10 Keys to Credit Card Processing

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "10 Keys to Credit Card Processing"

Transcription

1 10KeystoCreditCardProcessing Apracticalguideforallbusinessestolowertheircredit cardprocessingcosts [Type the document title] [Type the date] [Type the document title] [Type the date]

2 TableofContents INTRODUCTION 3 10 KEYS 4 1. INTERCHANGE PLUS PRICING (IC PLUS) 4 2. KNOW YOUR BUSINESS TYPE 6 3. GET SET UP PROPERLY 6 4. KNOW YOUR CARD MIX AND AVERAGE TRANSACTION 6 5. USE LATEST TECHNOLOGY 7 6. REVIEW YOUR STATEMENTS 8 7. ACCEPT ALL CARD TYPES AND TRANSACTION METHODS 8 8. BE IN CONTACT WITH YOUR ACCOUNT EXECUTIVE 9 9. GET MULTIPLE BIDS FOR CARD PROCESSING SERVICE BUY VALUE NOT PRICE 10 THE DURBIN AMENDMENT SAVINGS 11 2

3 Top 10 Keys to Lower your Credit Card Processing Costs 1. Switch to Interchange Plus Pricing 2. Know your Business Type 3. Get set up under the correct Visa/Mastercard Program 4. Know your card mix and average transaction 5. Use Latest Processing Technology 6. Review your statements (at least every 6 months) 7. Accept All Card Types and transaction methods 8. Be in Contact with your account executive 9. Get multiple bids for card processing service 10. Buy value not price Introduction is conducting a series of whitepapers to empower small business merchants to save on their processing and avoid getting ripped off. Credit card processing continues to become more complicated with new fees, technology and regulations. We realize that you can be overwhelmed with all the changes. This is why our white papers can help, so that you can get back to what is really important, running your business and taking care of your customers. Along with this white paper, you will receive multiple free, no obligation quotes. Please consider these quotes seriously. These quotes are to be used as benchmarks and will help you navigate the tricky waters of credit card processing. These processors are pre-screened and are experts in the field. As a small business owner, you have been inundated with offers from credit card processing companies promising to save you money. Usually most offers start with a low rate. Each merchant services provider tries to trump each other with that lower rate to win your business. If you ve been in business for some time and switched processors, you might have realized that those low offers don t always pan out. In fact from 2000 to 2010, the average credit card processing rates for retail has risen from about 2.00% to 2.66%. That does not include extra fees like statement fees, batch fees and PCI fees. This rise is despite a huge drop in debit card rates and increase in debit card usage. Why the increase? Rewards cards are one of the main culprits. Banks are passing on the cost of those fancy rewards, airline miles, etc, to the merchants. 3

4 The second main reason is a lack of merchant processing education. Merchants are trained by the banks to respond to low rates. The problem is that there are 440 Visa/MasterCard/Discover rates and the banks are only showing you the lowest transaction rates. (For a listing of rates and The correct question to ask is not What is your rate?, but What is your effective rate? The effective rate takes into account all the possible Visa/Mastercard/Discover categories that a transaction may qualify. Knowing your effective rate will give you a more accurate estimate as to the true cost of your processing. You can figure out your effective rate by using a simple formula. Effective Rate = your monthly processing charges/your monthly processing volume. For example: If you process $10,000 dollars a month in volume and your processor charges you $300, your effective rate is $300/$10,000 = 3.00% This guide outlines 10 key strategies to lower your card processing costs. Below is a detailed explanation of each key strategy. By following these steps, you will be an expert in credit card processing and you will do yourself a favor by lowering your processing cost to the maximum extent and saving substantial amounts of money. 10Keys 1.InterchangePlusPricing(ICPlus) This type of pricing used to be reserved for Fortune 500 companies. Not any more. Now, even Mom and Pop shops can take advantage of IC Plus pricing savings. Banks are hesitant and sometimes outright refuse to give IC Plus Pricing to small businesses because the banks can t maximize their profits. They d rather sell you enhanced billback or 3 tier pricing, which is much more lucrative. The recent Durbin Amendment makes it imperative that you switch to interchange plus pricing to ensure you realize the cost reduction savings. Merchants that are not on interchange plus pricing will see their savings go to the 4

5 processor, which is not compelled by law to lower the rates. (Please see Durbin Amendment Savings at the end for more details.) Why interchange plus? As mentioned before, there are 440 different Visa/Mastercard/Discover Categories and you want each one of your sales transactions to qualify for the lowest possible rate category. This is exactly what IC Plus Pricing does. The pricing method places each transaction in the appropriate category and charges the corresponding rate. No other pricing method does this. For example, the most common pricing method, 3 Tier places each transaction according to the processors preferences. The processors prefer placing most transactions in the Mid and Non Qualified tiers as opposed to Qualified tier. Yet, these same processors will sell you on the Qualified Rate Tier. This is a classic bait and switch. IC Plus pricing is pretty simple. There are 3 components that make up your rate. Interchange + Visa/Mastercard/Discover Assessment Fee + Processor Rate Interchange consists of 440 Rate Categories. For most businesses, only about 60 categories will apply. That is still many. The range of rates vary widely from 0.95% + $0.10 for debit cards to 3.25% + $0.10 for certain corporate cards. Assessment fee is the rate Visa/Mastercard/Discover charge for each transaction. Currently this fee is 0.11% + $0.02. This fee does not vary by card or transaction types. The processor fee is exactly that the rate and/or transaction fee your processor charges. This is the only negotiable part of the interchange fee available to the merchant. Please keep this in mind when negotiating with your potential processors. This fee does not vary by card or transaction types. To get the final rate, you simply add up all the components. For example: Visa Retail Transaction Rate would look like this 1.54% + $ % + $ % + $0.13 = 1.75% + $0.25 Please keep this rule in mind. Swiped transactions have lowered rates that keyed transactions. Swiped or Keyed business cards have higher rates than swiped or keyed consumer card transactions. Debit card transactions have lower rates than credit card transactions. 5

