Download at // · 2016. 1. 25. · Tools, Tips and Resources to Save Time and Money Kathleen Ervin,...

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Download slides at: http://www.nfib.com/paymentprocessdeck

Payment Processing Best Practices:Tools, Tips and Resources to Save Time and Money

Kathleen Ervin, Vice President of MarketingRon Demmans, Director of Sales Administration



Download athttp://www.nfib.com/paymentquestions

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Payment Processing (noun):

A non‐cash transaction.



Credit Card vs. Debit Card

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59%

41%

Debit Cards

Credit Cards



Pin Debit

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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.

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“One size does not fit all”



“Know your rates”

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Card vs. AMEX



The Four Buckets

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Bucket 1: Swiped Check Card



Bucket 2: Qualified

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Rewards Cards



Bucket 3: Mid‐Qualified

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Bucket 4: Non‐Qualified



Downgrades

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Merchant Statement



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 (noun):

Handles the transmission of payment data that is necessaryto authorize and settle credit card transactions.



Payment Processor (noun):

Company appointed by the merchant to handle credit and debit card transactions.

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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”

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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.

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Recurring Payments (noun):

The ability to charge your customer by credit card or ACH by automatic billing.



Recurring Payments

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Recurring Payments



Check 21 Act

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Other Check Services



Check Verification (noun):

Verifies if the check writer has previous outstanding unpaid bad checks.

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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.

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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.

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We find savings for 70% of NFIB membersAverage annual savings ‐ $1,662



Free Download

“Top 10 Questions Any Merchant Should Ask”

http://www.nfib.com/paymentquestions

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You may contact Solveras directly at:

800‐619‐5301www.solveras.com/NFIB

[email protected]@solveras.com



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Download at // · 2016. 1. 25. · Tools, Tips and Resources to Save Time and Money Kathleen Ervin,...

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