Skip to main content
#
North American Bancard
Thursday, April 30 2020

Introducing PayAnywhere

Whether you are a merchant in need of services for processing payments or a representative looking to break into the industry and start off with a reputable solution to provide for your clients, the PayAnywhere suite of solutions is the ideal package for you. PayAnywhere’s suite of solutions is the latest in an industry full of innovation and forward progress. With our robust products, you’ll soar to new heights in the world of merchant services sales.

PayAnywhere POS Equipment

One of the greatest things about our PayAnywhere solutions is our POS equipment that runs on cutting-edge technology. We utilize robust construction, superior technology, and hyper-focused features that solve the problems of small businesses around the world.

Handheld Terminal

For those that are in need of a small and compact solution for their mobile needs, the PayAnywhere handheld terminal is the perfect solution. It features a 5.5” screen that makes it easy for staff to process payments with ease. The compact size makes it perfect for those that need to accept payments outside the store.

 

The payment processing options include a chip reader and stripe reader to accommodate all customers with varying types of cards. You’ll also find a receipt printer for maximum convenience and PIN capability. Scan barcodes with ease with front-facing and back cameras. The best thing about the handheld smart terminal is the fact that it all operates on our PayAnywhere software, which is designed to help your business be more efficient.

Countertop Smart Terminal

If you need something a bit larger for your store POS, try out our countertop smart terminal option. This larger, but still sleek and compact version of our payment processor gives you maximum functionality and features.

 

The countertop terminal features a 4.5” screen that interacts with the customers, card processing through chip and stripe, PIN capability, and a built-in receipt printer. It also carries two cameras to allow easy scanning of barcodes and can connect to either 4G networks or Wi-Fi.

 

The countertop smart terminal runs on the PayAnywhere app to give you control and insight into your payment processing and revenue reports. With this tool by your side, you'll be ready to process payments efficiently, effectively, and affordably.

The PayAnywhere App

The most important aspect of our PayAnywhere solutions is the PayAnywhere app, which is widely regarded as one of the most comprehensive merchant services and payment processing software solutions on the market.

 

The PayAnywhere portal will allow you to get a visual representation of the day’s activity, various modules to help you gain insight into what’s happening in your business, sales applications to monitor employees, and more.

 

The PayAnywhere app differentiates itself by also offering an inventory module to allow you an easy way to monitor stock levels and evaluate product viability. To gain even more insight into your business, use the robust report functionality to generate reports that are based on your sales data. If you’re ready to gain a business tool that will give you full control over the numbers that drive your business, then pairing a PayAnywhere terminal with the PayAnywhere app is the best possible combination.

Tuesday, April 28 2020

Important Payment Dates

Whether you are already a merchant services sales rep or you are thinking of becoming one, one of the most important things that you would like to know is when you are going to get paid. As it turns out, being a merchant sales representative usually means that you have a pretty easy-to-understand payment schedule that allows you to know when to expect your commissions and residuals.

 

To make it easy, most merchant service companies pay out their representatives twice a month. There are two important dates that you will need to pay attention to as days that you are likely to get paid on. The first payment date for each month is on the 15th. The second most important date of the month that you will be paid on is the 25th. With these two dates in mind, you can always know when to expect a payment to come into your bank account.

 

If you are a merchant services sales rep, you often have the choice of getting your funds on the 15th of the month of the 25th of the month. For most, it is preferred to get your payments earlier. However, it is up to you how you wish to structure the payments.

Bonuses

In addition to regular salary and commissions that will hit your account twice a month, there are also two types of bonuses that you might expect to be paid out at various times throughout the month. As a salesman, it is important that you know how and when these bonuses are paid out because you work hard to get your bonuses.

 

The first type of bonus that you might experience is called an approval bonus, which kicks in when a business is approved for their merchant account. This bonus will usually payout within 24 hours of the merchant getting approved, and there is no set date per month that these are paid out.

 

Another type of bonus that you might be paid if you are making consistent sales and your accounts are having success is an activation bonus. This is a bonus that occurs when the merchant account that you have signed up has processed $300 of either Visa or Mastercard transactions on the account. This bonus should hit your bank account within 24 hours of the bonus requirements being met.

Finding Payment Information

If you are curious about how your income breaks down and what is being paid to you, then you can always consult your partner dashboard. Within this dashboard, you’ll be able to see the breakdown of your residuals, month-to-month comparisons, and even performance metrics. With this information, you will have everything you need to be informed about the status of your payments and your performance as a seller.

