Credit Card Processing Summer Lunch & Learn 2016
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1 AGENDA 1. The Different Ways to Process Cards 2. EMV Chip Cards What You Need to Know 3. Understanding the Industry s Complex Pricing Structure 4. American Express The New Rate/Deposit Plan.Good News! 5. PCI Security How to be Compliant to Protect Your Business As a Certified Payment Professional: I help businesses lower their costs and provide efficient processing solutions 13 years experience Assisted over 1,000+ businesses Work with Retail, Manufacturing, MOTO (keyed in sales), Internet, Restaurant, Schools and more Who You Gonna Call? Who s Calling You? 1. A Bank rep 2. Telemarketers 3. A salesperson I was in the neighborhood 4. Certified Payment Professional! Brad Arnott, Certified Payment Professional Omega Processing Solutions LLC PH: brad@certifiedpaypro.com Ways to Process Credit Cards Do the Chip Card Dance!! Stand a lone Terminal Virtual Terminal Integrated With Software: Sage Microsoft Dynamics Another ERP, CRM Solution or POS Solution VeriFone Vx520 - EMV Non EMV VeriFone Ingenico EMV Add a Card Swiper to the Virtual Terminal Mobile and Wireless Solutions CHIP CARD FACTS*: 3.4 billion chip payment cards are in use worldwide as of Dec billion: the # of payment cards in the US 12 million: the # of POS terminals in the US 37%: % of merchant locations that can process chip cards today 25%: Percentage of US. debit cards issued as EMV cards by end of %: Percentage of consumers with a chip card as of March 31, CHIP CARDS For more info go to or Why are chip card transactions more secure? Chip card transactions offer you advanced security for in store payments by making every transaction unique. And, your chip card is more difficult to counterfeit or copy. If the card data and the one time code (cryptogram) are stolen, the information cannot be used to create counterfeit cards and commit fraud. Liability Shift Starts October 1, 2015 Merchants that accept chip cards will be protected from fraud losses resulting from in store counterfeit. The liability will shift from issuers to merchants if their payment terminals are not chip enabled for in store transactions. *Source: creditcards.com 1
2 The Players in Processing Processors and Partners Networks Card Associations These are organizations such as Visa, MasterCard, American Express and Discover. Acquiring Bank The Acquiring Bank is the financial institution that is responsible for the merchant account either directly or indirectly. Issuing Bank This is the financial institution that physically provides a credit card to an individual for use. Processors: Processors provide a point of connectivity for the Merchant to authorize and settle credit card transactions Merchant Services Provider (MSP) Typically, the Member Service Provider/Independent Sales Office either handles just sales or possibly sales, service, risk, underwriting, etc. Payment Gateways: Payment gateways connect the Merchant to the processor that is acting as the front-end connection to the Card Associations. Processors Resellers Banks Bank Reps ISOs Sub ISOs Agents..and Telemarketers!!! Merchants It s Complicated. Components of the Price Issuing Bank (issue cards) Where do all the fees collected go? Card Brands Components of Cost Interchange: Interchange accounts for the largest portion of credit card processing expense and it's paid to card issuing banks. Dues and Assessments: Visa, MasterCard and Discover and Amex make money by charging assessments on every transaction (and some misc. network fees) Transaction Fees / Monthly Account Fees: Processor Acquirer/Sales Organization The sales organization provides the actual rates you will pay and you pay them each month. Transaction Fees are charged to cover the cost of Authorizations and Declines. These costs vary based on the negotiated rate with the processor Monthly Account Fees are charged to cover the general cost of maintaining a merchant account and generating monthly reports, support services, etc. 2
3 Interchange Rates: The Wholesale Cost of a Card Transaction Rates are determined by: (credit, debit, rewards, corp, etc), (swipe vs. keyed), Average Cost of Interchange: Notice the Difference by Industry MCC Code MCC Description Credit Debit All Card Types Total Credit Total Total Debit Total Avg Interchange Avg Tkt 5812 Restaurants 2.20% 46.33% 1.31% 53.67% 1.72% $ Bar 2.05% 28.49% 1.42% 71.51% 1.60% $ Fast Food 2.08% 28.74% 2.10% 71.26% 2.10% $ Misc Retail 1.90% 24.91% 1.47% 75.09% 1.58% $ Barber & Beauty Shops 1.91% 35.61% 1.02% 64.39% 1.33% $ Chiropractors 1.89% 42.25% 1.11% 57.75% 1.44% $ Doctors / Physicians 2.09% 47.05% 1.22% 52.95% 1.63% $ Hardware Stores 2.22% 70.27% 1.08% 29.73% 1.88% $ Lawn & Garden Supply 1.95% 59.75% 0.86% 40.25% 1.51% $ Lodging Hotels/Motels/Resorts 2.34% 73.21% 0.90% 26.79% 1.96% $ Lumber & Building Materials 2.28% 77.35% 0.74% 22.65% 1.93% $ AC/Heating, Plumbing 2.13% 87.90% 0.86% 12.10% 1.97% $ Veterinary Services 1.89% 56.90% 0.73% 43.10% 1.39% $ Auto Dealer Sales,Service,Repairs, Parts & Leasing 2.09% 64.46% 0.64% 35.54% 1.58% $ Must Still Add: Assessments + Monthly/Transaction Fees + Profit Pricing Methods Interchange Plus / Pass Through: Interchange + Dues & Assessments + Processor Fees + Profit the Interchange