Clearent Blog for ISOs

mortar_board

A recent study released by the John J. Heldrich Center for Workforce Development at Rutgers University found that recent graduates are taking a while to find work. Only 49% of graduates from the classes of 2009 to 2011 had found a full-time job within a year of finishing school, compared with 73% of students who graduated in the three years prior.

In the all too recent past, there have been companies who have sought out these graduates, offering them an “exciting opportunity selling credit card processing services.” In essence, the graduate became feet on the street, cold calling 25-40 doors a day, seeking out that one deal each day. All had the dream of one day being promoted to a Territory Manager position, where they would be managing people like themselves.

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VISA credit card

Across the country, merchants are opening their April month end statements for processing credit card payments. Many of them will be seeing the new Visa Fixed Acquirer Network Fee (FANF) for the first time.

The FANF is a new fixed fee for merchants to participate in the Visa payment network. A fixed fee sounds pretty simple, but in reality the amount of the FANF can be tricky to calculate for many businesses. For example, there seems to be widespread confusion about how to treat card present vs. card not present sales volume.

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mobile-payments

There’s no denying the fact that mobile payments are the hottest thing going in the credit card transaction processing industry. It seems as if every industry article and company announcement is touting some aspect of mobile payments. The trend continued at the ETA Annual Meeting & Expo, which was held two weeks ago in Las Vegas. While I believe in the long-term use of mobile devices for processing credit card payments, I have yet to be “wowed” by the current solutions in the market.

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GuyKawasaki938-sm

The ETA held the 2012 Annual Meeting & Expo in Las Vegas last week. In his keynote speech, Guy Kawasaki, former chief evangelist of Apple, provided ten tips for achieving “enchantment” based on his book with the same name. As a merchant services provider, you can apply Guy’s tips to enchant your customers and increase your residual income.

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Data Security Lock

About two years ago, the buzzword was “PCI.” Data security was a touchstone for all to discuss, emphasize, and address. Some even charged fees because of it, and offered things like “Breach Insurance.”

That conversation changed last year to address the new rates resulting from the Durbin Amendment, IRS and regulatory requirements and even the new fees from the card associations.

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Time-For-a-Change

As many of you know, I was recently chosen by The Green Sheet to be the author of StreetSmarts, a column devoted to delivering tips for growing your credit card processing business. In my next article, I’m going to discuss what to do when the rules of the game change.

It seems timely, considering the recent Visa changes, including the implementation of the FANF fee. Anyone who has been in the payment card industry has seen rule changes before, as well as general change related to technology. In fact, I think it’s safe to say that the only thing that has been consistent in this industry is change.

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Screen Shot 2012-03-29 at 9.53.52 AM

If you were not among the 400 merchant services providers at last week’s Southeast Acquirers Association (SEAA) Annual Seminar in Dallas, I will provide the key highlights. Hopefully these insights will help you improve your credit card processing business.

The star of the show was the weather, as an epic thunderstorm that hit Dallas on the first day of the show, causing many flights to be delayed or canceled. The weather certainly impacted attendance, but did not slow down those who made it. Here are my key takeaways:

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Baseball on infield

As you read this, I am listening to the pop of the bat, the smell of fresh cut grass, the sound of a ball hitting leather, and the banter between players. Yes, I stepped away from credit card transaction processing to attend baseball Spring Training in Arizona.

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growing_money

Depending on what part of the country you live in, you’ve probably seen tell tale signs that spring is right around the corner. I for one am anxious for spring, as it historically marks the start of one of the best times to sell credit card transaction processing.

Granted the official start of spring isn’t for a few more weeks, but as we jump right into March, I’m curious to know what steps you’re taking to help promote your credit card processing service.

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change_ahead_sign

Visa is introducing more changes to its fee structure for merchant accounts as it continues to adapt to the environment of regulated debit interchange. Visa is adding more fees that lie outside of pure interchange, making it very challenging for ISOs and agents to effectively use discount (tiered) pricing.

This is a significant development because discount pricing is an important tool for merchant account providers, as discussed by our very own Jeff Fortney in his recent post. It can help them offer the best merchant service for businesses who prefer discount pricing, and increase profits.

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