 

Though some people have trouble understanding how merchant services rep payments work, this breakdown should have made it easier for you to understand how you can expect to be paid out on a regular bonus for both residuals and bonus payments.

Tuesday, April 28 2020

As a merchant services agent, you know that one of the largest struggles is finding a way to organize your merchants, monitor their activity, and review your own performance. With a traditional merchant services company, this could fall to you to monitor. However, there is a better solution. The North American Bancard Sales Partner Portal is one of the most innovative partner portals in the industry and it has a robust set of features that allow you to do all of these things and more with ease. With this partner portal, you’ll be empowered to handle your merchant services business and gain full control over the metrics that drive your livelihood.

Feel at home with custom branding

One of the most interesting features of the partner portal is that you are able to brand the portal with your own logo and color to make it feel more personalized and specific to your brand. This feature allows your firm to gain all the reputation and legitimacy of a large corporation just for cooperating with North American Bancard.

Easy to use dashboard

If you have ever dealt with an unnecessarily complicated dashboard that is complicated to use and navigate, then you know the strain that it can put on your workflow. With this dashboard, you’ll never be held back from productivity. This dashboard is one of the easiest to use in the industry and provides you with an easy way to navigate and find the information that is important to your business.

Visualize your progress

When you are making progress and signing on new clients, it is always helpful to visualize your progress and see how far you have come from the beginning of your journey. If you are a visual person that values having these resources, then this portal is perfect for you. It contains visual aids to show you your progress and visualize the performance of your business.

Gain access to marketing materials

Within the portal, you’ll not only find payment information and performance metrics, but also the tools that you need to improve your performance as a representative. There are marketing materials located within the portal that will help you close more sales, connect with your clients, and save time throughout your day by giving you all of the information that you need in one central location. With the help of these marketing materials, you can quickly rise through the ranks to become a highly paid account representative.

Handle support tickets

When your merchants have issues or concerns, it can often be a hassle to try and communicate with them and organize their issues while also documenting them well. That is where the partners' dashboard comes in. The dashboard contains support capability to allow you to handle and facilitate product support inquiries from within the dashboard. There is also a knowledge base within the partner portal to help solve any minor issues and give your customers the care and attention that they deserve.

Monday, April 27 2020

All around the world, there are thousands of businesses that use vital services that are referred to as merchant services. These are services such as payment processing, which is what allows businesses to accept and process payments so that they can make a profit on their product. Without these services, businesses would be unable to function in the modern world. You might think that the fact that these services are an absolute necessity to these businesses make them an easy target for selling, but that is now always the case. There are definitely some positives as well as some negatives when selling merchant services.

 

This guide will show you some of each and hopefully give you some insight as to whether a career selling these services is right for you.

Pros

Undoubtedly, there are some very positive aspects of selling merchant services for a living. If you have had a sales job that is similar in the past, you already have known some of these benefits. Here are some of the best things about selling merchant services.

There is always a market

One of the best things about working in the merchant services industry is that there is never a lack of demand for these services. There are always new businesses sprouting up as people chase their passion for owning their own business. And existing businesses are always evaluating their options and ensuring that they are getting the best deal on the market. For that reason, you won’t ever have to worry about the industry as a whole drying up. People will always need to spend digital money and businesses will always need to find a way to accept it.

Set your schedule

For many that are in a commission-based sales job, one of the greatest benefits of it is being able to get to the point where you are working when you want to work instead of punching a time clock when you get to work. When you are a partner in a merchant services sales program, you will be able to set your appointments on a schedule that works well for you.

Build passive income

Finding and signing clients to lucrative merchant processing contracts is hard work, nobody denies that. However, all of the hard work that you put into this process could end up paying out tenfold throughout the years. One of the greatest things about being a merchant services salesperson is that your accounts can earn you passive and residual income long after you have closed them to a contract. This could help you build passive income for years to come and eventually phase out the bulk of the labor that is involved in this career.

High commission rates

When you compare merchant services to other industries out there, you will find that it has a very competitive and comparatively high commission rate compared to those other industries. The high price of the contracts and the fact that they continue to pay out for years to come is what makes these sales so valuable and why some of the best salesmen in the world turn to merchant services when they want to increase their earning potential.

Cons

Just as there are many pros to selling merchant services, there are also some aspects that could prove difficult. You should watch out for these aspects and consider whether they are something that you are able to overcome and overlook.

Highly competitive industry

There is always a lot of demand for merchant services, but this fact also means that there is a lot of competition. One of the hardest aspects of selling merchant services is that you will always have competition breathing down your neck, waiting to provide your client with a better rate. This is really where your ability to create and nurture relationships will come in handy with client retention. This industry is not for those that don’t like competition and healthy capitalist tendencies.

