INTRODUCTION
ROBERT BECKER
Why This Book Was Made And
What It Can Do For You, The Merchant!
Many years ago when I started out in this business as a sales representative, I knew absolutely nothing about the industry. My training consisted of a two day training period which involved memorizing about four pages of opening phrases and then presenting an old fashioned "Ben Franklin" closing comparison of why the business should accept credit cards for payment or why they should switch to my company to handle the activity.
In this initial experience I found out that although I knew nothing about the cost, the rules or what actually happens when a credit card is swiped through a terminal, the merchant did not know also! So in my two days of sales presentation training, I knew as much as the business owner which just about was nothing.
Sure I had more training but that training was basically for additional sales tools or what I call, advanced surface selling, which simply means I still did not know anything but understanding more of getting the dotted line signed. Why not? I was a sales representative! I didn't need all that technical stuff or need to service the merchant after the contract was signed. I just went on to the next potential client and presented the program, signed him up and wished him good luck in his business.
After about a year I found that I liked the industry and wanted to learn more and more of what happens after the sale was made. I asked for more training manuals and materials and seek out more about the industry and how it functions. As my knowledge grew, I had more and more questions that need to be answered. Many were answered but some were hinted that I shouldn't ask or not need to know.
Soon I found that the company that I represented, I feel, was not thinking of the merchant and their needs but the bottom line for the company itself. I believed that the merchant was not being treated fair and was taken advantaged of and found that I was trained to present such while not even knowing it.
Although I was making a good income and was considered among the top representatives in the company, I had developed a conscious. Although I liked the industry I found that I did not believe in the company and how they were making their profits so I decided to leave. Through my knowledge of competition I interviewed and went with one of the leaders in the industry and over the years developed a full knowledge of what should be and not be done concerning the merchants processing program. I then developed a saying that which I believe in today and live by when evaluating merchant programs, "If it's not good for the merchant, it is not good for me".
Presently, I am a consultant for this industry of processing credit cards. What I do is analyze corporate and merchant processing programs from all over the United States. These companies may be national concerns with hundreds of locations or simply a single restaurant or retail business. It does not matter what their size is or what type of business they are in. What is important is that when I analyze a business, not only do I see if I can help the business out on reducing their rates for acceptance but also, importantly, make sure that they are set up correctly and not be paying "unneeded" fees.
You will see that I use this word, unneeded, a lot in this book. Sad to say, this industry of processing credit cards electronically is an industry that likes to take advantage of merchants and business owner's ignorance of not understanding fees and rates with compliances. Because of this, absorbent profits of unnecessary fees and hidden "unneeded fees" are charged.
Why do the banks and processors do this and why is this type of business being done with such popularity? I am sure that you know the answer, it's money! Profits that are high and absorbent for these providers are simply because the merchant does not ask the right questions or understand the industry. They know that the merchant does not have such time for things and relies on his instinct of trust with the representative of the bank, ISO (independent service organization) or processor.
This book was made to inform you the business owner to now take the time! Understand this industry and not pay these"unneeded fees" that over 88% of merchants are paying. It can save you thousands!
Never before has there been a tutorial guide for merchants on how to give a valuation for determining if their credit card processing program is fair or not. This book will help you determine if you are paying fees that you should not be paying or if you were set up or going to be set up on the correct processing program.
Commonly when a merchant first goes into business and wants to accept credit cards at their place of business, their first option of being set up to accept credit cards is through their bank. The first question that is asked by the merchant is "what is the percentage rate of the fees for accepting Visa/MasterCard?" As the bank, answers the merchants question with a rate, usually no other questions are asked other than how much is the equipment and how it is paid for. The merchant then signs on the dotted line and his education begins on why he is paying much higher fees than the quoted rates given as time goes on.
This book is designed to explain to the merchant why there are so many other fees and what exactly they are and why they are on the merchant's monthly statement. This book will help the merchant eliminate completely some of these unneeded fees while also put other fees in perspective of how much the merchant should pay and not be paying. Whether your business is a restaurant, retail business or a business that serves other businesses, with having this knowledge and understanding of the industry, you will now not be taken advantaged of.
Again you will find that this book as two functions as you become completely educated and aware of this industry for a merchant's point of view;
1) If you are planning to open a business, this book is going to eliminate any possibility of you paying unneeded fees and to be set up correctly with what type of business you are opening.
2) If you already have a business and are accepting credit cards for payment, this book will completely evaluate your present program and either correct or completely eliminate any unneeded or greatly inflated fees that you have.
You will find within this book a complete Merchant Questionnaire Guide that you must have all questions answered. This fifty-two question guide will cover all possible aspects of your business and will leave no rocks unturned. It can be used with the initial interview setup with a new business or to re-evaluate your present merchant processing program.
This book is going to upset many of you who thought that your program was fair. This book will also upset many banks, ISOs (independent service organizations) and processors in this business of credit card processing. Those who are upset are the ones who are enjoying the high dishonest profits from you, the merchant. Those who are applauding are the honest ones and sad to say, I truly feel, the minority.
I dedicate this book to all merchants who have been taken advantage of and have been paying, unknowingly, these high unneeded fees. Through my experience with analyzing merchant and corporate programs for many years, this happens at a surprising 88% of the time. Possibly this is just the capitalistic way of making high profits in this industry but now, after reading this book and following the procedures, this will not be done with your business. You will now enjoy the profits that you worked so hard for.
