Keep The PCI Compliance Process Top Of Mind

Data security and the PCI compliance process always need to stay top of mind for our merchants.

To make sure this is the case, we can’t think of PCI as a one and done deal. We have to reinforce the issue throughout the complete merchant lifecycle. Below are three convenient occasions when you can bring up the PCI compliance process and PCI compliance assessments with your merchants--keeping them compliant and their customers safe.

1. Installation

We often view installation as the final step in the sales process, but you can make it much more than that.

Many merchant service providers will use it as a convenient time to ask for referrals. Others use the occasion to train the business’s personnel on how to operate the terminal. Some try to sell additional services. While all of these are great ideas, we should also use this time to discuss PCI compliance.

Remind the merchant that they must complete a PCI compliance assessment. Reiterate that the way they handle transactions is crucially important. If they have a computer-based point-of-sale system, make sure they know how important it is that they secure their network. If they’re going to be using a terminal, tell them they should never write down complete credit card numbers or keep receipts where someone could see or steal them.

And right before you leave, you should remind them that although they may be PCI compliant today, if they’re not cautious, a single mistake could make them non-compliant. And that mistake would be expensive.

2. Retention

Good communication is the best way to retain your merchants. So if you don’t have a newsletter, you should start one. There are many tools out there to help you create one electronically.

And you should talk about PCI in every edition. It doesn’t have to be the main topic, but you should always bring up data security in some way, shape or form.

3. The Problem Call

Every time a merchant calls you, you have the chance to bring up PCI compliance.

Fix their problem first, of course, but then ask them how they’re doing more generally.  Catch up with them for a few minutes, and see if their situation has changed or if they need something that you can help with--a new product perhaps.

Then ask them if they’ve heard anything new about data security. Talk them through any new insight you might have, then remind them of the steps they should be taking to protect their customers.

I’ve found that these are great times to bring up PCI compliance with merchants. When do you like to broach the subject?

Having Trouble With The Visa FANF Fee?

Introduced last year, the VISA FANF fee, also known as the Fixed Acquirer Network Fee, is a fixed fee that merchants have to pay it in order to participate in the Visa payment network.

Although the term “fixed fee” makes the fee sound simple, the FANF fee can actually be pretty complex and tricky.

For instance, many merchants aren’t sure how to handle the fee when it comes to card present vs. card not present sales volume. This is because Visa calculates its FANF differently depending on whether the activity is card present or card not present. One would think that this means that merchants would be charged the fee for either card present or card not present activity, but the opposite can be true. Sometimes merchants are assessed the fee for both.

There are other issues associated with the fee as well, so it’s important to talk to your payments professional and learn all you can about it. If you want your merchant service to be top notch, you’ll have to be able to clearly explain FANF, and other interchange modifications, to your customers. The moral of the story? Do your homework.

How is your payment processor adjusting to the Visa FANF fee? Are they calculating it accurately and passing it through without markups? Are they handling it like other interchange and card association fees? Because the fee is so complex, it wouldn’t be surprising to see some processors taking shortcuts or estimating what to charge.

What types of questions are your merchants asking about the fee? Does it seem clear to them? Or are they confused? And are they coming to you with questions about the Visa integrity fee as well?

If you have any questions about the Visa FANF fee, the VISA integrity fee, or any other fees associated with the Visa payment network, please leave a comment below.

Enhance Your Credit Card Processing Service With Social Media

Social media is constantly growing, changing and becoming a larger part of how people and companies interact with one another. It's a way for businesses to really get to know and understand their consumers and how they can help give them the best experience possible. When it comes to merchant service providers, it's important to build that relationship with business owners and show them you can provide reliable small business credit card processing. A recent report from the Nielsen Company found a few promising statistics about the use of social media.

 

• About 4 out of every 5 active Internet users frequently visit blogs and social media websites.
• 23% of the total time Americans spend online is spent visiting these sites. 
• Approximately 40% of social media users gain access via their mobile phones.
• Accessing social media via the mobile phone is rapidly growing for those ages 55 and up.

