificates. However, some processors can issue merchants gift cards that are processed at a much lower fee than other transactions.

As the name implies, an authorization is a transaction you use to: Help verify that the card is not counterfeit Verify that the cardholder has sufficient credit for the purchase Place a "hold" on the cardholder’s credit line for the amount of the transaction

Pass Thru Fees are charges that all Acquirer/Processors pay directly to Visa/MC for the use of their networks. Those fees are based on variables associated with your specific processing method. For example, the lowest Pass-Thru fees are typically given in a Face-to-Face swiped transaction where the card and cardholder are both present.

A deposit is the transaction that withdraws funds from the cardholder’s credit line and deposits them into your sponsoring bank account (or other account you’ve designated). Every sale must include an authorization and a deposit, in that order. Usually, in a retail setting, the authorization and deposit are handled as a single "sale" transaction. In mail order or other "non-magnetic" transactions, the deposit might come hours or even days after the authorization, and is timed to the delivery of the goods.

Most Credit Card Processors will normally deposit your funds in 2-3 days.

No. When the goods or services are being delivered immediately, you will use the SALE transaction (or Authorization and Deposit transaction). So, in addition to authorizing the charge, it deposits the funds for the sale into your checking account.

Yes. The funds will not be available to you unless you process the deposit.

An authorization number, whether obtained electronically through your POS system, your PC processing system, the Internet, or from a representative at the Visa/MasterCard authorization center, indicates that the transaction has credit available on the card and that the transaction is not disputed by the cardholder.

There are two primary reasons you might get this response. First, the automated, communications system processor uses to receive authorizations may be inoperable for some reason. This happens very infrequently, but in those cases you are advised to call the voice center. The second reason this might occur is the card-issuing bank may want to talk to you before they approve the transaction. This can be due to a reported stolen card or just a lot of transactions in a short time (holiday shopping).

There are two main differences amongst the different types of merchant accounts. First, merchant accounts that have a higher risk of fraudulent activity like eCommerce and mail order typically charge a higher discount rate. Second, some merchant accounts provide customers with more information regarding the merchant and the transaction. For example, merchant accounts for lodging provide customers with some detailed information regarding their stay, such as check in time and room service authorizations, while retail merchant accounts simply provide customers with the basic details of a transaction.

Most credit card processors allow their merchants to provide customers with a refund as long as the transaction is completed within 90 days of the original sale. However, the merchant does not receive a refund for the transaction fees that were charged on the original sale, and many credit card processors charge an additional fee for processing refunds.

If a customer disputes a transaction or there was some sort of error in the way that the payment was processed, the credit card issuer will send the transaction back to the processor. The processor will then inform the merchant of the problem, and it will be up to the merchant to either accept or dispute the chargeback.

After a credit card transaction has been authorized at the point of sale, the transaction is then stored in what is known as a batch. A batch is a group of transactions that have not been settled. Most merchants submit their batches to their credit card processor at the end of their business day.

A Sales Draft is a receipt of acknowledgement that the credit card customer signs upon completion of the transaction. A Sales Dradt is automaticall generated and signed by the customer during most face-to-face credit card transactions.

For every face-to-face credit card sale, a sales draft must be completed. This draft is a legal and binding contract between you and your customer. If you have a POS system with a printer attached, it will automatically generate a sales draft for credit cards that are deposited electronically. When the draft has finished printing, present it to the cardholder for signature. Give the cardholder the bottom copy of the draft and retain the top copy (with the original signature) for your files.

Yes. The imprint of the card is your proof that the actual card was present at the time of the transaction. This proof is critical in the case of a disputed transaction and could make the difference between your being liable for a transaction or not.

Whether printed by your POS system printer or produced manually on an imprinter, the sales draft must contain: The credit card number (recorded from the card’s magnetic stripe or imprinted) Authorization and Reference Numbers Signature of customer The card’s expiration date Date of sale Amount of sale, including tax Description of goods/services

You are required to keep your drafts for three years (even if you sell your business). In the event of a question or chargeback, you may be required to produce the signed sales draft. Check with your accountant for guidance before destroying sales drafts.

A credit is a refund issued by you to a legitimate customer due to a return, cancellation of a sale or entry error. This transaction reduces your day’s processing total.

A credit is required when a customer returns merchandise or cancels a sale and requests a refund on the amount of the return. You should process the credit through your POS system if the original transaction was electronically deposited.

No. But even if it is your store policy not to issue credits, your customer has the right to seek reimbursement through chargeback procedures. If your store incurs excessive chargebacks, you may be required to pay additional fees and, in extreme cases, have your right to accept VISA or MasterCard revoked. Therefore, a refund to one dissatisfied customer may be better than a potential chargeback — but you must make that decision.

A cardholder may dispute a charge for many reasons (see below). The cardholder is within his/her legal rights to begin procedures to dispute the charge up to six months after the date of sale, although in some cases the charge may be disputed up to 3 years after.

Yes, if the customer has a valid dispute with the charge in question and you do not satisfactorily remedy the situation. If, however, the customer doesn’t have a valid dispute and you complied with processing regulations, you may not be liable.

A sale can be charged back for more that 35 valid reasons, the four most common are: no signature on a draft failure to fulfill a request for a sales draft no imprint on a draft unauthorized purchase For more information and FAQs on chargebacks, click here.

Most often, the first stage of a chargeback procedure comes in the form of a ‘retrieval request.’ A retrieval request is a request from a card-issuing bank to see an original, photocopy or fax of a sales draft to prove the validity of the sale. If one of your customers disputes a VISA or MasterCard sale, you will receive a letter of notification and be requested to send a copy of the signed copy of the draft or other information to your processor. In most cases, if your records are complete and you have complied with credit card regulations, you can successfully contest chargebacks. It is also possible that the initiation of a chargeback will cause the cardholder’s bank to withdraw funds from your bank account. Note that you would be notified by letter after your account has been debited. This is why we always encourage merchants to maintain a balance in their accounts.

You are required to locate the signed copy of the draft or other requested information and send a copy of it to your processor within the time allowed. Failure to do so will result in a chargeback due to non-receipt of requested item. Your Credit Card Processors may request copies up to three years following the date of sale.