6 Please remember in choosing your pricing method, keep in mind your effective rate, which you want to lower. The rate range is more important than the lowest rate. The lowest rate only applies to one transaction type. The rate range applies to all the cards and ultimately determines your effective rate. 2.KnowyourBusinessType Visa/Mastercard use pricing indicators or business types to apply discounts to your rates. In the beginning, Visa/Mastercard used to charge one rate for every industry. Some industries refused to accept credit cards because they thought the rates were to high and cut into too much profit margin. Supermarkets were one of the biggest holdouts. So, Visa/Mastercard began offering discount rates to specific industries, card types, and processing methods. This is why there are 440 different rate categories. These discounts paved the way for credit card acceptance at supermarkets, gas stations and fast food restaurants. Your business may qualify for one of Visa/Mastercards special programs. For example, if your business has an average transaction of less than $15, you may qualify for the small ticket program. If you are paying 1.64% + $0.25 per transaction now, then under the small ticket program you could get your rates as low as 1.65% + $0.04. Now your processor will probably tack on another six cents to cover its costs. Still, you would save fifteen cents a transaction or 1.5% on a $10 transaction. Visa/Mastercard has programs for most industries like restaurant,b2b, MOTO, Quick serve restaurants, Convenience Store, Hotel, Gas Stations, Supermarkets, charities, insurance, utilities, government etc. 3.Getsetupproperly Once you know your business type, you want to make sure that you are processing under that correct business type to take advantage of the savings. You will need to call your processor and ask. If you are not set up properly, you need to find out why and fix it. Your processor may not have intentionally set you up under the wrong business type, but it has reaped a financial reward from you. This is why you need to constantly be pro active in accepting bids for your merchant services. Do not become complacent with your current provider, because like it not many have their best interests at heart. 4.Knowyourcardmixandaveragetransaction There are dozens of card types out there, personal cards, rewards cards, corporate cards, debit cards, purchase cards. Each type of card has a direct 6

7 impact on the rate that you pay. You need to know a break down of the card types to effectively minimize your processing charges. You will also need to know the percentage of swiped transactions, keyed in transactions, and business card transactions. Lets say your processor provides you with a super low swiped rate, but you are keying in most of your transactions. Or if you are set up with a low consumer card rate, but take mostly business cards. Remember many processors will sell you low rate to get your business. The low rate may not apply for the majority of transactions. A higher rate may apply. This is why you need to know your card mix. If you are not sure of your card mix, your processor should have a website where you can review your transactions. Some processor s websites provide in depth analysis of your transactions. This is valuable information. Please use it to your advantage. As mentioned before, IC Plus pricing offers the greatest savings for most businesses. There are some exceptions. If you know for example that you accept 95% personal cards swiped through your credit card terminal, you would be better off with a low 3 tier pricing. The reason is that you can predict that nearly all of your transactions will qualify at the lowest qualified rate and only a few transactions will qualify at the higher Mid and Non Qualified rates. If you take a majority of Business cards, you might be better off under a special B2B pricing program. Most small business owners are not sure of their card mix. Usually, the card mix is all across the board. In this case, you are better off with IC Plus pricing. Knowing your average transaction will save you money. You can find your average transaction on your statement or you can simply divide your monthly volume by the monthly number of transactions. This is important to know, because if your average transaction is below $15, you may qualify for the small ticket program. If you have a high average ticket, your business may benefit from pin debit savings. 5.UseLatestTechnology A few years back there was the story of the merchant who had purchased one of the first credit card terminals, a Verifone Zon Jr. XL for a pricey sum. He had heard so many stories about his fellow merchants getting fleeced on terminals that he vowed never to buy another terminal again. One day a merchant services rep walked into his store and analyzed his statement. He noticed that his rates were extremely high. When he saw the Zon Jr. terminal, he realized that the obsolete equipment was the cause for the 7

8 surcharges. The poor sales rep tried to convince the merchant that to save money he d have to switch to new equipment. The sales rep explained that the Zon only read the one track of information embedded on the back of magnetic strip of credit cards. Visa/Mastercard required that both tracks be read. The merchant would not budge. Another five years passed, and finally the Zon gave out. The merchant coughed up the money to purchase a new machine. The next month, he noticed that his processing charges per transaction were nearly 2% less than the month before. The sales rep had been right. He had been wrong. The merchant had saved a few hundred dollars on keeping his old equipment, but lost thousands of dollars in unnecessary fees because he was processing incorrectly. The moral of the story is that to ensure you maximize your savings utilize the latest equipment and technology. It really will make a difference. Another factor to consider is PCI Compliance. PCI Compliance is the credit card processing industry s program to eliminate fraud by compelling merchants to follow their security regulations. Some older terminals are no longer PCI compliant and merchants who continue to use those terminals will face heavy fines if their terminals are compromised. 6.Reviewyourstatements It is really revealing to know that most merchants seldom if ever review their statements on a monthly basis. This should not be the case. Don t expect your accountant to review and pick up irregularities from your statement. Many CPA s are statement illiterate. When you look at the statement, you are looking for any changes in rates and fees and any other irregularities. April and October are the two months out of the year where you must review your statements. These months are when Visa/Mastercard association meets to set rates for the year. This is the time when your rates are most likely raised. If they are raised, give your dedicated account executive a call or your processor s retention department and kindly ask them to lower your rates back down. If they don t, then switch processors because it s obvious that they value those few extra pennies over your business. 7.AcceptAllCardTypesandtransactionmethods There is an old adage in business if you want more sales, make it as easy as possible for your customers to pay. That means accepting all the cards - Visa, Mastercard, Discover, American Express, JCB and Debit cards. 8

9 Some merchants refuse to accept American Express because the rate is too high. The question you need to ask yourself is whether you mind paying the higher transaction costs to gain a sale or lose the sale to save on the higher transaction cost. If the former is more important to you, accept American Express. A few years ago, pin debit used to be the best way to cut your processing costs. That is not always the case anymore. Visa/Mastercard have cut the interchange rates for signature debit transactions. The debit networks have raised their transaction fees. But for merchants with high average transactions, pin debit is still a great tool to save money, because the debit transaction costs are so much less. If you are a retail business, ask your processor if they offer check guarantee. If you truly want to lower your transaction costs many check guarantee companies like Telecheck and Certegy offer rates below 1%. Then put up a sign that you welcome checks because some people still write checks. 8.Beincontactwithyouraccountexecutive Do you have a dedicated account executive? Do you know who your account executive is? If not, then you need to get a new processor with an account executive attached. There are so many changes occurring in credit card processing industry that you need to be pro active in your response. You need a go to guy to help you. That s your dedicated account executive. A good merchant services account executive can help you analyze your statement, ensure that you are set up under the correct business type, help you decide the best pricing method, advise you on the latest technology, help you win chargebacks, and resolve other issues. 9.Getmultiplebidsforcardprocessingservice When was the last time you had your statement analyzed? Even a better question, when was the last time you even looked at your statement. If your business is like most businesses, 50% or more of your revenue is generated through credit card payments. It pays to know what you are paying and ensuring that you are not paying too much. The best way to the best deal on credit card processing is to get multiple bids. When banks compete, you win is not just a slogan but good advice. Our company works with several of the top processors, and this gives us the flexibility to put our clients with the appropriate processor. 9