Dependent on success to make money

When you are a sales representative in any industry, you know that your ability to make money is heavily dependent on the success that you have when selling your product or service. It’s no different in selling merchant accounts. If you want to have a good income, then you will need to become skilled at selling these products. If you don’t feel confident that you can do that, then it might not be the right choice for you.

Sunday, April 26 2020

As you might already realize, selling merchant services, such as credit card processing, can be extremely lucrative. Below are the steps that you can take to get into this fascinating business, starting with finding your first leads:

Step 1: Find Your Prospects - First, you need to start thinking about where your prospects are. What sort of businesses do you want to sell to, and where can you find them? Your best bet is probably to find businesses that are currently in need of merchant services, since it's much easier to persuade a merchant if he isn't already signed up with a competitor. You can find out what new businesses have opened up in your area by joining your local chamber of commerce or professional business associations. Being able to interface with business owners in person will give you a huge leg up over the competition. You might also try looking in your local newspaper for local stores that have just opened up.

Step 2: Make a Sales Pitch - Sometimes your ISO will provide you with a sales pitch, but you might be better off making one of your own that you adapt to your situation or niche. In general, though, just put yourself in the shoes of your prospect? What do they really want? Your sales pitch should revolve around that. If you don't know enough about your potential customer yet, ask him. Have him tell you about his sales, what kind of industry that he's in, and whether most of his transactions are done online or at his physical storefront. This will give you an idea of how to serve his unique needs. Ask your prospect if he'd like to customize his solution using your products, and then help him put his ideal credit card processing setup together. In this business, you'll want to ditch any high-pressure sales tactics when selling merchant services. Since you will have a long-term relationship, the prospect needs to feel comfortable that he got exactly what he wanted.

Step 3: Sell It - Once you have figured out what your prospect needs and taken the time to come up with a good solution, schedule a time for another meeting. It shouldn't take more than twenty minutes or so to pitch your idea. You might want to put a power point presentation together, or something similarly visual to get your point across. Be very clear in the language you use, by the way. Make sure that it's nothing too obscure that will confuse the merchant. Also, don't be overly detailed—the merchant is only really going to care about how the solution will serve his ends. Just focus on telling him how it's going to save him time and money.

Step 4: Close the Deal - If your prospect is ready to move forward, then get started as soon as possible. Don't put it off; make sure to work while the merchant's “buying temperature” is hot. Fill out the application for the service right then and there if you can.

Step 5: Stay Involved - Since you will be making residual income from this person, make sure that you build a relationship with them over the long-term. Don't just sell to them and disappear. Your residuals depend on their staying with your service, so customer retention is important. In addition, many of your future prospects will come through word-of-mouth from your current prospects if you do your job right. It's extremely important to have a good reputation because people will certainly hear about you through the grapevine, and you're going to want them to hear good things—your business depends on it.

Step 6: Keep Funneling Sales Through Your Pipeline - In this industry, things run a little slower than usual, since you're dealing with the complexities of another business. It is the nature of B2B sales, so you might be working to close a deal for weeks. This is why it's important to multi-task, and to always be working on more than one account at a time. Meet with as many merchants as is reasonable, and make sure to do your best revive any leads that seem to have cooled off and disappeared. Always be in the process of signing up new merchants, and don't let yourself idle for too long. This is the best way to build up a large volume of residuals over time.

For everything you need to know on "Selling Merchant Services" <-- Click the link.

Content provided by: Shaw Merchant Group

Saturday, April 25 2020

If you ask any business owner about the costs of accepting payments, one of the first things that they will tell you is that they feel that the fee they pay to process credit cards and other plastic is unfair and high. Given the chance, any one of these business owners would eliminate this fee and charge their customers for it. Until now, there has never been an easy way to do this without angering the customer and causing strife in their business. Furthermore, consumers in the modern world are heavily incentivized to use their plastic to pay for products for many reasons. To defeat this, you need to be able to present your business clients with a program that is equally as lucrative for them and their customers. The EDGE Cash Discount program is this system.

 

The problem merchants face with credit card payments

As you know, processing companies make most of their revenue from charging a percentage of each transaction. Typically, merchants will absorb this cost and deal with it as a cost of doing business. There is not an easy way to explain having to raise prices for those that pay with plastic, so the transaction fee cuts into the margin for the merchant and makes it harder to do business with high margins. Accepting cash is preferable because it offers higher margins, but people are heavily leaning towards card payments and are even incentivized with rewards programs and signup bonuses to use plastic as opposed to having to carry around cash.

