Monday, Nov 23 @ 10:30 PM
Every year, businesses pay approximately $180 billion in credit card processing fees. These fees are convoluted, confusing, obscure, and often misleading. Credit card companies make money off cardholders in a wide range of ways and their income has been experiencing solid growth for years. They charge for
- Interest Income
- Interchange Fees
- Cash Advance Fees
- Annual Fees
- Penalty Fees
- Enhancement Income
Credit card company made 163 billion of these Incomes in 2016 from Businesses & Individuals. This money comes from the bank account of business who happens to be your client or whom you work for. In this session, we will look behind the curtain of the credit card processing industry and show you how the card brands and banks operate, common red flags that could complicate your fee structure, and ways that you can reduce or eliminate unfair or inflated processing fees within your merchant account
- History of Credit Card and credit card processing industry.
- Credit card industry: Understanding the structure.
- Understanding the fee structure and who benefits from these fees.
- How to mitigate fees without changing the credit card processor.
- What is surcharging? And is it legal? Benefits and Drawbacks of credit card surcharging.
- How surcharging should be done? DIY or basic methods that can help you reduce your credit card fees.
- Merchant account audits – the higher saving approach.
- How Merchant account audit proves to be beneficial for different Industries?
- Involvement of different entities in Merchant Account Audits.
- Understanding of Ideal Audit Process.
- The working process of Verisave to reduce credit card surcharges.
RECOMMENDED FOR : CPA or Accountants or Tax Professionals : This webinar will give you insights on advising your clients on how to significantly reduce your credit processing fees and will help you in being a valued advisor.
CFO, Staff Accountants, Director of Finance, Controller : you are always expected to improve bottom-line of your company, this webinar will help you in understanding step by step how you can really reduce your company’s credit processing fees up to 50% and that too without switch processor.
WHY YOU SHOULD ATTEND ?
Most accounting teams are unaware of the pitfalls present in owning a merchant account, and their only source of information and education is their processor … who is not incented to keep their fees low. Knowing how the credit card processing industry works, and how they position their fee tactics, will prepare you to save significant amounts of money within your merchant account.
AGENDA / DISCUSSION TOPICS
- To attain the knowledge of the credit card processing industry
- To identify various steps of reading your merchant statement
- To identify where your where your surcharging fees is going
- To identify various steps you can take to reduce your fees
- To recognize how much you’re being overcharged
Jeremy Layton – Advisor, Verisave
Jeremy Layton started Verisave back in 2001 with the service of identifying and collecting overpayments made by their customers to their suppliers. In 2010 Jeremy noticed that most of his customers were paying a lot of money to process credit card payments. After digging a little deeper, he found that most of his customers were actually paying much more than they needed to and Jeremy was determined to help them reduce these fees. Over the past 10 years Jeremy has become an expert in all things relating to the credit card processing industry. In fact, Verisave saved its customers over $30 million on credit card processing fees.
Webinar/Workshop organized by: myCPE
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