10 10.Buyvalue notprice The famous saying goes that price is a one time thing, cost is ongoing. Many merchants are lured into bad processing agreements by artificially low rates and/or free terminals. You can find these offers advertised on the internet all day long. Rates as low as Free Terminal with every account Don t be fooled. If you ve reached this point in the guide, then you ve educated yourself pretty well. You know that rate means nothing. Effective rate is everything. (Effective rate is all your processing costs divided by your volume.) Rate is what got you to sign. Effective rate is what you actually pay. Go with a company that offers the latest technology. Don t pay extra fees or PCI compliance penalties because of obsolete equipment. Look for value add like loyalty programs, gift cards, check guarantee, online account access, POS systems. These features can make a difference. These other services and products can give you a competitive advantage. If you don t take advantage of them, then your competitors certainly will. Go with a company with a dedicated account executive. Ask the processor what happens if your account executive leaves? Can you be assigned a new one? A good account executive can save you much time and money and it is worth it to pay a little extra for that service. Go with a reputable company that tailors its processing to your business needs. Many merchants think they can solve this problem by going to their banks. Banks do not have the same control over merchant services like other products they sell. Most banks outsource their merchant services to big processors like First Data, Elavon, Paymentech. As mentioned before, the banks are looking to profit off of you by making a profit from your business. Don t expect to get a good deal from your local bank. But do expect to get a sympathetic ear when something goes wrong. Don t expect your banker to be able to do something about it. Second, your processor should be able to accommodate your needs. If you need next day funding, or have large transactions, or take advanced payments, want to accept health savings cards or fleet cards, your processor should be able to work with you to create a plan that will meet your needs. If not, move on to the next processor. Be wary of free terminal offers. As the sayings go, you get what you pay for and there are no free lunches. Credit card terminals aren t free to the processor and the processor will make sure it gets a return on the free terminal it gave to you. Find out what that cost is. The cost could be obsolete terminal, a long-term commitment, or excessive penalties for non-return of equipment. 10

11 Keep searching. If you are not completely satisfied with your current processor, then switch. The competition for merchant service accounts is fierce. You are in the catbird seat. The best advice when choosing a credit card processing company is picking the company, which you believe has the most integrity and will deal with you honestly. This will hold you in good stead over the long run. TheDurbinAmendmentSavings Small businesses will receive the biggest reduction in their credit card processing charges in the history of the electronic payment industry, but only if they are set up correctly. The Dodd Frank Wall Street Reform and Consumer Protection Act of 2010 included an amendment, which will greatly impact your credit card processing or more specifically your debit card processing charges. This Durbin Act will affect both signature and pin based debt interchange rates by drastically lowering them on October 1 st, Normally, the debit card processing rates (debit interchange rates) were set by Visa/Mastercard. The current debit card interchange rates are 0.95% + $0.20 for Visa and 1.05% + $0.15 for Mastercard. The Federal Government led by Senator Durbin has intervened and under the Dodd Frank Wall Street Reform and Consumer Protection Act reduced the debit interchange rates to 0.05% + $0.22. Merchants that process debit cards whether signature debit or pin debit will see huge savings on their merchant account processing statements. Debit, both pin and signature, comprise nearly 50% - 70% off all card transactions. Merchants could see their credit card processing charges cut in half. That is real savings. Unfortunately, many merchants, who do accept a high percentage of debit cards, may not see any savings, because their current credit card processing plan does not allow for the Durbin Amendment reduction. Instead their debit interchange savings will be going to their processors. This is especially true for merchants who are on 3 tier and enhanced billback pricing. The reason is that the processor is not compelled by law to reduce the rates. They are only reducing one component of your rate called, interchange, not the other two components, Visa/Mastercard Assessment and the processor s percentage. So if you are paying 1.64% + $0.20 per debit transaction, the difference of 0.95% to 0.05% will go to the processor and not to the you. There is away around this dilemma and to ensure that your company and not the processor realize the debit interchange savings. This requires the merchant to 11

12 switch to interchange plus pricing. This will guarantee that you will receive the reduction. The reason is that under IC Plus pricing, the processor is compelled to set the interchange rate at the current bank rate and then add his percentage on top. If the interchange rate is.05%, the processor must use that percentage as his base line and then add on its percentage of say 0.50%. In the 1.64% example above the processor has bundled his interchange and its percentage together. This is fixed pricing. As long as interchange is below 1.64%, the processor is going to charge that rate. Durbin Amendment Examples: Reduction in Interchange $100 Avg. Transaction Current Visa Debit interchange $100 x 0.95% + $0.20 = $1.15 Durbin Amendment Interchange $100 x.05% + $0.22 = $0.27 An example of how debit reduction will save you 50% or more on your debit transactions. Joe s Auto Repair has a $100 dollar average ticket. Joe pays 1.64% on swiped debit transactions. $100 x 1.64% = $1.84 Joe pays on average $1.84 per transaction. Joe heard about the Durbin Amendment and has decided to switch processors to receive Interchange Plus Pricing. IC Plus Savings on Debit Transactions: $100 x.05% + $0.22 = $0.27 Then we add in Visa/Mastercard Assessment (0.11% + $0.02) $100 x.11% + $0.02 = $0.13 Finally, the processor fee of 0.50%: $100 x 0.50% = $0.50 Add the charges all together 12

13 Total: $ $ $0.50 = $0.90 Over 50% savings over the current debt transaction rate. To find out how much your business will save, click here or go to then click on Durbin Debit Calculator. 13

Table of Contents. How will the Durbin Amendment Effect My Business?... 12. Teso Merchant Consultants 2011

Table of Contents. How will the Durbin Amendment Effect My Business?... 12. Teso Merchant Consultants 2011 Ripped Off The inside secrets about how the banks rip your business off on your credit card processing and the steps you can take to protect your business. Table of Contents Introduction...3 The Top Processing

More information

Credit Card Processing Secrets

Credit Card Processing Secrets Credit Card Processing Secrets What Your Credit Card Processer Doesn t Want You To Know, and How It Can Hurt You By Scott Bradley and John Hampton Business Owners and San Clemente Residents Copyright 2012

More information

THE TOP 10 MERCHANT ACCOUNT MISTAKES

THE TOP 10 MERCHANT ACCOUNT MISTAKES THE TOP 10 MERCHANT ACCOUNT MISTAKES EACH YEAR BUSINESSES LOSE MILLIONS OF DOLLARS ON 10 COMMON MISTAKES Authored by: Brian K Roemmele Version III 1 S T A M E R I C A N C A R D S E R V I C E Research Reports

More information

What is Interchange. How Complex is Interchange?

