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Getting the best deal for your business

Master Your Card is a community empowerment program from MasterCard that helps consumers, small businesses, and governments learn how to get more from their money by using prepaid, debit, and credit cards. In this presentation, we will cover the steps for a successful processor relationship and negotiating the best deal to maximize the benefits of accepting cards for your business. Learn how to find the right card processor and get the best rates to access a financially empowering electronic payment network.

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Getting the best deal for your business

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  1. A PRESENTATION BY MASTER YOUR CARD Getting the best deal for your business

  2. Master Your Card is a community empowerment program from MasterCardthat helps consumers, small businesses and governments learn how to get more from their money by using prepaid, debit and credit cards to access a financially empowering electronic payment network.

  3. What we’ll cover today Steps for a successful processor relationship Negotiating the best deal

  4. What’s next? Now that you’ve decided to accept cards, the next—and maybe most important step—is knowing how to find the right card processor and get the best rates. This is key to getting the most out of accepting cards!

  5. Know your business

  6. Before you talk to processors, be sure tohave this information: 1. What do you sell, to whom and how. 2. Average transaction size. 3. Monthly volume. 4. Business history, process and model.

  7. Five steps to a successful processor relationship Knowing five important sets of questions to ask before signing a contract will get you the best deal that fits your business.

  8. Step 1: Who? • Understand the partner and who to contact with issues: • Who are they? • Do they outsource their processing? • What is their reputation? • Who will be your contact person?

  9. Step 2: Fees and payment? • Understand the contract and how your fees will be calculated. All fees should be disclosed in the contract you are reviewing. • What is the timeline? • How can pricing change? • What are the rate structures that you will be subject to? • What are the monthly and annual fees?

  10. Step 3: Tech? • What hardware and technology do you need? • How much will the equipment cost? • Can I buy (or lease/rent) the same equipment from a 3rd party? • Is it appropriate for my business? • What other products are needed?

  11. Step 4: Support? • Know how to get help when you need it. • Is there a relationship manager? • What happens when my system is down? • What do I do when I get a customer dispute? • Is there web support?

  12. Step 5: Flexibility? • Understand what happens if you want to switch processors as your business grows and evolves: • Are there penalties for early termination? • Can I re-negotiate my fees when I grow? • What if I need new technology?

  13. Negotiate and get the best deal for your business

  14. Learn as much as you can about a processor before you make a decision • If you’re happy with their answers, then it’s time to negotiate through: • Comparison shopping and online auction. • Business groups and associations. Small businesses may gain some negotiating support and leverage. • Comparison shopping allows you to negotiate from a position of strength.

  15. Points of negotiation: Save money • Don’t pay extra fees. • Look at penalties. • Don’t get “nickeled and dimed.”

  16. Points of negotiation: Timeline • The longer the contract, the lower the rate should be. • Determine payment timing. • Use exclusivity as leverage.

  17. Points of negotiation: Relationships • Look at reserves and holdbacks. • How do they handle chargebacks? • Understand your track record and face-to-face card transactions.

  18. Get more resources: www.masteryourcardUSA.org • Download this presentation. • Access fact sheets and helpful tips. • Contact a Master Your Cardrepresentative.

  19. Thank you

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