Underwriting Guidelines: How to Avoid Application Pends

Underwriting is typically used in references to banks or insurance companies, but it simply means that an institution will receive a payment and, in exchange, they agree to cover any potential risk. With regards to merchant accounts, they are technically receiving a line of credit, so it is important that a merchant account provider evaluate the business credibility and credit worthiness for any & all potential clients.

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(Part II of III) How To Present Merchant Services to Your POS Clients

In the first part of this three part series, TITLE AND LINK, I covered different approaches to take  when presenting merchant processing to your POS Prospects. In this series, Part Two, I will go over the steps I took to successfully offer merchant services to my POS clients that were using other processors. At the risk of sounding repetitive, the questions being asked are somewhat similar, but the delivery is much different.

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(Part I of III) How To Present Merchant Services to Your POS Prospects

A question I come across a lot from our partners is “What is the best way for me to introduce merchant services to my clients?” It’s a great question and one that I enjoy answering.

There is no doubt the topic of merchant processing can be difficult to cover with merchants. Chances are, the business owner has been burned by a processor in the past or spends a good portion of their week dodging aggressive sales reps. The industry has gotten a bad wrap because of this.

In this three part series, I will layout my experience in the POS and merchant processing industry and how I found success with relationship focus selling.

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Top 10 Objections When it Comes to Merchant Processing

Let’s face it, many business owners see merchant processing as a commodity. And who can blame them? The industry pumps out salespeople who sell on rates alone and have limited knowledge of the industry, its regulations, and the systems that authorize their transactions.

Objections to merchant processing has evolved over the years. Some are valid, and some are merely used as a polite way of expressing they are not interested. With that said, I think this a good time to share my “Top 10 Objection and Rebuttal” list with Priority I.S. Partners. Hopefully this document will help you when you come across merchants who politely tells you they are “not interested.”

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Tips on Informing Your Merchants About Additional Services Your Company Offers

You have an amazing company, and you’ve worked hard to include value added services that can help your merchants’ business grow. The final, and probably the most difficult, step is informing your customers and capitalizing on their interest.

Outside of using time and resources to physically call on each of your merchants, there are cost-effective tools available that can help your communication. Below are some ideas on getting started and the steps you can take to maintain a strong online presence with your customers and attracting new prospects.

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Chris Venza
Card Brand Rules Every Merchant Should Know

As POS and credit card technology changes, so do the requirements from Visa, MasterCard, Discover, and American Express. Merchants rely on their merchant processor more than ever for information on how to remain compliant with bankcard regulations. Doing so can help the merchant avoid chargebacks and fees passed down from the four major card brands.

Minimum Purchase Amounts

Merchants are allowed to require a minimum amount in order to run a credit card, however there are a couple rules they should know:

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Reviewing Your Merchant Support Notes is Easier Than You Might Think.

As a Priority I.S. partner, you have the ability to review all support notes left for you merchants in MX ISO Agent, all from one single, convenient source.

To Get Started

1 Log into MX ISO Agent at mxisoagent.com  using your partner credentials. If you do not have login information, please contact our support team at support@priorityis.com.

2 Once logged in, click on “Dashboard” in the top navigation bar.

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It's a Better Time Than Ever to Offer EMV

The topic of EMV is not new among the POS and merchant processing industry. But while the discussion has lost a bit of steam, the opportunity for merchant processing and point-of-sale vendors hasn’t.

It is no secret that the adoption rate for EMV has been slower than expected. What is more surprising is the number of merchants who still do not understand what EMV is or the risks that are involved with not accepting chip cards. The industry as a whole has seen an influx of fraudulent chargebacks due to consumers who are now savvy enough to identify merchants who do not accept EMV. Cardholders looking to take advantage of merchants who still swipe has become more common costing merchants millions of dollars a year in indisputable chargebacks.

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PCI-DSS Doesn't Have to be Difficult.

As an added benefit for your merchants, Priority I.S. offers FREE Self Assessment Questionnaire (SAQ) support and Quarterly Network Scans through our ControlScan app.

Below are the steps your merchants can take to set up their ControlScan account and begin the SAQ/scanning process. Be sure to download the Word document below for the copy and sample images that can be forwarded to your merchants.

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Understanding the Differences Between Cash Discounting and Surcharging

It’s a hot topic now: Cash Discounting vs Surcharging. How are they defined? How are they implemented? What are the repercussions of running one of these programs improperly?

There is a shift in merchant processing and many processors are scrambling to understand Cash Discounting and Surcharging as the rules become clearer on how merchants can pass the processing fee off to the cardholder when using a credit card.

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5 Ways POS Systems Are Changing (and Why It Matters)

Point-of-sale (POS) systems are advancing, providing businesses with greater flexibility, control and intelligence than ever before. Businesses have moved from traditional cash registers and stationary credit card readers to iPads and even mobile- or cloud-based POS systems. This shift in technology will not only provide businesses with additional features, but also allow businesses to keep all reports and transactions in one place.

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Softening Your Merchants’ Impact of an Interchange Rate Increase

As expected, Visa and Mastercard have confirmed an April 2019 increase in interchange rates, the fee charged by banks that covers the cost of handling and credit risk inherent in a bank credit or debit card transaction. While they have not announced the amount of the increase, your merchants should expect to pay slightly more for their merchant processing in the coming months.

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Why Transparency Should be Important to ISV/VARs and Their Merchants

There’s little doubt that today’s technology is complex, and ISVs and VARs must embrace the ever-changing POS and Merchant Processing Industry to stay relevant. Dig a little deeper and one can quickly see that there are other elements at play. There is an increasing need to offer downstream transparency, from the processor to the merchant.

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