 

Traditionally, merchants would charge the same amount to both their cash-paying customers and their card-paying customers. This makes things rather unfair to those that are paying with cash, as they are paying the same as someone else who pays with cards, which costs the merchant up to 3% to process. This less-than-ideal situation is what has led many merchants to seek out a different option. The EDGE cash discount program allows merchants to charge the same sticker price to both customers, but keep the same margin, as well.

 

Selling the EDGE Cash Discount Program

Remember how we said earlier on that merchants would love to pass the credit card processing fees onto the customer? Well, it's now possible with the EDGE program. The EDGE Cash Discount Program is an easy way to allow business owners to keep equal margins for any payment method and make pricing products that much easier. With the EDGE program, merchants won't have to worry about which payment methods their customers use most because they will be achieving the same profit either way.

 

In short, this program allows merchants to essentially wipe out credit card processing fees in their store for all card payments. The program is implemented in a way that advertises it as a rewards program for cash instead of simply charging more for those that choose to use their card. For merchants, getting over the hump of advertising this program is the biggest hurdle. Once merchants realize that it will have no noticeable effect on foot traffic and revenue, it becomes an easy jump to make.

 

What’s included in this program?

One of the largest concerns that business owners have when implementing this program is the procedure change that must occur and how that change is presented to their customers. Luckily, the materials that are included in the program make it an easy transition and results in minimal disruption.

 

For starters, this program includes EDGE cash discounting software, which is a program that will automate all of the repricings that have to occur at checkout depending on which payment method the customer decides to use. This reduces the amount of time and labor that the business owner will have to spend, streamlining operations and making the transition anything but a burden on the daily operations of the business.

 

To explain the slight change to their customers and advertise the cash discount program, there will also be signage and literature explaining the program and how the pricing works so that the business owner can adequately inform the customers about the changes and ensure that there is no confusion. The business owner benefits from this information and incentivization, which could drive more customers to use cash because of the perceived benefits.

 

Finally, all of the equipment that is needed to facilitate this change can be provided to the merchant in this program. This includes POS systems and other technical equipment that is needed to facilitate the repricing and restructuring of transactions and how totals are calculated.

 

With these tools, merchants will have everything that they need to implement the EDGE cash discount program and increase their margins without a noticeable disruption in the checkout flow. Merchants won't have many reasons to resist this change and with a trustworthy rep to walk them through the process, they should see only benefits from the new system.

Friday, April 24 2020

Looking to Become a Credit Card Processing Agent?  Here are the Guidelines:

Are you excited to become a credit card processing agent? Do you want to start a credit card processing company? If your answer is YES, then you have come to the right place.

In this article, I am going to teach you ways to start a successful credit card processing reseller Services Company. I am also going to take you through the fine details of planning, setting up, and running a successful credit card processing company.

You are going to learn about what it takes to become a successful credit card processing agent, how to conduct market and niche research, how to create a great business plan, how to get funding for your venture, and also tips to run a successful credit card processing company.

It is important to note that when you become a credit card processing reseller, you will be helping corporate and businesses to process payment for their customers.

Your credit card processing services will involve offering the platform and equipment to facilitate the sending, approval, and processing of payments and transactions between customer’s bank accounts and your clients' bank accounts.

What It Takes To Become a Credit Card Processing Agent

The credit card processing business is very dynamic, and the success of becoming a merchant services reseller is both easy and hard, as discussed in our previous post here.

There are a few things that you need to know; some of these include having a clear understanding of how credit card processing business works. You will also need to have deep knowledge of how credit cards work and what they do.

Another overly important thing that you will need to understand is your market and, most importantly, your niche market. This way, you will be able to connect with your customers on a personal level. In addition, you will also be able to create a solid relationship with banks for financial transactions and payment processing.

Market Feasibility and Niche Research

It is critical to note that any successful venture always starts with thorough research. When you want to become a credit card processing agent, you will need to do thorough market research.

Understand the type of services or products you will be offering and where your clients are and their needs.

Make sure that you look at the services offered by your competitors, their rates, and also how satisfied their customers are with the services they get.

The few steps you can take to become a merchant services reseller are to first create a survey on several businesses in your area, determine the most common services they use, and evaluate the satisfaction level of customers with their current payment providers.

Another important step that you need to take is to gather client information, such as phone numbers or email addresses. These details will help you when you start sending out pitches.

