Payment Processing Series
Briefly describe Interchange
What all banks (Card issuers) are federally regulated to issue per specific card type.
Lamens terms- the true cost of any specific card to process that payment
Base Commission?
$250
List all Dejavoo Z-Line devices
Z6, Z8, Z11, Z9
$315
What do you need to achieve in order to Level up from AM-1 to AM-2?
Hit Quota
What are Card Brand Fees?
usage costs assessed by V/MC/D/A that are added on top of Interchange for using that card brand's network
SaaS Commission?
$150 on top of the base of $250
List all Dejavoo P-Line devices
P1, P3, P5, P8, P17
Merchant processes $72,000 per month and on Interchange Plus 84 basis points. How much will we save merchant by reducing basis points to 30?
$378
What is an effective rate and how do you calculate it?
Avg. cost per transaction in terms of % of sales, fees divided by volume
What does PCI stand for and what does it mean?
Payment Card Industry- a set of security standards to ensure every merchant can safely transmit transactions and protect cardholder data
What is your overall commission if you sell a merchant a Dejavoo P1 for $485, add merchant club, and charge a $95 application fee?
$645
What are the Mobile options Celero offers?
Swipe Simple, iProcess, iPOSGo!, Clover GO
If a merchant has an average ticket of $615, runs 220 transactions per month, is 95% card present and takes 60% debit, what is their expected effective rate with Celero? (Exact range only)
1.39%-1.79%
How long do you need to be employed with Celero as a sales rep in order to be 'vested'?
7 years
Name 4 different types of base programs (ie. not programs based on other programs like dual pricing or surcharging)
-Tiered
-Flat Rate
-Flat Rate with full Surcharge
-Interchange Plus
How can you increase your residual split?
Increase by 1% for every 50 active accounts added, or sell 11/16/21 deals in a month to increase to 30, 35, 40% for that respective month
List all Clover Devices
Compact, Flex, Pocket, Mini, Station, Duo, GO
Merchant runs 5,420 transactions monthly and currently priced at 11 cents per transaction. If we price merchant at 6.5 cents, how much do we save merchant just in transaction fees?
$243.90
What is Celero's mission statement?
Delivering bundled, simple-to-consume payments solutions to small to mid-sized businesses to help them compete and win.
What is the difference between offline debit and online debit?
offline debit is ran without a PIN, online debit is with a PIN. Online Debit verifies funds immediately as the PIN provides direct access to the bank account it's associated with while offline debit runs as a charge
Explain install accelerator
installing a minimum of 8 in a calendar month opens you to a per-install bonus in the amount of your current Account Manager level, installing 10 and 16 moves you into a higher tier bonus per install.
What wireless terminals does Celero offer?
A merchant processing $50,000 with Interchange/Pass-through fees of 1.47% is put on a 3.5% dual pricing program. What is your monthly residual from this merchant at baseline 20% split?
3.5-1.47% = 2.03% profit, or $1,015. 20% split of this is $203 per month.
Describe functions that a payment gateway can do
Run a transaction, connect to a terminal, connect to a software/website, invoicing, recurring payments, customer vault