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The Merchant Services Business is an exciting and dynamic industry that is growing and changing. It is important to International Payments that you understand the market for our services and the forces and technologies that are shaping the future of our business.
At International Payments our success has shown that the key to best serve our market is knowledge. Our unwavering approach has been to instill a solid understanding of industry trends and opportunities, teach excellent product knowledge and train our Account Executives by using superior eLearning systems. Without a doubt has International Payments set the industry standard with our extensive online training curriculum and knowledge base. As a result we have received many accolades for our advanced eLearning platform that provides our Account Executives with an industry education easily surpassing the competition.
1. Consumer Payment Preferences
Consumers are switching from traditional credit cards to debit/check cards in record numbers. This trend, which is growing at a staggering 23% a year according to the Federal Reserve Bank, can have a major impact on the cost of processing payments for merchants.
Fact: A great number of merchants are unaware of the positive impact efficient debit processing can have on their bottom line profits. This fact represents a tremendous opportunity for our sales team to help these merchants and make sales.
2. Wireless Processing
Merchants can now process credit cards over cellular networks. This opens up a huge market for mobile merchants including taxis, electricians, plumbers, pizzerias, delivery services and much more.
Fact: Wireless processing is very new and the market is untapped.
3. Internet Processing
Electronic transactions can now be processed over a high-speed internet connection that offers security and greater speed.
Fact: Processing over the internet with cable or DSL is also a very new service. Not only does it offer speed, but also flexibility as off-the-shelf routers can be used to run multiple processing terminals with one connection.
4. Pay-at-the-Table
America is about to catch on to an exciting and well-established trend in Europe where restaurant patrons pay their bills at the table using wireless terminals connected to the internet.
Fact: This technology is a win-win for restaurants and their patrons. The Pay-at-the-Table technology offers more security for patrons who never relinquish their credit cards when paying a bill. For restaurateurs, Pay-at-the-Table increases efficiency, table turns and tips.
5. Gift and Loyalty Cards
The popularity of Gift and Loyalty cards is exploding. These cards, which are a favorite of major retailers thought out the country, are now available to any merchants of any size thanks to the turnkey programs that are now available.
Fact: By 2009 over $150 billion will be spent with branded prepaid cards in the U.S., up from $35 billion in 2006.
6. Checks
The Federal Reserve took the initiative to improve the efficiency of check processing by proposing and supporting the passage of the Check Clearing for the 21st Century Act, or Check 21, which allows for the substitution of image-replacement documents in the clearing and settlement of checks. The law went into effect on October 28, 2004.
Fact: Checks remain a very popular form of payment. Now that checks can be converted to electronic payments (processed just like credit cards thanks to Check 21) and guaranteed, the market for check services is growing.
7. Cash Advances
International Payments can provide merchants with a merchant cash advance up to $200,000 per business location. An alternative to a small business loan, these funds are leveraged against some future credit card sales (Visa, MasterCard, American Express, Discover, etc.)and the cash advance is typically available within 7 days or less.
8. PCI Compliance
The Payment Card Industry Data Security Standard (PCI DSS) is a worldwide information security standard assembled by the Payment Card Industry Security Standards Council (PCI SSC). The standard was created to help organizations that process card payments prevent credit card fraud through increased controls around data and its exposure to compromise. The standard applies to all organizations which hold, process, or pass cardholder information from any card branded with the logo of one of the card brands. As an added value, International Payments offers education and assistance to merchants having to attain compliance with the PCI DSS, a task that many other processors leave up to the merchants to deal with.
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