Crafting a Comprehensive Business Plan

For you to become a credit card processing agent and be successful in it, you will need to come up with a detailed business plan.

It is okay if you are not a seasoned writer, but you can hire one to do the work for you. Better still, there are several business plan templates available online that you can use.

There are several details that need to be included in your business plan; some of these details include:

  • How you intend to run your venture
  • The executive summary about your business
  • How you intend to raise startup capital
  • Products and services you will be offering
  • Marketing and sales analysis
  • SWOT analysis
  • And more

Ideally, the business plan for a credit card processing company can serve as proof to investors and stakeholders that you are serious about with your venture as the document shows all the strategies.

A great business plan can help you win funding from various investors and banks.

How to Finance Your Credit Card Processing Business

Most business requires a startup capital; the same case applies to credit card processing companies.

To become a credit card processing agent, you need to consider where you are going to get funding to start your venture. You will also need to cater for all the operational costs until you start realizing some profits.

According to research, on average, a minimum of $51,000 is needed to start a credit card processing company.

There are options that you can use to get financing for your credit card processing companies some of these options include;

  • Getting a loan from banks
  • Approaching investors
  • Getting funding from business partners
  • Using your savings or selling assets to raise funds
  • Sourcing some funds from friends and family members.

Launching Your Merchant Services Reseller Company

Once all the above are set up, you can go ahead and launch your credit card processing company. There are other finer details that you will need to consider before you do this. These include finding the appropriate location for your business, understanding the requirements which you must have beforehand, and understanding the manpower needed to run the business.

To become a merchant services reseller, you should fully implement your business plan. The best way is to strictly follow the plan without cutting corners.

Tip: Due to the competitive nature of the credit card processing business, it is critical to ensure that your business stands out.

Put more efforts to stand out among your competitions. The best way to do this is to have a business network. You can reach out to organizations and corporations to widen your reach and customer base. 

Marketing Plan for Your Credit Card Processing Company

Just like any other business, a marketing plan is a must. You can do all the above work, but if you don’t come up with an effective marketing plan, you might fail.

Take your marketing strategies seriously. The following are some effective marketing ideas that you can use.

  • Use social media platforms to spread the word about your business
  • Reach out to stakeholders, clients, and managers of big corporations
  • Make sure that your business is listed in local directories
  • Use TVs, magazines, newspapers, and radio to advertise your business
  • Start bidding for available contracts

To further increase your reach to potential clients, you can create business cards, flyers, pamphlets, or business website.

Tips To Help You Run a Successful Credit Card Processing Business

In order to succeed in your credit card processing business, understand that you will not only be providing requirements and services to help process payment for customers BUT also, you will be selling yourself.

As a credit card processor, you will need to clearly show potential clients why they need your services. Show them the benefits they will get from your services.

Never seize to reach out to potential customers. In addition, ensure that you do a follow up on those pitches.

To simplify the process of becoming a credit card processing agent, Shaw Merchant Group provides all the tools you need for a successful credit card processing business.

Check out Shaw Merchant Group for more details and information on how to get started easily.

Monday, April 20 2020

Have you been considering selling merchant cash advances as part of your merchant services business? For the uninitiated, a merchant cash advance is basically when the credit card processor buys the future credit card sales, giving the merchant a lump sum of liquid cash upfront. This sort of deal can be arranged much faster than a loan from a bank, and approval rates are much higher as well. If you sell merchant services, it's a good idea to make cash advances a part of your offerings.

Cash advances can be very lucrative for your business. Not only are they a fairly easy sell for the kind of merchant who needs money fast, but selling merchant cash advances can result in handsome commissions from the processor. In addition, depending on what program you choose, you can also often provide some of the funding yourself with your own money, which will net you even more revenue. If you're looking for a good added value product to increase revenue, this is a very flexible service that you can sell to the right merchants.

Why would a merchant even need a cash advance in the first place? - Well, there can be many different reasons. They might want the money for growth reasons, for example if they have a great opportunity to upgrade their equipment, but they don't have the liquid cash to do it. Perhaps they are unable to get a normal line of credit for whatever reason and they need to buy inventory in bulk in order to keep costs down. Often, however, you will find that, just as with the more common paycheck cash advances that consumers use, the merchant probably needs the money to cover some unexpected expense or an emergency situation. This is perfectly fine, so long as the merchant is consistently bringing in revenue regardless.

How much the merchant can get depends largely on how much revenue they are bringing in via credit card transactions. Ordinarily, the processor will allow them a loan of between roughly 80% and 120% of their monthly credit card sales.