 

Because it is becoming a larger part of American culture, it's important that companies offering credit card processing services have an online presence, where their merchants are located. The majority of customers want to know that they are being heard and can rely on companies to respond to their concerns and offer more information about their services and small business credit card processing in general. 

Although it's important to provide small businesses with information about your credit card processing service, it's also necessary to not overwhelm consumers with only facts and product information. Here are two great tips to using social media to enhance your small business credit card processing company. 

1. Keep it Conversational

Don't always be trying to hard sell your products and services to everyone you reach online. Instead, try listening to consumers about what they especially like and dislike about your services. Think of it as a way to build relationships and loyalty, rather than just push product information. 

2. Share Good Content

Social media has completely transformed the way that people are sharing information, however it hasn't quite changed what people are sharing. People are still sharing things that are "awesome", or in this case, information that is useful and relevant to your specific audience. If you publish content that is meaningful to your consumers, it is more likely that they will share with their friends, start to trust your company and look at other services you offer. 

When used correctly, social media can be an important tool in enhancing small business credit card processing companies by helping to foster relationships with merchants. The fact is, people are using social media every day and it's important to be available to answer questions from your customers and provide useful information in a more conversational online atmosphere. It's time to spread the word about your credit card processing service.

 

Vice President of Business Development, Kate Root is focused on helping Clearent expand its strategic ISO partnerships, as well as growing financial institutions' merchant services programs. Kate's 25 years in merchant services spans senior management roles in both issuing and acquiring, supporting financial institutions and ISOs. It is our mission to build trust-based working relationships with our merchants through our credit card processing service. Learn how our interactive online reporting tools can benefit small business credit card processing .

Merchant Credit Card Processing: Business & Profits Explained

After recently visiting a trade show and speaking with a number of people who were in some way professionally involved with a medium-sized bank’s credit card processing business, I learned an interesting piece of information that was a common factor among attendees. When I questioned the amount of money they were making from their merchant services program, the majority agreed that they weren’t profiting as much as they’d like.

After hearing this, I realized that others might be in a similar situation. I’ve outlined 3 reasons why you may not be making as much money as you would like, and how to grow your merchant credit card processing profits.

1.    Program growth is at a stand still

Think about the goals you originally set out at the start of the year. Are you reaching your portfolio objectives? The number of merchants you have may be influenced by your current sales efforts as well as how much effort you’re putting into your customer service or customer satisfaction program. Because you are trying to gain customers’ credit card processing business, be sure to have employees trained in customer service and are comfortable talking with future clients.

When it comes to growing your portfolio, it’s also important to think about yourself and whether you are getting the proper amount of attention from your merchant services provider. Do they call or visit you frequently and do they help you think of new ways to grow your portfolio? This is an important part of your merchant credit card processing partner’s job.

2.    Bottom line confusion

Your merchant sales volume ultimately affects the bottom line of your merchant services program. Your profitability can be directly related to each merchant and the branch level. Be sure to closely assess each merchant as a way to discover which customers are profitable, and which are not. Verify that each merchant is getting a satisfactory level of support.

It may be helpful to learn more about merchant service software to help with merchant credit card processing. Some merchant services providers offer software tools that include charts that can easily calculate the net profitability of each individual merchant within your portfolio.

3.    Market price regulation issues

Go through your portfolio and look at how you are pricing your merchants. Be sure that you are neither pricing too high, or too low. Both can have an impact on your financial wellbeing.

Remember, your pricing is dependent on what you are receiving from your merchant services provider. Your partner’s price could be too high, or perhaps you’re just not pricing your merchants high enough. To assure you are making the most of your profits, sit down with your financial partner and refresh your pricing plan.

Try implementing these three important tips and see if your credit card processing business begins to develop its profits.

About The Author:
As Vice President of Business Development, Kate Root is focused on helping Clearent expand its strategic ISO partnerships, as well as growing financial institutions’ merchant services programs. Kate’s 25 years in merchant services spans senior management roles in both issuing and acquiring, supporting financial institutions and ISOs. The right merchant service provider can help you increase your profits and reach your portfolio goals. Contact us for more merchant credit card processing needs.