What is Interchange. How Complex is Interchange? What is Interchange The foundation of the entire Bankcard Processing industry s cost structure. Interchange is the wholesale price, charged by Card Issuing Bank, for Authorization and Settlement of a credit

More information

Choosing the Right Merchant Account Provider. 5 Essential Factors Every Business Owner Must Understand Before Choosing a Payment Processing Provider

Choosing the Right Merchant Account Provider. 5 Essential Factors Every Business Owner Must Understand Before Choosing a Payment Processing Provider Choosing the Right Merchant Account Provider 5 Essential Factors Every Business Owner Must Understand Before Choosing a Payment Processing Provider 5 Essential Factors Starting to accept credit cards at

More information

The Most Important Credit Card Processing Insider s Report Ever Written

The Most Important Credit Card Processing Insider s Report Ever Written The Most Important Credit Card Processing Insider s Report Ever Written This is the key data that the processing banks do not want you to know. How to Earn back Thousands of Dollars or More by Eliminating

More information

Introducing the Credit Card

Introducing the Credit Card Introducing the Credit Card This program was designed with high school students in mind. It goes over everything you need to know before you get your first credit card so you can manage it wisely.» Key

More information

STOP OVERPAYING FOR CREDIT CARD PROCESSING

STOP OVERPAYING FOR CREDIT CARD PROCESSING STOP OVERPAYING FOR CREDIT CARD PROCESSING (Four easy steps to lower your processing costs) Table of Contents Page 1 Table of Contents Page 2 Purpose of This Handout Introduction to 4-steps to lowering

More information

Payment Processing considerations to comply with IRS and PCI-DSS regulations and policies

Payment Processing considerations to comply with IRS and PCI-DSS regulations and policies itransact Presents Payment Processing considerations to comply with IRS and PCI-DSS regulations and policies Learning Objectives At the end of this course you will be able to: Prepare for IRS 6050w and

More information

The Comprehensive, Yet Concise Guide to Credit Card Processing

The Comprehensive, Yet Concise Guide to Credit Card Processing The Comprehensive, Yet Concise Guide to Credit Card Processing Written by David Rodwell CreditCardProcessing.net Terms of Use This ebook was created to provide educational information regarding payment

More information

Sales are the lifeblood of any small business. If you can t close the deal and get customers to buy, your business won t last very long.

Sales are the lifeblood of any small business. If you can t close the deal and get customers to buy, your business won t last very long. 1 Sales are the lifeblood of any small business. If you can t close the deal and get customers to buy, your business won t last very long. That s really all there is to it. So doesn t it just make sense

More information

Credit Card Processing Buyer's Guide By the purchasing experts at BuyerZone

Credit Card Processing Buyer's Guide By the purchasing experts at BuyerZone Introduction When Western Union first gave charge cards to their best customers in 1914, no one would have guessed that over $2.56 trillion would be charged in the U.S. alone in 2008. As ubiquitous as

More information

Interchange Plus Pricing. Bringing Transparency to Credit Card Processing Fees

Interchange Plus Pricing. Bringing Transparency to Credit Card Processing Fees Interchange Plus Pricing Bringing Transparency to Credit Card Processing Fees Industry Whitepaper by Marlon Harris, emerchant Inc. Most credit card processors simplify the complexity of interchange by

More information

Credit Card Processing 101

Credit Card Processing 101 Credit Card Processing 101 Customers have come to expect credit cards as a payment option. With ATM fees continuing to rise, some consumers may even exclusively choose to take their purchasing power to

More information

How to Choose the Right Credit Card Processing Company

How to Choose the Right Credit Card Processing Company How to Choose the Right Credit Card Processing Company How To Choose The Right Credit Card Processing Company If you're in business these days, you need to accept credit cards. The problem is, which type

More information

COMMERCE. Authored by Michael Mendlowitz PAYMENT SYSTEMS

COMMERCE. Authored by Michael Mendlowitz PAYMENT SYSTEMS COMMERCE PAYMENT SYSTEMS Authored by Michael Mendlowitz CommercePaymentSystems 1465 Broadway Hewlett NY 11557 USA www.commercepaymentsystems.com 1.866.999.4622 Introduction I am sure that when you spent

More information

How Do I Understand Credit Card Processing Fees?

How Do I Understand Credit Card Processing Fees? How Do I Understand Credit Card Processing Fees? Credit card processing rates and fees are often misunderstood and confusing, so we are committed to helping you understand the various costs associated

More information

537 G St., Suite 201, Eureka, CA 95501 www.eurekapayments.com

537 G St., Suite 201, Eureka, CA 95501 www.eurekapayments.com I. Costs of Merchant Processing. This paper provides an overview of the cost drivers for merchant processing; describes how merchant processors categorize merchants and defines the most common types of

More information

The Definitive Guide to Credit Card Surcharging

The Definitive Guide to Credit Card Surcharging The Definitive Guide to Credit Card Surcharging (for Merchants) Merchant surcharging made easy. American merchants pay the highest merchant fees in the world, fees that are many times higher than the fees

More information

Let s cover a few general terms and calculations that I m going to reference throughout this discussion.

Let s cover a few general terms and calculations that I m going to reference throughout this discussion. Applying Data to Boost Your Merchant Services Program David Reed brings 10 years of financial management experience and a deep understanding of interchange to Security Card Services bank partners. David

More information

How Online Payments Really Work

How Online Payments Really Work Insights for Businesses How Online Payments Really Work If you re thinking about setting up an online store, you re in good company. Shoppers are increasingly turning to online options, as their access

More information

THE ABC s of Credit Card Processing

THE ABC s of Credit Card Processing THE ABC s of Credit Card Processing 1 Page Credit Card Processing As you well know, the fee s you pay to process credit card transactions represents a large portion of your monthly overhead. At AMG Payment

More information

Interchange Optimization: Are you getting the best rate?