What do you need to sell a merchant cash advance? - Selling merchant cash advances doesn't have to be hard, but there are a few key things that you will need. First of all, your processor will have to have a cash advance program, ideally one with the possibility of syndication (which is when you are able to also invest your own money). Next, you will need a merchant that is bringing in at least $5,000 or so in credit card revenue every month. The processor also won't consider the business unless it has been running at the very least for 12 months and has a record of processing credit cards for at least 6.

How do you find merchants that need cash advances in the first place? - Of course, not all of the merchants that fit the description above will actually need a cash advance. Really, it is a very all-or-nothing issue with not a lot of space in between: a business either needs cash quickly, or it doesn't. Because of the high interest rate, most business owners wouldn't even consider a cash advance of this kind unless they were hurting for a large lump sum of money.

The best way to find these kinds of merchants is to simply ask the ones that you're already working with. Let them know that you offer these kinds of short term loans, and that you can have the money to them within days, instead of weeks or months like the banks. Network with as many merchants as you can, even those with whom you currently don't work with, and make sure that people are aware that you can bring them the liquid cash that they need as quickly as possible.

How do you present the cash advance to clients? - Selling merchant cash advances is like any other kind of selling in that the presentation is important. Be mindful not to insult your client. The best way to bring up the issue of cash advances is probably when you are consulting with a merchant in order to sell them some other service.

For example, if you are working with a merchant to sell them on a new contract with your processor, mention that you offer merchant cash advances as well. You will find that most of the merchants aren't interested, and this is expected.

Do not push it because the fact of the matter is that most merchants genuinely have no use for this kind of loan, and are understandably wary because they are expensive. However, if the merchant's ears seem to perk up a the prospect of a quick loan, this probably means that he does indeed need some money. Tell him that you can help his business grow and emphasize the ease of this kind of deal. Mention as well that you will be able to help him through the process in person, and that you can take care of much of the paperwork. Make it as easy as possible for the merchant, and try to get them the best deal if you can.

What can you expect to make when you're selling merchant cash advances? - How much you make really depends on a number of factors and also on how much of your own money you're willing to put in. In terms of commissions, this varies a lot between processors as well, and every one of them is different, so make sure to ask ahead of time before you sign up for a program. Typically, though, the higher the factor, the higher the percentage of your commission will be. Also, if the cash advance is for a very short-term period—say, 3 months—your commission will also be higher because the processor is taking less of a risk.

Does selling merchant cash advances sound like something you would like to try? It all comes down to finding the right merchants in need and partnering with a worthwhile merchant services company.

Tuesday, April 14 2020

 

Recently, we have heard feedback from many of you about ways we can improve the device ordering and deployment experience for both you and your merchants.

In response to your feedback, we are pleased to announce that NAB has partnered with POS Portal, the premier partner in the payments industry for deployment services. POS Portal is far and away the leading distributor of payment devices in the U.S.

We are confident that this partnership will provide you and your merchants with the world-class experience you expect and deserve. We plan to be fully live with POS Portal in late April.

Key improvements to the customer experience:

Quality control procedures to ensure that the right equipment gets to the right merchant.
   
Easy, fast, and accurate deployment.
   
A systematic validation process to ensure that hardware will work the way it’s expected to when the merchant receives it.
   
Same-day shipping.
   
Dedicated Account Managers to ensure premium service delivery.
   
Strong SLAs and SLA oversight to meet service expectations.
   
Increased security and encryption standards (POS Portal holds multiple certifications including: P2PE, PCI, FD, SAS70, and more).

We thank you for your continued agent ISO partnership. We look forward to improving the device ordering experience for you, as well as your merchants.

If you have any questions or concerns, please feel free to reach out to your Partner Relations Advisor. 

 

 

Tuesday, April 14 2020

Being a merchant services agent is never a walk in the park. The experience certainly toughens you up, just as working in any kind of sales will. You have to be extremely persistent, flexible, and innovative. Many new merchant services agents find themselves humbled when they first enter the field and realize the true meaning of “easy money” for themselves. On top of all of the personal challenges, there is also a lot of competition in the industry, and it only increases more and more every day.

To make matters more complex, you have to constantly stay up to date on new technological advances. This can mean a lot of things, since the industry is quite wide. For example, you may have to learn about new software for the back-end that serve the merchant services agent, or about new POS equipment for your merchants. You may even have to stay on top of specific new payment technologies.

