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[A]ll too o
[A]ll too often I hear of a representative walking into a mer-ften I hear of a representative walking into a mer-
chant and promising the world, and the merchant signs what
chant and promising the world, and the merchant signs what
equates to a death sentence for their business because he/
equates to a death sentence for their business because he/
she was blindsided by a very good salesperson. A renege
she was blindsided by a very good salesperson. A renege
period would allow the merchant to catch his/her breath and
period would allow the merchant to catch his/her breath and
hopefully realize they are far better off by not going with
hopefully realize they are far better off by not going with
this particular program.
this particular program.
Justin Milmeisterin Milmeister
Just
Elite Merchant Solutionste Merchant Solutions
Eli
r regulations that risk negatively impacting the payments egulations that risk negatively impacting the payments our employees to obtain the CPP [Certified Payments our employees to obtain the CPP [Certified Payments
i industry, the economy and consumers. ndustry, the economy and consumers. Professional] designation, which we feel will be very help-Professional] designation, which we feel will be very help-
ful in ensuring the account executives representing Elite ful in ensuring the account executives representing Elite
will be highly knowledgeable in all areas of the payment
At TSYS, our direct acquiring clients are vetted in accor-
At TSYS, our direct acquiring clients are vetted in accor- will be highly knowledgeable in all areas of the payment
dance with a strict underwriting process, including AML/ processing industry.
dance with a strict underwriting process, including AML/
processing industry.
BSA [Anti-Money Laundering/Bank Secrecy Act] reviews,
BSA [Anti-Money Laundering/Bank Secrecy Act] reviews,
2. Every time a merchant application is sent in for board-
a review of the merchant's type of business, billing prac-
a review of the merchant's type of business, billing prac- 2. Every time a merchant application is sent in for board-
tices, and business character, all in an effort to prevent
tices, and business character, all in an effort to prevent ing, we have someone reach out to the merchant to verify
ing, we have someone reach out to the merchant to verify
merchants with questionable business practices from the business is in fact what is on the merchant application.
merchants with questionable business practices from
the business is in fact what is on the merchant application.
accessing the payment system. We have various levels of evaluation based on the type of
accessing the payment system.
We have various levels of evaluation based on the type of
business being boarded.
business being boarded.
3. The federal and state focus on consumer protection
3. The federal and state focus on consumer protection
could obviously lead to regulation of B2B contracts. We have designated levels 1 through 4 where 1 is a low-
could obviously lead to regulation of B2B contracts.
We have designated levels 1 through 4 where 1 is a low-
That said, it behooves all in the payments industry to risk MCC [merchant category code] that can easily be veri-
That said, it behooves all in the payments industry to
risk MCC [merchant category code] that can easily be veri-
make an effort to educate regulators on our business, fied, and level 4 is a higher-risk merchant that is evaluated
make an effort to educate regulators on our business,
fied, and level 4 is a higher-risk merchant that is evaluated
with a lot more scrutiny.
as well as undertake efforts to develop self-governing
as well as undertake efforts to develop self-governing with a lot more scrutiny.
best practices.
best practices.
3. I think anything is possible; however, I would find it
3. I think anything is possible; however, I would find it
Government regulation could cause processors to stop unlikely that a renege period would be implemented by
Government regulation could cause processors to stop
unlikely that a renege period would be implemented by
providing services to some businesses for no reason other
providing services to some businesses for no reason other the FTC. However, I don't think it's a bad idea to provide a
the FTC. However, I don't think it's a bad idea to provide a
renege period, as it will only help the legitimate merchant
than exercising an abundance of caution, as opposed to
than exercising an abundance of caution, as opposed to renege period, as it will only help the legitimate merchant
service companies.
exercising practical risk assessments that uncover true service companies.
exercising practical risk assessments that uncover true
high-risk merchants. So, as with many regulations, they
high-risk merchants. So, as with many regulations, they
could have unintended consequences to the economy.
could have unintended consequences to the economy. For instance, all too often I hear of a representative walk-
For instance, all too often I hear of a representative walk-
ing into a merchant and promising the world, and the
ing into a merchant and promising the world, and the
We, along with other key industry stakeholders, are pro-
We, along with other key industry stakeholders, are pro- merchant signs what equates to a death sentence for their
merchant signs what equates to a death sentence for their
viding input to the Electronic Transactions Association in
viding input to the Electronic Transactions Association in business because he/she was blindsided by a very good
business because he/she was blindsided by a very good
salesperson. A renege period would allow the merchant
its efforts to compile best practice guidelines in response
its efforts to compile best practice guidelines in response salesperson. A renege period would allow the merchant
to catch his/her breath and hopefully realize they are far
to the FTC's heightened scrutiny of the acquiring industry.
to the FTC's heightened scrutiny of the acquiring industry. to catch his/her breath and hopefully realize they are far
better off by not going with this particular program.
better off by not going with this particular program.
J
Justin Milmeisterustin Milmeister
It is a shame when merchants tell stories of getting bam-
Elite Merchant SolutionsSolutions
Elite Merchant It is a shame when merchants tell stories of getting bam-
boozled with a $99, 48-month lease on a $150 point of
boozled with a $99, 48-month lease on a $150 point of
1. At Elite Merchant Solutions we have a comprehen-At Elite Merchant Solutions we have a comprehen- sale device and a program that actually costs them more
1.
sale device and a program that actually costs them more
sive training program followed by an exam which each ogram followed by an exam which each on their payment processing. It is our practice that if you
sive training pr
on their payment processing. It is our practice that if you
account executive must pass with 80 percent or above. don't want to do business with Elite Merchant Solutions,
account executive must pass with 80 percent or above.
don't want to do business with Elite Merchant Solutions,
Further, we employ a quality control department to ensure
Further, we employ a quality control department to ensure then we would rather not force the issue and have an
then we would rather not force the issue and have an
all applications meet our standards with respect to pric- unhappy customer on our books.
all applications meet our standards with respect to pric-
unhappy customer on our books.
ing. For example, when a merchant agreement is sent to
ing. For example, when a merchant agreement is sent to
us for boarding, our QC rep will analyze the pricing on the
us for boarding, our QC rep will analyze the pricing on the One of the more disturbing practices I see is the liquidated
One of the more disturbing practices I see is the liquidated
schedule A along with the merchant statement to ensure the
schedule A along with the merchant statement to ensure the damage agreements, which can cost a merchant tens of
damage agreements, which can cost a merchant tens of
merchant is getting what was provided on the proposal.
merchant is getting what was provided on the proposal. thousands of dollars to migrate to another processor. This
thousands of dollars to migrate to another processor. This
is both unethical and a deceptive business practice and
is both unethical and a deceptive business practice and
In addition, we have recently launched an incentive for
In addition, we have recently launched an incentive for
should be outlawed.
should be outlawed.
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