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Minimizing Credit Card Processing Fees

presented by Lorman Education Services
View the Lorman Education Services Profile and Course Listings

Summary

Minimizing Credit Card Processing Fees

Workshop Description/Agenda

Learning Objectives
Learning Objectives * You will be able to identify what solutionstechnology your business should consider to control processing cost. * You will be able to recognize how opening a merchant account will avoid hidden or costly fees. * You will be able to discuss how to reduce risk and fraud. * You will be able to explain pricing and how interchange works.

Benefits
Learn how to avoid hidden fees and control credit card processing costs. Nearly every merchant today must accept credit cards to run a successful business. That said, few merchants, if any, have ever been trained on how to open a merchant account. Since all merchant account agreements are a minimum of three years, making a mistake in this area of a merchants business will not only be costly, it will create unnecessary pain for the business owner. This topic will provide vital and enlightening information to help new merchants open a merchant account, and will help merchants who already have a merchant account and are thinking about switching suppliers, looking for ways to decrease costs and to protect themselves from credit card scams.

Agenda
Payment Processing 101 and Definitions The Transaction Cycle Why Merchants Should Accept Credit Cards Tips on Opening a Merchant Account to Avoid Hidden or Costly Fees ï Hidden Costs of Payment Processing ï What to Watch for in Your Merchant Account Agreement ï Tech Support and Customer Service and Why They Are Important What Solutions/Technology Should Your Business Consider to Control Processing Cost ï Dual Mode Credit Card Terminals ñ EMV and AppleÆ Pay ï POS Systems ï Virtual Terminals; Wireless Terminals ï Smart Phone Solutions ï Lease vs. Purchase Pricing and How Interchange Works ï Who Makes Money on Your Merchant Account? ï Factors That Drive Interchange Costs ï Components of Credit Card Processing Fees ï How to Determine Real Cost for Accepting Credit Cards ï Managing Processing Costs ñ Interchange Plus vs. Tiered Pricing ñ How and Why Downgrades Occur ñ Best Practices in Downgrade Avoidance; Preventing Charge Backs How to Reduce Risk and Fraud ï Tips on Card Present Transactions ï Tips on Card Not Present Transactions ï Additional Items to Consider Becoming PCI Compliant ï What Is PCI; What's Required ï Potential Fines; Real Case Study Other Payment Solutions to Consider ï Gift and Loyalty Cards ï Check Programs ï Electronic Secure Invoicing ï Recur Pay; Advance Cash

Faculty
Niles D. Crum with NDC Payment Solutions

Credits
AIPB ,CPE ,Additional credit may be available upon request.

Who Should Attend

This live webinar is designed for presidents, vice presidents, controllers, accountants, tax managers, accounting managers, CFOs, directors, operations managers, bookkeepers, lending professionals and consultants.

Additional Information

Training Provider: Lorman Education Services

Course Topics: Business Training > Business Fundamentals

Training Course Summary: Minimizing Credit Card Processing Fees