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Merchant Services and Commission Payment
OptionsPresented by:
Wendy M. YurgoPresident & CEO Metrics Global, Inc
A Merchant Service Provider provides the services a business needs in order to process credit/debit card payments.
Payment methods may be in person, by mail, over the phone or online
Broker vs. Acquirer
What is a Merchant Service Provider?
The Provider may also provide access to tools & services such as shopping carts, payment gateways, recurring billing, fraud management etc.
Understanding Payment Processing
Merchant Account - Allows merchants to accept card payments
Payment Processing - The process by which payments are processed so the payment is transferred from buyer to seller
Following processing, payments are approved or declined. Approved payments are authorized and then settled.
Settled payments are deposited into the business bank account
Following settlement, payments can be refunded, or challenged/”charged back”
Overview of Credit Card Processing
Setting Up a Merchant Account
Basic Requirements For Set Up:
Tax ID Number (FEIN)
Voided Business Check
Favorable Credit History
Website (E-commerce)
Set Up Time Varies
Allow Time To Test
Be Aware of Monthly Minimums
Current Trends Among MSPs
Mobile Payment Processing
Digital Wallets
Pre-paid Debit Cards
Electronic Gift Cards
EMV Cards
Cash Advances
Selecting an MSP Traps to Avoid
Don’t Assume Your Bank Is The Best Option
Allow Enough Time To Thoroughly Research Providers Sources: Colleagues, Forums, Industry
Associations Examine Fees: Normal, Questionable Assess Accessibility Check Client References
Ensure They Offer an Easy Route to PCI Compliance
Be Sure They are Ethical and Established
Understand That You are Signing a Contract
Selecting an MSPTraps to Avoid
Assess Specific Expertise With DS Companies
Watch Out for The “High Risk” Label
Don’t Overpay on Reserves
Don’t Get Pushed into Off-shore Banking
Check Expertise With Software Integration
Selecting an MSPTraps to Avoid
Inaccessible Provider Seldom Available For Consultation No Dedicated Account Rep No Desire to Understand Your Goals
No Strategic Orientation
Limited or No International Processing
Does Not Keep Pace With Trends in Technology
Pulling It All TogetherMerchant Accounts
Merchant Account Is Essential for Growth
Not All MSPs Are Created Equally Make Sure You Don’t Get the Short Stick!
Take Your Time & Do Your Homework Caliber and Expertise Vary Widely Consider Fee Structure International Expertise
Pulling It All TogetherMerchant Accounts
Goals for Selection – Avoid the Traps Experience With Direct Selling Easily Accessible, Relationship Driven Long-term/Strategic Orientation Ethical, Established Innovative Solutions Keep Up With Technology