and Assessments are passed through directly to the merchant. Processor fees are then added to the statement in line items. Very transparent pricing Interchange (Bank Issuer): Interchange Plus Pricing Interchange + Dues & Assessments + Processor Fees + Profit Processor/Sales Organization: Discount Rate (Processor).20% 1.00% % of the Sale Transaction Fee (Processor) $.04 $.30/trans Monthly Fees $5 $15/mo Tiered / Bundled Bucket Pricing : PCI Fees (Compliance) $3 $30/mo Processor categorizes interchange fees into three pricing tiers called, Mid- and Non-. Can be up to 6 tiers. The processor fees are added into the tiered pricing levels. Not transparent pricing Mid Non Visa/MC/Discover/Amex: Dues/Assessments: Range.11%.13% Network Fees: $.02/trans (not on Amex) Gateway Fees $10 $20/mo Some smaller miscellaneous fees are not noted here. Some fees are only charged on certain transaction types. Tiered / Bundled Pricing.Also referred to as Bucket Pricing The Processor/Sales Organization Determines Which Buckets the Various Card Types Fall Into. You Typically Overpay With This Pricing Model New American Express Program: OptBlue OptBlue streamlines the merchants card acceptance process, allowing for a simplified, quick, and easy way to accept American Express Cards. Rate Charged.1.75% Swiped Cards, Consumer Cards Debit card.18% Credit card 1.64% Mid Rate Charged.2.75% Swiped or Keyed Cards, Consumer cards, Rewards Reward card 1.78% Keyed card 1.93% Non Rate Charged 3.50% Swiped or Keyed Cards, Consumer or Business Cards, Rewards Enhanced Reward card 2.68% Keyed Reward card 2.17% Corp card 2.23% One Provider One processing contact for all questions, so it s easy for merchants to get answers. One Deposit Merchants get paid at the same time as they do for other card brands to maximize cash flow. One Statement A single, simple statement for all cards for easier reconciliation. Processing Partner Determines Rates Your Partner sets the price for American Express Card acceptance, which are typically lower rates! 3
4 OptBlue Program: Who s Eligible Eligible for Merchant Criteria OptBlue Estimated to process under $1MM in annual American Express Charge Volume Located in U.S. only (does not include Puerto Rico, U.S. Virgin Islands, or any other U.S. Territory) Transact in USD only Included in Prohibited Industry list for OptBlue (listed in Appendix and American Express Program Operating Regulations) Participates in a Franchise (listed in Appendix and American Express Program Operating Regulations) Has existing American Express relationship with over $250MM in American Express Charge Volume annually Ineligible for OptBlue Opt Blue: New Rates Determined by Industry and Size of Transaction Industry Tier 1* Tier 2* Tier 3* Retail 2.10% < $75/trans 2.45% $75 $1,000/trans 2.90% > $1,000/trans Service 2.10% < $400/trans 2.45% $400 $3,000/trans 2.90% > $3,000/trans Restaurant 2.35% <$25/trans 2.95% $25 $150/trans 3.25% > $150/trans *Average cost, assessments included, $.15/transaction not included. Check with representative for your rates SAMPLE: Retail business with sales under $75 per transaction Volume = $25,000/month Current: 2.890% + $.15/transaction New: 2.10% + $.15/transaction * SAVINGS: $ in Savings!!! Current Rates 2.89% 2.89% 3.50% PCI Compliance: PCI Compliance Just what IS expected of a Merchant? Counhttps:// PCI applies to ANY organization or merchant, regardless of size or number of transactions, that accepts, transmits or stores any cardholder data How to achieve PCI DSS Compliance? Complete a Self Assessment Questionnaire (SAQ) annually and if there is any internet based card processing, you will need to pass an external vulnerability scan. The scans are required quarterly. ion testing may be d verified through approved vendors according to the PCI Counhttps:// Self Assessment Questionnaires PCI Compliance Sage/Trustwave SECURITY PROGRAM Getting Started Sage partners with PCI industry experts Trustwave, Inc. for their merchant PCI program. Upon boarding, merchant profiles are loaded into the Trustwave portal SAQ C Merchants with payment application systems connected to the Internet, no electronic cardholder data storage. Not applicable to e commerce channels. SAQ D E commerce merchants, and if card data is stored electronically as part of payment processing, then this SAQ type will always be applicable. What s Included: Approved Scanning Vendor (ASV) Vulnerability Scans PCI Compliance Tools PCI Wizard Security policy templates TrustKeeper Agent: PCI Monitoring and Security Tools Trusted Commerce Seal Breach Coverage up to $50,000 Trustwave Wizard tool that guides merchants through the SAQs, prefilling answers and speeding up the process 4
5 PCI Data Breach Contributors/Vulnerabilities: 1. No firewall in place Firewall not properly configured (most common) Thank You! 2. Using default passwords Commonly known, Searchable online Using noncomplex passwords 3. Not having antivirus software installed Software and programs not up-to-date Software not on all end points 4. Insecure Remote Access #1 compromise pathway of today s hackers Common applications RDP LogMeIn RemotePC pcanywhere GoToMyPC VPN PCI/General Over 816 million records compromised in USA since million people in the USA 5
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