How to get a merchant account and what to look for!

Presented by:

Marc Tenore Fahid Anwar

WHO WE ARE

Choice Merchant Solutions is a diverse team of industry professionals, with decades of experience in merchant services.

Our customers are our most important asset. Our main goal is to provide our customers with the proper support, knowledge, and infrastructure to bring their business to new heights.

WHAT IS A MERCHANT ACCOUNT?

A merchant account is a special type of bank account that allows business owners to accept credit and debit cards as a form of payment.

WHAT ARE THE BENEFITS OF A MERCHANT ACCOUNT?

Regardless of what you might have heard, you can utilize a merchant account to expand how your business accepts payments, and increase revenue.

Based on projections by the Small Business Administration, credit cards are fast becoming the most popular form of customer payment.

ACCEPT ALL MAJOR CARDS

Visa

MasterCard

Discover

American Express

By accepting all major cards, you will never have to turn down a sale

WHY SHOULD I HAVE A MERCHANT ACCOUNT?

Have the ability to collect more than one form of payment

Never have to turn down a customer

CREDIT CARDS ARE EVERYWHERE!

SHOULD I HAVE MORE THAN ONE MERCHANT ACCOUNT?

Some high volume merchants believe that multiple merchant accounts provide a discount in services – but having double the accounts creates double the fees

Another reason for multiple accounts is to have a higher combined monthly cap

Placing merchants under proper SIC codes allows us to raise monthly volume caps as business increases

One merchant account consolidates your fees as well as your business – we like to keep it simple

DEPOSITS AND REPORTING

Deposits within 24-48 hours – no more waiting for checks to clear

Consolidated weekly, monthly, and yearly reports

Volume and transaction profiles

RATES AND FEES

The credit repair industry is classified as high risk

CR pros are paid after services are rendered

High Risk = High Rates

Expect to start at 2.5%

Fees are negotiable

PAYMENT GATEWAYS

Virtual terminals and payment gateways offer multiple options for card not present and transactions over the phone.

Multiple users – give agents individual access

Payment gateways allow merchants to utilize recurring billing

RECURRING BILLING Credit repair may take weeks or months,

but card information only needs to be captured once

Billing cycles tailored to fit your business model: weekly, monthly, and annually

VALUE – ADDED SERVICES

E-commerce integration with your website

Tabletop terminals

Wireless terminals

Chargeback prevention software

MOBILE TERMINALS

Perfect for agents on the go

Requires a merchant account – and provides all the benefits of having one

MERCHANT CASH ADVANCES

A merchant cash advance is a purchase of future credit card receivables, repaid through normal credit card transactions

Merchants are eligible for a very high portion of their monthly credit card volume – up to $1,000,000

Ideal funding solution when merchants are unable to secure traditional loans or funding

PCI COMPLIANCE

PCI Compliance is required by Visa and MasterCard, and certifies that you are playing your role in protecting consumer’s credit card information during every transaction

There is a monthly fee for noncompliance

Ask your merchant account provider for assistance if you are unable to become compliant

PROTECTION AND SECURITY

Advanced chargeback monitoring - limit the number of chargebacks incurred

Latest fraud scrubbing technology - reduces merchant risk by flagging fraudulent cards

Ask for guaranteed rates

FRAUD PREVENTION

Ask what type of fraud scrubbing technology the merchant services provider offers

Chip-and-pin/EMV Ready hardware

Your customers are doing business with you to get their credit fixed; having their info stolen does the opposite

WHEN AND HOW TO RENEGOTIATE RATES

Make sure to get guaranteed rates

After a set period of 90 days, and with a low risk profile and chargeback history, merchants qualify for a free rate review

REASONS FOR CREDIT REPAIR ACCOUNT TERMINATION

High percentage of chargebacks (chargebacks are disputed transactions)

Incorrect business information

Misuse of processing account

Violation of the Visa/MasterCard merchant agreement

Misrepresentation of industry/SIC code

HOW TO MAINTAIN YOUR ACCOUNT

Your merchant services provider should monitor your account for fraudulent transactions

Chargeback prevention technology to limit the number of chargebacks

Refunds are better than chargebacks

The more information you get, the better

APPROVAL PROCESS

Submission Requirements

Merchant Agreement

3 months bank statements

Voided business check

Drivers’ license

BENEFITS FOR SUMMIT ATTENDEES

Free account setup

Waived application fee

Free website integration

72 hour approvals

Sorry, no stressballs

Choice Merchant Solutions specializes in working with credit repair agencies of all sizes by providing the proper tools to grow your business. Our 24/7 live customer service is dedicated to providing continuity and security for your business.

Don’t settle for less, make the right Choice and call today!

800-507-1294or

scorewithchoice.com