Interchange Optimization: Are you getting the best rate? 2012 Interchange Optimization: Are you getting the best rate? Northpark Town Center 1200 Abernathy Road, Suite 1700 Atlanta, Georgia 30328 (800) 846-1305 www.optimizedpmts.com There are many costs associated

More information

International Payment Services. Credit & Debit Card Processing

International Payment Services. Credit & Debit Card Processing International Payment Services Credit & Debit Card Processing Merchant Processing Overview Visa, MasterCard, American Express, Discover, Diners, JCB, Debit, EBT, Fleet Card (Wright Express and Voyager),

More information

CREDIT CARD PROCESSING MADE SIMPLE

CREDIT CARD PROCESSING MADE SIMPLE CREDIT CARD PROCESSING MADE SIMPLE I m the Life Preserver for your Cash Flow. Jared Sparr 888-907-6881 Jared@jps-us.com Java Payment Services 2 Legal Disclaimer All contents copyrighted 2012 by Jared Sparr

More information

Statement for the Record. On Behalf of the AMERICAN BANKERS ASSOCIATION. Before the. Antitrust Tax Force. Committee on the Judiciary

Statement for the Record. On Behalf of the AMERICAN BANKERS ASSOCIATION. Before the. Antitrust Tax Force. Committee on the Judiciary Statement for the Record On Behalf of the AMERICAN BANKERS ASSOCIATION Before the Antitrust Tax Force Committee on the Judiciary United States House of Representatives May 15, 2008 Statement for the Record

More information

The Science of Credit Card Processing

The Science of Credit Card Processing The Science of Credit Card Processing Page 1 Credit Card Processing How does credit card processing work? You may receive credit card payments from customers from a variety of sources. You may swipe their

More information

Fall Conference November 19 21, 2013 Merchant Card Processing Overview

Fall Conference November 19 21, 2013 Merchant Card Processing Overview Fall Conference November 19 21, 2013 Merchant Card Processing Overview Agenda Industry Definition Process Flows Processing Costs Chargeback's Payment Card Industry (PCI) Guidelines for Convenience Fees

More information

Common Mistakes to Avoid When Selecting a Payment Processor

Common Mistakes to Avoid When Selecting a Payment Processor 7 Common Mistakes to Avoid When Selecting a Payment Processor Introduction Selecting a payment processor is one of the most important steps to getting paid online. But comparing solutions for accepting

More information

Finding the Best Merchant Service Program in Prince George

Finding the Best Merchant Service Program in Prince George Finding the Best Merchant Service Program in Prince George Getting paid for your products or services is critical to your success in business. You want to make as much profit as possible so you DO NOT

More information

An Education in Merchant Processing

An Education in Merchant Processing An Education in Merchant Processing Presented by: Michael Mintz COO - AMG Payment Solutions Today s Agenda Introduction and Background Important Industry Terms The Electronic Payment Process Interchange

More information

Sales Agent. Fast Start Training Part 1

Sales Agent. Fast Start Training Part 1 Sales Agent Fast Start Training Part 1 www.rmsnpc.com Our Business Partnerships and Credentials Retriever Merchant Solutions is a registered ISO/MSP powered by National Processing Company (NPC) and sponsored

More information

Understanding (and Optimizing) Credit Card Fees

Understanding (and Optimizing) Credit Card Fees Understanding (and Optimizing) Credit Card Fees Did you know Visa, MasterCard, and Discover have their own interchange programs and combined there are over 300 levels of interchange? While that may seem

More information

Glossary ACH Acquirer Assessments: AVS Authorization Back End: Backbilling Basis Point Batch

Glossary ACH Acquirer Assessments: AVS Authorization Back End: Backbilling Basis Point Batch Glossary ACH: Automated Clearing House; an electronic payment network most commonly associated with payroll direct deposit, recurring payments, and is the network most commonly used to settle merchant

More information

5 Reasons Your Current Credit Card Processor Is More Expensive Than You Thought!

5 Reasons Your Current Credit Card Processor Is More Expensive Than You Thought! 5 Reasons Your Current Credit Card Processor Is More Expensive Than You Thought! It felt like you got a great deal on your credit card processing when you signed up, but suddenly you noticed your rates

More information

Adjustment A debit or credit to a cardholder or merchant account to correct a transaction error

Adjustment A debit or credit to a cardholder or merchant account to correct a transaction error Glossary of Terms A ABA Routing Number This 9-digit number is assigned by the American Banker s Association and is used to identify individual banks. When performing an ACH transfer from one bank account

More information

K.4 Using Credit Wisely After Bankruptcy

K.4 Using Credit Wisely After Bankruptcy Appx. K.4 K.4 Using Credit Wisely After Bankruptcy Beware of Credit Offers Aimed at Recent Bankruptcy Filers Disguised Reaffirmation Agreement Carefully read any credit card or other credit offer from

More information

Office Relocation Planner Guide to Credit Card Processing

Office Relocation Planner Guide to Credit Card Processing Office Relocation Planner Guide to Credit Card Processing Introduction The world of merchant services can be confusing, especially for businesses who have never accepted credit cards for payment before.

More information

Understanding Your Merchant Fees Presented by:

Understanding Your Merchant Fees Presented by: Understanding Your Merchant Fees Presented by: Melinda Speer Terry Endres VP Strategic Sales Executive SVP Treasury Management Officer Health, Institutions, & Government Government Treasury Services Chicago,

More information

[ What the Changes Mean, and How to Get Your Share of the Savings ]

[ What the Changes Mean, and How to Get Your Share of the Savings ] Dancing With Debit After the Durbin Amendment [ What the Changes Mean, and How to Get Your Share of the Savings ] By Dan Toughey, President, TouchNet Information Systems, Inc. For the college business

More information

EMV in Hotels Observations and Considerations

EMV in Hotels Observations and Considerations EMV in Hotels Observations and Considerations Just in: EMV in the Mail Customer Education: Credit Card companies have already started customer training for the new smart cards. 1 Questions to be Answered

More information

Merchant Card International A Name you can TRUST!

Merchant Card International A Name you can TRUST! Welcomes To About Merchant Card International (MCI) Merchant Card International being a Nationwide presents (offices) ) has more than 15 years experience in the transaction processing business. Our reputation,

More information

This page intentionally left blank

This page intentionally left blank This page intentionally left blank START YOUR MERCHANT SERVICES ACCOUNT By Wendy Byford The ebook companion to the elearning module Start Your Merchant Services Account with Wendy Byford & Gary Bauer Start

More information

Mistake #1: Assuming that lowest rate means lowest overall cost.

Mistake #1: Assuming that lowest rate means lowest overall cost. Introduction Congratulations you ve selected a top-notch e-commerce website solution. But you re not done yet. In fact, the next choice you make will be one of the most important in the process of setting

More information

Good Morning. First, I would like to thank Chairwoman Capito, Ranking Member

Good Morning. First, I would like to thank Chairwoman Capito, Ranking Member Testimony of David Seltzer before the Financial Institutions and Consumer Credit Subcommittee of the Financial Institutions Committee of US House of Representatives. Thursday, February 17, 2011 Good Morning.

