Webinar
Payment Processing 101
sponsored by
February 24, 2010
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Hosts
Dan HatcherExecutive Vice President
Brian BickelVice President of Sales
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$1662
We find savings for 70% of NFIB membersAverage annual savings - $1,662
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Payment Processing 101
Payment Processing 101
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10 Questions
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Source:http://www.solveras.com/nfib/docs/webinar-10-questions.pdf
Payment Processing
Payment Processing (noun):
A non-cash transaction.
Downgrades
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Visa, MC
, Am
ex, Discover
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Cards
Credit Card vs. Debit Card
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Wall Street Journal
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Visa
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Nielson
59%
41%
Debit CardsCredit Cards
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Pin Debit
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Bank Cards
Consumer CardsCommercial CardsInternational Cards
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Interchange
Interchange (noun):
Wholesale costs established by Visa, MasterCard and Discover for processingof all card types and transactions.
Downgrades
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One Size?
“One size does not fit all”
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Rates
“Know your rates”
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Card vs. A
MEX
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Transaction Types
The Four Buckets:
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Bucket 1
Swiped Check Card
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Bucket 2
Qualified
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Rewards C
ards
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Bucket 3
Mid-Qualified
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Bucket 4
Non-Qualified
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Downgrades
Downgrades
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Merchant Statem
ents
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Chargeback
Chargeback (noun):
A card holder has up to 180 days from the statement date to dispute what you charge them.
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Merchant Processor
Merchant Processor (noun):
Handle the transmission of payment data that is necessary to authorize and settle credit card transactions.
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Front End Processor
Merchant Processor (noun):
Handle the transmission of payment data that is necessary to authorize and settle credit card transactions.
Front End Processors
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Back End Processor
Merchant Processor (noun):
Handle the transmission of payment data that is necessary to authorize and settle credit card transactions.
Back End Processors
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Payment Processor
Payment Processor (noun):
Company appointed by the merchant to handle credit and debit card transactions
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Annual C
heckup
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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”
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Download these slides at www.nfib.com/paymentslides
Virtual Terminal
Virtual Terminal (noun):
A Web gateway that permits you to process all of your payments – cards, ACH, recurring payments – through your computer.
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AC
H Payments
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.
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Recurring Payments
Recurring Payments (noun):
The ability to charge your customer by credit card or ACH by automatic billing.
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Recurring Payments
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Recurring Payments
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Routing and Account #
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Remote Deposit C
apture
Remote Deposit Capture (noun):
Never go to the bank again. Scan paper checks into a bank account.
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Check 21 A
ct
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Other C
heck Services
Verification Guarantee Conversion
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Check Verification
Check Verification (noun):
Verifies if the check writer has previous outstanding unpaid bad checks.
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Check G
uarantee
Check Guarantee (noun):
Your check insurance policy - makes sure you get paid for a returned check.
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Check C
onversion
Check Conversion (noun):
Converts the check into an ACH payment (eCheck) canceling the paper check.
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Check G
uarantee
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
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Check Verification
WHAT SHOULD YOU LOOK FOR IN CHECK VERFICATION?
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.
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Payment Processing 101
Payment Processing 101
Download these slides at www.nfib.com/paymentslides
Q&A1-800-619-5301
[email protected]@Solveras.com
http://www.solveras.com/nfib/docs/webinar-10-questions.pdf
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More Info
For more information about the Small Business Webinar Series
hosted by NFIB visit www.NFIB.com/webinars
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