Payment Processing Best Practices: Tools, Tips and Resources to Save Time and Money Kathleen Ervin, Vice President of Marketing Ron Demmans, Director of Sales Administration Download at http://www.nfib.com/paymentquestions 1
Payment Processing (noun): A non cash transaction. Credit Card vs. Debit Card 2
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59% 41% Debit Cards Credit Cards Pin Debit 4
Consumer Cards, Commercial Cards and International Cards Interchange (noun): Wholesale costs established by Visa, MasterCard and Discover for processing of all card types and transactions. 5
One size does not fit all Know your rates 6
Card vs. AMEX The Four Buckets 7
Bucket 1: Swiped Check Card Bucket 2: Qualified 8
Rewards Cards Bucket 3: Mid Qualified 9
Bucket 4: Non Qualified Downgrades 10
Merchant Statement Chargeback (noun): A card holder has up to 180 days from the statement date to dispute what you charge them. 11
Merchant Processor (noun): Handles the transmission of payment data that is necessary to authorize and settle credit card transactions. Payment Processor (noun): Company appointed by the merchant to handle credit and debit card transactions. 12
Annual Checkup How to get the best rate for your payment processing 1. Don t be fooled by a low rate 2. Read your merchant statements 3. Watch out for lengthy contracts with early termination fees 4. Get your annual rate review 5. Know the Ten Questions to Ask Your Processor 13
Virtual Terminal (noun): A Web gateway that permits you to process all of your payments cards, ACH, recurring payments through your computer. Automated Clearing House (noun): ACH, also known as echeck is an inexpensive alternative to credit card payments. Transactions are direct debits to a customer s bank account. 14
Recurring Payments (noun): The ability to charge your customer by credit card or ACH by automatic billing. Recurring Payments 15
Recurring Payments Check 21 Act 16
Other Check Services Check Verification (noun): Verifies if the check writer has previous outstanding unpaid bad checks. 17
Check Guarantee (noun): Your check insurance policy makes sure you get paid for a returned check. Check Conversion (noun): Converts the check into an ACH payment (echeck), canceling the paper check. 18
How to get the best price for check guarantee 1. Look for monthly minimums and statement fees 2. Look for a provider that has a liberal check acceptance policy 3. Be clear about what checks are not covered What should you look for in check verification? 1. Use a provider that uses the largest national database possible and make sure the database has a large amount of merchants in your area. 19
We find savings for 70% of NFIB members Average annual savings $1,662 Free Download Top 10 Questions Any Merchant Should Ask http://www.nfib.com/paymentquestions 20
You may contact Solveras directly at: 800 619 5301 www.solveras.com/nfib Kathleen@solveras.com Ron@solveras.com Stay Connected with NFIB For more information about the Small Business Webinar Series visit: http://www.nfib.com/webinars We want your feedback. If you enjoyed today s webinar or have suggestions for the future, please fill out the short survey that you will receive via email after this webinar. Did you know NFIB is on Stop By and Leave a Comment http://www.nfib.com/facebook 21