More information

PAYMENT PROCESSING Do you truly understand? A Payment Processing Primer

PAYMENT PROCESSING Do you truly understand? A Payment Processing Primer PAYMENT PROCESSING Do you truly understand? A Payment Processing Primer For a business owner, payment processing is one of those aspects of the business that you shouldn t have to worry about. It s not

More information

Tiered Pricing, Interchange Differential, Interchange Plus...What s the difference and how does it affect me?

Tiered Pricing, Interchange Differential, Interchange Plus...What s the difference and how does it affect me? Tiered Pricing, Interchange Differential, Interchange Plus...What s the difference and how does it affect me? Introduction Explanation of Interchange Tier (Bucket) pricing versus Interchange PLUS" (referred

More information

Do not let your eyes glaze over! I am going to save you a lot of money!

Do not let your eyes glaze over! I am going to save you a lot of money! Introduction: Stop!! Do not let your eyes glaze over! I am going to save you a lot of money! Most of us know that there are two sides to a balance sheet ledger. There is a debit side and a credit side.

More information

Credit/Debit Card Processing Requirements and Best Practices. Adele Honeyman Oregon State Treasury Training Specialist

Credit/Debit Card Processing Requirements and Best Practices. Adele Honeyman Oregon State Treasury Training Specialist Credit/Debit Card Processing Requirements and Best Practices Adele Honeyman Oregon State Treasury Training Specialist 1 What? What do I need to know about excepting credit cards? Who s involved, how it

More information

CREDIT CARD PROCESSING AND MERCHANT SERVICES

CREDIT CARD PROCESSING AND MERCHANT SERVICES CREDIT CARD PROCESSING AND MERCHANT SERVICES provides credit card processing and merchant services for a wide range of business types - including retail, e-commerce, professional services, restaurants,

More information

HOW TO SET UP A MERCHANT ACCOUNT WITHOUT GETTING RIPPED-OFF

HOW TO SET UP A MERCHANT ACCOUNT WITHOUT GETTING RIPPED-OFF HOW TO SET UP A MERCHANT ACCOUNT WITHOUT GETTING RIPPED-OFF Discover Insider Information Sales Reps Do NOT Want You to Know: 3 Big Mistakes Business Owners Make When Setting Up a Merchant Account By Michael

More information

CRM4M Accounting Set Up and Miscellaneous Accounting Guide Rev. 10/17/2008 rb

CRM4M Accounting Set Up and Miscellaneous Accounting Guide Rev. 10/17/2008 rb CRM4M Accounting Set Up and Miscellaneous Accounting Guide Rev. 10/17/2008 rb Topic Page Chart of Accounts 3 Creating a Batch Manually 8 Closing a Batch Manually 11 Cancellation Fees 17 Check Refunds 19

More information

CREDIT CARD PROCESSING GLOSSARY OF TERMS

CREDIT CARD PROCESSING GLOSSARY OF TERMS CREDIT CARD PROCESSING GLOSSARY OF TERMS 3DES A highly secure encryption system that encrypts data 3 times, using 3 64-bit keys, for an overall encryption key length of 192 bits. Also called triple DES.

More information

1. You Need to Track EVERYTHING Religiously.

1. You Need to Track EVERYTHING Religiously. The 3 Main Things I ve Discovered After Making $2.1 Million Dollars in Revenue, Converting over 300,000 People into Leads, and Driving Millions of Visitors to My Landing Pages The Past Few Years 1. You

More information

Unveiling the true cost of payment processing

Unveiling the true cost of payment processing Unveiling the true cost of payment processing and how we can save you money. It s All About Results! MERCHANT ACCOUNT BASICS With the advent of Internet and booming of e-commerce, it has become imperative

More information

How Merchants Can Maximize Cost Savings in the Post-Durbin Era of Debit Payments

How Merchants Can Maximize Cost Savings in the Post-Durbin Era of Debit Payments How Merchants Can Maximize Cost Savings in the Post-Durbin Era of Debit Payments By: Fred Gore Senior Vice President Dean Michaels Senior Vice President 2011 First Data Corporation. All trademarks, service

More information

USING CREDIT WISELY AFTER BANKRUPTCY

USING CREDIT WISELY AFTER BANKRUPTCY USING CREDIT WISELY AFTER BANKRUPTCY Copyright April 2011, Legal Aid Society of Hawai`i All rights reserved. These materials may be reproduced. However, under no circumstances are persons receiving these

More information

How To Legally STEAL The Lists Of Fortune 500 Companies AND Flip Them Into Consulting Clients That Will Gladly Pay You $5,000 Per Month Or More!

How To Legally STEAL The Lists Of Fortune 500 Companies AND Flip Them Into Consulting Clients That Will Gladly Pay You $5,000 Per Month Or More! How To Legally STEAL The Lists Of Fortune 500 Companies AND Flip Them Into Consulting Clients That Will Gladly Pay You $5,000 Per Month Or More! During This FREE Webinar You ll Learn The Greatest Foot

More information

How to Read Your Monthly Statement (Card, ACH and Excel Spreadhseet)

How to Read Your Monthly Statement (Card, ACH and Excel Spreadhseet) How to Read Your Monthly Statement (Card, ACH and Excel Spreadhseet) Your Monthly Card Statement is broken out into 3 parts. Each section will be explained in greater detail in the few pages. The first

More information

Card Processing Information You Must Know For Your Restaurant & Bar. Introduction

Card Processing Information You Must Know For Your Restaurant & Bar. Introduction Card Processing Information You Must Know For Your Restaurant & Bar As promised, here is your free report. Congratulations on taking this important step in reviewing your current payment systems. After

More information

Money Math for Teens. Before You Choose a Credit Card

Money Math for Teens. Before You Choose a Credit Card Money Math for Teens Before You Choose a Credit Card This Money Math for Teens lesson is part of a series created by Generation Money, a multimedia financial literacy initiative of the FINRA Investor Education

More information

Cost-management strategies. Your guide to accepting card payments cost-effectively

Cost-management strategies. Your guide to accepting card payments cost-effectively Cost-management strategies Your guide to accepting card payments cost-effectively Table of Contents Guidance from Wells Fargo Merchant Services...3 The secret to better interchange rates...4 Why interchange

More information

Annuities. No Free Lunch. What You re Not Told

Annuities. No Free Lunch. What You re Not Told Annuities June and Larry, both in their 70s, got a postcard in the mail inviting them to a free dinner and financial seminar at a local hotel. The speaker was so persuasive they immediately signed up to

More information

Chapter 1 Introduction

Chapter 1 Introduction 1 CHAPTER This chapter lays the foundation for your increased understanding of the process of electrical estimating and submitting bids. It also covers the basic concepts about estimating and bidding that

More information

Drastically lower your credit card processing fees! Use the secrets that credit card processors don't want you to know!

