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OnDemand Webinar

Merchant Account Services 101 and Best Practices to Control 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 merchant's business will not only be costly, it will create unnecessary pain for the business owner. This OnDemand Webinar 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.


Runtime: 86 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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

  • Hidden Costs of Payment Processing
  • What to Watch for in Your Merchant Account Agreement
  • Tech Support and Customer Service and Why They Are Important

What Solutions/Technology Should Your Business Consider to Control Processing Cost

  • Dual Mode Credit Card Terminals
  • POS Systems
  • Virtual Terminals
  • Wireless Terminals
  • Smart Phone Solutions
  • Lease Versus Purchase

Pricing and How Interchange Works

  • Who Makes Money on Your Merchant Account?
  • Factors That Drive Interchange Costs
  • Components of Credit Card Processing Fees
  • How to Determine Real Cost for Accepting Credit Cards
  • Managing Processing Costs
    • Interchange Plus Versus Tiered Pricing
    • How and Why Downgrades Occur
    • Best Practices in Downgrade Avoidance
    • Preventing Charge Backs

How to Reduce Risk and Fraud

  • Tips on "Card Present" Transactions
  • Tips on "Card Not Present" Transactions
  • Additional Items to Consider

Becoming PCI Compliant

  • What Is PCI
  • What's Required
  • Potential Fines
  • Real Case Study

Other Payment Solutions to Consider

  • Gift and Loyalty Cards
  • Check Programs
  • Electronic Secure Invoicing
  • Recur Pay
  • Advance Cash
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on August 14, 2012.

Call 1-866-352-9540 for further credit information.

  • CAC 0.5
     
  • This course has been reviewed and approved for inclusion in the Certificate of Accounting Compliance Program and qualifies for 0.5 credit. Please visit www.lorman.com/certification/cac for more information.
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Niles D. Crum

Niles D. Crum

NDC Payment Solutions

  • President and owner of NDC Payment Solutions
  • Entered the payment industry in April 2007
  • Earned “Rookie of the Year” for PayPros, an industry leading company in Payment Processing
  • Known as an interchange expert in the payments industry
  • Has boarded over 400 merchants personally and mentors sales agents across the U.S.
  • Processor for IFDA (The International Foodservice Distributor Association); The Proponent Group, whose members include the who’s who in golf instruction including Mike Bender PGA Teacher of the Year); several buying groups and merchants across the U.S.
  • Quoted several times in the Greensheet, the industry’s top trade publication
  • Can be contacted at [email protected] or 815-304-4098
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • Live Webinars
  • OnDemand Webinars
  • MP3 Downloads
  • Course Manuals
  • Audio Recordings*
  • Executive Reports
  • White Papers and Articles
  • Sponsored Live Webinars

Additional benefits include:

  • State Specific Credit Tracker
  • Members Only Newsletter
  • All-Access Pass Course Concierge

* For audio recordings you only pay shipping

Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 389264
Published 2012
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