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.Read More
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.Read More
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.Read More
There are a number of reasons a merchant can experience a credit card hold/reserve. There are also a number of things merchants can do to prevent this headache.
Knowing the basics of credit card reserves and holds can save merchants quite a bit of frustration and hopefully help them avoid experiencing a delay when receiving their funds.Read More
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.Read More
Even the best POS systems go down. It is not a matter of if, but when. Preparation and practice for this type of event is key. The best thing a business can do is to get ahead of the situation to mitigate the damage and reduce the financial impact.Read More
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.Read More
Chargebacks…the bane of many small to medium size businesses. Chargebacks have run rampant in the merchant processing industry. Many business owners feel helpless as the chargeback process has evolved into an unwinnable process to fight a form of fraudulent disputes. The best course of action? Prevention.Read More