Drastically lower your credit card processing fees! Use the secrets that credit card processors don't want you to know! Drastically lower your credit card processing fees! Use the secrets that credit card processors don't want you to know! Preface Compare credit card processors instantly and save. Share the Wealth! Help

More information

Guidelines for Accepting Credit Cards as a Form of Payment for Education, Registration and Other Fees

Guidelines for Accepting Credit Cards as a Form of Payment for Education, Registration and Other Fees Guidelines for Accepting Credit Cards as a Form of Payment for Education, Registration and Other Fees Background Over the past few years, the use of credit cards as a payment option for purchasing goods

More information

Newtek, The Small Business Authority 855-2thesba www.thesba.com. thesba.com 855-2thesba

Newtek, The Small Business Authority 855-2thesba www.thesba.com. thesba.com 855-2thesba thesba.com 855-2thesba EMV Chip Technology, Secure Electronic Payments The world of payments is evolving. We are starting to see an evolution from typical static magnetic strip cards to more intelligent

More information

Earn more, pay less the way it is

Earn more, pay less the way it is Earn more, pay less the way it is 2012,2013 SecuTrans Inc. is a trustworthy name. About Us SecuTrans Inc. is a leading and registered Credit/Debit Merchant Service Provider in Canada. We are one of the

More information

Louis Gudema: Founder and President of Revenue + Associates

Louis Gudema: Founder and President of Revenue + Associates The Interview Series - Presented by SmartFunnel Interviews of Sales + Marketing Industry Leaders Louis Gudema: Founder and President of Revenue + Associates PETER: Hello folks this is Peter Fillmore speaking.

More information

ACN s Preferred Merchant Services Partner

ACN s Preferred Merchant Services Partner ACN s Preferred Merchant Services Partner Your Guide to Selling Merchant Services 1. Merchant Services 101 2. Engage Merchants 3. Submit Leads 4. Stay Involved 1. Merchant Services 101: What is Merchant

More information

IMPORTANT INFORMATION BEFORE YOU CHOSE A MERCHANT SERVICE PROVIDER.

IMPORTANT INFORMATION BEFORE YOU CHOSE A MERCHANT SERVICE PROVIDER. IMPORTANT INFORMATION BEFORE YOU CHOSE A MERCHANT SERVICE PROVIDER. CREDIT CARD & ATM SERVICES SERVING LAS VEGAS FOR 10 YEARS NATION WIDE SERVICE PROVIDER LOCAL COMPANY WITH 35 YEARS OF COMBINED BANKING

More information

True Pricing. Unveiling the true cost of payment processing. and how Element can save you money.

True Pricing. Unveiling the true cost of payment processing. and how Element can save you money. True Pricing Unveiling the true cost of payment processing and how Element can save you money. Price structure and overall cost is significantly more important than a rate quote. What is your rate? This

More information

The Seven Deadly Sins Of Car Buying That Could Cost You Dearly, And How To Avoid Them

The Seven Deadly Sins Of Car Buying That Could Cost You Dearly, And How To Avoid Them The Seven Deadly Sins Of Car Buying That Could Cost You Dearly, And How To Avoid Them The Car Business 101... 2 Sin #1: Shopping Based On Monthly Payment Instead Of Price... 3 Sin #2: Putting Money Down

More information

Merchant Account Basics. A compilation of Braintree blog posts

Merchant Account Basics. A compilation of Braintree blog posts Merchant Account Basics A compilation of Braintree blog posts Table of Contents I. A Brief History of the Credit Card Processing Industry... 3 II. Industry Overview... 4 The necessity of merchant accounts...

More information

Understanding Online Credit Card Payment Processing

Understanding Online Credit Card Payment Processing Understanding Online Credit Card Payment Processing Updated...March 2009 Understand supported SPOT credit card payment processing interface types; credit card rates, security, and PCI compliance; how to

More information

Credit Cards: Advantages & Disadvantages

Credit Cards: Advantages & Disadvantages Credit Cards: Advantages & Disadvantages Latino Community Credit Union & Latino Community Development Center CREDIT CARDS: BUILDING A better FUTURE ADVANTAGES AND DISADVANTAGES Latino Community Credit

More information

Discover Interchange Fees

Discover Interchange Fees Discover Assessment Fees: 0.11% PSL Retail (Cardswipe Best Rate) Discover Interchange Fees Rate Per Item Core (Best Rate) 1.56% $0.10 Debit 1.10% $0.16 Prepaid 1.10% $0.16 Rewards 1.71% $0.10 Premium 1.71%

More information

Arab Bank Cards User Guide

Arab Bank Cards User Guide Arab Bank Cards User Guide 4600900 arabbank.jo A card to suit every lifestyle Coming to you from the largest Arab banking network, Arab Bank Cards entitle you to a host of benefits designed to offer you

More information

Cash Flow Exclusive / September 2015

Cash Flow Exclusive / September 2015 Ralf Bieler Co-Founder, President, CEO Cash Flow Exclusive, LLC My 2 Cents on The Best Zero-Cost Strategy to Improve Your Business To achieve better business results you don t necessarily need to have

More information

Using Credit to Your Advantage Credit Cards and Loans Participant Guide

Using Credit to Your Advantage Credit Cards and Loans Participant Guide Hands on Banking Using Credit to Your Advantage The Hands on Banking program is a free public service provided by Wells Fargo. You may also access the program anytime at www.handsonbanking.org & www.elfuturoentusmanos.org

More information

Merchant Account and Payment Gateway Application

Merchant Account and Payment Gateway Application Thank you for your interest in X Charge. The REAL benefit of the X-Charge Software is the integration of the X-Charge product with the Club Sentry Software. Enclosed with this is a short list of Benefits

More information

Paying off a debt. Ethan D. Bolker Maura B. Mast. December 4, 2007

Paying off a debt. Ethan D. Bolker Maura B. Mast. December 4, 2007 Paying off a debt Ethan D. Bolker Maura B. Mast December 4, 2007 Plan Lecture notes Can you afford a mortgage? There s a $250,000 condominium you want to buy. You ve managed to scrape together $50,000

More information

Banking Basics 101. How to Manage Your Finances and Still Have Money Left Over For Pizza. Course objectives learn about:

Banking Basics 101. How to Manage Your Finances and Still Have Money Left Over For Pizza. Course objectives learn about: Banking Basics 101 Course objectives learn about: Using a checking account Various types of payment vehicles Benefits of a savings account How to Manage Your Finances and Still Have Money Left Over For

More information

Visa USA Interchange Reimbursement Fees

Visa USA Interchange Reimbursement Fees Visa USA Interchange Reimbursement Fees Visa Supplemental Requirements 18 April 2015 Visa Public ii Visa Public 16 April 2015 Introduction to the Introduction to the The following tables set forth the

More information

TABLE OF CONTENTS. A Merchant Service by Any Other Name. AAmonte, Inc. is a registered ISO of Wells Fargo Bank, N.A., Walnut Creek, CA.