These rapid changes are actually an opportunity in disguise, however. You could say that the break-neck speed at which this technology is developing has divided the merchant service field into two camps: There are merchant services agents and ISOs who are jumping head first into emerging software, systems, and tools; and then there are companies that are dragging their feet, trying to pretend that the technology isn't there. You can probably sense who has a distinct long-term advantage here, and who might survive the rapid changes that are just on the horizon.

Back in dinosaur times—around the 1990's or so—sales agents for merchant service companies had to peddle their wares the old-fashioned way, by visiting every merchant in person, selling them the physical equipment to process transactions, and writing everything by hand. Even today, there are agents who take this inefficient approach, even though there is not much value in it now. The only thing that is really important nowadays is the ability to give your merchant a good deal that is customized to accommodate all of his needs—and the the best way to do this is to leverage the power of new technology.

At the heart of the merchant services industry, the most critical kind of technology is new payment systems. Customers demand has driven the need for a diverse array of payment options, including contactless payment. If a merchant services agent can't provide this to his merchant, then he is really selling his client short and making it difficult for the business to adapt into a long-term, future-proof plan.

The goal of a merchant services sales agent should be to find the client a user-friendly and fast POS solution that will serve him for years. No merchant wants to take time away from his business to deal with upgrades and technical problems, and no merchant services agent in his right mind wants to jeopardize his residuals by offering his merchant something that will become instantly outdated.

All of this may seem extremely obvious, but the truth is that the majority of merchant services sales agents out there aren't giving their customers future-proof solutions. They don't offer the latest payment methods, and are relying simply on what has worked in the past. This is increasingly becoming a problem because there is lots of competition from companies that are providing easier and cheaper solutions. Take for example Square, and how it has grown explosively among small business owners. This company, as well as emerging payment processing services such as those of Groupon and Amazon, offer online solutions, are extremely flexible, and are much easier to set up for merchants than traditional options.

More and more merchants are just cutting out the middle man when they choose a cloud-based POS system, such as those that are based on existing tablet hardware. This removes the need for expensive equipment and for lengthy training courses. Most of all, many of these systems offer all-in-one solutions, so that merchants can greatly simplify and integrate both their offline and online sales activities. This is great news for merchants, but it certainly makes it more difficult for sales agents to find a place in the industry.

Not only that, but these modern systems usually originate from companies that were born on the Internet, so they have a huge presence on the web, and a small-time sales agent would have an extremely hard time competing with that. Digital marketing is becoming more and more critical in this day and age.

People now use the Internet more than just about any other resource to find the information they need, and this includes when they are looking to buy a service of some kind. Merchants are no different in this regard, and one of the most efficient ways to find new businesses that need merchant services is to cast ones net on the web and capture leads through search engines, contextual ads, or social media marketing. Companies that sell POS software have grown hugely, and this is largely due to their huge presence on the Internet, which gives them a major upper hand when they are competing against traditional merchant services ISOs.

POS software companies are focused on the future and spend most of their efforts capturing leads that are already interested, which means they expend less effort finding prospects. In addition, they can offer all kinds of payment solutions for merchants. It's really no wonder that the industry is trending in this direction.

The only way for merchant services agents to respond in this brave new world is to adapt. This isn't necessarily a bad thing, either. Yes, merchant services agents will have to stay updated and will have to re-learn their industry constantly, but new advances in technology has also opened the door to a multitude of tools that can be used to make the lives of agents easier.

For example, new software for managing portfolios can make staying organized much more simple and paperless. There are also new and better methods for bundling services available, which makes it much easier to close deals with prospects. More and more POS software with apps and upgradeable features is emerging, and offering these kinds of dynamic solutions can make a sales agent extremely attractive to merchants. It really comes down to how willing an agent is to embrace new technology as it is born.

Even better, new technology is making the application process many times more simple than it ever was. There is no longer a need to make applications by hand, and getting your merchant set up and ready to take payments from his customers can happen in the span of hours instead of days or weeks. Free apps now exist that allow sales agents to track the status of their accounts, get notifications about any issues, and stay in constant communication with their merchant services ISO. All an agent really needs to take advantage of this kind of software is a modern phone or tablet.

Part of this emerging efficiency is a reduced need for merchant services sales agents to interface with merchants in person, of course. However, this kind of interaction will never go out of style completely, and giving merchants in-person attention when they really need it will give agents a competitive edge. Embracing the tech side of things and the human side of things are not mutually exclusive options, after all. In the end, though, a sustainable long-term plan for success in the world of payment processing must include new technology, and businesses who remain inflexible will be doomed to a slow death.

Sunday, April 05 2020

With our continuously changing situation due to COVID-19, we wanted to make you aware of some things we are seeing related to fraudsters, as well as provide helpful information on government relief programs.

