MERCHANT ACCOUNT ANALYSIS

It can be a daunting task to read and understand a merchant statement. Both Visa and MasterCard are coming out with some pretty significant changes this year – no doubt in response to the Durban Amendment’s impact on the industry. This will cause even more frustration on providing a merchant statement quote to your merchant customers. I like this quote from www.paymentssource.com , “ISOs also have to perform complex analysis and decide quickly whether to mark up the fee to cover the costs it will bring, teach employees the fine points of the new approach, and possibly hire additional help-desk workers to prepare for an expected avalanche of phone calls from merchants questioning or complaining about the fee, he contends.” Are you ready? First let’s talk about VISA’s changes: 1. The Network Acquirer Processing Fee (APF), although still $0.0195 per authorization on credit transactions, will be reduced to $0.0155 per authorization on VISA branded debit cards. 2. VISA deb...

How is your business doing?  That is a relevant question these days.  Many business owners are in a deep freeze when it comes to switching payment processors.  Business is just too uncertain and it seems better to stay put where it seems safe.  No doubt you wish you could find the ultimate merchant account provider, lower your rates and fees, and feel confident that you will be taken care of.  Everything would be just perfect.  The merchant statement would be clear and accurate, the customer service department helpful and friendly, and all questions and concerns would be answered promptly.  Many people have yet to see that. What can you do in the meantime?  Study up to make the best decision for the future. I now have an ebook that will take the edge off and help you to find what you are looking for. Simply visit the link and send us an email to get your free copy today.     GET EBOOK: Merchant Account Secrets Revealed

This question has puzzled many for a long time.  In view of the last few years and the struggling economy, I believe this question is more relevant than ever. This year has had record bank failures!  And this news is not good for our industry. There is increased pressure on merchant service organizations and their agents to perform well and take care of their merchant's like never before.  So when selecting a merchant account provider, what should you look for? You will likely agree that honesty and forthrightness is at the top.  Is the company you are considering willing to disclose all fees including PCI compliance fees, cancellation fees, downgrade fees, and the more recent NABU and APF fees and so forth?  Does the company you choose keep informed as well as keep merchants well informed of rate increases or entirely new fee structures?  This is important since most businesses owners only think of their discount rate.  With each passing year, I hav...

Amazing Upfront Bonuses! Awesome Residuals for Life! Free Leads! No doubt you have seen these ads all over! Just look at The Green Sheet forum and you will see these ads for sure. Yes we've heard it all before. So what is the best agent ISO program these days? Well as far as bonuses and residuals are concerned, it really is about the money. You don't want to work for free do you? And the feeling of making a sale and knowing you will get paid the next day, week, or two weeks makes you feel good. When your residuals climb higher and higher, you feel great! Now let me ask you this: "How do you feel when you talk to the ISO or processor you work with?' Do you feel that you are getting the support you need? Do you get help with pricing quotes, equipment, your merchant's risk issues, continued training. Does your merchant account provider honor the rates and service fees you write on the application; or do they eventually try to bleed your merchant little by li...

We all know it.  Competition is fierce!  Many business owners are likely tired of hearing that we have the lowest rates, or we can provide better support, or even a free terminal.  In fact, many are not bashful telling us the last time they spoke to someone about a merchant account.  So what can you do as a MLS or ISO to differentiate yourself from the rest? Before I answer that question, let's examine the merchant's viewpoint for a moment.  The merchant is either happy with the company they are  processing with or they are unhappy.  I don't think there is anyone who is on middle ground in this matter.   If they are a happy customer, you can talk to them all day long and they are not going to make a decision to switch.   But what about the others?  Why are merchants unhappy with their processing service?  Because someone over-promised and under-delivered.  Here is the key.  Do not tell the customer something ...

I was thinking about our industry and for some reason I always get that image in my head of an egg frying in a pan. Next,  I hear that  all too familiar slogan: "This is your brain on drugs...any questions"  If you work in agent or merchant support with an ISO, are a customer service representative, or even an MLS on the street, I think you will agree that our brains our sizzling just like that egg!  It can be difficult to keep our heads on straight with all daily issues we have to handle. Also consider all the reading we have to do.  We have to keep abreast with new technologies, fee structures and procedures. We are bombarded with phone calls, emails flooding in, and issue after issue.   This can literally cause confusion and fatigue and can be quite stressful to get all the work done on time.  Some have no doubt given up on getting it all done.  Believe me it shows.   For those of you, like myself, who aim to please,  keep...

First of all I want to say that this article is not for merchants but is for MLS and ISOs who understand what I am about to say:  Merchant processing statements are a pain! Now with that out of the way, let's talk about why that is. With credit card interchange rates constantly changing, many agents have difficulty reading and offering a merchant account quote .   How much time do you think you have spent staring at merchant statements while still not being able to offer them a competitive statement quote?  Is the merchant account priced as Standard tiered, Interchange-Plus, or the confusing  Enhanced-Recovery pricing?  How much time has been lost in the sales process during this important step! On the other hand, perhaps you currently work with a processor who  offers a free merchant statement analysis service.  They want to do it, but there are more pressing tasks that must be handled.  I know as I worked for a company for many years as ...