TABLE OF CONTENTS. A Merchant Service by Any Other Name. AAmonte, Inc. is a registered ISO of Wells Fargo Bank, N.A., Walnut Creek, CA. TABLE OF CONTENTS Beware of Merchant Services Pg.1 Managing Payment Processing Costs Pg.2 Credit Card Surcharges Pg.3 Stopping Fraud Pg.4 Dishonest Merchant Services Pg.4 Credit Card Decliines Pg.5 Knowing

More information

YOUR BENEFITS GUIDE. Welcome to your. CIBC Classic Visa. Card

YOUR BENEFITS GUIDE. Welcome to your. CIBC Classic Visa. Card YOUR BENEFITS GUIDE Welcome to your CIBC Classic Visa Card Welcome to your CIBC Classic Visa Card. And a completely different credit card experience. Your new CIBC Classic Visa Card comes with our promise

More information

TRUE PRICING. Global Pay Payments. Unveiling the true cost of payment processing

TRUE PRICING. Global Pay Payments. Unveiling the true cost of payment processing Global Pay Payments TRUE PRICING Unveiling the true cost of payment processing and how can Global Pay Payments can save you money. Sales Department Email: sales@globalpaypayments.com Office: 901-318-4700

More information

PROMOTION SERVICES... to Maximize Customer Retention & New Customer Acquisition

PROMOTION SERVICES... to Maximize Customer Retention & New Customer Acquisition The nation s top profit, pricing & advertising troubleshooter... A Perfect Vision for Success The largest advertising agency of its type specializing in Serving the Promotion and Business Development Needs

More information

Clark Brands Payment Methods Manual. First Data Locations

Clark Brands Payment Methods Manual. First Data Locations Clark Brands Payment Methods Manual First Data Locations Table of Contents Introduction... 3 Valid Card Types... 3 Authorization Numbers, Merchant ID Numbers and Request for Copy Fax Numbers... 4 Other

More information

Select Account. The essential guide to your new account

Select Account. The essential guide to your new account Select Account The essential guide to your new account 2 Welcome to your Select Account Your new account gives you the convenience of being able to withdraw money from any cash machine in the UK, as well

More information

IMS Brilliant Payment Solutions INTUIT PAYMENT SOLUTIONS

IMS Brilliant Payment Solutions INTUIT PAYMENT SOLUTIONS IMS Brilliant Payment Solutions INTUIT PAYMENT SOLUTIONS HOME FASHION U February 18, 2011 1 AGENDA HISTORY OF CREDIT CARDS TERMINOLOGY TEN BENEFITS TO ACCEPTING CC PROS AND CONS SELECTION OF MERCHANT SERVICE

More information

CreditCard Processing. Payment MadeEasier

CreditCard Processing. Payment MadeEasier CreditCard Processing Payment MadeEasier Buyers Guide for Credit Card Processing 1. A Brief Introduction of Credit Card Processing 2. Benefits of Credit Card Processing 3. How to Choose a Service Provider

More information

TOP 10 MISTAKES. Home sellers make

TOP 10 MISTAKES. Home sellers make TOP 10 MISTAKES Home sellers make Selling your home can be a nightmare of frustration and disappointment. It can cost you thousands of dollars, either in selling too cheaply or in needless expenses. It

More information

6 SECRETS TO OFFERING EXCEPTIONAL CUSTOMER SERVICE

6 SECRETS TO OFFERING EXCEPTIONAL CUSTOMER SERVICE 6 SECRETS TO OFFERING EXCEPTIONAL CUSTOMER SERVICE Introduction THE SERVICE GAP The vast majority of people are not experiencing great service. Nearly a third of consumers believe that businesses are now

More information

Mortgage Secrets. What the banks don t want you to know.

Mortgage Secrets. What the banks don t want you to know. Mortgage Secrets What the banks don t want you to know. Copyright Notice: Copyright 2006 - All Rights Reserved Contents may not be shared or transmitted in any form, so don t even think about it. Trust

More information

Credit cards explained

Credit cards explained Credit cards explained What is a credit card? As its name suggests, a credit card lets you buy things on credit meaning that you don t need to have the money upfront to pay for your purchases. If large,

More information

Choosing the Right Payment Solution

Choosing the Right Payment Solution Choosing the Right Payment Solution Contact: sales@internetsecure.com 905-469-6522 x4 1-800-297-9482 x4 Contents Executive Summary... 1 Choosing the Right Payment Solution for Your Business... 1 Questions

More information

BENEFITS OF CARD-LINKED MARKETING FOR FINANCIAL INSTITUTIONS

BENEFITS OF CARD-LINKED MARKETING FOR FINANCIAL INSTITUTIONS FINANCIAL INSTITUTIONS WHITE PAPER BENEFITS OF CARD-LINKED MARKETING FOR FINANCIAL INSTITUTIONS Increased Card Usage and Decreased Customer Attrition In the last few years, the Durbin Amendment to the

More information

Advice for Seniors About Credit Cards

Advice for Seniors About Credit Cards Consumer Concerns for Older Americans NATIONAL CONSUMER LAW CENTER INC 77 Summer Street, 10th Fl Boston, MA 02110 617 542-8010 www.nclc.org Advice for Seniors About Credit Cards Credit card debt can cause

More information

GLOSSARY OF MOST COMMONLY USED TERMS IN THE MERCHANT SERVICES INDUSTRY

GLOSSARY OF MOST COMMONLY USED TERMS IN THE MERCHANT SERVICES INDUSTRY GLOSSARY OF MOST COMMONLY USED TERMS IN THE MERCHANT SERVICES INDUSTRY Acquiring Bank The bank or financial institution that accepts credit and/or debit card payments for products or services on behalf

More information