We have started to see an increase in cyber fraud, including:

  • Card scammers who are trying to get merchants to accept stolen cards and wire the funds to another party, in some cases up to $250,000.00.
  • Phishing emails designed to entice merchants with the latest advice related to COVID-19, or to open for urgent instructions from their boss that are filled with malware merchants unwittingly download.
  • Malicious apps (such as CovidLock) that purport to help track infections and provide advice, but are in actuality ransomware that will lock a merchant’s device until a ransom is paid to the criminals.

We encourage merchants to protect themselves from these fraudulent scams by practicing good cyber hygiene, including making sure their terminal and router/WiFi devices are up-to-date and that they are using secure and known connections. We will remain diligent in apprising you and your merchants of the latest cyber scams, while carefully monitoring your merchants’ processing activity to protect your portfolio.

As the ability to conduct normal business activities continues to be disrupted for our existing merchants, we are seeing scenarios which lead to reduced earnings for you, and the potential for credit losses from our merchants. To protect you, our merchants, and ourselves from these occurrences, we will be keeping a closer eye on merchants who:

  • Are in MCCs that have greater exposure.
  • Illustrate financial loss via ACH rejects.
  • Have extended future service liability.

Our Enterprise Risk Management team will be modifying some merchants’ setups to minimize these impacts. Changes our merchants could see may include: a reduction in the return processing window, delayed funding when a batch is a negative amount, fee billing on a daily instead of monthly frequency, standard vs. next-day funding, and reserves if ACH rejects occur.

For new merchants that you enroll, we will make sure to review the MCC and their future service liability and approve items like daily discount and next-day funding accordingly. Keep an eye on the approval notes to see how each MID is approved.

If you would like to see a list of any merchants in your portfolio that may be impacted by these measures, please contact your Partner Relations Advisor.

We’ll also be informing your merchants about a number of different governmental programs that they, and you, can take advantage of during these trying times.

To give you a brief overview, the aid available includes:

  • The Small Business Administration’s (SBA) Coronavirus Aid, Relief, and Economic Security Act (or CARES Act), which contains several provisions aimed at helping small businesses, including expedited, low-interest individual loans of up to $10 million.
  • Paycheck Protection Loans that cover up to 8 weeks of payroll or qualified expenses incurred from February 15, 2020 through June 30, 2020.
  • Economic Injury Disaster Loans (EIDLs) which provide up to a $2 million low-interest loan for working capital to small businesses suffering substantial economic injury as a result of COVID-19. If you or your merchants apply for an EIDL, you could even obtain an emergency grant (an advance of the loan) which can be used for payroll, sick leave, rent or mortgage payments, and so forth.
  • SBA Express Loans — maximum loan amount increased from $350,000 to $1 million with interest deferred for 1 year and repayment terms of up to 10 years.
Wednesday, April 01 2020

Due to the unprecedented environment we are now facing, the card brands have decided to delay their April pricing modifications. In an effort to minimize the burden to our merchants, we will be changing the timeframe for our own pricing changes to the dates listed below to coincide with the card brands:

  1. Pricing updates will now go into effect July 1st (instead of the previously stated date of April 1st) for monthly discount merchants and August 1st (previously May 1st) for daily discount merchants. Dates subject to change.
  2. A pricing freeze will go into effect on or around June 15th, which will last until August 2nd.

We will stop any pricing change statement messages from going out that we can and will resend them when applicable. The opt out/exception list that was due 3.10.20 (when the original pricing freeze went into effect) will still be used once we are ready to introduce our pricing changes.

We will remain vigilant when it comes to our pricing to ensure that it remains competitive, even in these most challenging of times.

If you have questions, or would like more information, please leave your name and contact information.
*
*
*
* indicates a required field
Submit Request
Please fill this field.

Need Help?

If you have questions, or would like more information, please leave your name and contact information.
* indicates a required field
Please fill this field.

    © Shaw Merchant Group, LLC. Our goal is to gather accurate, updated information and assist you in your research. We recommended that you check with your service provider or financial institution directly and get independent financial advice before making any commitments or business decisions. 

    Company logos, names, and trademarks mentioned on this site belong to their respective owners.

    All merchant related services and products are referred to North American Bancard for first right of refusal. All information generated on this site is shared with NAB. North American Bancard is a registered ISO of Wells Fargo Bank N.A., Walnut Creek CA, of BMO Harris N.A., Chicage, IL and The Bancorp, Philadelphia, PA.